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Intern Here - Need IRA or 401K or 403B Advice

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  • Intern Here - Need IRA or 401K or 403B Advice

    My residency does not offer us any retirement plans. I do have a life insurance plan among other benefits, but I am not enrolled in any retirement plan at the moment. What could/should I do? I have a decent amount of cash in my savings account which I almost never touch. I am single and have no kids. My mom will occasionally spot me cash too. Thanks!

  • #2
    Just to replay this, you can't get any retirement account through work, or you can't get any retirement match through work? And you are paid a salary (W2) ?

    1. Start a Roth. You can do this yourself at Fidelity, Vanguard, a zillion places, etc. Add $5,500 a year.

    2. Put cash into a "high interest" savings account online (BBVA, Ally, Synchrony, etc), until you have a more define retirement plan, emergency account plan, etc.

    3. Do you need cash from family? or are you self sufficient in Residency now that you have a salary?

    And congrats on starting - enjoy!



    • #3
      Any Student loans? Maybe you should pay those down.


      • #4
        WCICON24 EarlyBird

        • Roth IRA

        • Disability before you get into a group plan

        • Do some IC shifts and set up a solo-401k (you can't set one up w/o earned income in your name only)

        • Pay your mom back

        Not necessarily in that order
        My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
        Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clients