ACanthony
Confused about dryer sheets
Hello everybody! My name is Anthony. I am 24 years old and from right outside of Philadelphia, PA. This seems like a really nice place to get some valuable information, and I thank everyone in advance for all of your help. I probably have a lot of questions to ask you about retirment, but I'll pose two to start.
I have recently got into all of this retirment stuff and it's fascinating. I don't make all that much money ($30k right out of college, I guess isn't terrible). I have maxed out my 2007 Roth IRA and already put about $1500 in for 2008. I decided to go with Vanguard Target 2050 Retirement Fund. My goal is not to retire early. I plan on living on long life (knock on wood) and plan on finding a career I love and working until I'm 68-72 years old. But, I'd like to attain as much as possible from my retirement accounts (currently don't have a 401k but I will start one as soon as I start my new job).
Two questions: 1. Is a target retirement account a good idea? I have heard that they are safe and very profitable (especially Vanguard) but I sense that it may not be aggressive enough.
2. Now I understand the concept of compound interest and how theoretically if I invest say $5,000 a year for the next 40 years I will have around 2 millionish. Does this theory change if I have several funds within my Roth IRA or does it benefit to stick with one, maybe two funds?
Thank you for your help! I really appreciate it!
I have recently got into all of this retirment stuff and it's fascinating. I don't make all that much money ($30k right out of college, I guess isn't terrible). I have maxed out my 2007 Roth IRA and already put about $1500 in for 2008. I decided to go with Vanguard Target 2050 Retirement Fund. My goal is not to retire early. I plan on living on long life (knock on wood) and plan on finding a career I love and working until I'm 68-72 years old. But, I'd like to attain as much as possible from my retirement accounts (currently don't have a 401k but I will start one as soon as I start my new job).
Two questions: 1. Is a target retirement account a good idea? I have heard that they are safe and very profitable (especially Vanguard) but I sense that it may not be aggressive enough.
2. Now I understand the concept of compound interest and how theoretically if I invest say $5,000 a year for the next 40 years I will have around 2 millionish. Does this theory change if I have several funds within my Roth IRA or does it benefit to stick with one, maybe two funds?
Thank you for your help! I really appreciate it!