How many of you will be able to retire?

[SpectorV]

Just a thought, now that I am working full time and all that I am planning to invest into my 401k and a nice IRA and who knows what else to plan for the future. (I wish I had started way back... but I didnt)

Studys show if you dont invest 10-12% of your income or more for 40 years~ then chances are you will not be able to retire... you simply wont have the cash to live on.

How many of you actually invest or plan to into a 401k or something that can gain you some good growth (10% a year would be great) and compound interest?

If you do the math the sooner you invest the more exponential your money can grow, even 5 years can make a HUGE impact on your finances. Someone that invests the same amount as you but only 5-10 years after you start will have a ton less money in the end~

I plan to invest 15% at least in a 401k and another 10%~ in other things (not get rich quick things but long overtime investments like traditional/roth IRA). If you can manage 20% of your income invested for 40-50 years you should be sitting pretty and able to retire a millionarie. Most it seems invest 5% or less lol....

any input?

[MarkuzLS1]

I dump 10% of every paycheck into my 401k. Back when I was living with the parents, I did 25%. My mortgage is another means of saving money. At the moment, I don't have an IRA. One day I will open one.

[DarkShadow]

When I get a job that pays enough for me to put aside money, I will lol. Always been good at saving. Paid over half my car in cash when i bought it.

[Stumpy]

i'm already retired...

[greenpony02]

I plan on opening an IRA soon. I'm still in college so I don't have a 401K yet but I do have a decent chunk of change in stocks and mutual funds.

[bbunt302]

I'm only investing 6% right now, but I'm saving up to buy a house too. So that kinda offsets the lack of savings.

Now I just need to find a good place to temporarily invest my savings. Savings accounts are nearly useless... All they do is barely keep up with inflation.

[wiarumas]

i'll let ya know when i get out into the real workforce.. not these small part time college jobs haha.

[Stumpy]

Quote: Originally Posted by wiarumas i'll let ya know when i get out into the real workforce.. not these small part time college jobs haha.

do the letters KMA look familiar...

after i get done with the house buying thing in 3 months, i plan to start my own 401k. my wife already has one. i think she puts about 10% in hers.

[Herbstang]

Quote: Originally Posted by bbunt302 I'm only investing 6% right now, but I'm saving up to buy a house too. So that kinda offsets the lack of savings. Now I just need to find a good place to temporarily invest my savings. Savings accounts are nearly useless... All they do is barely keep up with inflation.

Blue and myself might be able to help with the temp investment plan

I'm doing 12% right now and wish I had started years ago !!! you always think you have plenty of time to start the 401 or other investments WRONG start as early as you can with as much as you can afford to save I'll be working till I drop

[Black95GT]

Just started a 401k at my new job, and opened a Roth IRA a few months ago =D

[Thomas91169]

i dont.

i plan on dying at 50. half a century is enough living for me, especially on this shithole.

[Fishers Stang]

haha I was puttin money back, but when that job closed and I took a pay cut i have to look short term right now. But when I get on the PD or FD full time It will be 20 and out. thats PERF for ya But Everything but the Explorer is paid off, so all i pay right now is insurance, explorer, and gas/ food. I plan on buyin a house with-in a year or so.

[stanger99]

401k is a waste of time and money

[matthews.stang]

Thank god I'm not 21 yet.

[timpryor]

if i keep investing like i am now i will

8%IRA
8%with my matching 401K

been investing like that for about 2 years now, and i'm only 18

[Seph]

When I get a full time job, I'll start saving. Unfortunately, I work part time and a student so it becomes incredibly hard to save money for me at times.

and I have a girl friend. So there goes that saved crash

[SpectorV]

Quote: Originally Posted by stanger99 401k is a waste of time and money

wow you really dont know what you are talking about. I would agree that it is a waste of time/money if your investments are making more than the 401k but only then.

[MonteCitan]

I had $8-9k saved up.. was just about to start investing when the place I worked closed down -- now I'm back at college

I plan to start as soon as I can...

[MarkuzLS1]

The best thing about the 401k is: All the money comes out pre-income tax. So, the more you dump into it, the less of your income that gets taxed. That, in turn it lowers your tax bracket. So the part of your income that does get taxed, doesn't get taxed as much.