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Old 03-19-2012, 10:41 AM
utahgirl utahgirl is offline
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Join Date: Dec 2010
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Default Retirement for Self-Employed

My husband has his own business and I stay home with the kids. We are in our forties and haven't done a thing about retirement. We have always put money back into the business.

Does anybody have any suggestions as to how we should start saving for retirement? Has anyone read any good books on the subject? The one time we bought some stock, we lost most of our investment. The economy is so crazy right now that I don't have a lot of faith in the future.

Your thoughts would be appreciated!
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Old 03-19-2012, 11:31 AM
hut hut is offline
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I would obtain retirement advice from a fee-only financial advisor. Find an advisor at http://findanadvisor.napfa.org/Home.aspx
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Old 03-19-2012, 02:45 PM
amy_ks amy_ks is offline
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There are different types of Roths. I know there is one specifically for self-employed people. We do index funds in our Roths. Mutual funds are a mixture of stocks and if you do an index fund then they follow the market, not as scary as an individual stock but still enough risk that you can actually make money.

You can decide where you want to have your retirement fund and sometimes they had advisors there to help you. For instance, we had our Roths at E*Trade and were with them for many years and had a good experience but we moved them to WellsFargo because with our particular type of account, it was cheaper to do transactions and they've been easy to work with.
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Old 03-19-2012, 04:40 PM
Sine Sine is offline
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Location: in a log cabin
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Originally Posted by utahgirl View Post
We are in our forties and haven't done a thing about retirement. We have always put money back into the business.
I am retired, and I just have one piece of advice--start saving right now. If all you do is open an IRA and start putting money in it. Retirement comes sooner than you can ever imagine.
If you have an HSA, don't reimburse yourself for every $5 or $10 doctor visit or pharmacy purchase. Since you can only put a certain amount into a IRA every year, look into maximizing your HSA and using your HSA as a long term savings plan, too.
Save the earth... It's the only planet with chocolate.
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Old 08-18-2012, 08:59 PM
AZBill AZBill is offline
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Join Date: Mar 2004
Posts: 50

Saving for retirement is just part of what should be a comprehensive plan.
Something very important to consider, will your home mortgage be paid off before you retire? It should be...
will there be any other debt? Interest you pay out is money down a rat hole. We all pretty much have to borrow at least some money when young, but once you approach retirement age, you should avoid borrowing money.
We are retired, and our IRA savings in a credit union are paying us next to nothing, thanks to current economics situation.
But, long story short, it makes no sense to have money in savings at less than 1% while having debt at 4%...if you can pay off the debt and still have enough savings to feel comfortable.
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