How Much Do I Need To Save For Retirement Knowledge Base
In order to obtain $500,000 in retirement, how much do I need to save every year for 30 years at 6% interest? How can you do this on a financial calculator - n i pv pmt fv?
How much should someone save for retirement? I am 23 and plan on retiring at 70 in 2054. I am maxing out my 401a (no 401k, b/c I work for a non-profit). I imagine that I am doing better than many, but I don't think that my 401a will be enough to retire on. How much do I really need to put in extra investments now and later in my working career in other investments like an IRA. Should I contribute as much as I am able to those too?
How much money is required to buy a retirement fund.? How do you determine what is needed to retire. Say I want a retirement income of 75k a year. How much would I need to save. Further how long does that pay out for. Like if I want to retire at 50 and live to 100 how does that work. Thanks
How do you decide whether to save for retirement (which is tax-deferred) or save for a down payment on a home? Buying a home, even with the downturn in the market, is still the most successful way to invest money. But I don't make enough money to both save for much of a down payment and still put much money aside for retirement. So how do I choose where to put what money I don't need to live on?
How can you save for retirement if you own your own business or make money from home? I am 22.I will soon be making money on my own working from home. I don't know anything about retirement. How much money should I save and what should I put this money into, a CD,a bond? I have no idea about these things. Also, does anyone know at what rate the cost of living rises each year? Is there an equation to determine how much money will be needed for me to retire when I get ready to?
How much is enough to save for retirement? I'm almost 24 years old and I feel like I'm obsessed with saving for retirement. I think it'd be better if I had an idea of how much I should actually be saving. If I max out an IRA every year from now until I retire at 65, will that be enough to live off of? I need to set a reasonable limit for myself so that I can actually have money to go out and have some fun rather than just sit at home when I'm not at work.
How much to save for retirement? Here's an interesting question for you: I would like to know what percentage of my income to save in order to give me the most similar income in retirement as in my working life. Here are the (I think) important pieces of information you will need to help me answer this question: 1) I will get a 70% company pension when I retire 2) I will retire in 27 years 3) I would like to receive retirement income for 30 years 4) Assume average interest of 3% for any investments
If you never save for retirement, what happens to you? How much SHOULD you invest? I'm only 25, but still at my age, I"ve just gone through lots of schooling, and spent all my money on things like housing, car, vacation, etc, all those frivolous things, and I never really saved, I'm n ot a millionaire, and I don't have a 401K or any type of plan yet. I have lots of family friends, and I live with my partner, who has some of those things, but I'm starting to feel like maybe I should already have some sort of a plan. Personally, I just don't think that far in advance, because I could be dead by then, but just HOW important is saving for retirement. Worst case scenario, if you have no plan, money, friends or family by then, will you end up being a homeless senior citizen, where do you technically end up? I'm not familiar with the programs this country has, if any. I'd like to start planning something, however it makes life SO monotone, everything is a plan. work, schooling, shopping, retirement, it takes the FUN out of living. Blah.
what do I need to do to save money to my retirement? I'm 28 years old and I have $1500 in my savings, I have a season work (there are months where I get a lot work and some where I don't work at all). I don't know what to do to start to save for my retirement, any good advices?
How much should I save before retirement? I am 22 years old. Assuming that I plan to retire at age 65, taking into account inflation and assuming I will have an average pension plan from work, how much do you think I should have saved up in order to retire comfortably and with peace of mind. A million? 2? What are your thoughts?
How much did YOU save up for retirement? some people have ridiculous expectations in how much money you should have. most companies DON'T do pension plans and if they do most just do 20 or 30k a year pension plan. if your making 80k you don't have to make 80k forever to maintain the same lifestyle. most of the time by the time you hit the standard retirement age you most likely have paid off your mortgages so you don't need much. pretty much just bills, food, and luxuries.
how much money should i save for retirement? i was wondering this so that i can figure out how much money i should put into my savings each pay check.
