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Originally Posted by will76
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.
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.
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I have looked at the numbers on what my Social Security payouts would be (if it still exists in 40 years) and it's just not enough. I don't want to live like that. Who would? People really need to sit down and look at that stuff. Think about how much money that really is and whether or not they want to scrape by and depend on their children or get out and enjoy their newfound retired life.
Between Social Security, 401(k), and Roth IRA the payout should be pretty decent. Add in additional investments (property, savings, anything really) and you might be looking at a pretty comfortable life.
Another thing that most people don't think about is what their health will be like at retirement age. We are all going to need more money at that point to afford our healthcare and health needs. That needs to be thought about and configured into the situation.