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Old 06-20-2007, 03:49 PM
4,154 posts, read 6,451,482 times
Reputation: 4258


Never plan to retire! Find a job you like and you will never have to go to work again.
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Old 06-20-2007, 03:53 PM
79 posts, read 191,911 times
Reputation: 71
The biggest things are to stay on a budget and to invest early; compounding from an early date means you won't have to invest as much per year. There are a few simple sites you can visit to get you on your way and books like those "dummie" books. You can google "ira how long will it last" you will come up w/a hit on a site which will let you put in variables to determine what your $ will be worth in any number of years. Morningstar has a few model portfolios in their retirement section, but the more aggressive ones are more appropriate for young folks. They also have a lot of other free stuff, such as free on-line information to make you familiar with investing terms. Eventually you will be able to merge a 401 with an IRA so you have adequate diversification. Familiarity will make you more comfortable with investments so read some of the popular investment magazines for a year. Never pay a load on a fund.Some of the large investment companies such as Vanguard and T.Rowe Price have a lot of free information they can mail you. It is a lot to learn and can be very confusing at first, but if I can do it, anyone can. There is a new class of funds that target retirement dates, so if you plan on retiring in 2040, they have the proper mix of stocks and bonds, while not perfect it is a way to start.
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Old 06-21-2007, 07:45 AM
Location: Houston, TX
1,712 posts, read 3,888,234 times
Reputation: 775
Originally Posted by donsabi View Post
Never plan to retire! Find a job you like and you will never have to go to work again.

Almost every job enables you to save for retirement.
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Old 06-21-2007, 08:06 AM
Location: Sunny Florida
7,136 posts, read 11,058,278 times
Reputation: 9467
I agree, DCNative.

How fair is it to all of the young people out there needing jobs to support themselves and their families if elderly people just keep hanging on to the jobs indefinitely? I can see working until you're sixty-five, but then retire, enjoy yourself, and let others have a chance to make their way in the world.
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