/ Ask Terry Questions / Investments

Investments

By Terry Savage on June 29, 2020 | Investments

I’m 48 and would like to invest in a retirement fund. What fund do you think would be the best to invest in during this uncertain time.

Terry Says

If you have earned income, you should open an Individual Retirement Account. Go to www.Fidelity.com to open an account. When they ask how you would like the money invested,tell them you want it in the Equity-Income fund.
You can even set up an automatic monthly deduction from your checking account to add to the IRA. That fund should be good for you for the next 20 years!

YOu have one more choice. If you want the contribution to be tax-deductible you open it as a Traditional IRA. BUT, if you don’t need the tax deduction, when you open the account tell them is should be a ROTH IRA. With a Roth, you don’t get an immediate tax deduction but all the money grows tax-free for your retirement. That’s what I recommend.

money

ASK TERRY

a personal
finance question