IRA account? | Imamother

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Forum -> Household Management -> Finances

IRA account?

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Do you have an IRA account, or a savings account you DO NOT touch for your "old age"?

Yes- it's a good idea to save for the future

63%

[ 31 ]

No- if I have cash $$$$.... shopping spree for me!

[ 0 ]

No- but, would like one if have extra $ to put away

22%

[ 11 ]

No- but, right now looking at my options

14%

[ 7 ]

Total Votes : 49

misteray

Tue, Oct 28 2008, 5:06 pm

I am looking into opening an IRA account (CD) because we just got some extra money that B"H we don't need this minute and my accountant reccomended putting aside money for the future.

I was wondering how many others out there already have one, are looking to open one, if you had the money you'd open one, or if you had the money you'd spend it right now!

Barbara

Tue, Oct 28 2008, 5:14 pm

misteray wrote:

Of course you should be saving for retirement. This is a no-brainer.

The real question is where you should put your money today. A CD is likely to be safe, but will earn a small return. Mutual funds are more volatile and quite scary now (I try not to look at my balance, as it makes me ill), but in the long run are the best bet to make a good return. I'd suggest talking to an investment advisor you trust on that one.

octopus

Tue, Oct 28 2008, 5:45 pm

We're not investing in accounts right now. Extra money will be going into house fix-ups.

Maya

Tue, Oct 28 2008, 6:07 pm

Right now, we're saving money to invest in a business which might bring a good profit down the line.

Tzippora

Tue, Oct 28 2008, 7:23 pm

You should definitely start an IRA - good move!

Where you invest your IRA will have to do with how old you are and how long you have until retirement. If you have more than 10 years or so, you SHOULD put a portion of your money in a well diversified stock fund - probably around 40-60%.

Also - be sure you won't have to withdraw early from your IRA as the penalties are quite severe...

pecan

Tue, Oct 28 2008, 10:55 pm

We are saving, not for old age, but for a house. I'm more worried about living space than retirement.

Clarissa

Tue, Oct 28 2008, 10:57 pm

Yes, I have IRA's. Or I should say I had them. Thanks to the market crash, if I cashed them in today, I'd be able to buy dinner and a movie.

alpidarkomama

Wed, Oct 29 2008, 2:37 am

Mutual funds are a BARGAIN right now. Great time to invest for the long-term. Smile

Tamiri

Wed, Oct 29 2008, 2:49 am

I track a mutual fund that was $10k in April. It dipped below $5k this week. Um.... at what point will it be the best bargain?

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