Retirement word problem! need help.? Keith started saving for retirement at age 45 with plans to retire at age 70. He invested an average of $500 per month in various securities, with an average annual return of 6% adjusted for inflation. Assuming monthly compounding, how much has Keith saved at the start of retirement? A. $446,496.98 B. $346,496.98 C. $712,355.15 D. $27,432.26 I tried the formula: FVOA=C(1+i)^nt-1 / i but i must be doing soemthing wrong becuase I cannot get the right answer.
How much should I be aiming to save for my retirement? I've worked out that if I continue saving at my present rate I'll have about £250,000 in cash not including my house and other things, is that enough? should I be doing more? anything you can recommend is greatly appreciated thank you :)
How much should you save up for retirement? ? don't say 40k/year and up because rarely is anyone getting a 40k plus pension! when you paid off your mortgage you don't 40k plus anyways. i heard companies are rarely doing pension plans. but how about 401k and other retirement plans companies offer. I heard only few companies have a pension plan anymore. How much would you need per year? 20k/year? considering your house is paid off.
Where do my husband and I start when it comes to retirement? My husband is 23 and I am 22. We have been married for a year and are 4 months pregnant with our first. I will be a stay at home mom and my husband will be the bread winner till the Kids are in school full time and I get a job. When it comes to saving up for retirement, where do you start? How much will my husband and I need to retire. We are both really clueless about retirement.
Retirement savings versus monthly spending? What kind of person do i need to work with to provide advise on how much I should be saving for retirement versus spending on a monthly basis?
Is 18 too young to save for retirement? I don't know if this is adsurd but I really want to save retirement right now.
What is the best way to save for retirement? My job offers no benefits like 401k ect. I need to do something for retirement but I am not sure what is the best way to save. I can only work part time, as I take care of my granddaughter. thanks!!
I am so lost, I just need this answer to be done please help me.! thanks? James wants to have $1,000,000 in 35 years to use for his retirement. If he doesn’t have anything saved yet, but he can earn 8% interest on his investments, how much would he need to save at the beginning of each month in order to reach his goal?
What is better a retirement plan or a 401K plan? Is there a difference and how much should I save a month? Do you know a good place to start when your employer is not doing retirement because you do not have enough hours? I dont feel like Social Security will be around when I get to the age to draw. That will be like in 2040 something.
What is the best way to save for Retirement for Small Business owner? My husband and I own a small business - what is the best option for both of us to save for retirement and why? We are both in our 20's right now.
What percentage of my income should i save for retirement savings ? I need to start saving for retirement. Is there a rule of thumb that could get me started.. Like 5% or 10% of my income... I need some basic advice on what to do.
When you live pay check to pay check how can you save for retirement? My employer does not offer 401K plans. When someone has student loans, children, and live paycheck to paycheck, how do they begin to save for retirement?
What percentage of people in america really save for retirement? It seems very unlikely that people in this economic situation can afford to save for a retirement. I also don't understand how you can be in credit card debt and save at the same time. makes no since
Should we should save for retirement? My husband and I are in our later thirties. We are planning to settle in Australia or Canada. Both of us do not have any good guidance from any experienced elders regarding anything in life. So far we have not saved a penny for our retirement. Experienced people please guide me on the follwing: 1) If we do not save will the governments of these two places help us in futureafter retirement? 2) Is setting up a parallel income recommemded? 3) What the conditions of old people who have not saved all thier life (will they be provided medical help)? 4) Is it prudent to save monthly, yearly? 5) Do children take care of poor parents? (My husband is currently well off. And we give the best to our parents and children. Will we too be taken care of similarly)? 6) Many parents who are financilally dependent on their children in their later years are insecure and encourage disharmony in thier children's married life. Why?
I want to save for retirement but do not know how? I am in my late 20s and I hear so many people say get an IRA, 401k, try saving with your bank through mutual funds, or CDs but what do I do? I just started a new job and they offer nothing. My last job had 401k and plans were already mapped out so all I had to do was contribute $100 a month. So now I am looking for ways I can save for retirement but with so many choices, and investment companies which company should I choose and once I find one what route should I take. I do not want to be 65 and still have to work 50 hours. I appreciate any help.
