SavingsTalk.com

kevin

I'm looking into planning for retirement, or setting up retirement accounts (i.e. 403b, 401k, roth ira, traditional ira). Im 19 and i roughly make 18,000 a year. how much money should i put in a month? if so, which accounts would most benefit me? which accounts would be best to use? Thanks for the help! :)<br />

invest01

If your company matches your 401(k) contributions, definitely first try to contribute to it enough to get the maximum match. If there is no match, or if you have more money left, contribute to Roth IRA. You'll need to pay taxes now, but you're probably in a lower tax bracket now than you'll be in later.

Here's a helpful article for you:
http://money.cnn.com/2006/05/25/pf/expert/ask_expert/index.htm

alien

This calculator will give you an idea. You can change the amount you would like to have during retirement and see how much you should save every year/month.
http://www.expenseregister.com/Home/calculators/retirementCalculator/retirementCalculator.php

alien

Hi, good for you for starting early - Albert Einstein once said the most powerful force in the universe is compounded interest. You can't set up a 403b or a 401k, that would depend on what your company offers. However, you can set up a traditional IRA or Roth IRA. If you'd like more info, check out http://www.plannerconnect.com/retirement-planning-retirement-income-ira.html. You should try to save as much as you can - maybe make a goal of 10% a month?

BOB+

first does your firm have a matching fund if so that is you best bet == match at least what they put up in other words if they say they will put of 50% up to 10% of your salary you put up the 10%===

if not go with the roth you can only put in up to 4k a year but the earnings are not taxable!!!

then you can think about the ira to save on your income tax

good luck and good savings it is a such a plasure to answer question from some one who is no over their head in debt!!!