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Have You Started Saving For Retirement?

Your Two Cents: Have You Started Saving For Retirement?

There are a number of vehicles available to help us save for retirement. Maybe you're participating in your employer's 401(k) plan, you're saving in a separate IRA account, or you're using a combination of different accounts. Have you started saving for your golden years?

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thelorax thelorax 7 years
My job comes with a pension, but I don't really trust it to pay out when I need it someday. Once my income surpasses my mortgage payment by a little more I want to start a roth account or something...for now, my husband and I took notice of your posting on ING Orange savings accounts and we started one :-) Thanks!
Renees3 Renees3 7 years
I put 10% of every paycheck into a 401K. I like knowing i have that money there, makes me feel safer :-)
mlen mlen 7 years
i started saving at age 21 when i got out of school- i started with my 401(k) and an IRA. I've since switched to a Roth 401(k) and a Roth IRA. i don't contribute the max to the 401(k) because i need the extra money to live on- but i do contribute enough so that my company matches- and i do try and put in the max contribution for the Roth IRA each year. i think i'm doing ok in terms of retirement savings, but i'd definitely like to increase it in the future in terms of how much i contribute! my parents just retired and they both have pensions- i will not be as fortunate!
sorrowja sorrowja 7 years
I have an IRA account that I open while I was in college, I've also enrolled in my company's 401K plan which each time I get a raise I'll increase my contribution.
mayara mayara 7 years
ilanac13, you bring up one of my big concerns -- not that social security won't be able to support me, but that people think that it's for more than it is. It's a safety net, not a retirement plan. That is, it's to help reduce the number of older Americans on the street. (Also, it still has a surplus, which is used to make the federal deficit look smaller, and the problems it will have in the future are easy to avoid, but that takes us into a completely different topic.) So, the problem is not that it won't support us, but that people ever relied on it to the degree they have. (My father worked for the SSA, so I heard much about it growing up, and still do on occasion.) My husband, thanks to having had salary jobs, while I haven't yet, has a 401(k) and knew enough to make sure that his employer is contributing as much as possible. I've never had the opportunity, but I do have a Roth IRA; I don't always contribute the maximum, but I try to get as close as I can. My husband recently opened one, and is preparing himself to actually do something with it. (He's scared of the whole investing thing. I've tried to convince him that he won't screw it up, and that while he'll probably do something less than ideal, it will better than avoiding it and doing nothing, like he has been doing...)
mayara mayara 7 years
ilanac13, you bring up one of my big concerns -- not that social security won't be able to support me, but that people think that it's for more than it is. It's a safety net, not a retirement plan. That is, it's to help reduce the number of older Americans on the street. (Also, it still has a surplus, which is used to make the federal deficit look smaller, and the problems it will have in the future are easy to avoid, but that takes us into a completely different topic.) So, the problem is not that it won't support us, but that people ever relied on it to the degree they have. (My father worked for the SSA, so I heard much about it growing up, and still do on occasion.)My husband, thanks to having had salary jobs, while I haven't yet, has a 401(k) and knew enough to make sure that his employer is contributing as much as possible. I've never had the opportunity, but I do have a Roth IRA; I don't always contribute the maximum, but I try to get as close as I can. My husband recently opened one, and is preparing himself to actually do something with it. (He's scared of the whole investing thing. I've tried to convince him that he won't screw it up, and that while he'll probably do something less than ideal, it will better than avoiding it and doing nothing, like he has been doing...)
runningesq runningesq 7 years
I have a pension though the government and a deferred comp through Nationwide
ilanac13 ilanac13 7 years
i have started to save for when i retire. i think that you HAVE to since we all know or should know that the SS system won't be able to support us by the time we're old enough to stop working, and we will have to manage on our own. i've had a 401k for a while, and i've had various IRAs that i contribute as much as i can. that's the best way for me to prepare for the future.
xtsr xtsr 7 years
I haven't been able to start up my 401k because of the jobs I work at. Hopefully in the near future I'll be able to invest [and have a company invest back into me!].
hmcmcd hmcmcd 7 years
When I worked for a large company I had a 401k that they matched, so I signed up. When I left that company I rolled the 401k into an IRA but I don't contribute nearly as much as before and it's not matched so it is a very slow moving little nest egg, but I guess it's better than nothing!
hithatsmybike hithatsmybike 7 years
No. While I recognize that it would be a good idea, I just want to get out of school first.
valancyjane valancyjane 7 years
If you have access to a 401(k) plan and your employer matches your contributions you should absolutely sign up. It's free money, and in a good market (which this is not, but things change) it adds up faster than you think. I think of IRAs as sort of "advanced" plans -- you have to know what you're doing -- but if your company has a good plan a 401(k) is easy-peasy. I finally got my husband to sign up for his company's 401(k) -- seriously, it was on my calendar for the very month he was eligible so I'd know when to remind him. I've been saving since I was 22 but he hasn't done anything (and he's 29), so I feel a lot safer now that he's started.
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