Something i wish someone had told me a long time ago. (employees, 401k)

[kapie9969]

You're young and just started working. Take a small amount twenty five bucks a week and put it in a retirement fund. Something like a Vanguard kind of thing. Do this for the first ten years you work. Then as time go's by and it sits there and grows you will be so much better off for when you retire.It's the time thing.
I know it sounds hard to do. And you of course don't see yourself living that long or whatever. Just take my advice and do it.

[BirdieBelle]

It's easy to do if you put it on automatic withdrawal. Then you don't even "feel" it.

[Vacationmacation]

Good advice for my son. Can't banks do that automatically?

[BirdieBelle]

Originally Posted by Vacationmacation

Good advice for my son. Can't banks do that automatically?

Yes, the account holder has to request it.

[DataWarehouse]

Employers offer 401k plan. Then there is IRA, then savings account.

[Europeanflava]

That NO ONE cares what you do for a career, just make
money and be able to buy your own way in life.

[Hemlock140]

I dare to say that if someone had told you that, you would not have done it anyway. We have given many young people similar advice, but at age 22-23 they just don't seem inclined to worry about retirement, when it's 40+ years away and they need/want a new car, the latest electronics, or to save for down payment on a house. If people could simply take half of the net from every pay raise and put it into 401K/IRA/savings it would add up over the years with no loss in take home pay.

[bande1102]

When I first started working, I had absolutely no money to set aside. Really. There were times when homelessness was a definite possibility. In my experiences and observations, I'm not sure how realistic that advice is, particularly since it's based on the assumption that young people have any money after covering the basics (basics = food and shelter).

I appreciate the sentiment to think ahead, though. I tell young people that the stakes are much higher and the decisions they make can affect their whole lives. Personally, I encourage my kids to invest in their health (physical, mental, spiritual), avoid drugs and excessive booze. I stress resiliency, flexibility, and surrounding yourself with good people. Fortunes can be made and lost. A healthy mind, spirit, and body, and support system? Not so much.

[Kees]

I just turned 40 and I have around $10k set aside for retirement. I had more but I emptied my retirement account in 2009 when I was out of work for over a year back on the east coast. At the time spending it was a better choice than going under. I'll be the first to admit I was worried about now... not 20 years from now. The southern states pay ridiculously low unemployment... so I did what I had to do.

I recently started to rebuild my retirement funds after moving here and getting settled. I don' t have much... but $50 a week adds up quick.

[Girl]

I didn't start saving for retirement until I was 27 years old. I've been faithful about it ever since. I do wish I had started doing it with my first job out of college though. That six years would have made a huge difference in how much I've saved up thus far.

I'm 45 now, and I just finished making my elections for next year. I've added another 1% to my 401K contribution (I put in 10% now), and also signed up for a pension fund that my company only offers to employees who have been at the company for 5+ years (my five-year anniversary was last week). In addition to that I have another retirement account through my company that I've been putting into since I started working here. Plus I have the IRAs from my old jobs that continue to do well.

When all is said and done, assuming there won't be any social security payouts by the time I turn 67 years old, I should still be okay financially when I retire - not affluent like my parents, but not poor like my grandmother. If they ARE still doing SS payouts when I retire, I'll be retiring quite nicely when the time comes.