ShaneMcKenna 0 Report post Posted April 15, 2004 What are my options besides real estate when it comes to investing money for retirement? I've always been real good with saving money, but never had I made much on a return. Right now I am only making 1.5% on my money. It isn’t in a cod or anything, it is just a premier checking account (sense I have over a certain amount, they give me 1.5% interest). But that isnt that good at all, is there either a savings account I can switch over to at a higher interest rate, or even get started on some kind of a retirement savings plan with a much higher return? I remember years ago the interest was between 7-11% but I am pretty sure I will not be able to find that. What are my options if I can afford to put $50 a week away into a separate account? I don’t want to get into stocks, and this is something aside from real estate I want to do. Any information for me I'd appreciate it. I am 19 years old and I want to take advantage of compound interest. But I don’t know where to start. Thank you, Shane McKenna Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted April 16, 2004 Shane, Ok, I understand you dont want to invest in stocks. For the past three years I've been investing in REITS and Banks. They've performed very well for me. Just a thought. Have you considered some Government issued securities? If you dont need the money for a while they are safe and last I checked they paid decent returns. Hope this gives you some kind of idea. Andrew Share this post Link to post Share on other sites
ShaneMcKenna 0 Report post Posted April 16, 2004 What's it take to get set up with an IRA or some kind of a retirement plan? Is that something I can do now? Also what are the returns on the Government securities?Thanks, Shane Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted April 16, 2004 Shane I'll get some more info for you as soon as I can. Your local bank should be able to provide you with buying/selling government securities and they should be able to give you interest rates. I'll let you know what I can find out as soon as I can. Andrew Share this post Link to post Share on other sites
MichaelC 160 Report post Posted April 16, 2004 Shane, for a good overview and some general information, you could try bankrate.com. Among the topics they cover are CD/Savings, IRA Center, and Money Markets. Share this post Link to post Share on other sites
ShaneMcKenna 0 Report post Posted April 19, 2004 thanks for the replies Share this post Link to post Share on other sites