Another Retirement Post

Posted on November 2, 2005 5 Comments

I know, I know… you’re young and you can’t bear to think about retirement. Some of you are students who don’t even have a first job yet. All of you have debt. You need to focus on the here and now. Enough already!

I can’t preach to you enough about the importance of saving for retirement, particularly if you’re a young worker. Can you count on pension payouts or Social Security? Who knows. Can you afford to leave your future up to “who knows”? Definitely not. That’s why I share so many articles about it (you’re welcome!).

I’m currently saving only 4 percent – that’s all I can do for the moment. But it’s 4 percent more than I was saving last year at this time, and my company matches most of it. I’m proud to say that I’m on my way. Are you?

Here’s some advice on the subject from bankrate.com. Click on the link to read the full text version:

Should women save more for retirement than men?
By Mark Terry • Bankrate.com

Do the math: Women live longer, leave the work force for long stretches of time and earn less than men.

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Comments

5 Responses to “Another Retirement Post”

  1. JLP
    November 6th, 2005 @ 5:40 am

    Great post!

    If only we could get young people to think seriously about finances BEFORE they made mistakes. Wouldn’t that be awesome? If they only understood, they could actually make their young age work for them by investing young. The younger you start investing, the less you have to save.

  2. Jane Deedy
    November 7th, 2005 @ 2:35 am

    Kudos to you for saving now. I am in my mid-30′s now and wish I could have saved more when in my 20′s. While debt reduction is important, retirement savings is as important and should not be neglected. I have never heard of anyone saying “I wish I had saved less for retirement”

  3. Bren
    November 10th, 2005 @ 6:37 pm

    NM, I’m proud to say I’ve been putting 5% in my 401K for over 3 years now. Who knew I was so responsible!
    I love your blog, btw!

  4. Anonymous
    November 15th, 2005 @ 6:14 pm

    and women spend more… Dang! If only our clothes and stuff didnt cost this much… Well, if only I didnt buy this much! ;)

  5. Barry Barnitz
    November 20th, 2005 @ 6:39 pm

    Hi Nicole:

    I would recommend that, in addition to participating in your employer provided contributory pension plan, you budget additional savings to open and fund a Roth IRA. This will increase your long term wealth accumulation and diversify your tax risk.

    Also, because you have control over the fiduciary and intermediation costs with the Roth account, you can adhere to John Bogle’s CMH ( Cost Matters Hypothesis.

    Make sure you read Mr. Bogle’s In Investing, You Get What You Don’t Pay For for investment wisdom.

    Regards,
    Barry

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