Need some advice from all the "older" people...
- Thread starter Gr8KarmaSF
- Start date
i have a 401k at my last job and when i left i pulled it out but now i dont have anything now with the job that i have now so by the time i retire, im not gonna have crap. by the time i retire, u will have to be like 70 years old to get full social security.
angel1978;890882; said:
...and if you're not retiring within the next 10 years, you can forget about social security. The baby boomers are retiring and they are going to suck up all of that money the government takes from your paycheck every week. With an aging population, and a steadily falling ratio of workers to retirees, the system is on a course to eventual bankruptcy....scary stuff, because we won't have that safety net to count on.
KenyanSandBoa;890889; said:
I agree.. you can't count on social security anymore.. you need your own private savings or a plan of some sort..
cichlaguapote;890908; said:
im screwed then. i might as well live in a cardboard box when i want to retire. that really does suck
angel1978;890933; said:
You're not screwed, you just need to do all you can. Whether it's saving 5.00/20.00 a week, joining your 401k now, saving tax returns, etc. Just think ahead.
IMO life's a hustle game in alot of ways.. If you're not born into money you have to figure out a way to make it/save it/invest it to be able to live.
cichlaguapote;890973; said:You're not screwed, you just need to do all you can. Whether it's saving 5.00/20.00 a week, joining your 401k now, saving tax returns, etc. Just think ahead.
Here's an example, say you put $1,000 away to start your own savings and add $1,200 a year (that's only $100 a month) and plan to retire at 65, that gives you about 35 years to compound interest on your investments.
The average annual return for the S&P 500 is 8% a year, so using the conditions above, you would have just under $250,000 at 65 (assuming interest is compounded monthly)...factor in an employee match and now your talking just under a half a million dollars.
Keep positive...it will happen, you just have to be willing to make it happen.
It's never too early to start saving for retirement.
If you haven't started yet, NOW is the time to get going.
The best strategy is to get it taken off your pay check so you don't even see it in your hands or bank account.
The earlier you start and the more you put in it, the sooner you can retire. No rocket science involved there. However, it's like the best investment strategy of buying low and selling high - Easier said than done. That's the bad news.
It can be done, though. And that my dear grasshopper, is the good news.
Matteo P.A. - retired since 1999.
If you haven't started yet, NOW is the time to get going.
The best strategy is to get it taken off your pay check so you don't even see it in your hands or bank account.
The earlier you start and the more you put in it, the sooner you can retire. No rocket science involved there. However, it's like the best investment strategy of buying low and selling high - Easier said than done. That's the bad news.
It can be done, though. And that my dear grasshopper, is the good news.
Matteo P.A. - retired since 1999.