Why should how much my parents are saving for retirement matter for financial aid? While filling out my fasfa we never put my parents have money in a retirement account. And now the college i was waiting for my financial aid package says that we have to fix it becuase we put it all into another line. now this is going to screw me out of any help(probably). I don't make that much money and why should what my parents are saving for their retirement make me not get any aid? Its for them...not me. They only have $2000 put aside.
Need help with finite math? hey guys, i have no idea how to do this so you want to let me know? Thanks here is the question: It is the year 2012 and you finally have your first job so naturally your thoughts go to retirement. Your company has a great retirement plan but it is all your investment, not theirs. They will allow you to deduct any amount from your check monthly and put it in their retirement fund which is guaranteed to return 7% interest for your investment life. The best part is the interest rates are compounded monthly. This all sounds great to you but you want to figure exactly how much to deduct per month so you decide you should base your contributions on a 40 year career since 62 sounds like a good age to retire and you are 22. So how much should you have deducted monthly for 40 years to meet your retirement needs? You consult your parents. After many sad investment stories they finally conclude that they need about $40000 right now (2012) to live on in retirement. You decide that it would be in your best interest to have 10 years worth saved up before retiring, you can live on principal and interest and deplete it slowly. So you set your target for retirement at $400,000. As you are leaving your parents your Mom says “but money won’t be worth as much in 40 years!” So when you get home you check the rates of inflation recently and decide that you should allow for a 3% rate of inflation over your 40 years of work. Now the good news is that the inflation rate is calculated annually, not continuously. Unfortunately it does act like compound interest by accumulating over time. Now you are ready and begin looking up the formulas you will need to find out how much you will need to deduct monthly to retire in relative comfort.
What is the best way to save for retirement if I am a stay at home mom. What is a spousal IRA? I quit my job to stay home with my daughter. But i may go back to work some day and would like to use my 401K money to continue saving for retirement in the mean time. What is the best option?
how do i save for retirement when my employment does not offer a retirement plan? i recently started a new job, it's a union job, which has great medical benefits and sick time and paid time off, but it does not offer a retirement plan. what should i be doing to save for retirement?
How to save for retirement when self-employed? I am only 22, but I want to start saving for retirement. I am currently self-employed. I don't make alot of money & have no clue where to start. I can only start with $2000-$3000 and for now only add $100 or so a month. What can I do that is low risk?
I need help writing an econ paper about saving for retirement? I have to write an Economics paper for my college class and how I will prepare for retirement.. there are 3 categories usually social security, corporate retirement plan (IRA or 401-K) and personal savings. I understand that I need to plan accordingly with all three, any suggestions? I ran into writers block and need some help..
What is the best way to save money for retirement? I'm under 40, and I'm planning for my retirement. I plan to retire when I'm around 60-65. So, what would be the best way for me to save money till then? Also, I want to save without any risks. I don't want to end up WITHOUT money. ;)
How can I help my parents save/make a retirement plan? I'm 18, and its my last year of high school. and with this economy my dad lost his job and is working for this other company which he could get layed off anytime. My mom's job is okay. But neither of my parent's jobs help/goes towards their retirement. I just am wondering if there is anything I could do to help because I'm going off to college in fall and my dad says that he's not going to retire because they don't have retirement plans. I feel terrible. My parents work so hard. I cry because I want to help them. What is there to do? And I don't even know the basics in that area as for the government part and all that blahhh. I need advice.
How much per year would a single young persson need to earn to live a comfortable living in So. California? By comfortable living, I mean they can rent or own an apartment or house within walking distance to a beach. Have enough money to afford a late model sporty convertible. It doesn't have to be an outrageously expensive Jaguar, but something nice. Have enough dough to eat out a couple times a week, travel, can afford new clothes when they need them, etc., and still have enough leftover to save for retirement and emergencies. How much per year would that person need to earn to afford such a lifestyle in coastal Southern California?
