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#1
Lately I have been reading more about retirement accounts because soon I'll become permanent in my job and will be enrolling in the company's SIMPLE IRA. Soon I was looking at these retirement facts and calculators and realized, it's not as scary or hard as I thought it would be.

Right now, I'm earning $15/hr and once permanent, I'll be getting $32k/yr. It's not much but I'm also not paying college loans, my car was a gift so I only pay insurance and I'm also going to be living with someone so expenses won't be crippling so it's not bad. Right now, I already put $400/mo in a savings account which wouldn't be much different from putting 10% in my IRA once I have it so it's not really a big change for me. I imagine that contribution will increase when I earn more (hopefully I will) and that I will start new accounts (like a Roth or HSA def) when I can.

I'm 22 now and I have started because I don't want to end up like my folks who weren't able to save for their retirement due to numerous factors. It scares me bc they're already in their mid-40s.

How about you? Are you saving for retirement? If so, tell me about it! If not, what's your plan if you have one or why not if you don't. I'm also interested in how retirement funds work outside the US since most of you aren't from here.
Quote by Jackal58
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#3
I've had a 401K since I was 18 but I only contribute 3%. It's a great idea to start as early as possible though, the interest you'll gain from your initial investments so early will be huge by the time you retire.
#4
My work already takes 1% of my monthly earnings and puts them in a pension scheme. So far I have a pension of £18.
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#5
Yup, I've been paying 3% into a company pension for the past 8 years. Fortunately my company has a kick-ass pension scheme, and they kick in 6% for a total of 9%.
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#6
Quote by entity0009
My work already takes 1% of my monthly earnings and puts them in a pension scheme. So far I have a pension of £18.

Ah I see. Can you increase your contribution or is that just fixed or can you open a different retirement account on top of the pension?

Quote by RPGoof
I've had a 401K since I was 18 but I only contribute 3%. It's a great idea to start as early as possible though, the interest you'll gain from your initial investments so early will be huge by the time you retire.

I'm not sure how 401(k)s work (haven't read up on it yet). But that's more like an investment fund, isn't it? Does the company match your contribution too? Because the SIMPLE IRA matches 3% of my salary here.
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#7
not yet because i havent got my career started. once i do, i'll probably pay off my student debt in a year or two, live life large for another year or two, then buckle down and save properly.
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#8
2 separate IRAs A traditional and a Roth.
401K my employer matches 1 to 1 up to $500.00/month.
Social Security.
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#10
Quote by kikaykitko
I'm not sure how 401(k)s work (haven't read up on it yet). But that's more like an investment fund, isn't it? Does the company match your contribution too? Because the SIMPLE IRA matches 3% of my salary here.

I believe my company matches the 3% I put forth, yes. I couldn't tell you the specifies though, I don't really question it as long as the dollar amount keeps going up instead of down.
#11
No. I was saving for my future, but I just found out that I blew most of that in the last few months.
#12
Quote by Jackal58

401K my employer matches 1 to 1 up to $500.00/month.

Is this commonly offered? It's awesome.
#13
Quote by whoomit
No. I was saving for my future, but I just found out that I blew most of that in the last few months.


I hope it was on alcohol.
#14
Quote by Jackal58
2 separate IRAs A traditional and a Roth.
401K my employer matches 1 to 1 up to $500.00/month.
Social Security.

That's what I'm planning too. Traditional and a Roth bc I've no idea what tax bracket I'll be in by the time I retire. And I'm a little obsessed with having savings. I also don't know about my SS bc I'm not yet a citizen so even though I'm paying into it, I'm not going to get the entire amount. I get the amount starting from when I contribute as a citizen which is effin' bogus.

Quote by Acϵ♠
not yet because i havent got my career started. once i do, i'll probably pay off my student debt in a year or two, live life large for another year or two, then buckle down and save properly.

Reasonable. I think it's hard for a lot of grads to even start saving a few years after starting a job. Student loans are ridiculous.
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#15
Quote by Masquirina
Is this commonly offered? It's awesome.

