As a very financially illiterate person, I’m just now entering the adult world and trying to start being smart with my money. Any tips/advice on how to navigate opening an IRA would be lovely!
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With a Roth, the key is that you put in money that you’ve already paid taxes on. Then, that money is invested in stocks, bonds, mutual funds, or whatever you choose ( or is recommended by someone you trust), & then, when you’ve reached retirement age, you have a large amount of invested & earned money, & owe no taxes on it.
If you start a Roth IRA at 30 years of age, you’ll have 30 or 40 years of saving & investing ahead of you. The money adds up significantly over that length of time, especially with compound interest on it as it grows. Saving for the future can be very satisfying. I recommend it.
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