401k Etrade
Retirement Plan help through Roth IRA?
Hello, I’m currently 18 and in college right now. Unfortunately I know only little things about retirement plans. I’m currently working and would like to open a Roth IRA since my workplace does not have a 401K plan. I know that there’s different directions to go through: stock, mutual funds, or CDs,etc.
My question is, what would you recommend for me to start by? Stock market or mutual funds? and with what company? Vanguard, Fidelity, Etrade, etc? (I’m hoping to make a nice long-term growth until retirement)
I’m afraid to do this all alone, since my parents themselves don’t know anything about retirement plans. Plus the fact that my dad lost all of our savings in the stock market with no research done on the company.
Buying individual stocks can be risky. Unless you have the time and knowledge to research the stocks and then follow their earnings reports, press releases, etc., I would not advise buying individual stocks.
Buying mutual funds offer a way that you can diversify over a group of stocks. A broadly diversified stock fund such as Vanguard Total Stock Market Index is a good core holding for domestic stocks. Adding in an International Index fund gives you exposure to the world outside of the USA. Further adding a short term bond fund gives reduced volatility to your investments without sacrificing too much return.
At 18 yrs old I would suggest starting with a fund company that sells no-load funds (Fidelity, T Rowe Price, Vanguard, and others). Decide what allocation you want: for example 68% domestic stock fund(s), 17% international stock fund(s), and 15% short term bond funds or money market funds. Check you allocation percentages at the end of each year and see if yiy are where you want to be.
Don’t be frightened by the daily , weekly or monthly ups and downs of the market. Remember that you are shooting for a retirement about 49 years from now. As you get closer to retirement, you will want to reduce your exposure to equities to reduce the volatility of your investment funds.
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