#1
For those of you who've heard of them but don't know what they stand for ( I was one of you as of a couple days ago ) an IRA is an Individual Retirement Account.

I'm 20 years old. I just came back from a deployment to Iraq, so of course, I saved up a little bit. Managed to bank away $17,000 USD.

How much would you put in one, and what kind of account to start up your retirement, if the age of 20 isn't too early to start one, that is.

I only know what my family tells me right now, but my uncle told me that the amount that is in your account typically doubles every 7 years. So he said if I put in $8,000 USD that, hypothetically, I would have accumulated around or above $500,000 by the time I'm like 70. Does anyone know if that bares and truth?

I appreciate all intelligent responses.
#2
are you talking about superannuation or something else?
from daylight...
...into darkness
#3
i dont know that UG is the best place to ask. i mean, most people on here arent even 18 yet.

but i hope you find your answer.
#4
If you care about retirement then go for the max. I think the max is $4000. When you reach that age I'm sure you'll be glad you made the long-term investment.
#6
Okay, that gives me a little more insight on how much I can put in at once and how much I'll have left to do other things with.

Thank you, I appreciate it.
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#7
Quote by garrett5
I thought this was going to be about the Irish Republican Army.

Yeah, I searched UG for IRA and that was one of the first things that came up.
Amps
Mesa Dual Recto 3 Ch
Peavey 6505 Combo

Cab
ENGL E212VH Cab

Guitars
Epi Explorer
Schecter Damien 6
Squier Strat (signed by Rob Zombie!)

Pedals
ISP Decimator
Dunlop Crybaby Original
Boss CE-5 Chorus Ensenble
Boss GE-7 Equalizer
#8
Quote by StillSoundRG
Yeah, I searched UG for IRA and that was one of the first things that came up.


haha, Sorry I cannot help you with your retirement.

Good luck though with it!