How much should I be saving for my retirement? news today says we are not saving enough for retirement.Im 27 and have a pension through work but how much money should I be saving besides this?
mortgage affordability question? hello i am looking at purchasing a home in the seattle madison park area the home is lovely and its about 4,700,000 dollars the mortgage payments are about 25,000 dollars a month how much money do i need to make a year to be able to afford this mortgage payment and still live comfortably ( that is getting my kids the things they need when they need them and fixing home/car repairs when necessary) and still be able to save for retirement. thanks for the help
I need help with my argumentative e essay HELP PLEASE!!!? HERE IS..! English, Math, Social Studies, and Science those are just a few classes that are require in order to graduate high school. Students benefit a lot from taking those classes especially if they are planning on furthering their education. With furthering education there is a need to have independence and confidence. A perfect way would be to teach about personal financing. It would teach students how to save money, prevent bad credit, and how to invest. Saving money as a teenager can be difficult especially if the person has no one to guide them through it. The last thing on a teenagers mind is their future financially. A student spends around $50 a month on clothes which is $2,000 a year that is a lot of money. If they would learn to only spend their money on stuff they need they could save that money and used it in the long run. We are always going to need money and we all need to learn to save money, why not start early? One important reason why people have trouble with big debts and credit issues is due to the lack of education on personal financing. If we wait too long to teach students about credit it might be too late. As soon as a student graduates high school and moves on to college they are navigating life by themselves for the first time without their parents; that is when is when most likely to run into credit problems. With this class they can learn the importance on credit card use, how to read statements, how important it is to pay the balance, and credit reports. The biggest factor in young adults getting into debt is due to credit cards because they do not understand that credit limits are not a source of income. Our school system can change all of that by the teaching personal financing. Just imagine $20 growing. Sounds impossible, but is not. The only way that could happen is by investing. Students can learn on what and how to invest their money. With investing they can beat inflation, achieve financial goals and retirement. Yes, it might be too early for them to think about retirement, but time does fly is better to be prepared. They can also learn to invest in stocks, mutual funds, or bonds. A lot of people might think that the personal financing class is a waste of time. Which I do understand that because a parent should teach their kids about managing their money. But these days a lot of parents are busy working two jobs to pay the bills, the parent barely has time to help their kids with their homework. We can help the parents by teaching their kids all these valuable skills. By knowing all of the skills they would not be loss when is time for them to manage their money. It gives them a sense of independence and self-confidence because they would know what they are doing. Knowing that students would learn how to use their money wisely is great because they would use all the skills learned for life. Everyone is always dealing with money whether is too much or not enough. This class would prevent bad credit and it would teach students the value of money in many different ways. Not to mention they will be confident on spending their money wisely. Therefore I strongly believe that a personal financing class should be mandatory in all the high schools.
MAth HELP ? - Finance? okay so heres the question : Tims grandparents need to save up $350,000 for retirement in 14 years. They pay 8% intrest compuonded semi-annualy. How much do they need to invest now to have $350,000 in 14 years? All i need to know is that.. is this a present value annuity question or not?
What is the best way for me to save for retirement? I am 29 and would like to retire by age 60-65. I currently have a small savings account with about $2000 and my annual income is about $30,000. I have been reading about the Roth IRA and I have been looking at investing with Scottrade. Can someone with experience tell me how this works? Would I deposit money into the Roth IRA from each paycheck or save for a few months and then deposit it into the Roth IRA? When I deposit money into the Roth IRA, is it automatically invested or do I have to choose what to invest it in? What would be the best way for me to invest and pay the lowest taxes on it?
Please state you age and your personal savings.? I have had this great discussion with my coworkers and friends about how much someone needs for savings, before and after they retire. The most useful book I found says you should save everything you get, but I know people need to do something fun once in a while. (We all need a new toy now and again, right?) So, not to pry, but could you share you age and how much you have in your personal savings account (not a retirement acount), if you have one? Thanks!
How do I save for retirement without help from my employer? I work for a small company with no pension plan or employer matched contributions. I make the max contribution to my IRA each year. What other options are available that have perks like tax savings or others that can help me save for retirment?
What is the best way to save $1 million by retirement? I am 20 years old, and want to start saving for retirement! I would like to have $1 million by retirement!! And I am able to put at least anywhere from $100-$300 per month...but I am a student, with no job...so I understand that I can't do a Roth IRA. So, what kind of fund will I get a lot of interest...like 10%? Thanks for your help!
