You can't put it into a 401K.......those are run by individual companies and you contribute out of your paycheck. Look into investing into individual stocks. Find a reliable broker to help you - this might cost you a few hundred dollars but it will be worth it. Invest and then forget about it. You might have $500,000 in thirty years if you invest in the right equities.
You would be better off burying your 10k under a rose bush in a price albert can. You would be devalued. Better off in the stock market and pick winning proven stocks.
Current interest rates paid on savings are quite low. And, BTW Naive One, there is NO way that you will not have a need to touch that money for the next fifty years. SMH.
for one thing you are not able to put $10K into a 401(K), you can't even put that much into an IRA, there are limitations when it comes to what IRS will allow
now you can put some of that money into an annuity which in 50 yrs will probably pay you enough to live on, along with your 401(K) and any IRA's you have accumulated along the way--just a reminder, it will all be taxable at that time
You can't put money that you already have into a 401K. You can put money into a 401K only through payroll deduction (having it taken out of your paychecks before you get them) or a rollover from another retirement account (401K, IRA, 456, 403(b), etc.) that qualifies.
Probably, a huge amount. You probably won't be eligible to participate in a 401k plan until you work full time. Don't let it bother you. Until then, keep it in a secured account. When you do put it in a 401k plan, be sure to diversity.
Do not worry about retirement yet. Put in the bank and then use this current money for current expenses. You will be discovering cars and girls in the near future. You will also have college and/or moving to your own place in a few years.
Good for you, for accumulating that much. You can only put money in a 401K if you work for an employer who offers one. If you have earning income you can put some of it into a IRA but no the whole 10,000 in one year. 401Ks and IRAs are vehicles for investment, and any growth depends on what you invest in - you're not guaranteed growth, and could even lose money.
Sorry... not all 401k pay the same Rates. Also, a 401k presumes regular Deposits throughout the term of the policy. With withdrawal at age 66 (currently).
You will have to ask your bank officer.
The matter of inflation, and Tax changes over the years will also affect it.
[example: 50 years ago I earned 1$ per hour, now I get 14$ p/h, My first NEW car cost 1,400 $ in 1968, a comparable now is 40,000$)
Answers & Comments
You can't put it into a 401K.......those are run by individual companies and you contribute out of your paycheck. Look into investing into individual stocks. Find a reliable broker to help you - this might cost you a few hundred dollars but it will be worth it. Invest and then forget about it. You might have $500,000 in thirty years if you invest in the right equities.
You would be better off burying your 10k under a rose bush in a price albert can. You would be devalued. Better off in the stock market and pick winning proven stocks.
Current interest rates paid on savings are quite low. And, BTW Naive One, there is NO way that you will not have a need to touch that money for the next fifty years. SMH.
for one thing you are not able to put $10K into a 401(K), you can't even put that much into an IRA, there are limitations when it comes to what IRS will allow
now you can put some of that money into an annuity which in 50 yrs will probably pay you enough to live on, along with your 401(K) and any IRA's you have accumulated along the way--just a reminder, it will all be taxable at that time
You can't put money that you already have into a 401K. You can put money into a 401K only through payroll deduction (having it taken out of your paychecks before you get them) or a rollover from another retirement account (401K, IRA, 456, 403(b), etc.) that qualifies.
Probably, a huge amount. You probably won't be eligible to participate in a 401k plan until you work full time. Don't let it bother you. Until then, keep it in a secured account. When you do put it in a 401k plan, be sure to diversity.
Do not worry about retirement yet. Put in the bank and then use this current money for current expenses. You will be discovering cars and girls in the near future. You will also have college and/or moving to your own place in a few years.
Good for you, for accumulating that much. You can only put money in a 401K if you work for an employer who offers one. If you have earning income you can put some of it into a IRA but no the whole 10,000 in one year. 401Ks and IRAs are vehicles for investment, and any growth depends on what you invest in - you're not guaranteed growth, and could even lose money.
Just hold on to your cash and bury it. It'll be worth more when you're 50
Sorry... not all 401k pay the same Rates. Also, a 401k presumes regular Deposits throughout the term of the policy. With withdrawal at age 66 (currently).
You will have to ask your bank officer.
The matter of inflation, and Tax changes over the years will also affect it.
[example: 50 years ago I earned 1$ per hour, now I get 14$ p/h, My first NEW car cost 1,400 $ in 1968, a comparable now is 40,000$)