6 reasons why young people must save much more vol. retirement

[nazdrowie]

if you want to prosper in a post-apocalyptic environment, you'll want to invest in seeds, which its still early and cheep enough to do so (pending the ground has not been contaminated beyond the point of sustaining crops/plants)...

 

[antidope]

Next year will be the first year I max out my 401k
Maxing out my Traditional IRA
A certain percentage of my check goes to my PAs.

I only keep two months salary in my savings account. The yield is garbage and is essentially costing me money being that it doesn't outpace inflation. I'd prefer to invest it and if I really have a cash need I have Margin, credit, and could liquidate the positions if it gets really serious.

 

[hennessy]

if you want to prosper in a post-apocalyptic environment, you'll want to invest in seeds, which its still early and cheep enough to do so (pending the ground has not been contaminated beyond the point of sustaining crops/plants)...

 

[antidope]

I hope to retire the way my parents did: at 40yo with nice passive income.

That being said, I have 6 figures in savings, which is earning absolutely no return.

 
I hope to retire the way my parents did: at 40yo with nice passive income.

That being said, I have 6 figures in savings, which is earning absolutely no return.

Wylin. The both of you.

 

[wallyhopp]

Anymore, so many workplaces dont match 401ks, or they have very frugal pensions.

I know many police officers and gov't workers who retired at 45 after 25 years of service. These same places now have 30-35 year retirement requirements.

Times are changing. Where is point #7 that companies and such are being douches.

 

[6 Rings G.O.A.T.]

I wish I would've known years ago.. I got a lot of savings to do now..

 

[23kidd]

i just have a 410k



Ill be watching this thread for advice....

 

[timcity2000]

in my opinion, the only money you should have sitting in a savings account is an emergency fund (3- to 6-months worth) and a small amount for your general monthly living expenses.

dump everything else into investments... 401k, Roth IRA, stocks, pay down/off your credit cards, car payments, and mortgage.

 

[pushak513]

got a 401K from work..100% match to 3%..50% match the next 3% so I max that out. I save a bit every month but it seems no matter how much you save if things keep going up I will still be broke when/if I retire

 

[stork]

Tuition, mortgages, rent, cost of living have all gone up (compared to older generations). Wages, for the most part, have been stagnant.

 

[Chopper]

^4.5% match for 6% is good.

If I'm unable to figure something out and go out on my own and make real dough, my goal is to retire from corporate life at 55 with >$3M in retirement vehicles. Staying very aggressive with my Roth and 401k to make that happen.

I'll have other investments to hold me over until I can start pulling it out no penalty.

 

[jjs]

^4.5% match for 6% is good.

If I'm unable to figure something out and go out on my own and make real dough, my goal is to retire from corporate life at 55 with >$3M in retirement vehicles. Staying very aggressive with my Roth and 401k to make that happen.

I'll have other investments to hold me over until I can start pulling it out no penalty.

why 3 mil?

depending on the life you want to live, it might be too much. i know it would be too much for me anyway.

 

[$tatus $ymbol]

Gonna be a rude awakening for lots in our generation. Our parents too. Talk to so many folks living on straight SS, working consistently for 20-30 years with not a dime saved. Slowly kicking this sneaker habit & wanna buy & hold rental property but I'm scared ****less of a mortgage. We'll see though.

 

[アミーゴ]

Just bought my first property here in Santa Monica so my savings dipped down quite a bit.

 

[$tacy]

50% matching 401k but other then that

I really don't even look that far ahead.

This smh. Got a 401 that I and the company invest in but other than that nope. Sometimes I don't even feel I'm going to live long enough to sit back and retire the way **** is in the world.

 

[yomari]

I don't save anything, then again I am young . I literally pour everything back into investments. 

Not gonna lie though it has been bothering me, I should go set up this saving account so at least I got a nice cushion.