I need help on my econ test :/ help please? what effect does the new technology usually have on an economy? a. it makes the economy stronger and more efficient b. it reduces the dependence of the economy on business c. it slows an economy down for at least a while. d. it reduces the available jobs. which of the following is a critical rule for determining whether something is a public good? a. the benefits to each individual who uses the facility is greater than the cost b. the benefits of the facility are greater for the society than for the individuals using it c. the total benefits to society are greater than the total cost d. the total cost is small for each individual taxpayer how do consumers make their desires known to businesses most effectively? a. through buying products b. by protesting and boycotting products c. through mail and phone services d. by hiring lobbyists and joining consumers groups what effects does the new technology usually have on an economy? a. it reduces available jobs b. it slows an economy down for at least a while. c. it reduces the dependence of the economy on business d. it makes the economy more stronger and efficient what protections does OSHA give to people in the united states? a. regulations on workplace safely and informations about hazards in the workplace b. consumers protection in buying food c.regulations about clean environment d. protection for certain key industries such as logging why does the government require businesses to disclose so much information to the public? a. to make it easier for consumers to save money b. to make buyers more knowledgeable and safer c. to make it hard for businesses to make and excess profit d. to make it easy for businesses to have good information what is the term for the total value of all goods and services produced in a particular economy? a net worth b. open market c.gross domestic product d. standard of living what is one benefit provided by social security? a. medical care for the indigent b. cash transfers to workers injured on the job. c. cash transfer to workers injured on the job d. retirement income for the elderly A person who consumes a good ot service but does not pay for it is called which of the following? a. a free rider b. a volunteer user c. private consumer d. an entrepreneur what is the difference between a business cycle and day to day market flunctuations? a. the day to day ups and downs of the market can be more extreme than a business cycle b. the day to day fluctuations are more likely to have an impact on peoples finances c. a business cycle is usually more restricted, whereas market fluctuations are worldwide d. a business cycle is a major, prolonged fluctuation rather than a day to day movement THANKS.. I REALLY APPRECIATE IT. :]
How much money should I have saved for retirement by 35? By age 35 how much money should I have in my retirement account?
What is the best way for me to save for retirement at age 22? I can only start with a few thousand. It needs to be little or no risk. My job offers no retirement plan.
How much should I have saved for retirement? I am 20. The general age for retirement is 65. The average lifespan of an American is up to 85 to 95ish... And please don't say it depends on (xyz) i am looking for an average amount.
What is the best way to save for my retirement in UK only? I've just had a meeting with my bank's financial advisor about personal pension - who have recommended Standard Life as his choice. I know that the bank only has 6 or 7 pension companies to choose from (all big names incl. Norwich Union, Stanard Life, Prudential, Legal&General, Friends Providence, AXA) but i'm quite happy with going with the big companies. My question is - is pension really the best way to save for my retirement? I have my own Savings account with high interest as well as ISA but wanted something a bit more long term for the REAL future i.e. retirment. If it is, I can then really take his recommendation but if there is other alternatives then I would like to know. Retirement == 65 years for most people so I'm going with that. Also note that I know if my employer contributes, then obvosuly that is the bet choice however they do not. Note, answers that apply in UK only please
Whats the best way to slowly save for retirement.? Im 30 and i want to start retirement savings. How can i slowly build up savings. Im not good at understanding all kinds of investments I just know i need to start saving but it hard to figure out where to start.
what is the besat way to save for retirement? I would like to retire in 10 years and have no retirement set back so far.
How much money should a 40 yr old have saved for retirement before buying a $25k Harley? A friend of mine is considering purchasing a fairly loaded Harley to the tune of $25g's. Being 40, he wondered how much money he should have in investments or in the bank before pulling $25k out to buy a bike. I thought $200k (not including any home equity), but other friends of mine said they'd finance a Harley even if they had $0 in the bank. How much should someone have before making a purchase on a luxury item like a Harley?
