Part 1: How to Get Started With Retirement Accounts

 Young Store Sales Assistant Amanda Ann Williams III has only 40 years to retirement.

We talked about the overall plan from when people are in their twenties and thirties, getting started with opening their retirement accounts. Now let’s pay some attention to the details.  In my day, my parents did not believe in teaching us about how to handle money or talk to us about objectives concerning money. In my day, talking about money was considered bragging or rude. Here is the reason why it is so easy to scam people out of their money. By acting like the use of money is so secret, families allow scam artist to use this lack of knowledge to remove the money from the ignorant. This is the major reason why I write this blog on finance.

We will start with the most common investment to your retirement, the IRA. IRAs can be opened and contributions made any time before the 15^th of April. That is the deadline for filing your Federal Income Taxes.  There is a maximum investment per year that you can make. Check with our custodian or trustee to see what that maximum is because it may change according to tax law in that year. You can contribute any amount under that maximum that you want.  Depending on how you are paid, for example, you can deduct $192.30 every two weeks from your paycheck or bank account and send it to your IRA custodian or trustee.  Recently, the maximum yearly investment was $5,000 and for people over 50 years old, it was $6,000. There is a 6% penalty tax on contributions over the annual maximum and the excess counts as taxable income when you withdraw it. 

The custodian or trustee that supervises the account and reports to the government each year are the Banks, Brokerage Firms, Credit Unions, Mutual Fund Companies, Insurance Companies, and other corporations. They have standard IRS-approved custodial or trustee agreements.  All you have to do is contact one of these companies and they will walk you through opening an account.

You have to know what you want to do first. You should also ask these institutions some questions before you commit money. I would shop around for the institution that fits my needs and fee structure. Some companies do not charge to open an IRA. Other companies have a set up charge. Some have yearly fees, yet others have exit fees when you want to move your IRA to another institution. I would ask about their fee schedules before I commit to any money. If you are just starting out at 24 years old and you can only spare $25 per month to invest in your IRA,  you may want to start with a Bank, Savings and Loan, Credit Union, or the Share Builders Plan. You may think that $25 per month is not worth it but consider that $25 per month is $270,000 saved over 30 years.  If it grows just by a total of 6% simple interest that is a total of $286,200. 

The Share Builders Plan allows you to buy stocks and sometimes bonds in an IRA brokerage account, purchasing full and fractions of shares. As I told you about income stock in a previous blog, you can buy income stocks in this account and have the dividends automatically reinvested into more stock that gives more dividends. This would compound your return in your Share Builders IRA Account.  Look up “Share Builders Plan” in your Web Search on your computer internet for more information.  If you are prepared to put the maximum amount of money into your IRA, just about any option is open to you.   

A Special Note for all my reader’s around the world!  

Hi my loyal readers around the world. I just finished making my final plans of my life. I will be retiring in a few short years and moving into my luxury retirement home. I will spend most of my time getting my seven year old grandson ready for the 2028 Olympics. I have no idea what my younger grandson is going to do. As of now, I would say it has something to do with electrical engineering because at 1 years old, he knew how to operate an IPad. But whatever it is, I will be around to lend assistance to his education.


My plans also involves my readers. I am starting an online stock club design to give my loyal readers as much as one million dollars, maybe more depending on when you start my plans. That money will be to remember me by.


Please read the blog below and follow my instructions if you want a chance to get one million dollars.

http://bondinvestments.blogspot.com/2012/06/how-would-you-like-to-have-over-one.html

The younger you are; 35 and below, the greater the chance of getting over one million dollars. If you are starting at 60 years old, chances are you will only make it to $100,000.

I started out at age 23 and spent a lot of time laid off and giving money away to my children for cars. I bought 3 homes. One home was paid off in full. The other I bought in a partnership paid in cash. All my cars since 1971 were the current year and I have not had a car note since 1983. I even gave two girlfriends a car each. That is why I don’t have a million dollars today. But if you become one of my “Greedy Friends” I am sure with my instructions, you can get that million.