Quote:
Originally Posted by Paul Markham
Many years ago, mid 1970s, I took out some pensions schemes and started paying in small amounts to them. As my earnings grew I put more and more in. They were all due to payout on my 60th birthday, it seemed then that that day will never come.
Now it's less than 2 months away and the pension companies are writing to me asking what I want to do with the money. I'm opting for a few lump sums and the rest paid out as monthly pensions.
Never thought this day would come and when your 25 I didn't think about much being 60 and retiring. Then suddenly it's here and you thank you had the sense to invest.
The way this industry is going I wonder who else put money away in the good times.
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yes sir! Everyone should plan for the future. The "here and now" and "spend it as fast as you make it" life style will never last.
I've socked a good bit of money into retirement savings and continue to do so. Just as important as saving for retirement is to make sure you are properly insured for health, life, and disability.
I got the feeling a lot of "ballers" here will be working at Walmart when they are in their 60's because they didn't plan for their future. But they will have great memories to make them feel good LOL (right).
I started my retirement savings at 26, I'm 34 now and its fun to watch it grow and the power of compounding interest working for you, not against you like in most situations.
Quote:
Originally Posted by Sly
I have a 401(k), a property investment (which in theory will someday be paid off and issue me monthly rent checks so I'm sure I will do something else with it long before that happens), and am looking into setting up a Roth IRA shortly. I think about future finances quite a bit so I'm pretty on top of it. Could always do more though!
The best way to set up the investment plans is to have your contribution automatically deducted weekly. It keeps the money out of your hands and basically locks it in. You really don't miss $20 or even $100 a week once you get used to it.
Right now seems like a pretty decent time to be getting in on these if you aren't already, with the markets being down, etc.
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You have to treat it as an "expense" and pay it just like you pay your car note, house note, etc. When people treat their retirement savings as something that they can stop paying on a bad month they will never last at it. Set it up on direct debt like you mentioned and forget about it.