Most employer maintained 401k plans have a matching policy of some sort.
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#16
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I hope it was on alcohol.

Some of it. The rest was on ingredients.
#17
saving for retirement at 22 seems a bit miserable

save for an around-the-world holiday, or to buy a house, or an epic van with custom interiors or something

if you're gonna live long enough to reach retirement age then you've got decades ahead of you to be boring
#18
Not saving up because I don't even have a job yet. Although, I am looking for a part time job to get me more experience in my field right now.
#19
Quote by kikaykitko
Ah I see. Can you increase your contribution or is that just fixed or can you open a different retirement account on top of the pension?

Both. I have the option to increase to I believe up to 5%, and I can also open a separate account. However since the job is not very well paid and I will hopefully not be staying there much longer, I see no point to.

That 52-week money challenge looks really interesting though.
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#21
Quote by jimejames
saving for retirement at 22 seems a bit miserable

save for an around-the-world holiday, or to buy a house, or an epic van with custom interiors or something

if you're gonna live long enough to reach retirement age then you've got decades ahead of you to be boring

It's not so bad since I don't have to save as much each month bc I started early. It'd be worse if I started, let's say, 5-10 years from now. 10% isn't that big of a dent in my salary anyway. Still gives me enough to pay bills, buy stuff and go to trips if I wanted.

Not sure about a house though. I fear buying a house that might be haunted. >_> Also not a practical option atm.

Quote by entity0009
Both. I have the option to increase to I believe up to 5%, and I can also open a separate account. However since the job is not very well paid and I will hopefully not be staying there much longer, I see no point to.

That 52-week money challenge looks really interesting though.


Is there a penalty if you transfer what you already put in your current job to the retirement plan in a new job? I imagine it won't be so bad to increase your contributions now and just roll that over to a new job.
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#22
I sustain myself off only my civilian wages. All my national guard drill weekend checks are being put away into a bank account I can't touch until 2023. Not the same thing, but when that date hits I'll set something else up similarly.
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#23
Quote by JustRooster
I sustain myself off only my civilian wages. All my national guard drill weekend checks are being put away into a bank account I can't touch until 2023. Not the same thing, but when that date hits I'll set something else up similarly.

Is that some kind of time deposit? I remember when I was in Philippines there was that kind of account with a high interest rate depending on how long you keep it locked (5-25 year I believe). Don't know if they have that here in the US.
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#24
Quote by jimejames
saving for retirement at 22 seems a bit miserable

save for an around-the-world holiday, or to buy a house, or an epic van with custom interiors or something

if you're gonna live long enough to reach retirement age then you've got decades ahead of you to be boring

Future bitter old man here.
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#25
Quote by kikaykitko
Is there a penalty if you transfer what you already put in your current job to the retirement plan in a new job? I imagine it won't be so bad to increase your contributions now and just roll that over to a new job.

I imagine not, but I don't honestly see the point, especially when my contributions are like...£4 monthly
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#26
Quote by kikaykitko
Is that some kind of time deposit? I remember when I was in Philippines there was that kind of account with a high interest rate depending on how long you keep it locked (5-25 year I believe). Don't know if they have that here in the US.



Yeah, they pay me 2% of every check I put in. Not much, but whatever, isn't not about the compounded extra.


inb4 Dreadnought's TSP.
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#27
Quote by entity0009
I imagine not, but I don't honestly see the point, especially when my contributions are like...£4 monthly

I see what you mean now.
Quote by Jackal58
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#28
As it stands right now, I doubt a lot of people who don't already make a lot money will actually be able to truly retire.
You see more and more older people still working everyday.

Also, the 52-week challenge wouldn't work with an actual bank account; the annual fee and/or minimum balance fees would get you. All banks are different, but there would be some fee that would **** you up, that's for sure. Not only that, but you would need to have very few, if any, type of bills to pull that off. Unless you're spoiled, most young people have to stretch their money quite a bit and sometimes you can't afford to put $50 away because you need every dollar to pay your rent or buy food. Plus, a lot of people get paid every two weeks, so you would essentially have to double those figures. Again, bills.
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#29
Quote by JustRooster
Yeah, they pay me 2% of every check I put in. Not much, but whatever, isn't not about the compounded extra.


inb4 Dreadnought's TSP.


