I'm not very familiar with finances, however as I get to my undergrad being finished the more I feel I need to get acquainted with it.
From what I've gathered from a few investing tips I've read online, I should save for retirement before anything else, so I was thinking about opening an IRA sometime... but I don't know when. I've read so many posts that said 'I wished I started my IRA earlier' that it's scared me into action. But there are a few factors that make me think it's not a great idea, listed below.
Here are my circumstances:
- I'm half done with my undergraduate studies and have no idea whether or not I'm going to graduate school or work out of college. Should I make that decision before investing in retirement?
- I'm lucky enough to not have any student loans or any loans for college because of scholarships.
- I do not have a job at any time during the school year, I do work every summer for a few thousand dollars (3-5), half of which is spent during a school year and the other half just goes into a regular savings account. It also means I don't care about the tax deductions. 1-2k a year sitting inside a savings seems a tiny bit wasteful.
- I am not sure what country I will work in. It's is a very very high probability that it is the United States but there is a small, less than 5%, chance that I will seek a job in China or Europe. That's one of the biggest factors that's made me gun shy.
So when would it be a good idea to seriously start thinking about opening up an IRA? Should I wait for my first job (assuming it's in the U.S.) whenever it might be or is earlier always better?