| Retirement Planning Going Well? |
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David Devis
Contributing Member
Cash: $ 5.75
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Joined: 07 Jan 2010
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now days we must think about retirement planning. Its very basic need of our retire life. that time we are not able to do hard work and tried mentally. so in younger age we save something then we can use this money in very needful works.
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Mon Jan 11, 2010 11:57 am |
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Newstockslive
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Depends on when I retire of course. If I ty to retire by say 59.5 I will be very well off however thats just to Old for my liking which means at 39 I really have to creack down and Iam. Unfortunately my company froze our pensions two weeks ago thowing a wrench in my plans.......
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Sun Jan 17, 2010 2:38 pm |
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thebeave
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Well, I'm almost 23 and my realistic goal is to be retired by the age of 40. So far I put $200 each month into my retirement plan. With this I invest a portion into the stock market that I play around with and the rest, for now, is drawing interest in a bank account. This year I am going to outline where I need to be at the beginning of each year to reach my 17 year goal and then each I will adjust my figures and adjust how much I put where throughout the year.
I have 17 years and I am going to try as hard as I possibly can to be done spending time on anything that I don't want to by the age of 40. I am starting a family and things sometimes get tight but I always put that 200 in the bank every month. I know I am going to have to put away more than that but with the jobs around here, my new married life/family on the way, and the fact that I am still working on a degree, 200 is all I can do so for now.
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Sun Feb 14, 2010 10:26 am |
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oldguy
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quote:
Well, I'm almost 23 and my realistic goal is to be retired by the age of 40. So far I put $200 each month into my retirement plan.
Doug - I don't think your math is working.  I know this because my 401k had about $1M in it when I retired after 14 years in the plan. And I put in way more than $2400/yr.
Here is some math: $2400/yr for 17 yrs at 12%/yr will be only $130,000.
And $20,000/yr for 17 yrs would be $1,100,000.
Even if you increase the $2400/yr by 20% every year, it will be only $615,000 - ie, you cannot make up for missing early contributions.
The point - compounding needs time, $20k added this year will be $137,000 - that is more than 10% of the $1.1M.
What is your major? Ie, what degree will you be getting?
The two appreciating assets are real estate and stocks - you may need to to use leveraged real estate, both to raise seed money for stocks and to add diversification.
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Sun Feb 14, 2010 5:20 pm |
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Elmira Nancy
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Joined: 01 Dec 2009
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Good retirement planning advice always includes taking full advantage of employer matching funds for any retirement savings accounts. This is free money that can add up to a very significant amount when compounding interest is taken into account. Many employers will match up to five or ten percent of funds the employee puts in, up to a specific yearly amount. This can add up to thousands of extra dollars in your retirement accounts paid by your employer. Take advantage of tis by contributing the amounts necessary to receive the full matching contribution from your employer.
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Sat Mar 13, 2010 3:55 am |
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