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03-25-2009, 08:53 PM
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#1 |
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Registered User
Join Date: Jun 2008
Posts: 23
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Should I be putting money into my 401k?
I would like to get an idea of what everyone thinks about placing money into their 401k now that the market is hurting, and as the statement, "what the government creates it controls," is ringing more and more true.
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Jake The Truth About Wealth Blog Financial Strategies and Wealth Creation Becoming Your Own Banker |
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07-01-2009, 06:34 AM
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#2 |
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Registered User
Join Date: Dec 2008
Posts: 150
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Yes it is a FABULOUS idea to start retirement investment... even if your company doesn't contribute. The more you put away now, the more time it will have to compound, and the more you'll end up with!!
Most experts say you should invest around 10% (or 8-15%)of your gross (pre-tax) salary into your retirement savings. If it sounds scary, start out with 7%, and then increase the percentage every two months until you get to 10% - it will give you time to adjust and lessen the "sticker shock" of seeing that money taken out of your paycheck. |
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07-07-2009, 07:15 PM
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#3 |
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Registered User
Join Date: Sep 2006
Location: Washington DC
Posts: 74
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Hi Jacobtho, I agree with alex, now is the best time to start a retirement account. I don't know your age but you will need at least $1,000,000 in your retirement account if you retire at age 65 and hopefully live for 20 years or more. You will need at least 60% of your income each year in your retirement years. Check our morningstar.com for additional tips on investing.
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Harrine Freeman CEO, H.E. Freeman Enterprises www.hefreemanenterprises.com |
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