Do you have a plan for retirement?

[WebLady]

DH and I would love to retire by the time we are 50.

Right now we are trying to pay off our debt and build up our savings; we have dabbled a bit in stocks too.

[Dani]

I have my 401K, and some savings. Trying to pay off my little debt that I have.

[SerendipityCrafts]

Are you asking to make me feel badly? LOL

We are just financially recovering from separate divorces. We are "getting up there" in age, have no savings to speak of and no plan ..... other than to pay off bills. Thanks for depressing me by bringing up this topic :(

FYI ladies - divorce costs money! Don't do it :)

[WebLady]

Are you asking to make me feel badly? LOL

We are just financially recovering from separate divorces. We are "getting up there" in age, have no savings to speak of and no plan ..... other than to pay off bills. Thanks for depressing me by bringing up this topic :(

FYI ladies - divorce costs money! Don't do it :)
Aww; I did not intend to make anyone feel bad :hug:

I have been through a divorce too and personally my credit is still bad. But lucky for me, DH has a good plan about things like this. Without him who knows where I would be now :geek:

[KMS]

We are still in our early twenties and though I would love to start saving for retirement, we aren't at that point yet. We are going to try to pay off our debts like massive student loans asap. His dad will be able to lead us in the right direction. When he retires at 55, if not sooner, they will have enough money saved up to simply live off of the interest of all that money from year to year. They are set up good.

[lizardbnorton]

Robert was talking about this yesterday. He has all these goals he wants (opening a comedy club, and owning a casino, among others) Right now neither of us have plans set-up. After we get married, that is going to be one of the first things we do. Right now everything is going towards paying off my credit cards, our cars, and paying for the wedding. Starting next June things are going to start shifting into savings. I have a 401k account from my old job with like 5000 in it. It's not accruing anything right now though.

[SerendipityCrafts]

Aww; I did not intend to make anyone feel bad :hug:

I have been through a divorce too and personally my credit is still bad. But lucky for me, DH has a good plan about things like this. Without him who knows where I would be now :geek:

No worries. I am still better off than I ever was. :) It's just expensive to divorce.

[ChibiAiChan]

We are going to try.... but we would love to get a house someday too. Seems sometimes you just can't get ahead in life :petrified:

[70707Bride]

I just learned in my finance class that if you retire when you are 65, in order to live comfortably until you are 80-85, you need $600K saved up.

[Danielle9608]

I have a 401K through work, they match 100%. I put in 6% of my salary every month. I also hold stock in my company. FH has an IRA, and also has a stock portfolio.

[ikkin510]

Steve has an excellent retirement plan that he puts money into from every pay check. Has for years now. He also has a few different stocks and such. Me, I'm clueless about all this stuff. So DH take care of all the stuff for me. I'm only good with money there is to spend now, not in 30+ years...LOL

[Nekochanpurr]

We are lucky to live week to week, its best not to even think that far in the future.. :purplex:

[WendyNC]

My plan for retirement is to work until I drop dead. We are saving, pensions, 401k, etc... but I just know it won't be enough.

[TangoWedding]

FH and I both have a 401k....though mine is only about 2 months old right now. :bblol: But my company matches my input up to 5%, which I'm doing. FH, too....his is a few years old.

FH has a savings that he has a few thousand in...and both of our savings get 10% every week. So we're working on it...but have a long way to go to retire!

FH has NO debt minus the mortgage. I have debt, but am actually filing bankruptcy (from a failed business venture and relationship) so I'll have only student loans soon. One day at a time, I guess.

[BrandyGibbons]

Right now my husband has nothing set up, but yet year he will start a new RRSP and put $25 a week into it untill we can up it. I have an RRSP from work and I put in $1500 and my Company puts in $3000 a year. I hope to up it one day but for now that is it. What is a 401K???

[WebLady]

Right now my husband has nothing set up, but yet year he will start a new RRSP and put $25 a week into it untill we can up it. I have an RRSP from work and I put in $1500 and my Company puts in $3000 a year. I hope to up it one day but for now that is it. What is a 401K???I was about to ask you what an RRSP was ;)

A 401k is a type of employer-sponsored retirement savings plan where the employer will match monies put in by the employee up to a certain amount.

[SerendipityCrafts]

I was about to ask you what an RRSP was ;)

A 401k is a type of employer-sponsored retirement savings plan where the employer will match monies put in by the employee up to a certain amount.

An RRSP is similar and some employers do contribute towards a plan for their employees but you can also get one on your own.

You benefit from tax savings when you purchase an RRSP and also if you are a first time home buyer (or haven't owned a home in 5 years) you can borrow from your RRSP to purchase a home. You then have 15 years to pay back into your RRSP. This is what DH and I will be doing.

We saved bit this year, purchased an RRSP, we'll see a greater tax refund because of it, and when get get our refund(s) this year, we will purchase another RRSP for next year. When we have "enough" monies in our RRSP account for a 20% down payment (the goal we have set for ourselves), we will pull it to buy a home.

[Krimangel]

Right now If I were to keep this job I would be set up pretty sweetly... we have to put 7% of our paycheck into our retirement, once you are vested, 8 years the county matches 2 to 1, and every year its a 7% interest rate.

I also have my 457 defered comp, its kinda like the 401k but because its the government its a little different, The key difference is unlike a 401(k) plan, there is no 10% penalty for withdrawal before the age of 59 1/2 (although the withdrawal is subject to ordinary income taxation), and i put $80 a paycheck into that.

Thats about it for now. When we pay off FH's loans I know he will play in the stocks and start saving money, he is such a penney pincher.

[sweetvenus]

I put 6% into my 401k. I started at 5% and every year when I get a raise, I plan on adding another 1% until I reach the 10% that they will match 50% of. So it will be going up to 7% this summer.

FH doesn't have any yet, but hopefully when he finishes his MSCA training in a few months, he can get a good job and start putting some away.

[spuls5]

Right now I have a pretty sweet deal. I started my retirement when I was 22, well the company I work for did. They put in 10% of your earnings automatically for me, and I don't have to put anything in. But I also started putting in xx amount per paycheck. This year I think I am going to switch it over to a ROTH account. The company will still put in 10% into the current plan, but the money I put in will go into the ROTH account. I know many people don't want to do this, but you should take a % of your tax return and put into your retirement. I also put $50 per paycheck into savings. Though my savings will go toward the wedding. It's not too much per check, but it's better than nothing. I also get a 3% interest on my savings account so that helps.

[firespirit]

I've got a 401K, the company matches 75% for the first 8%, so basically I get an extra 6% out of the company. I put in 20% myself. I also just opened my first Roth IRA (I highly recommend a Roth IRA if you can, the money comes out tax free when you retire). I also have a very small TSP from when I work for the government, but I'm not entirely sure what happens to the match from that because I didn't work there long enough to vest.

I used to think this was something I could worry about later, but then I went to a thing called "Smart Women Finish Rich" and saw the numbers and really wished I had started even earlier!

Ryan also has a whole lot saved up for retirement already, like way more than I do.

[WBandMe]

I'm still finishing up college and so far I have a big fat zero saved for retirement. FH has a Roth IRA and a 401K and he puts the yearly max into each of those, plus he has company stock. I'll start saving when I'm 23 and will also have a Roth IRA and 401K. That's about all I know--he is much better with this stuff than I am. I need him to sit down and explain it all to me, but I'll wait until I actually have a job heh.