Roth IRA Investing for the Future
<!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} -->If you have a Roth IRA investing plan set up you are way ahead of many. If you are in your twenties or older you definitely should be investing IRA money every year. Even if you can't afford to put the maximum in, put something in, even if it is only $1,000.
The maximum amount to put in for Roth IRA investing for 2008 is $5,000 if you are under 50, and $6,000 if you are 50 or older, but not yet 70½, assuming you made at least that much money in 2008. If you have a spouse they can also contribute the maximum amount, if they worked and had income equal to or more than that amount.
In my opinion, you can't start investing IRA money too soon. Everyone hopes to retire someday. Even if you love to work and plan to work well into your 60's or 70's the earlier you start a Roth IRA the better off you'll be.
My grandson who is in his first year of college at the University of Iowa (Go Hawkeyes!) has a small part time job to help pay his college education. I sat him down before he left for college and told him I wanted him to set aside 10% of every paycheck for Roth IRA investing. I told him investing IRA money is one of the smartest things he can do to start planning for retirement. Of course at 18, thinking of retirement is not foremost in his mind, but nevertheless being the good boy he is, he listened.
I told him I would match everything he put aside, and he could add that to his fund. Now that got his attention. Looking back I suppose I should have put a cap on my matching amount. I may find he puts aside more than the 10% I suggested. He's a smart one; after all he takes after his dear old granddad.
The point is don't wait until you are old to think about Roth IRA investing. And while you're at it, consider some other than the traditional Roth IRA investments. Many people think the best place to invest IRA money is in stocks, bonds or CD's. I disagree with them. I think the best place to put your Roth IRA money is in real estate.
Check out my website and read how you can hook up with companies that work with you to set up a self directed Roth IRA, and you can put those funds into real estate. Read about a company's vision to create affordable housing for working-class families by utilizing unique opportunities for "Socially-Conscious Investing To Empower Urban Communities." I think you'll like what you read, and want to research it further. And while you're at it, if you have kids or grandkids, talk to them about investing IRA money before they get old.