I put like literally 1% or lower into that. Can't remember, and I often forget that I have it.

My wife and I try to do a good bit of saving, but I don't have any plans like that, unless you count TSP. We don't really make enough money (we have just my paycheck) to save specifically for that far down the road. Most of our savings is allocated for future moves, down payments on a house, etc.
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#30
Quote by Dreadnought

My wife and I try to do a good bit of saving, but I don't have any plans like that, unless you count TSP. We don't really make enough money (we have just my paycheck) to save specifically for that far down the road. Most of our savings is allocated for future moves, down payments on a house, etc.


What's TSP?

Quote by Sleaze Disease
As it stands right now, I doubt a lot of people who don't already make a lot money will actually be able to truly retire.
You see more and more older people still working everyday.

Also, the 52-week challenge wouldn't work with an actual bank account; the annual fee and/or minimum balance fees would get you. All banks are different, but there would be some fee that would **** you up, that's for sure. Not only that, but you would need to have very few, if any, type of bills to pull that off. Unless you're spoiled, most young people have to stretch their money quite a bit and sometimes you can't afford to put $50 away because you need every dollar to pay your rent or buy food. Plus, a lot of people get paid every two weeks, so you would essentially have to double those figures. Again, bills.

It would depend on the person I think. Most people see some things as necessity when they aren't or are not taking advantage of deals that are available. It's possible to put aside some money even with a small salary if the person doesn't have other responsibilities like a mortgage or children. It's all about living within means which may mean taking on a roommate and not having cable.

Also, I agree that it is a lot harder to retire comfortably now even with a well-paying career but I think part of that is poor financial planning before retirement. I believe in balancing comforts and luxuries for now and the future which is hard bc no one knows when they're going to die.
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#31
Quote by kikaykitko
It would depend on the person I think. Most people see some things as necessity when they aren't or are not taking advantage of deals that are available. It's possible to put aside some money even with a small salary if the person doesn't have other responsibilities like a mortgage or children. It's all about living within means which may mean taking on a roommate and not having cable.

Also, I agree that it is a lot harder to retire comfortably now even with a well-paying career but I think part of that is poor financial planning before retirement. I believe in balancing comforts and luxuries for now and the future which is hard bc no one knows when they're going to die.


All good points, in theory.

My girlfriend and I, both with income and no children, have to constantly stretch our money. Even when we had roommates, we still had to count every penny and go without. We haven't had cable or our own internet in a few years. There was a time before we got LINK where we really were living off Ramen noodles. Just the sheer fact that two white, working (non-fast food) adults (25 and 23) with no children or mortgage would have to apply for food assistance should tell you something. Hell, you want to talk about going without comforts, I haven't had enough money to buy a new pack of guitar strings in I don't know how long.

Obviously, everybody has different situations, but that's my story.
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#32
Quote by Sleaze Disease
All good points, in theory.

My girlfriend and I, both with income and no children, have to constantly stretch our money. Even when we had roommates, we still had to count every penny and go without. We haven't had cable or our own internet in a few years. There was a time before we got LINK where we really were living off Ramen noodles. Just the sheer fact that two white, working (non-fast food) adults (25 and 23) with no children or mortgage would have to apply for food assistance should tell you something. Hell, you want to talk about going without comforts, I haven't had enough money to buy a new pack of guitar strings in I don't know how long.

Obviously, everybody has different situations, but that's my story.

Agreed that everyone has different situations. I guess even when you plan everything the best you can, the economy and other outside factors can screw you up.
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#33
That's exactly it and it's only getting worse.
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#34
I probably have about $2000 from various jobs in numerous superannuation accounts i've forgotten about. I really don't worry about this stuff, i'm sure once i work a decent job i will save some super but really i don't want to live past 65-70 years old anyway.

