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- Jan 20, 2017
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I'm not a physician but a med lab tech looking for financial advice.
I have a little over $2,200 in a Rollover IRA account that I'm looking to use for investments or adding to my retirement account. I know this isn't much but I know squat about investments. I know that I'm contributing 3% to a 403(b) account and will up it to 6%. I believe this has been opened for a few years now. The $2,200 came from when I transferred to different hospital system.
What is something that I should do with this account? I've had it sitting in there for quite a while because I didn't want to do anything stupid with it. I don't much about investing into stocks or anything. The only thing my father always told me to do was to invest in a retirement fund because my family has never had the income to invest in stocks and such.
If needed, I'm currently examining my options for attending professional schools but have not made a decision yet given my post history. I've been tempted to sit back and enjoy the ride as a lab tech but I won't be satisfied and will be left wondering what else I could have done.
Thank you for any advice
Edit - wanted to add that I'm trying to stay in the military reserves to obtain retirement benefits at 20 years. Looking to commission to extend the number of years and retire with extra benefits (50% base pay at 20 years in your grade once you hit 65 (or is it 60?), add 2.5% per year after 20). Staying enlisted caps me at 33 years but commissioning (and the amount I receive since officer pay is higher than enlisted) can extend to 40 if I wanted to stay in that long.
I have a little over $2,200 in a Rollover IRA account that I'm looking to use for investments or adding to my retirement account. I know this isn't much but I know squat about investments. I know that I'm contributing 3% to a 403(b) account and will up it to 6%. I believe this has been opened for a few years now. The $2,200 came from when I transferred to different hospital system.
What is something that I should do with this account? I've had it sitting in there for quite a while because I didn't want to do anything stupid with it. I don't much about investing into stocks or anything. The only thing my father always told me to do was to invest in a retirement fund because my family has never had the income to invest in stocks and such.
If needed, I'm currently examining my options for attending professional schools but have not made a decision yet given my post history. I've been tempted to sit back and enjoy the ride as a lab tech but I won't be satisfied and will be left wondering what else I could have done.
Thank you for any advice
Edit - wanted to add that I'm trying to stay in the military reserves to obtain retirement benefits at 20 years. Looking to commission to extend the number of years and retire with extra benefits (50% base pay at 20 years in your grade once you hit 65 (or is it 60?), add 2.5% per year after 20). Staying enlisted caps me at 33 years but commissioning (and the amount I receive since officer pay is higher than enlisted) can extend to 40 if I wanted to stay in that long.
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