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ECIL | Each type of retirement investment vehicle has it's own advantages and disadvantages. And investing for retirement is different than investing for outside of retirement gains. You are smart to ask other self employed individuals. Ask the ones who are more successful in business what they do and who they use. Then interview the ones they name. A few may be independent financial advisors. Ask what the differences in plans are, what they recommend and why, what fees are, tax implications (both with putting money into a plan and redemption upon retirement), funding levels, etc. Brokerages have their own research departments with some being better, broader, or deeper than others. They will likely offer different levels of service based on the size of your overall portfolio. The individual you would potentially work with can make a big difference too.
Ask yourself, what are your ultimate goals? Money for land later on? Investment income during retirement (and how much, don't forget about inflation)? Can the money be used for post high school education for possible future children (assuming you aren't married or have kids)?
You are smart to start now and are correct about now vs. 10 years from now, or waiting even longer. It's good to have alternatives to your farming operation and diversifying investment arenas. One idea you could entertain, provided you have the time for it, is to take an online course or two about money management, investing, taxes, finances. It could open your horizons to what is available for you to help accomplish what you want and set targets.
As for a job, if there isn't anything available within your degree you can likely work in some other field. It may not pay as much (or may be better) but it's better than nothing. | |
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Investing 401/IRA help.