As for living now, i get by easily on student payments from the Government and the little money my wife earns. I live a comfortable life and go on holidays overseas every year. It's not hard to live a comfortable life even with only a little money coming in. Just don't buy shit you don't need or can't afford.
#35
Quote by Dylan_86
It's not hard to live a comfortable life even with only a little money coming in. Just don't buy shit you don't need or can't afford.


It goes beyond just not "buying shit you don't need or can't afford".

When you have to pay your rent, your gas/electricity, your phone bill, buy food, and maybe your car/insurance every month, that adds up pretty fast. Even taking the city bus every day only helped a little for us.

If it was as easy as you claim, why are more and more people moving back in with their parents when they get out of college/school?

When I first struck out on my own, I only made it a few months (with roommates) before I had to move back in with my mom and the only bills I had were a third of the rent, food, electricity/gas, and I took the bus because I don't have a car.

Fortunately, my girlfriend and I have been lucky enough to not have to move back in with our parents, but to say we're truly living comfortably is really not the case.
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Last edited by Sleaze Disease at Sep 12, 2013,
#36
Quote by kikaykitko
What's TSP?



I'll tell you when you're older. If you do get it, consult your doctor.
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#37
Retirement is awful and not something I plan on participating in.
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#38
we have something called a CPF (central providence fund) here. there are various accounts for medicare, retirement, housing, etc which earn 2.5% interest. I believe the employer has to contribute 20% of the total salary to this fund and the employee has to contribute a certain amount too but idk how much. But it doesn't come out of the advertised wage - I get $8.40 or $20 an hour (depending on my position for the day) and all of that money goes straight into my savings account, so the CPF contribution must be outside of that. so basically I don't have to worry about retirement so long as I live and work here for most of my life. whether I will actually do that is questionable.

I actually have no idea how CPF works tbh because everything is automatically deducted and I was supposed to mail them some healthcare forms a few months ago but they stopped reminding me and idk if I have to do it or what, so I left this (incredibly biased lol) wiki page for whoever is interested. http://en.wikipedia.org/wiki/Central_Provident_Fund


edit: so it's provident not providence. see I don't know ANYTHING about it yet part of my salary is mysteriously disappearing there every month


oh I also have a social security number cuz I'm a US citizen. but I have no idea what that does either it's just a card that takes up valuable space in my wallet. not even a card just a dismal paper rectangle
cat
Last edited by guitarxo at Sep 12, 2013,
#39
Quote by Sleaze Disease
It goes beyond just not "buying shit you don't need or can't afford".

When you have to pay your rent, your gas/electricity, your phone bill, buy food, and maybe your car/insurance every month, that adds up pretty fast. Even taking the city bus every day only helped a little for us.

If it was as easy as you claim, why are more and more people moving back in with their parents when they get out of college/school?

When I first struck out on my own, I only made it a few months (with roommates) before I had to move back in with my mom and the only bills I had were a third of the rent, food, electricity/gas, and I took the bus because I don't have a car.

Fortunately, my girlfriend and I have been lucky enough to not have to move back in with our parents, but to say we're truly living comfortably is really not the case.


Plenty of people I graduated in that moved back with their folks is mostly because they either can't find a job, have a job that pays less than they expected or had to take a job that wasn't what they were trained for so they had to start at the bottom and don't earn enough. So yeah, for them and many like yourself, the job market and economy made it hard to make financial planning work.

I'd hate to pry into your life but it almost sounds like the cost of living where you're at is way too high for what you and your gf are earning. It was the same case for plenty of people I knew in college (from Chicago) so a lot of them ended up moving to other more affordable places like Austin.

Quote by guitarxo
we have something called a CPF (central providence fund) here. there are various accounts for medicare, retirement, housing, etc which earn 2.5% interest. ....

Well that's at least 7 different kinds of awesome.
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#40
Quote by kikaykitko
PWell that's at least 7 different kinds of awesome.

I'm sure it would be if wages actually had some semblance of proportion to the cost of living
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