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Teenagers with summer jobs can start contributing to an IRA

South Carolina Business Review
SC Public Radio

Building a retirement nest egg is one of the most important financial activities you can engage in. And the earlier you can get started on that task, of course, the better. Our next guest says that even teenagers with summer jobs can start contributing to their own IRAs. Mike Switzer interviews Alex Chastain, a certified financial planner with Abacus Planning Group in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.