>tfw too dumb to figure out how to save for retirement seriously,

>>36980143
Put a dollar bill in your mattress every time you have an opportunity. Saving the better way

Invest in Vanguard's total stock market index.

Also take advantage of and tax deferred accounts you can (IRA, 401k, etc)

What you want to do depends on your age. The older you get the more conservative you want to be. I'm guessing you're probably in your twenties. Please correct me if I'm wrong. My recommendation to you would be to just put the majority of your money into an index fund that tracks the S&P 500. You should be able to do that and avoid any management fees. History shows that in the long run you will outperform even the best hedge funds. Put a bit of your money into something safe like treasury bonds just in case.

>>36981673
As an addendum: take full advantage of every retirement savings opportunity offered by your employer. If they are offering you a 401k take advantage of it. Make sure you get every cent of matching savings they offer you.

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>employer offers 6% match on 401k
>contribute 9% so 15% of each paycheck (only 9% from me + 6% employer match) goes straight to my retirement fund before I see a penny of it
>each month on my own I put another $600 into three different mutual funds ($200 in each one)
>you don't have to actively manage mutual funds and they are very low risk, just sit back and let the compounding interest do all the work so I would recommend this if investing/saving is too confusing
>whenever I get a bonus (usually a couple times a year) I put all of it into the mutual funds
>savings accounts have shit/10 interest rates so don't ever use those, they can't even keep up with inflation
Saving for retirement becomes a lot easier when you earn above average income while living in a low cost of living state and not having any women or kids dependent on you for financial support.

>>36981815
How do I begin taking advantage of mutual funds?

All I've been doing since starting work is put all my money in my bank's savings account. It isn't adding up very fast, but at least I can withdraw it should I need a lot of it.

Am I doing it wrong?

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>>36981673
I'm 26. I honestly have no idea how to do any of the shit you just said. Do I BUY the funds? I thought you were just putting money in a portfolio where experts take your money and invest it.

>>36981815
i have no idea what any of this shit means. why can't all retirement accounts just be equal?

>>36980143
It IS made confusing on purpose

That way if you fuck up and lose everything, the account managers still get to take their cut.

Not everybody can be a winner. Somebody actually has to lose money for profits to be made

>>36980143
There is software for this, search for robo-advisors.
They are like an online bank. You tell it how and when you'd like to retire, it says you need to save $X per month. Bank transfer them those dollars every month and it handles your portfolio. They charge you a percentage of the money like a quarter of a percent for the convenience.

>>36982425
Typically you buy shares in a fund. You can talk to your banker and say that you're interested in investing in mutual funds and would like something that tracks the broader market. If you're at a large enough bank they should be able to help you. If not, you can employ a broker such as Fidelity for the same purpose.

What you want to do is minimize the management fees that you're paying on your money. As I mentioned above, the best hedge fund in the world can't outperform the S&P 500 in the long run. So don't be swayed by pitches for an expensive actively managed account. Because you're young you can risk enduring the ups and downs of the market. When you're nearing retirement it may make more sense to pay someone to hedge against swings in the market, but right now it doesn't.

You also don't want to get rid of all your liquidity. Maintain a reasonable balance in your checking account. Put about double that amount in a money market account to cover unexpected needs that may arise. These accounts are highly liquid and offer better returns than savings accounts. Invest the rest of it.

>>36982398
Keep 3-6 months of living expenses in savings account for emergencies. The rest can go in the market for a higher risk and higher return.