[jimbo2012]

My cousin, just turned 60, he's self employed no retirement plan in place at all, he wants to put $200 a month into something to have a little nest egg down the road.

Any ideas for this better late than never idea?

[eweissenbach]

Originally Posted by jimbo2012

My cousin, just turned 60, he's self employed no retirement plan in place at all, he wants to put $200 a month into something to have a little nest egg down the road.

Any ideas for this better late than never idea?

Many options would be good. I would suggest a Roth IRA in an index fund with Vanguard.

[KayakerNC]

Originally Posted by eweissenbach

Many options would be good. I would suggest a Roth IRA in an index fund with Vanguard.

Even IRA's require a minimum investment, usually $3000, with Vanguard.

[jimbo2012]

He says he not concerned about deferring taxes, as in IRA's.

He has big NOL to write off any taxes for many years.

[eweissenbach]

Originally Posted by KayakerNC

Even IRA's require a minimum investment, usually $3000, with Vanguard.

Don't know specifically about Vanguard, but most companies will accept qualified money on a monthly basis that is less than their lump sum investment minimums. A Roth is not currently tax deductible, so that might fit his needs, it is tax free when it is withdrawn. As long as he qualifies for a Roth, there is no downside since he would not be exceeding the contribution limit. Vanguard is a very large no load mutual fund manager that has an excellent track record, there are many other good options.

[jimbo2012]

I think he can put a lump sum of a few thousand in.

What if you know, could he expect as far as a return on his investment?

[2 Oldcrabs]

Wellington Fund @ Vanguard.

[JeffAVEWS]

Vanguard is good, low administration fee's, my wife 401K is in targeted life cycle funds there. I think Fidelity's fees are just a little higher. If your brother is a military Vet he can use USAA. I'm in banking and funds there, really easy to use. The fees are higher, but I'm a "not all in one basket" kinda guy.

[renrod]

Originally Posted by jimbo2012

My cousin, just turned 60, he's self employed no retirement plan in place at all, he wants to put $200 a month into something to have a little nest egg down the road.

Any ideas for this better late than never idea?

How about investing in a startup solar panel company?

[batman911]

The minimum investment in most of Vanguard's funds is much lower for IRAs.

[Bill-n-Brillo]

Per Vanguard's web site:

https://personal.vanguard.com/us/wha...r/ira/whichira

"Vanguard Target Retirement Funds and Vanguard STAR® Fund require a minimum initial investment of $1,000; for most other Vanguard funds, an initial investment of at least $3,000 is required in each fund you choose for an IRA. Certain funds require higher minimum investments."

(The double-asterisk notation at the bottom of the page)

Bill

[Shimpy]

Originally Posted by renrod

How about investing in a startup solar panel company?

That's good!

[KayakerNC]

Originally Posted by batman911

The minimum investment in most of Vanguard's funds is much lower for IRAs.

Ummmm....no, it's not.

[jimbo2012]

Originally Posted by renrod

How about investing in a startup solar panel company?

Hard to do on $200 a month

[Patty55]

Unless he's doing it for fun what would be the point?