— Renee Retirement
If your employers offer
If you’re saving $50 a month, you can make a total investment of $600 in the first year. Paying a $50 account fee means you’re losing 8.33 percent on your money before considering any investment returns. Fidelity has a no-fee IRA but requires a minimum $200-per-month contribution.
It’s likely that a bank IRA is your lowest-cost option to get started. By that, I mean a bank account, not a brokerage account at a bank. There may still be a custodial fee but it should be less than a brokerage or mutual fund account. Build up your balances over the next few years. Once you meet a mutual fund company’s account minimums, transfer the money to an IRA account with the company.
If you can afford $50 out of your monthly spending to save for retirement, you may be able to ramp up your contribution a little bit more by considering the tax advantages of a
To ask a question of Dr. Don, go to the ” Ask the Experts” page, and select one of these topics: “financing a home,” “saving & investing” or “money.”
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