20 years til retirement, how should I review our finances? short of talking to a pro, what should I look at in broad terms. we have a mortgage and no other debt. refi'd the house @ 5.125%, will have it paid off in twenty years. saved only $200K so far, but I will reenter the crappy work scene very soon, and that will increase income, if there's a job for me out ......what else? we each have a Roth IRA and a 401K
How much money should a person have saved for retirement? How much do you think it would take if you retired at age 65? I'm 26 years old and I know I'm going to have to figure in inflation. I was just wondering. This could include 401ks, IRAs, Stocks, etc...
how can I save for retirement in this economy? I am 35 years old I have nothing right now for retirement. Good news I'm a nurse now that will be making pretty good money but I don't trust the stock market. What can I do? Thank you for your help.
How much money do I need for retirement? 41 years old, 2 kids and non working wife, saving include home equity 150k, 90k on 401k, salary of 72k.
Pay off House or Student loans in next 2 years or take longer & save for retirement? House mortgage is 67,000 at 6.5% interest Student loans is 65,000 @ 8.0% interest Current retirement savings is 40,000 You can take the interest on student loans as a tax deduction on your taxes without itemizing which is a plus I am age 36.
I earn about 65K a year. What is the best way to save for retirement? I am only 32, but need to start saving now.
i earn 1000 dollars a month .how much should i save for retirement .? what is the least earning one should have in the usa to live comfortably that is pay for baording lodging ,food ,gas .clothes abd some entertainment
I am within 5 years of retirement, should I discontinue contributing to my Healthcare reimbursement acct? Maximizing my taxable income will increase my Social Security benefit when I retire, will it be more than what I save in taxes now by sheltering it in a Healthcare Account?
Should I save for downpayment for a house or invest in retirement? I am wondering, what should I do? I heard the more down payment I put down to a house, the more I save on interest. But retirement is very important too. What should I do? if I only have a small amount of money each month to save.
How can International School teachers living abroad save for retirement in the US? If you don't have a typical retirement plan offered by your employer and you are exempt from things like Roth IRAs because you live abroad, how can you invest without getting hurt tax-wise?
What is the best way to save for retirement and how does one ensure that he/she will have enough to retire? I am 42 and would like to retire at the age of 60.
Should I pay off my student loans before starting to save for retirement? I owe $60000 from college loans. I make $55000 a year and it'll take me about 9 years to pay off my loans. Should I finish paying off my loans before putting money into my 401k?
Whats the best place to put my extra money to save for retirement? I am 40 , are roth IRA's only good if you are younger. Should I buy some good stocks with it like microsoft. What should I do?
I Need to save 300k for retirement. "HELP"? Long story short. My investments are not growing fast enough. I need to save 300k. I have twenty years to do it. Any suggestions
How much money should you have saved in retirement to maintain a 50k a year lifestyle? assuming a 5% inflation rate
I need to know the top 5 things you do to save money to make retirement work.? I edit a not-for-profit senior web site that someone cited here, www.seniorark.com. Please help us with ideas for making retirement work for you. Thanks, Bob
retirement? been thinking, how much would some one need to save for retirement living in the wild... like at camp, only going to the city for yearly supplies.. and in retirement for about 30 years? ok... what i mean by living in the wild i mean no internet, no electricity at all....and a tent no.. i mean like a cabin, woodstove, no cell phone, car, running water even.. all no.. just like they use to live way back in the day, like 1800s but in the forest on a lake (and i know the land prices are expensive in the places i would like to build) sorry forgot to mention, im about 20, single, no kids.. no plans in having kids.. possibly marriage.. i have a passion for photography and camping deep in the forest... im talking about the bare minimum you need in life.. small home, living dependently off my self and nature entirely
Retirement? I make around 35.000 dolars a year, I'm married but my husband is graduate students so no money from him! We are 30 years old and we need to start saving for retirement too. What should we do? How can we save for retirement and live ok? Thanks for all the help you can give me.
I need professional help! Questions about saving for retirement!? What is your strategy for retirement? What kind of bank will you use to save your money, tell me the interest you expect, tell me everything in details if you can, if not just tell me the basic plans that you have set up, I dont care if your 18 years old or 60 years old, please let me know what your retirement plan is. Thank you! You have no idea how much this will help me!
Retirement? I'm a 25 year old female who has not even came close to saving for retirement..... I have just recently got my credit cards paid off so fortunately i have a few extra dollars to save. I would like to know the best way to increase my money in the long run?
