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#1 of 8 Old 11-11-2013, 11:30 AM - Thread Starter
 
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So, I have always worried about retirement. I don't work and am finding it harder and harder to work. I also suffer from anxiety which is another reason I haven't pushed myself to get out and work. We have no plan for the future, let alone retirment. We have never even talked abou tit. What are your plans if you don't intend to back or can't go back.?


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#2 of 8 Old 11-11-2013, 12:01 PM
 
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Could you open an IRA?

DH and I both have IRA's (individual retirement accounts). They aren't dependent on work or anything, you just open an account and deposit money monthly or annually. Most banks and financial institutions can set one up for you in a pretty short amount of time. smile.gif


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#3 of 8 Old 11-12-2013, 05:39 AM - Thread Starter
 
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Originally Posted by KSLaura View Post

Could you open an IRA?

DH and I both have IRA's (individual retirement accounts). They aren't dependent on work or anything, you just open an account and deposit money monthly or annually. Most banks and financial institutions can set one up for you in a pretty short amount of time. smile.gif

How are they different from any other account? Most accounts gain almost no interest.


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#4 of 8 Old 11-12-2013, 01:34 PM
 
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IRA's are not bank accounts. Most 'accounts' do actually gain quite a bit of interest. It just depends on how risky you want to be. I have a mutual fund account that I started out of college with $50 a month. Its grown a lot since then! IRA accounts are designed to be pretty low risk. The money invested goes into a diverse set of funds chosen by you or your agent. They also have funds (i highly recommend) that use your date of birth to calculate the amount of risk you should have (i.e... young people=more stocks, less bonds.....older people=more bonds, less stocks). Based on the rule of 10, your account should double every 10 years. With the power of compounding, you could have a sizable amount later in life if you start young.

http://individual.troweprice.com/public/Retail/Retirement/IRA/Roth-IRA

http://www.irs.gov/publications/p590/ch02.html


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#5 of 8 Old 11-12-2013, 01:42 PM
 
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Originally Posted by KSLaura View Post

IRA's are not bank accounts. Most 'accounts' do actually gain quite a bit of interest. It just depends on how risky you want to be. I have a mutual fund account that I started out of college with $50 a month. Its grown a lot since then! IRA accounts are designed to be pretty low risk. The money invested goes into a diverse set of funds chosen by you or your agent. They also have funds (i highly recommend) that use your date of birth to calculate the amount of risk you should have (i.e... young people=more stocks, less bonds.....older people=more bonds, less stocks). Based on the rule of 10, your account should double every 10 years. With the power of compounding, you could have a sizable amount later in life if you start young.

http://individual.troweprice.com/public/Retail/Retirement/IRA/Roth-IRA

http://www.irs.gov/publications/p590/ch02.html


To add to this: Index funds that follow the stock market have virtually no fees and often outperform managed funds.  e.g. https://personal.vanguard.com/us/funds/snapshot?FundId=0040&FundIntExt=INT

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#6 of 8 Old 11-14-2013, 06:15 AM - Thread Starter
 
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With the power of compounding, you could have a sizable amount later in life if you start young.
 

And obvioulsy an unsizeable amt. if you start old. Lol. Well, we aren't spring chickens and are just beginning to think about this. Well, as it happens dh had some money put away in one such account. It's not a lot and have to ask him how much it was and how much it's grown. I bet he has no idea and doesn't remember a thing as he started this account two companies ago. But thanks will be checking out the links.Do you know what's the deal with SS? Should we be even taking that into account?


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#7 of 8 Old 11-14-2013, 06:16 AM - Thread Starter
 
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To add to this: Index funds that follow the stock market have virtually no fees and often outperform managed funds.  e.g. https://personal.vanguard.com/us/funds/snapshot?FundId=0040&FundIntExt=INT

 

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Originally Posted by crayfishgirl View Post
 


To add to this: Index funds that follow the stock market have virtually no fees and often outperform managed funds.  e.g. https://personal.vanguard.com/us/funds/snapshot?FundId=0040&FundIntExt=INT

Thanks. Will look at it.


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#8 of 8 Old 11-14-2013, 10:54 AM
 
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Do a google search for retirement calculators. They should take into account how much you have/need. You should be able to check with the social security administration online to see how much you would be elligible for. Most people pay into it at some point in life, so would be able to collect something. You may also be elligible for your spouse's SS after he passes away. The sooner you investigate your options, the better off you will be down the road. In case you haven't figured out, my DH is a financial advisor. Lol. Anyway, good luck!


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