retirement planning for my son
my son is 28,graduated and for the past year,is a physical therapist.his current company does not match his retirement.i want to help my son so one day he can retire,can you give us some advice on this.should we look up financial planners?what is in his best interest?im a big fan of yours since your channel 2 days,im trying to look out for my son,with your help, thank you
Terry Says
He can contribute up to $7,000 of his earned income (assuming he earns that much) to a Roth IRA.
I suggest he go to Fidelity.com and open a Roth IRA account. He can start with a much smaller amount, and keep adding to it during the year. I would suggest he invest in the S&P 500 stock index account — and keep doing that regardless of the ups and downs of the stock market. He has a LONG time horizon till retirement!
PS Let’s say he earns $25,000 this year — and really can’t afford to put $7,000 in an IRA. YOU could set up a matching contribution — maybe he puts in $1,000 and you agree to match that! It doesn’t matter where the money comes from, only that it is no more than $7,000, assuming he earns that much.
