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denmarker

what u do for retirement?

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hi guys, been thinking of my own finances.

not very savvy here, so been putting most of my money in the bank. earning pathetic interest rate.

wary of stocks after 2008. of course with hindsight, now i realised it was stupid, should have kept all money in stocks and be happy now in 2017.

so decided to look at some long term investing and see what i can do to plan for my retirement (hey, i cannot be a baby forever right haha)

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An IRA or a Roth IRA might be a good choice if you're looking to put money aside, rather than just simply trading in the stock market. Dividend will still rely on how well the stock market does, so there is a connected risk factor. With (roth) IRAs you just basically rat hole a little bit of money away each year. They're basically the same but there are some minor rule differences on when you can touch the money you've put into the account and if it's tax free when you put it in, or when you take it out.

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Let me expand a bit on what Wakko had to say.

Okay let's see if I can be of any help. I'm retired with assets that most would consider quite adequate. The usual declaimers

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My recommendation is to save money to a Roth IRA.

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I had a job with a guaranteed pension.

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It is proven that to make money on the stock market requires you to be invested long term , the 40 best days on the stock market happened randomly and you profited, whereas those who try and time it and guesstimate have lost money, so just like the lottery you have tk be in it to win it!

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I had a job with a guaranteed pension - I retired from that 5 years ago and stayed working full-time.

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I made sure all major bills (the house and cars) were paid off before I retired.

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wow! so many good advice. have a look through all the postings.

will take time to read later today after dinner and google those words that i am not familiar with.

thanks so much!

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If you have a 401(k) at work at least put in as much as your company matches.

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On ?1?/?6?/?2017 at 11:02 PM, babylin said:

I had a job with a guaranteed pension.

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