Retirement/where to put all/any of our money
Hi Terry,
I was born and raised in Chicago. I now live in Kansas with my husband and our 2 year old son. Basically we are concerned we don’t have our money in the correct platforms. For example, how do we know what type of retirement account to fund- what mutual fund to put money into, etc etc? We are involved with Northwestern Mutual and have an advisor from there that is doing certain things with our money that I just don’t understand why we are doing them. We don’t have a lot of money and we can’t afford for it to be mismanaged. I know this isn’t a quick, simple answer question, but if you ever do information zoom meetings or anything we would sign right up. Thanks for your help.
Terry Says
I wrote a book to explain all that. And it is available on Amazon here!
It will explain all the basics. Northwestern Mutual is a great company — and you probably got involved with them because you wisely decided you need life insurance (on BOTH your lives) with a young son. But no matter what the company, or the individual representative, you’re correct that you need to understand what’s going on! This book will help you do exactly that -=- written with you in mind!
For starters, you probably have a retirement plan at work. You should sign up for that. Or if you are self-employed, you should open a Roth IRA (explained in the book) at a place like Fidelity or Vanguard (ditto for directions all in the book) and have regular deductions taken out to add to this account. At your age, you can each set aside $7,000 per year for your retirement.
And if you have more money, read the chapter on 529 College Savings Accounts — or go to www.SavingforCollege.com. Grandparents should be contributing to this account on birthdays, holidays, etc. All the money grows tax-free for college.
Again, it’s all in the book. I’ll give you a personal money back guarantee if it doesn’t guide you through all your planning questions!
