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Am I the only person in their 30's who hasn't even thought about putting away money for later? Seems like most people my age have been doing this for a while. I don't need much to live on and I really don't want kids, so what's the point?
When did you start?
Im 23 and still in college, but I will start stashing money away as soon as I start working out of college.
After you pay the down payment for your home, pay for your car, and pay to start your business if that's your thing or get a career. Because it's all well and good to save for retirement when you are 25, but until you have payed for those things above it might be short lived.
I currently work for Johnson & Johnson Medical and have been for the last 14 years. I started the day I was hired and just forgot about it. We have a calculator that gives us an estimate if we continue saving what currently are and retire at the age of 62. I will be a Millionare so I have to say I am very satisfied with my current situation.
Everyone should be putting 5 thousand in a roth ira every year in addition to whatever their work offers or setting up a savings/401 k on your own. Learn to live with the roth contributions first then see what else you can do
The earlier you start the more beautiful compounding becomes. I'm very much into planning for my wife and I as well as my daughters future and letting the gains the market is nice enough to give help me attain those goals is our plan.
I'm 31 and these books have really helped me plan for the future.
The Total Money Makeover by Dave Ramsey
The Coffeehouse Investor by Bill Schultheiss
All About Asset Allocation by Rick Ferri
The Little Book of Common Sense Investing by Jack Bogle
A Random Walk Down Wall Street by Burton Malkiel
Financial Peace by Dave Ramsey
The Bogleheads Guide to Retirement Planning by Taylor Lattimore et al
This is a great site on investment principles to set you up to win.
This post has been edited 2 times, most recently by smitty1515 12 months ago
My employer contributes 9% to my 5%....
That's great. Better than mine but my wife does 3 to her employers 10%
Now that's some good stuff right there!
A good life insurance policy pulls better interest and is easily accessed if needed. And in the event you don't outlive your policy it still pays out. Started buyin policies when I was 23. Its a win win.
I disagree. The market returns have dramatically outpaced any life insurance, even factoring the occasional 2008. Plus an IRA/401k has immediate tax benefits. Whole life policies make your agent happy though. The commissions are very hefty.
Market returns is a fallacy. It's 100% dependant on when the money is put in (relative to the price in the market). you cant be so callous to say that it outpaces anything.
Dont get me wrong. ive got my 401k. but to blanket statement the market like that is shortsighted or flat out untruthful.
Callous? and please point out to me when I said that the market outpaces anything. I said it out paced life insurance rates historically. whole life policies have not even out paced inflation for the last 30 years if you include fees. Life insurance is great for estate planning and income replacement but it is not the most efficient retirement vehicle. Most people on this board are probably in their 30's so putting money in relative to the price of the market will matter little over a normal 30 work span. Especially since they are dollar cost averaging into the market with monthly contributions(for 401k participants). I will agree with you that my statement was too broad considering there are all ages and risk tolerances represented on this board. I would much rather get an 8% commission from a whole life policy than the .75% comission I get off the average mutual fund, but I can rarely justify doing so.
it's called social security
Great list. I wish a couple of these were required reading in high school. I like Malkieil's book but its not for everyone.
Back to the OP's topic...I would start thinking about it Perk. I have a full and half retirement taken out of my check automatically and am thinking about starting my 401k but the company match sucks. I also have money tied up in TD Ameritrade that I need to figure out what to put towards. It's all in a damn our chart that I don't understand. Wish I knew more about retirement
You are better off putting in money early than trying to catch up later. I don't feel like doing a long explanation, but Im sure you can find information.
i put $1000 in one ira 20 years ago, didn't touch it for 20 years (actually a company i worked for briefly put the money in) it's now at $10,000.
My main ira is what i focus on now. thinking of cashing out the first ira and paying the penalty for early withdrawal, to do a few things.
but ya, find a good broker and get a small portion deducted from each check, you'll be amazed at what it can do over time...ride the storm out.
I agree. If it were up to me high school juniors and seniors would have to read Dave Ramsey's Total Money Makeover book to learn the effects of debt. As a 31 yr old getting ready to have no debt except the house I would have loved to possess this knowledge at age 18 because I would have thought differently about a few decisions I/we've made. After they read that they would have to read an all encompasing book such as Malkiel's detailing the history of the stock market, the beauty of the passively managed index fund, and the need for a diversified portfolio integrating domestic equities, foreign equities, REITs, and bonds.
When I retire when I'm 55, my work will take my three highest annual salaries, average it out, divide it by 12 and give me a monthly check till the day I die. If I work an extra 3 years, they will average out those 3 years and give me a total lump sum in one check, plus my check every month. Also get 500 a month from the state for state pay
I'll be dead before I retire
Yup this is kind of how mine works
Maxing out my Roth IRA since 21
Edit looked at wrong stat
This post was edited by Coastal Eer 12 months ago
I had a job like that out of college. However I could not stand the slow play politics of government. + my salary was not great with a bunch of similar age people in front of me so seniority would rule me out of promotions until they moved on. If you can stay in gov for 25/30 years nothing beats it. You can work as a consultant and take hom 2 paychecks from 55 to 65 but I just couldn't hang on. I am now at a small company with a much bigger salary but much worse benifits. My retirement is almost non existent aside from what I run myself.
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