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Are you saving enough for retirement?

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I started putting 9% into a Thrift Savings plan (TSP) about 18 months ago. So far i am up to 4500 dollars saved. (I'm only 23) I made about 16% last year in the funds i invested in. I just with the government would match the military TSP, like they do the other government employee (civilian) version.

One you start putting money aside, you don't miss it. Better to have it later when really needed than having a newer car today. (still driving my 97 Dakota sport w/ 100000 miles)
 
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The best thing you can do is set up automatic deductions from your paycheck straight into a savings account, Roth, or some other type of investment. You won't miss what you never see. You'll adjust your spending according to what shows up in your bank account.

I feel pretty lucky to be working for the state of Ohio and contributing to OPERS. As long as they stay away from coins, baseball cards, and Beanie Babies hopefully my pension at retirement will provide a pretty decent amount of money. I contribute to a Roth IRA as well as a few other mutual funds as well. Some of that will go towards a house in a few years and most will go for long-term savings.
 
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I've been putting as much into our Roth IRA and 401(k) as we can tolerably afford, but with five kids its no mean feat to keep them in food and clothes. It will be interesting in seven years when our eldest is old enough for college! Oh the wonders and worries of being an adult! There are times when I wish I was a kid again and didn't have to worry about this shit! I haven't run one of those investment programs to see what you'll have at 65, partly because I'm afraid of what I'll find. At this point I figure we are doing all that we can to provide for our retirement....if its not enough? Well then maybe there will be an inheritance.....
 
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As someone who was able to retire early, let me say how difficult it is for most people to even save a little.

That being said, the easiest thing you can do to start is an automatic with- drawl from your paycheck.

Another thing is to not get a new car every 3-5 years. Cars are horrible investments. Take basic good care of your car.

If you can afford it at all. Get an investment professional to work with.

If your a 30 something you must be in the stock market.
Start out with some thing simple like I-Shares or a basic S&P 500 fund.
Usually $1000 will get you started.

The most important step is always the first one.
Get started, now!
 
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I have about 13$ on me. Does that count? :tongue2:

In all honesty, it's hard to save when you have to spend to live. If I had a comfy job where I could save, I would. That is not the case. I tend to live by the phrase, "You can't take it with you". If I die tomorrow, (not having any children) I don't want to leave anything behind. Live it up while ya can. SPEND, SPEND, SPEND!!! (It's good for the economy!!!):tongue2:
 
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Thump said:
Max out my Roth and pay into STRS. Everything else goes to a money market for now.
Click to expand...

30-35 years in STRS and you'll be fine even if you didn't do anything else. All I hear from my dad is how great the state retirement system is. I think he's at 31 or 32 right now and I think he wants the 35. Unless of course he gets to NYB's "Fuck you number". My moms a teacher, but she didn't start until later in life so she doesn't have a chance of getting to 30. I think she can file for retirement at a certain age and get some money. I would love to get back in PERS now, but I'm running out of time for 30 years to be feasible.

I put 3% of my pay into an IRA with my company matching all of that. It isn't much, but I can't afford much more right now. Anything less than 3% would be throwing money away due to the matching. They only match up to 3% so there is no incentive to put more in right now. Even if I quit my job and went back into PERS now my IRA would be a nice chunk of money by the time I retire.
 
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Sports betting isn't the way to go anyways...unless you do Parlays, the odds aren't in your favor - the most you can do is double your money. Cards are much better...you can win a shitload in a day if you're on a hot poker streak. That is, after all, how I will be able to afford to retire....:wink2:
 
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For some, it's hard to get started savings when you are young. Between everyday expenses and savings earmarked for other areas (down payment on house, car) the retirement plan seems to take a back seat to everything else.

A certain imprisoned former OSU professor noted that if someone contributes $2,000 a year into a fund with a 10% return between the time they are 20 and 30, then never contribute again, they will still have almost $1,000,000 saved at age 65. If you wait until the time from when you are 25 until you are 35 to make your $2000 per year contributions, it will only be worth about $610,000 when you hit 65. Don't wait another year. Get it started now.

It's never too early to start and every little bit helps. Even 3% into a 401k without matching employer contributions will get you started. For someone who makes $20,000 per year, 3% is $600. That $600 per year from the time you are 25 til you are 35 will still be worth $180,000 when you hit 65.

Just start. It doesn't have to be much at first. If your situation improves, up the contribution percentage a little. If not, keep it steady.

Come April 10th, I'm going to cash out about $5000 worth of mutual funds I have been holding for a couple years and drop them into a traditional IRA for the wife and I. Plus (Thanks Uncle Sam!), I get to adjust that money from my taxable income and significantly delay taxation on that income.

Yikes! I got a little carried away there. Sorry, I really enjoy this stuff. :nerd:
 
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