You know those calculations about retirement, how if you invest even a small amount at a young age and stop you’re much better off? I’m sad to say I never really understood retirement even though I tried my best to do so in my early 20’s. I passed up 401k’s and other opportunities due to lack of understanding… Literally opened my first 401k 6 months ago and almost missed THAT opportunity!
What I learned: money that goes into a 401k is pre-tax; what that meant for my husband and I was that we could make contributions to 401k, have less taxes taken out by the government, and still have a decent paycheck to work with. Example- contributing 500 to your retirement doesn’t meant you’ll have 500 less for your paycheck, it might be only 300 less depending on your situation.
Long story short, it is well worth doing… The money never comes into my account so I don’t have that sense of parting with it. It’s easy. And you can always adjust or cut back if you can’t pay your bills. Children are important, but so is your retirement… When you save for your own future you’re also ensuring that your children won’t have to struggle to support you later in life (hopefully).
I have not “completed” this goal because it’s ongoing, but if you want to discuss I’m willing to do so and help if I can (no, my career is not finance).