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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Also there’s a TON of info and resources out there to learn as much as you want to about this topic, but my IRA isn’t something I wanted to be super hands on with as far as managing it, trading shares, etc. You can’t just dump your money in the account and expect it to work for you, you have to purchase shares of funds/companies with the money you put in there. (May seem obvious but just wanted it to be stated clearly!)
There are mutual funds that are geared towards retiring by a certain year that will be managed more aggressively at first and taper off to more risk-adverse investments the closer that year gets. Another tidbit I like is that GENERALLY, index funds perform better than mutual funds, so I’ve mixed those in as well.
Keep in mind that there are likely fees associated with what shares you buy/sell.
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