Retirement planning
Terry
I have $250 a month to contribute to a retirement account. Where should I invest the money? I am 57 years old and married with a full time job. The job does not offer a 401K plan. We have 1 child in 9th grade and we contribute to a 529 plan for her. My husband works full time and collects social security – he is 68. I do have an Annuity that I contribute to monthly. We still have a mortgage on our townhome. Any advice you can give would be appreciated.
Thank you
Terry Says
OK, I could give you an easy answer, and I will do that in a minute. But let me suggest something even better. You are at the perfect moment to hve a consultation with a FEE ONLY FIDUCIARY financial planner. That is a credentialed advisor who promises to put your interests first and not charge any hidden commisions or kickbacks on investments he/she recommends.
The way to find a fee-only Fiduciary planner is to go Wealthramp.com. All of the advisors there are carefully vetted. It’s a sort of “match.com” for clients and advisors. Pam Krueger of PBS’ Moneytrack show created the site and works hard to set up the matches. Give it a try, so you can work out ALL the issues involved in having an older spouse, young child –and your own retirement needs. That will involve not only retirement savings but insurance, estate plan, college planning, etc.
OR, if you want my “simple answer” — go to Fidelity or Vanguard and open a ROTH IRA and at this stage of your life, just invest it in their Equity-Income fund and keep doing that every year. They’ll guide you through the process of setting up an automatic monthly contribution after you get started.
