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Inmate Central Inmate Central, where civil and family-friendly discourse about off-audio topics (other than religion and politics) is welcome. |
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In Reply to: RE: Investing money posted by dean_martin on October 13, 2021 at 08:14:04:
"What do you suggest for those who don't have employer sponsored retirement plans?"
First of all, it's a mistake to expect or rely on an employer-sponsored retirement plan, or to build one's work life around that.
What I suggest is that people look at their income and their expenses. Find that portion of income which can be put into a Roth IRA, and then do that every pay period.
If it means foregoing that weekly case of beer or ten packs of cigarettes or subscription TV, or too-expensive car, or fast-food, do it. Fifty dollars per paycheck, $100 per month, is do-able for every working person. That's $1,200 in ONE year. Once a person has $500 in a savings account, they can open a Roth IRA. The contribution is taxed income at the start, but grows tax-free (if kept for at least five years).
And, invest that money in a good mutual fund.
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- RE: Investing money - Inmate51 08:45:04 10/13/21 (0)
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