First save a little more money...
4 months ago
... and then I need to go the bank and set this up!
How to save for retirement
It made me
Content 
"The longer you wait to do this, the harder it will be on you later! "
How I did it: I made an appointment with a certified financial planner and we talked about my financial habits.
The biggest thing we discussed was what I wanted to do when I retired, and how much money I needed to do that. So, when I told her that I wanted to travel a little bit and buy a vacation house here and there, I realized that saving $10/month was NOT going to cut it. But what did I know? I was 23!
We also discussed some basic economic principles. One that I always remember is: "the easiest way to lose money is to keep it in your house because of a natural 4% inflation every year!" That money should go deposited where it earns dividends!
Lessons & tips: No amount is too small to save. When you have some change, deposit it, or use it!
Start saving NOW! It's better to have too much than too little! If you can't afford a financial planner, at least deposit that money where you can get dividends!
Resources: Go to a Brokerage Firm and not a bank! That's just my personal opinion. I have had some luck at a bank, but have had better customer service at Brokerage Firms.
People doing this are also doing these things:
Entries
change everything is getting her shizz together
Made a phone call today
8 months ago
Got the info about moving my money to a new investment place. Also downloaded the conversion form to convert from IRA to Roth IRA, as well as sending out an inquiry to someone if that’s even the smart thing to do…
But I’m getting closer. I need to call the place that currently holds my money to see what their fees and minimum contributions are…that will help me decide if it’s really worth moving firms or not.
change everything is getting her shizz together
Vanguard
8 months ago
I’ve wanted to start a Vanguard Roth IRA for awhile, but they require a $3,000 minimum. Looking at my old job IRA balance, I’ve lost so much money this year, the tax burden to roll over from IRA to Roth IRA is the lowest now as it’s ever going to be, and then I will have the $3,000 minimum. I’m hoping to call Vanguard on Tuesday and find out what I have to do…if I have to roll it over as an IRA and then to a Roth IRA, or if one paperwork can move it from the other company as well as convert it. I also want to find out what the contribution process is…if I can make automatic monthly deposits or if they require a minimum, etc.
change everything is getting her shizz together
It’s 2 1/2 days, which seems like an awful long time. I haven’t gone the last few years because we’ve had issues with office coverage, but I think I should be able to go this year. I honestly have no idea where to start other than my job’s retirement account and match…
this seems quite overwhelming. I don’t want to be stupid about this, but I also don’t want to scrimp on the life I have now. Is it worth saving more for retirement if I can’t pay for school in cash? If we can’t move out of the shoebox we live in? When either one of us could be hit by a truck tomorrow? Shouldn’t I rely a bit on faith?
I have no desire to learn about retirement for 2.5 days. But every internet calculator starts out with, “how much would you like to have saved at retirement?” WELL HOW THE HELL WOULD I KNOW THAT?
I’m very frustrated.
Current state
10 months ago
Currently we have $60,000 in savings, although $40,000 of that is in a house fund. My goal this year is to max-out my remaining RSP allowance, which should add an additional $4 or $5K.
The goal of saving for retirement always includes the question “How much is enough?” I’ve read that one should save at least 15% of salary (each pay period). That includes any company match. But depending on a person’s age and whether they put off saving for retirement, that percentage could be much higher.
Regardless, the IRS allows you to save up to $15,500 per year on a before-tax basis (that’s my goal). If your’e age 50+, you can save an additional $5K (or $20,500 ea. year).
change everything is getting her shizz together
so obviously, I haven't done much on this in awhile:
14 months ago
I did read this weekend that right now is a good time to roll over traditional IRAs to Roth IRAs, because the market is down so far and your tax burden may be significantly less…so I’m going to research that in the next few weeks, hopefully. If I can roll my IRA (leftover from an old job) into a Roth IRA, I’ll at least have investments that are both pretax and post tax.
And of course, we’ve got to get something set up for my husband, too.
I am working on this.
14 months ago
So, I have started.
The thing is, the goal really can’t be finished until I am retired and living off the funds.
I am still going to check this off.
1 Million
15 months ago
1 million is the minimum for my golden years to be decently comfortable. all things considered, my plan is to start saving for my retirement by the time i hit thirty. only a few more years to go!
social security now, social insecurity later
17 months ago
I have a 5-yr plan that I’ve been sticking to for about a year now. By time I turn 31, I want to start investing in my retirement. Social in-security will probably be gone by time I need it. Right now, we are drowning in credit card debt and auto loans. Its hard to pay things down with the way the economy is right now. Good luck to everyone else with this goal!
