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Started By
Message
Question about investing in retirement programs.
Posted on 2/24/13 at 11:36 pm
Posted on 2/24/13 at 11:36 pm
I am 25, make about $55k and have multiple jobs. My primary job is teaching (40k) and do coaching on the side for the remainder. As a young teacher, what is the best option of plan to invest in - 401k, Roth, etc.?
My other question is what happens if my career changes? I do not plan on teaching but for only a few years. Do I set this plan up at a bank, an investor or with my employer?
Thanks for any help and I apologize for so many questions. I am brand new to this and am wanting to make the best decision longterm and there just seems to be so many ideas out there on what is best.
My other question is what happens if my career changes? I do not plan on teaching but for only a few years. Do I set this plan up at a bank, an investor or with my employer?
Thanks for any help and I apologize for so many questions. I am brand new to this and am wanting to make the best decision longterm and there just seems to be so many ideas out there on what is best.
1
Posted on 2/25/13 at 1:24 am to rpg37
Does your school have any kind of a 403(b) match? That would be your best option. After that, a Roth can't be beat. The withdrawals are tax free and you have a lot if options in which yo invest. BTY, what do you coach and what are the salaries? Here in Minnesota, even head coaches just starting out make about $3500 per sport.
Posted on 2/25/13 at 6:55 pm to RedMustang
I am now looking into the 403b option now. Not sure, yet.
I coach swimming. My HS team pays me a $3,000 stipend and my USA Swim Club is at $15,000.
I coach swimming. My HS team pays me a $3,000 stipend and my USA Swim Club is at $15,000.
Posted on 2/25/13 at 8:16 pm to rpg37
quote:
I am now looking into the 403b option now.
do you have a pension?
Posted on 2/25/13 at 8:45 pm to RedMustang
quote:
Here in Minnesota, even head coaches just starting out make about $3500 per sport.
That's Minnesota. Bentonville, AR head coach makes 101k and all he does is coach.
Posted on 2/25/13 at 9:20 pm to TigerintheNO
I do not.
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