IRA
Hi Ms. Terry. I’m a huge fan of yours. I work as an UBER Eats driver and I listen to WGN everyday especially on Wednesdays when you’re on in King John’s show. My question is, since I don’t make any contribution to Social Security, Am I right to open an IRA with Charles Schwab? Or do you have a better suggestion. I am 57yrs old. I would appreciate your reply. Thank you so much. All the best!❤️
Terry Says
I would definitely open an IRA with Schwab. This year, since you’re over 50, you could contribute up to $8600 — if you declare that much income. But even a small amount will start growing for your eventual retirement.
Make it a ROTH IRA — You won’t get a deduction, but all the money will grow tax-free. And I would suggest a Target Date fund, such as the Schwab 2040 Target Date fund. It will give you exposure to the market (yes, ups and downs, but keep contributing regularly) and grow more conservative as you get closer to retirement in 15 years.
