S/O retirement thread: Late bloomers ans self-education

[Mommyfaithe]

So, how can I educate myself about retirement planning late in the game? I need a serious nuts and bolts approach....I am past being frustrated and just want to ACT! I know NOTHING about investments, stocks, bonds, ROTHs, IRA's 401K's....NOTHING!!!! How can I get the info I need...AND

 

I want to set both my boys up with retirement plans now that they are both working.....where can I get that information and guide them to not end up where I am now....

 

Faithe

[Kathryn]

:bigear:

[Mrs Mungo]

For you? I would start Roth IRAs, unless there is an employer with a matching program in a different arena. Here is a calculator that will give you an idea of how much you might save and earn over ten, twenty or more years. http://www.dinkytown.net/java/RothIRA.html

 

The great thing about Roth IRAs is that they can be withdrawn at any time without penalty, which makes them more liquid than, say, a 401k.

http://en.wikipedia.org/wiki/Roth_IRA

 

For your boys? I'd suggest government bonds. They yield a more stable return. Once the bonds mature, then the boys will be older, have families (or not) and can make a more educated decision about what to do with them.

 

http://www.investinginbonds.com/learnmore.asp?catid=7

[Jane in NC]

Ignore the occasional bad language and read the Mr. Money Mustache blog. There are lots of 20 and 30 somethings writing about retirement goals. Vanguard funds are popular with this set. There are blog posts and a forum for asking questions.

 

We are in great shape for retirement but the game has changed for the next generation. I follow MMM to help my son figure out his financial life.

 

http://www.mrmoneymustache.com/

[Pawz4me]

There are lots of 20 and 30 somethings writing about retirement goals. Vanguard funds are popular with this set.

 

The DH and I are considerably older than that, but we have some Vanguard funds and have been very pleased with them. We've been considering another Vanguard fund for some money that we need to reinvest soon. Their website has a lot of helpful tools.

 

And ditto everything Mrs. Mungo said about Roth IRAs.

 

For years we subscribed to Money magazine, and I found it very helpful.

[Mommyof4ks]

I would go talk to a financial planner at a place like Edward Jones to get the nuts and bolts. We got a good education on investments and what would be best for us.