I was looking at my stock portfolio (doesn't that make me sound rich? It really isn't much, a laughable amount) and is not happy. I was zealous about investing in penny stocks a few months ago but did not do my research and now everything is in the red ( except for two long term stocks). I have a few hundred dollars in cash, I was contemplating what to do with it. Putting them in an Roth IRA was considered, however, I was still looking for the next hot stock to invest. Months has passed and knowing myself, I'm just too lazy to do my research for new stocks, so I'm putting them into the Roth IRA account that I opened with the same brokerage.
I encourage young 20 somethings to start thinking about their retirement. Most of them don't know that they have the gift of time on their hands. Time is money!Most of them choose to wait and that really bugs me.
I choose Roth because I already have a 401K and a traditional IRA. Both of these accounts help me with taxes since I don't have any children.
The Roth IRA is for tax free income in the future. I believe that putting this money away for retirement is the wisest choice, because some professionals said that one's retirement account should be the same as their annual salary at age 35. I did the math and I would be no where close to the number in 6 years( unless I get some super awesome returns). But, I'm trying.
Helpful Link for ROTH IRA
For any one who is unfamiliar, confused, or scared about retirement plans and investing, talk to a professional.
