This is financial adviser Patrick Munro talking
about steps to starting an IRA. Having an IRA is an exciting time in your life, it makes
you feel like you’re starting to accumulate assets, and in fact you are for your future.
The steps to saving for one means that you should have a budget in your life, and the
most important part of that budget is to pay yourself first. That means take the money
that you have and place it into your IRA first, and then pay your bills. That’s easily said
and harder to execute. So it’s important that you get committed to your retirement future.
And that is the first step that you should take to setting up an IRA. Now once you get
your cash flow and receive larger raises from your business and your job, you can strive
to save more dollars in your IRA, and increase the budge for that. Because the more money
you put away within limits set by the IRS, the better value you’ll have in your retirement.
This is Patrick Munro discussing steps in setting up an IRA.