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<blockquote data-quote="Chnandler Bong" data-source="post: 384541" data-attributes="member: 6846"><p>I was told that it is best to max out a Roth IRA each year (for your spouse as well if applicable) and then look to your 401k. The Roth IRA grows tax-free. The 401k grows tax deferred. Big difference. </p><p> </p><p>Also, look into the self managed 401k option. If you don't feel comfortable doing this yourself, find a financial advisor you can trust to guide you. There are tons of mutual funds out there that outperform the indexes on a regular basis. The generic options the Teamster site give us are not that great. Over time, they will do fine, but there are better options. And be diversified. Don't put all your eggs in one basket.</p><p> </p><p>It's important to understand that all portfolios rise and fall, but they almost always make money over a 5-10 year period. If you are thinking you will be needing it before then you should look into other non-stock options.</p><p> </p><p>Please note that these are opinions and you need to do your homework yourself. Ultimately our retirement is our responsibility. Also, make sure you have a will in place and some term life insurance.</p></blockquote><p></p>
[QUOTE="Chnandler Bong, post: 384541, member: 6846"] I was told that it is best to max out a Roth IRA each year (for your spouse as well if applicable) and then look to your 401k. The Roth IRA grows tax-free. The 401k grows tax deferred. Big difference. Also, look into the self managed 401k option. If you don't feel comfortable doing this yourself, find a financial advisor you can trust to guide you. There are tons of mutual funds out there that outperform the indexes on a regular basis. The generic options the Teamster site give us are not that great. Over time, they will do fine, but there are better options. And be diversified. Don't put all your eggs in one basket. It's important to understand that all portfolios rise and fall, but they almost always make money over a 5-10 year period. If you are thinking you will be needing it before then you should look into other non-stock options. Please note that these are opinions and you need to do your homework yourself. Ultimately our retirement is our responsibility. Also, make sure you have a will in place and some term life insurance. [/QUOTE]
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