Stock Purchase
Hi Ms. Savage I am 63 years and still working. I would like your advice on good stock to buy for traditional IRA. I want use the growth of the stock and possible dividends for future use in retirement. While utilizing the tax break. Thank you
Terry Says
I’m sorry, but I don’t give out stock recommendations. It’s a great idea to contribute to your IRA. You won’t have to start taking money out for another 10 years — plenty of time to grow it though the ups and downs of the stock market.
My suggestion is to open your IRA at a place like Fidelity or Vanguard and purchase either a “balanced fund” or an “equity-income” fund. That will be reasonably conservative. Add more every year. (At your age, if you have the money and earn that much, you could put away $7,000 a year in a tax-deductible IRA.) That should surely grow into a nice retirement account over time.
