I just got an statement from this company about a retirement savings plan . I didn't even know about it until today. I assume it is some sort of benefit from the place I work for , but since I only work part time (going to school) , I didn't think I was eligible for it . Now my question is what should I do?, it seems my employer gave me 500 to star with , but I have no clue about investing, and I am planning on quitting in about 2-3 months. Any info will be appreciated .

 

It's never too early to start saving for retirement.

Watch out for a period where you're not fully vested... meaning, for example, if they match a certain amount of your contribution, you will not get to keep what the company contributes if you're not fully vested. My company only lets you keep all of it after you've been there for 2 years. So if you're leaving soon, you may not get to keep that $500.

This may affect how much you decide to contribute out of your own paycheck.

 

You need to sit down with a financial advisor ASAP, if your just about out of college and looking to make a living you need a good plan or you it will be much more difficult to meet your goals. If you don't know anything about retirement planning, talk to an advisor in a few short visits you will understand a lot and can start planning from there.

Most every company that has a retirement plan has its own rules, I doubt you will get much if anything from your short employment there.

Those who fail to plan, plan to fail. Its so cliche but true, I am the same age as you are and started working with advisors at 18 - the single best move I've ever made. Sure I could probably make a touch more doing it myself, but I have the confidence of knowing I have 3 people that are CFP's, CLU's and ChFC's working on my planning and looking out for my best interest full time. If I don't make money, they don't make money, so the more money I make, the more they make and the more I want to deal with them. Everyone wins, you just have to pay your dues.

That's my I don't like to mess with anything I am not the "best" at, I will leave that sort of stuff up to those who are the best, so I can concentrate on what it is I want to do.

 

Personally, I place more emphasis on index funds for my retirement needs. Over the long run, index funds tend to outperform managed funds and have much lower fees. Of course you should look at some aggressive growth funds and even try to learn about investing so you can do some of your own equity trading, esp since you are young. But things like S&P 500 index funds, etc are your friends for retirement. Just a thought.

There are some excellent books you should check out, such as "The Only Investment Guide You'll Ever Need". This book goes into more than just investing, but also how to do small things to save money.