Go Back   The Finance Forums > Finance forums > Retirement



Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

Reply
 
Thread Tools
  #1  
Old 02-10-2009, 02:51 PM
forumdw forumdw is offline
Junior Member
 
Join Date: Feb 2009
Location: san diego
Posts: 4
Default College student starting IRA

I've been reading the forum, but have some questions. I am a college student that wants to start saving now. I started a small business last year. I don't make much money, but enough to save at least 1 or $2,000 a year. I have no interest in investing money in the stock market for the near future.

I think its time to start an IRA so that I have compounded a decent amount of interest down the road. My question is what company would you recomend fo starting my IRA? What interest rates are they offering if I don't touch the money until 65+?
Reply With Quote

Old Sponsors
  #2  
Old 02-19-2009, 03:44 AM
Jhonny Jhonny is offline
Junior Member
 
Join Date: Feb 2009
Location: Romania
Posts: 5
Default Re: College student starting IRA

what is IRA?
Reply With Quote

  #3  
Old 02-19-2009, 03:36 PM
forumdw forumdw is offline
Junior Member
 
Join Date: Feb 2009
Location: san diego
Posts: 4
Default Re: College student starting IRA

Individual Retirement Account
Reply With Quote

  #4  
Old 02-19-2009, 09:21 PM
RobertD RobertD is offline
Senior Member
 
Join Date: Feb 2009
Location: Ontario/Essex Canada
Posts: 103
Default Re: College student starting IRA

What is a college studet worrying about retirement use your money for your education.
Reply With Quote

  #5  
Old 02-19-2009, 10:34 PM
forumdw forumdw is offline
Junior Member
 
Join Date: Feb 2009
Location: san diego
Posts: 4
Default Re: College student starting IRA

Quote:
Originally Posted by RobertD View Post
What is a college studet worrying about retirement use your money for your education.
I'm not "worried" about anything. I go to a state school that only costs $1500 a semester,most of which is covered by scholarships. I want to avoid paying income tax by throwing my money in to an IRA. I know nothing about IRAs, so I am asking here.
Reply With Quote

  #6  
Old 02-20-2009, 05:35 PM
AYANNA AYANNA is offline
Member
 
Join Date: Nov 2008
Location: PA,USA
Posts: 36
Default Re: College student starting IRA

Quote:
Originally Posted by forumdw View Post
I've been reading the forum, but have some questions. I am a college student that wants to start saving now. I started a small business last year. I don't make much money, but enough to save at least 1 or $2,000 a year. I have no interest in investing money in the stock market for the near future.

I think its time to start an IRA so that I have compounded a decent amount of interest down the road. My question is what company would you recomend fo starting my IRA? What interest rates are they offering if I don't touch the money until 65+?
Hi I have an answer to you questions..First you would like to know where would be a good place to start an IRA, I am invested with a company called keystone state capital and they allow you start an IRA with $5000.00 and to answer your next question they give you 16% on your investment which will double your money every 4.5 yrs. so if you don't retire till your 65 you will definently retire comfortable..If you have any questions you can post a response and I will see it I am on here every day and check responses at least 3 times a day. look them up when you get a chance keystonestatecapital.com
Reply With Quote

  #7  
Old 02-20-2009, 06:49 PM
ShultzLPU's Avatar
ShultzLPU ShultzLPU is offline
Junior Member
 
Join Date: Feb 2009
Location: Massachusetts/SouthShore United States
Posts: 4
Default Re: College student starting IRA

Quote:
Originally Posted by RobertD View Post
What is a college studet worrying about retirement use your money for your education.
The earlier you save money, the less you'll have to worry about retiring with dignity. Are you a financial analyst, RobertD? Or an advisor? I would think that if you were, you'd recommend him saving that.

By the way, I find it very odd that someone can just tell you you'll be getting 16% with an IRA... you have to take into consideration the risk factor when investing into a plan like that. 16% is not bond or money market percentages, and he specifically said he did not want to invest into the stock market.

The only option I would throw on the table for you if you were my client would be a mutual fund IRA - you're young and it makes sense for you to be heavily invested into aggressive funds right now being the age you are.

Also, I'd say do a little bit of financial research as well - open your own portfolio and avoid paying any company a transaction or commission fee.

If a company offers you some ridiculous rate like 16% on an IRA without using some sort of stock market or mutual fund, be extremely weary.

By the way, look up the "Rule of 72". Get a better idea of how money works with interest rates.
Reply With Quote

  #8  
Old 02-24-2009, 04:10 PM
forumdw forumdw is offline
Junior Member
 
Join Date: Feb 2009
Location: san diego
Posts: 4
Default Re: College student starting IRA

Thank you for the suggestions. I also think the 16% return is unusual. Probably a very high risk plan. But I will look in to it and chat with some of my finance professors.

I use to have a stock portfolio in scottrade about 2 years ago. Thankfully, I was investing and selling over a year when stocks were steadily climbing.

Since my original post, the market has taken a decent hit. If the market takes more of a beating in the coming months, I'd be willing to heavily invest in stocks again through the IRA. Real estate and financials I want to stay away from for at least another year. It doesn't seem like anything can help in that area soon.
Reply With Quote

  #9  
Old 02-25-2009, 08:48 AM
GarySpicuzza's Avatar
GarySpicuzza GarySpicuzza is offline
Senior Member
 
Join Date: Oct 2007
Location: Florida/PascoCounty/USA
Posts: 464
Default Re: College student starting IRA

Quote:
My question is what company would you recommend for starting my IRA? What interest rates are they offering if I don't touch the money until 65+?

www.AvivaUSA.com

Their new Traditional FIXED IRA Annuity pays a 10% bonus on all new premium paid within the first two policy years and if you add the Income Account Rider the Income Account Value is GUARANTEED to increase by 7.2% per year.

PLEASE UNDERSTAND...the Income Account Value is NOT the same as the policy's account value or cash value. It is a mathematical formula the insurance company uses to determine your MAXIMUM lifetime income withdrawal based upon your attained age when you take the first withdrawal.

However, your beneficiaries can be paid the full value of the Income Account Value if taken over a five (5) year settlement option.
Reply With Quote

Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



» Boards




All times are GMT -4. The time now is 07:19 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.