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Hi there,
My employer currently doesn't offer any retirement. While my husband has an excellent pension, I'd like to protect myself. I do not want to be responsible for putting into a fund myself (im working on my discipline!), but would love to have something deducted from my paycheck. Would that be an annuity? Id like to hear your input as to my options and best choices..THanks! Im clueless so be aware!
Annuities are usually a bad thing. You can have a variety of savings vehicles available for direct withdrawal from your bank account on a monthly basis, or you can set most of them up with your employers (if they do direct deposit) to directly deposit them into another account. Are you looking into an IRA or Roth IRA? Ask around and you will probably want to check with different institutions before committing to one. A lot of businesses offer free financial consultations (obviously, they do this to try to solicit your business). Attend a couple meetings perhaps with your bank, ameriprise or other company and make sure all your concerns are addressed. Don't make any decisions without sleeping on it.
Yo can direct-deposit into an IRA. IRAs are good for a small amount, I say that because their cap is very low.
If you have a mortgage, one of the best methods of increasing your Net Worth is to make extra principle payments onto your mortgage. $100 every week to your mortgage company will have a huge effect on your principle.
I do understand that paying off your mortgage is not the same as paying into a pension plan. However building Net Worth is good too. Getting rid of your mortgage payments, will allow you more money in your monthly budget to invest even more with.
Im confused as to why annuities are so bad, my parents suggested that. WIth an IRA, my employer does not have DD, and I don't want to have to make the deposit myself. Can I still have it taken out of my check? and is there a minimum amount. Im 30 so I have some time yet, I can't afford to take out 100 bucks every pay period.
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