@BeSmartThank you; I'll read up on these retirement funds...
@Mercy N Lovelie.They are talking about retirement funds (401k,457,
etc)I enrolled in a 457 and historically since the creation of the duns 50
years ago it has averaged a 7-8% return (including recessions).No bank
account will give that type of interest at least for a few more years.
I've never seen this "6% return" that is constantly cited in
*every* single retirement article I've *ever* read in my poor life... It
hasn't been 6% since the eighties, am I right? What bank offers 6%, what
retirement service offers 6%? Somebody please, point me in the right direction;
all I've ever seen is 1-3%!
@bluebullet94I agree with you completely. The other one I would say is get
your house paid off. That can be a very large savings every month.
I prefer the Richest Man in Babylon method: 10% for church/charity, 10% for
savings, 80% to live on. The trick is learning to live within the 80%. If you
can do that for 30 years, then you will be comfortable in retirement. As for
medical and other catastrophes, make sure you are well insured and have a 3-6
month emergency fund. I started putting 10% of my paycheck (plus employer match
of an additional 3%) into my 401k at 22 when I started working and after 15
years I've built my 401k to over $100k. Just takes time and patience.
Good points. The thing many people don't understand is that you should put
away what you can and start as early as possible because compounding will help
grow your nest egg.
This is great advice only if the people that handle our 401(k)'s are
honest. The amount of dishonest investing with other people's 401K's
that happen a few years ago makes me very nervous about them.I think the
best bet is to diversify. Invest in gold, even in gold you can touch personally.
Invest in property, invest in 401Ks. Put money in a wide variety of safe and
solid invest places. Then elect honest people who will pick honest people to
Nice points Chris and my heart also goes out to track star. What is unfortunate
is that other men who may want to date your ex will see how things turned out
for you. The result is that she won't be married any time soon.
...and just pray that you or a family member doesn't get a serious medical
problem because it will wipe out your retirement and then some.
It would be nice to know how to get to stop paying spousal support to my Former.
Then, I can think about retiring. I don't want to work until I die. Her mom
made it to 90. We were married 25 years and she thinks she is entitled to
lifetime spousal support. Eventhough she is working. She already got half my
defined-benefit pension, half my 401K and I'm buying my house back from
her. I pray she re-marrys, but why should she?
Get rid of debt before saving for retirement? Perhaps but starting a Roth IRA
and maxing it out as soon as possible probably has longer term benefits, if its
possible to do both.
Good advice.And lets remember, what other people make has nothing to
do with me. My financial situation is dependent on what I do - not on what rich
people do.I have no one to blame(or be proud of) but myself for my
situation. Lets not be lazy and think we deserve for the rich to take care of
us and pay for our share of govt resources