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    #1

    retirement

    My family gives me crap for not having more saved up, or not putting more into retirement...given I know lots of people who are uber jealous of me for owning a home at 27, having their car payed off, and a good amount in the bank. My question is this...am I just a pessimist, or does totally saving up for retirement not seem all that wise? I mean, I'm not totally against it, but to save up for your elder years (those which you're not really gauranteed) instead of enjoying that money in your young years seems a bit off to me. Sure, I'll save, but let me get some of the things I want, and won't be able to enjoy when I'm 60.

    Just a thought. What do you think?
    Tags: None
    #2
    Re: retirement

    Well, I've been thinking more about this myself too. I have about two thousand dollars in the bank and my car's almost paid off - Feb. yay! I am renting my place though, so no investment there.

    I guess one primary motivation for saving is so that there will be something to pass on to future generations. I've been trying to do more of that recently.

    I don't think there's anything inherently wrong with spending money that you make if you want to, however, mabye setting aside between 5-10% every paycheck into a safe investment of some kind would be good.
    " I am the way, the truth, and the life. No one comes to the Father but by me. " - Jesus

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      #3
      Re: retirement

      As far as retirement goes, I'm sure you've heard from your family, starting early and making consistent contributions pays off big in the long run. However, if you're able to do that, make your monthly bills, and still have a bit left over to enjoy, why not do it?

      I've never been a big fan of clinging onto every last penny, but it depends what your long-term goals are. Since you're already a property owner, and you don't have any children...unless you plan to adopt some in the future, I don't foresee any of the predictable big expenses looming.

      Ultimately, it's your money and your life. Make the most of them as you will.
      So you're a fish out of water...
      Keep swimming.
      What else can you do?

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        #4
        Re: retirement

        I'll probably just become a trucker when I'm 50 save up money for ten years. Theres my 401k.

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          #5
          Re: retirement

          Well, the main thing is that if you make some investments now, it will be worth a lot more 40 years down the road. Seems worth it to me.

          I'm in debt too, though. Student loans aplenty.

          Comment

            #6
            Re: retirement

            right now its probably better to toss all your money to pay off your car and house. the more you pay into it sooner, the less the bank makes in the end. that means more money for you.

            you also have to live. ive heard talk that you should go on a vacation every 2-3 years (resort maybe, long trip outside of where you life and know) so i guess what that means is you have to enjoy life too. also you may want to keep enough cash in your emergency bank account in case you run into a problem and loose your job or have an emergency of some kind (3 months worth of expenses would be nice).

            then again i look at my own mother who has no retirement yet at 42 and i think that its a bit too late to begin saving up. i suppose it depends on how much you make and the lifestyle you enjoy. even putting away a small amount now will go along way when your retirement comes around. if your employer is contributing or matching retirement contributions then id strongly suggest you take advantage of that.

            Thank you Ωbright for the sig fix!
            Card Three is released! You can find it here!

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              #7
              Re: retirement

              saving for retirement seems like a waste of time for me, I mean I could save up $20k before Im 30 and get hit by a meteor, then what? $20k does me no good IF IM DEAD!

              I could pass mine down to future generations but then that would only allow them to become lazy, self-centered and spoiled....so no, if they get anything it'll be a couple grand to make a down payment on a house.

              Im not being hateful, Im just teaching them that there is no easy way through life...

              EDIT TO ADD:
              My employer matches my 401K investment up to 6% of my pretax paycheck(I have it set to 3%), and so far I have $800 saved in a year(not including employer match), I may bump it up to 6% because years down the line if I somehow hit rock bottom I can always use it.
              Last edited by JPS; 11-01-2007, 02:59 PM.

              Here I come Pav, like the Kool-Aid man barging into a funeral! Oh yeah!

              Comment

                #8
                Re: retirement

                Originally posted by JPS View Post
                saving for retirement seems like a waste of time for me, I mean I could save up $20k before Im 30 and get hit by a meteor, then what? $20k does me no good IF IM DEAD!
                Well, that's your choice. A small gamble to potentially cut many years off your working life.

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                  #9
                  Re: retirement

                  i think i have 500 bucks in my retirement fund.

                  Thank you Ωbright for the sig fix!
                  Card Three is released! You can find it here!

                  Comment

                    #10
                    Re: retirement

                    Save as much as you can without depriving yourself of fun. You're young enough that even small increments of savings will add up by the time you retire, especially if you make your money work for you as they say. Meanwhile make sure you're enjoying the fruits of your labor now because there's a million things that could get in the way of it later and you wouldn't want to miss out altogether. Prepare for the future but live for today.
                    I want that Mulan McNugget sauce, Morty!

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                      #11
                      Re: retirement

                      How much does your company match when it comes to something like 401k? Definitely take advantage of something like that.

                      "Couch co-op is the only true co-op." Richard of the Cooks.

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                        #12
                        Re: retirement

                        Originally posted by Czechs Mex View Post
                        I'm in debt too, though. Student loans aplenty.
                        Me too, though I've been told student loans are the best debt to have because the low fixed interest rates and deferred payments.

                        I'd say the best thing to do to prepare for retirement is to pay off your credit card bills and save for a down payment for a house. That, and using the 401k your employer gives you--doesn't your employer match the money you put into it? If so, you may as well participate; after all, it's free money.
                        In the beginning the universe was created. This made a lot of people very angry and is widely considered as a bad move.

                        Comment

                          #13
                          Re: retirement

                          Yeah, thats what Im doing, its at 3%, theyll match it to 6% which is what Ill probably bump it up to.

                          Here I come Pav, like the Kool-Aid man barging into a funeral! Oh yeah!

                          Comment

                            #14
                            Re: retirement

                            always use your 401k when your company is matching a good percentage, you can actually use it for things way before retirement. there are companies and websites that'll help you with that, and the company match percentage is invariably better than the interest you'd get rolling it over in savings, in the short run.
                            @AndyVanZandt

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                              #15
                              Re: retirement

                              By mid/early next year Ill have 10grand in the bank. Looking for a house to buy. enough for a decent downpayment. Probably close to where my parents live, so if I find a nice job somewhere they can keep on eye on the people that move in.

                              Working 9-10 hour days, 5-6 days a week, with no girlfriend or car saves you lots of money. But its depressing.
                              Last edited by The_Real_Crunk; 11-08-2007, 05:17 AM.

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