Hey been a while. Anyway been working at a firm
and like to give some good advice to my fellow Hmong brothers and sister
About saving for retirement
I like to keep this thread in the general discussion if possible
This is free advice, truth advice, no BS If you follow my advice, we will all be rich in the long run.
Today we going be talking about a ROTH IRA
ROTH IRA is good for low income folks less than $60kIt is tax free, you put money in and when you retired at 59.5 years
You can take it all out. tax free401k you have to pay tax
You want to open A
ROTH IRAYou can do this at
Schwab, vanguard, or fidelity Once you open that, you want to deposit as much as you can annually up to $5500
You have to work and earn $5500 to deposit $5500
So if you make $3000, you can only deposit $3000After that, you want to invest your money.
Look for a low cost index target date fundonce, you open your account with any of those 3 company, i listed above
you want to chose what you want to invest in
for vanguard, you chose
this is a target date for 2055 (chose which date you like to retired)
https://personal.vanguard.com/us/funds/snapshot?FundIntExt=INT&FundId=1487&ps_disable_red irect=true&funds_disable_ redirect=truefor schwab, you chose
this is a 2050 (again chose which date you want to retired)
https://www.schwab.wallst.com/schwab/Prospect/research/mutualfunds/summary.asp?symbol=SWYMXfidelity this is for 2055(chose which date you want)
https://fundresearch.fidelity.com/mutual-funds/summary/315793828the reason why we chose these plan
is because they are low cost, and you get to own like alot of the stock
so even if facebook goes down, you still got others.
you probably own like 3,000 of the stock or etc.. depending on which plan you chose
plus you don't really need to rebalance it or anything, it's all automatic
just have to put in your monthly deposited
it's that easy
don't get any easier than thatin the long run, you will be
RICH