Any of you actually saving for retirement?

iSteve83 · Jun 23, 2012

There was that CNN article about 50% NOT saving for retirement AT ALL. That's crazy. I just started a ROTH and invested in vanguard index funds but I'm slowly learning a bit more. What about you guys? Are you saving for retirement?

zig9449 · Jun 23, 2012

I'm saving up for a new skateboard and a car.....skateboard first tho...priorities ya know?

zig9449 · Jun 23, 2012

Seriously...sorry about that...I'm sure other members will chime with something that's actually relevant tho. My bad:/

Silverado8405 · Jun 23, 2012

Yes. 2% right now as I'm still slowly bouncing back. Company 401k. Didn't for about a year when economy was really tanked but I want to start putting more plus my bonuses in.

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veemaxx · Jun 23, 2012

At an age of 36 I had zero saved, decided to get serious and started to save exactly 50% of my income. At first it was kind of tough to change my lifestyle that much but after a few years I adapted. I started an IRA in 1988 then a ROTH IRA when they became available maxing them out every year. Then my employer matches 2 for one up to 6% in the pension which is self directed so that is 18% of my income saved right there. I also max out a 457K plan and any left I invest in some mutual funds. It took just 7 years for my investments to return what I was investing every year, a few more years to equal my earned income. Now nearly 24 years later I'm still saving half on my earned income and retirement is just around the corner, I'm 60. I'm looking at a retirement income of just over twice my current income and since I'm already living on half my income it will be nearly 5 times what I'm used to. Anyone can do the same, I just wish I had started saving 15 years earlier.

Gregoris · Jun 24, 2012

well I dont think any one wants to think about that and would rather spend what they have now while they are young.. I myself will have plenty of it to last a lifetime so I never even think about it... I work for myself as well and atm I am more concerned about saving for my car lol

But if you have started 15 years before you would have so many thousands more.. I can save 8-10 thousand a year after expenses rather then spending it all on tech that I get bored of after a year or so..

Chris951 · Jun 25, 2012

Im 21 years old and had a 401k started when I was 18 when I was a technician at a Ford dealership. I quit 2 years later though. Hated that place.. I still have time though. Once I finish college and get my phd, and get my career going, I'll be saving for retirement.

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iSteve83 · Aug 18, 2012

veemaxx said:
At an age of 36 I had zero saved, decided to get serious and started to save exactly 50% of my income. At first it was kind of tough to change my lifestyle that much but after a few years I adapted. I started an IRA in 1988 then a ROTH IRA when they became available maxing them out every year. Then my employer matches 2 for one up to 6% in the pension which is self directed so that is 18% of my income saved right there. I also max out a 457K plan and any left I invest in some mutual funds. It took just 7 years for my investments to return what I was investing every year, a few more years to equal my earned income. Now nearly 24 years later I'm still saving half on my earned income and retirement is just around the corner, I'm 60. I'm looking at a retirement income of just over twice my current income and since I'm already living on half my income it will be nearly 5 times what I'm used to. Anyone can do the same, I just wish I had started saving 15 years earlier.

Damn! Respect for getting your act together and succeeding beyond your wildest dreams! Don't regret what you did. It was for the best. That's some inspiring stuff.

Pinkpoison · Aug 18, 2012

if you can afford to put money away for retirement then you should,living for the moment is fine but one day you will need that nest egg.

ardchoille · Aug 18, 2012

Wait.. we were supposed to save?

gabbar · Aug 18, 2012

I am 38 and started saving as I turned 25. It's been 13 great years so far and I have done something to pride about. I buy mutual funds, bank deposits which give some great interests. Oh.... Btw I am not an American and in my part of the world banks do give out some good deals. Am sure, by the time I'll retire, will have something to fall back on.

Living in the moment is something cool, like everyone wants it but I suggest to keep an eye on the click ticking.