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Asked 5/2/2010
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What types of retirement plans (401ks, IRAs, etc.) might be best for my personal situation? I am 33 yrs old female, four kids, ages 10,9,8, and 2 yrs old. I would like to begin (or increase) my savings for retirement. I need a detailed plan that can help my personal situation.
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Answer 1/1 - Submitted 6/3/2010
As much as I would like to offer you a detailed plan for investing into a set of retirement vehicles, there are truly far more factors to consider than what you have listed.
In general, it is advisable to max out your employer's Match in your 401(k) Plan. That's free money!
Beyond also making sure that you have an Emergency Fund for at least 6 (and preferably 12) months, you really need to have an individualized plan - one that just may end up saving you more than you can possibly imagine.
My best advice is to seek out a (or 2 or 3 for comparisons) Fee-Only Financial Advisor, someone who can offer the most objective advice for a reasonable fee.
You can find a Fee-Only Financial Advisor through NAPFA (NAPFA.org), FPA (FPANet.org), and the Garrett Planning Network (GarrettPlanningNetwork.com).
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