|
|||||||
 |
|
|
Thread Tools | Search this Thread | Display Modes |
06-16-2009, 05:52 PM
|
#1 |
|
Registered User
Join Date: Jan 2009
Posts: 17
|
how much do you save?
I am 28 and in the military. I have gotten divorced in the past year. Five years ago before I went into the military, I had a 401k that was coming along strong. But when I left that job I let my ex talk me into pulling the money out to pay off a bill. ( I know, I kick myself every day for that) Right now, I have no retirement savings. I have one year left in the military, so I'm not starting any contributions to the thrift savings plan. I figure that I will wait until I am back at a normal job in a year to start another 401k. I am working out of a lot of debt, but I am also managing to save 5% of my bring home pay. 3% goes to a MMA account I use for savings and 2% goes to an acoount I have with scottrade.
First, I was wondering how much some others are putting away so I have a target to reach. Second, should I start contributing to the thrift savings plan, and can that get rolled over into a 401k somewhere else? Thank you |
|
|
|
06-17-2009, 10:48 AM
|
#2 |
|
Registered User
Join Date: Oct 2004
Posts: 631
|
As to your 2nd question, I would say absolutely yes. The important thing is to not let this year go by, not that it is only one year. The earliest years have the longest to compound. And compounding is the 8th wonder of the world!
__________________
Don't sweat petty things and don't pet sweaty things. |
|
|
|
|
06-17-2009, 11:19 AM
|
#3 |
|
Registered User
Join Date: Jan 2007
Posts: 1,084
|
As to the first, don't worry what others are doing.
Figure out what you think YOU need, and save toward that goal. If you're having a hard time figuring it out, consult with a financial adviser. Until the recent crash, if you saved a buck a month, you were ahead of most Americans! So judging your savings by other people's savings is a fool's game. The best you can do is keep your debt low, save consistently, invest wisely, buy a home, and choose as your next spouse someone who shares your spending/saving/investment goals.
__________________
"Wealth is the slave of a wise man. The master of a fool." -- Seneca |
|
|
|
|
06-17-2009, 07:33 PM
|
#4 |
|
Registered User
Join Date: Oct 2001
Posts: 1,586
|
Check this link for savings: https://sites.wachovia.com/savings/way2-save.html
|
|
|
|
|
07-01-2009, 06:16 AM
|
#5 |
|
Registered User
Join Date: Dec 2008
Posts: 150
|
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. |
|
|
|
|
07-07-2009, 07:11 PM
|
#6 |
|
Registered User
Join Date: Sep 2006
Location: Washington DC
Posts: 74
|
Hi Woullard, I save 12% in my retirement account. I save an additional $200 a month in a high interest savings account that I can access at any time.
Yes, you should start contributing to your thrift savings plan because it reduces your taxable income (you pay less taxes) so you get more money in your paycheck. You will need at least 60% of your income when you retire. If you retire at 65 and live for 20 years you will need at least $1,000,000 in a retirement account. You are on the right path by saving while you are in your 20s, many people don't start planning for retirement until their 30s, 40s or 50. A good resource is the morningstar.com site.
__________________
Harrine Freeman CEO, H.E. Freeman Enterprises www.hefreemanenterprises.com |
|
|
|
|
09-22-2009, 03:23 AM
|
#7 |
|
Registered User
Join Date: Nov 2006
Location: Sydney, Australia
Posts: 52
|
28% of gross salary goes directly into my retirement savings
6% of gross salary goes into monthly savings plan (ie. about 8% of my "take home" pay is automatically invested each month) PLUS I use some of my net salary income to pay the interest on my investment loans (real estate and stock portfolio) that isn't covered by dividend income. Barring ill-health or unemployment, I'm think on track for a comfortable retirement at age 67, but don't expect to become "rich" any time soon. In your case you could add up your savings amount PLUS amount going in debt repayment/interest to calculated your current savings rate. Once the debt is paid off you should be able to keep up the same savings rate. Starting from zero net worth at the time you expect to have the debt paid off, do some calculations of where you'll be (in terms of net worth) in 5, 10 years time and by retirement. You probably need to see a financial planner to get sensible projections using realistic rates of return for the sort of investment allocation that suites your risk tolerance and goals/timeframe. |
|
|
|
|
«
Previous Thread
|
Next Thread
»
| Thread Tools | Search this Thread |
| Display Modes | |
Linear Mode
|
|
Similar Threads
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| Save cash by brown bagging it and transferring the money | Unregistered | How Do You Keep More Cash? | 10 | 06-25-2008 10:36 AM |
| Pay towards Student Loan or Save for House Downpayment | katrina2388 | Student Loans | 3 | 07-04-2007 07:07 PM |
| Save On Cars and Gas | savingadvice | Cars | 4 | 03-27-2006 05:01 PM |
| where to save down payment for 2nd home in? | douglas168 | Home and Real Estate | 7 | 08-25-2005 10:34 PM |
| The "You can always save one more dollar" game.... | sirshack | How Do You Keep More Cash? | 1 | 12-24-2004 01:18 AM |
SPONSORED LINKS
Powered by: vBulletin Version 3.0.1
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.