What is the correct signal of starting a retirement plan investment?
When you have to start and how to start. Whom to take advice from and how much to invest are some of the questions that trouble one during his course of employment and this fear is not inappropriate as after retirement income source is over and dependent on others being if your plan is not right so the correct signal is when ever you fell early as possible.
Tue Jul 23, 2013 5:45 pm
Cash: $ 4.70
Joined: 16 May 2012
The early you start, the better it is. You need financial security in your retirement years. If your company is providing any sort of pension or retirement program, enrolled yourself in that.Otherwise, start saving yourself and invest in retirement programs.
Fri Aug 23, 2013 6:06 pm
josht Contributing Member
Cash: $ 8.00
Joined: 23 Dec 2010
Location: Boise, ID
I know it's obvious to start early. However, I'm a little - no risk guy, so starting early can put you in a good position to save a lot of money and grow it without risk.
Most people say they are young so they can afford the risk. Then they lose their money.
I say you are young enough not to have to.
If you are older, then, in my opinion, you have a greater need to avoid risk.
However, I guess a better answer to your questions is, today. Start today.
Tue Aug 27, 2013 3:02 pm
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Joined: 05 Oct 2016
Location: Las Vegas, NV
Buying and reading "Tax Free Retirement" by Patrick Kelly.
Wed Oct 05, 2016 9:12 pm
ken-do-nim Full Member
Cash: $ 15.40
Joined: 08 Sep 2016
Location: Mansfield, MA
Really, the moment you get out of college, you should always make sure you are spending less than you take in, so that you are saving.
I'd like my story to be a cautionary tale. My wife was committed to private school education for our daughter, because she had private schooling growing up herself. The trouble is, we couldn't really afford it. For 4 dark years we struggled with paying for private school. First, we emptied her ESA college savings. Then I liquidated stock options. There was even a 401k loan at one point. Finally, this year I managed to move my daughter into public school. She couldn't be happier, my wife realizes how great a fit it is, and I just wish I could get that $60,000 back. But at least it's over.
Retirement saving doesn't have to be just money you put into a 401k or IRA. Any money you have saved you can put to work for you later on. That said, the earlier you can start funding your ROTH IRA, the better.
Fri Nov 18, 2016 6:32 pm
oldguy Senior Member
Cash: $ 715.40
Joined: 21 May 2006
quote: That said, the earlier you can start funding <anything> the better.
If you invest $5000/yr at 11%/yr interest it will be $356,000 in 20 yrs.
Or, if you start 10 yrs early, $1,105,000 in 30 yrs.
Or, if you start even earlier, $3,230,000 in 40 yrs.
It doesn't matter much whether you grow your million in a roth account, a 401k account, a brokerage account, etc - a million is still a million no matter where you keep it.
Fri Nov 18, 2016 9:51 pm
KathrynDerrick1 New Poster
Cash: $ 0.40
Joined: 01 Aug 2016
Starting as early as you can is the best course of action. oldguy already did the math to prove that. In order to do your own math you need to think about when you want to retire (how many years from now), and also how much you want to live on per year. From there you can work backwards and figure out how much to put away per month. Research people you take advice from. Remember that many brokers work on commission. If you find out you've received bad advice, check out my profile for a resource that will help you out. Sure stocks can be risky, but that isn't an excuse for poorly managed investments.