Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I started saving in my mid to late 20's, but it was fortunate happenstance. At that time I went to work for a company that still had a phenominial retirement plan as well as a company matched 401k. My first day of work I made a spur of the moment decision to participate in both. Some 10-12 years later they quit allowing new hires into the retirement plan but continued it for existing members. Now, 713 days away from being eligible for early retirement (55) I couldn't be happier with my good fortune.
As an aside, my children stand to inherit several hundred thousand dollars from their grandparents, and I'm going to see to it that it is invested and used to provide the same early retirement opportunity for them, regardless of what other retirement options they have.
We started "saving" for retirement when we were 25, however, life got in the way. About 15 years after that, we had to use that money and be taxed on it in order to save our business which was our livelihood. We did manage to do that, however, a couple of years after that, we were made an offer to sell and one of our partners forced the issue.
Instead of taking the easy way out, it took us 10 years to pay everything off. We were never late on a payment but money went to the debt first.
So, now, we are waaaaaaaaaaaaaay behind. We are also financially responsible for an elderly parent and what do you do?
We have 10 years to really ramp up and save, save, save.
Can we do it? We just have to.
Any suggestions from those who may have had a similar experience?
I agree with the post saying kids need to be taught earlier about responsible money management. In a world bent on rabid consumerism, it's too easy for kids to get off to a bad start. I'm starting my kids off by teaching them the real difference between an asset and a liability - many adults don't know that!
As for when I started, I was still in college. My wife and I live a good life, take nice vacations, send our kids to private schools - but, we work our fannies off, drive older model American cars, use coupons at the grocery, do our own yard work and have a nest egg into the many millions.
I agree with the post saying kids need to be taught earlier about responsible money management. In a world bent on rabid consumerism, it's too easy for kids to get off to a bad start. I'm starting my kids off by teaching them the real difference between an asset and a liability - many adults don't know that!
As for when I started, I was still in college. My wife and I live a good life, take nice vacations, send our kids to private schools - but, we work our fannies off, drive older model American cars, use coupons at the grocery, do our own yard work and have a nest egg into the many millions.
We love Buckhead. One of our clients/friends has a store there and we visited them in November 2007. Went to a couple of great restaurants and didn't want to leave. Our friends live in Smyrna. We drove through the area every day with all the beautiful homes.
We sound just like your family though we have not saved as much - like 1/10 of what you have. Our daughter just finished college, is on her own and our son still in college - actually just started. So we need to save, save, save. They are great kids so no problem there. Any hints for us??
My parents did a good job in influencing me to save. I started to save right after college @ 27 yrs of age (late start after the Army). 17 yrs later, have approximately $550,000 (no home) and will receive a pension starting next year @ $4100/mo.
Getting a college education (and later Masters) was my best investment. Also not buying a new car as often as my friends was a money saver. I haven't purchased a home, but that'll be my next big purchase. I may pay cash.
I work with a lot of young people who have two new cars, credit cards are maxed out, and have no savings to show for it. I'll be surprised if they have any $$$$$ for their children's education, a home, or their retirement.
I started when i was 21 and now i 24 and now i am kicking it into overdrive. Im saving or actually investing 24,000 a year! I want to retire when im 35, thats my motivation, finacial independance.
I started saving when i was in my teens. Start saving for retirement i my ealry 20's after college. retired confortably at 50 and now 12 years later am saving my SS.I hve to say tho I did not luckily have to sacrifice in any of my younger years.
I started saving for retirement at age 27, when I got my first "permanent", career-type job as a high school teacher in California. All public school teachers in the state belong to a state-wide retirement system, whether they want to or not, and as such have 8% deducted from their pay from the first check to the last. I can't claim any wisdom or foresight, as this was forced on me (thank heavens!). There is an employer match, and after 34 years in the system, at age 61, I retired with a fairly decent pension, for which I am very thankful. When would I have awakened, had I not been in this "forced" situation? I do not know, but it's a scary thought. Lots of people in their 20's just don't think of retirement; it seems impossibly far away to them!
At one time I taught high school economics and did a unit on the rule of 72 and used the Magellan fund as an example of investing and money/wealth creation through compounding. This was in the late 70's and early 80's and the Magellan fund and Peter Lynch ruled. I can tell you my students learned the lesson well and are better off today because of it. It is hard not to work with the rule of 72 and have it not become part of your mind set. Every investor should be aware of it and look at their portfolio in terms of how long it will take for it to double at a given return rate. Add contributions to that mix and watch it grow.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Saving for Retirement
When did you start saving?
