Ask Terry Questions investment for retirement

investment for retirement

By Terry Savage on June 11, 2015 | Financial Planning / Retirement

I am a 50 yr old that is self employed. What would you recommend how i can start saving for retirement? 401k or Roth Ira and what type of life insurance should I get?

Terry Says:  OK, well you need some work on the basics.  I have your email, and every once in a while I send a deserving recipient a copy of my book — The Savage Truth on Money.  If you’ll post again with your mailing address (I won’t publish it) I will send you a copy of the book.

Basically, if you’re self-employed you can’t have a 40l(k). Those are offered by employers.  But you can– and should =- have a Roth IRA.  And you can contact Fidelity at 1-800-Fidelity, and they will help you open the account and suggest a mutual fund or two.    Please read my recent columns at about Life Insurance.  But if you don’t have anyone depending on your income, then you’d be better off putting the money in the IRA instead of insurance premiums.



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