Should we save for retirement? My husband and I are in our later thirties. We are planning to settle in Australia or Canada. Both of us do not have any good guidance from any experienced elders regarding anything in life. So far we have not saved a penny for our retirement. Experienced people please guide me on the follwing: 1) If we do not save will the governments of these two places help us in futureafter retirement? 2) Is setting up a parallel income recommemded? 3) What the conditions of old people who have not saved all thier life (will they be provided medical help)? 4) Is it prudent to save monthly, yearly? 5) Do children take care of poor parents? (My husband is currently well off. And we give the best to our parents and children. Will we too be taken care of similarly)? 6) Many parents who are financilally dependent on their children in their later years are insecure and encourage disharmony in thier children's married life. Why?
Saving for retirement need advice? I am 23 and I am starting to save for my retirement. I am not willing to take a lot of risks with my money what would be the best way for me to start slow?
Should I buy a house or save for retirement? I'll be eligible for the company 401(k) plan soon. I want to make the maximum allowable contribution and start a Roth IRA which I also plan to fund fully. I have 10k in my bank account and I'm adding about 2k to that each month, but my retirement plans will negatively impact my savings rate. I moved out of my first house last year which I'm renting out for a small profit, and I'm currently residing in an area colloquially known as "Da Hood". My rent is $500 / month and set to increase by 3% at the end of my lease in March. If I buy a home in a respectable neighborhood, my living expenses would increase substantially. Should I wait and save more money or go house hunting? I have zero retirement savings and I'll be 30 in just a few short years. I don't see the purpose of renting in a better neighborhood. Right now, my living expenses are very low and my biggest inconvenience is driving across town to do my grocery shopping.
John wants to save for his retirement, which will occur 30 years from now, by depositing monthly into an accou John wants to save for his retirement, which will occur 30 years from now, by depositing monthly into an account earning 8% interest compounded monthly. His goal is to be able to draw $30,000 each year during a 40 year retirement. How much should John save each month? a.$200.00 b.$220.03 c.$240.03 d.$260.03
Should a young couple save money in retirement accounts or stock money in an emergency fund.? A question for all of you advisers & planners out there... Should a 24 year old couple save money in a retirement account (after normal 401k contributions) like a Roth IRA or use that money to invest in a safe money market account to get to the 3-6 month level of savings financial professionals say you need in case of an emergency. One other thing to note is that this couple has principal currently sitting in Roths > 5 years, so money can be withdrawn from the Roths tax & penalty-free in case of an emergency. I may be answering my own question, but I wanted to get other perspectives on this issue.
Save money? retirement plan? Hi, im a 23 year old army soldier whos serving in iraq. I have been very bad with my money but thats gonna have to change because im getting married when i go on leave. Im thinking about putting money away, like a retirement plan or something. Can anyone name programs that i can do to start saving up now? Thanks
How to Save for Retirement With Unearned Income? I am a graduate student, and I exist on a stipend from my university that covers my living expenses (I do not pay for tuition, I do not receive a W2). I pay taxes on the stipend, although they are not withheld. Since this is not earned income, I can't put any of it in a Roth IRA as I would like. So, what would you recommend as the next best option for saving for retirement? I would rather not wait until I receive my PhD in 5 + years to start saving, especially since at the moment I have few expenses and no family to support.
I want to do the least work possible over my lifetime. How long should I work? Like I said, I'm interested in minimizing the amount that I work over my entire life. I'm willing to live an austere lifestyle both before and throughout retirement. Right now I'm in college and not working. When I graduate and get a job I imagine it will probably pay $30-40,000 a year. What is a realistic rate of savings assuming I do not have a family, own a car, eat in restaurants, or spend money on other nonessentials? How long would I have to work to save enough money to provide me with a sustainable, livable annual return? Assume US national averages for things like cost of living, etc. Crap, I should have thought of this. No work from home scams.
I want to save for retirement, help!? I'm 35 y/o and have $0 saved for retirement. What would be the best way to get up to speed? I clear about $1,200.00 and spent about $800.00 paying bills, etc.
What is the best way to save money for retirement? My job doesn't offer a 401(k) but I would really like to start one is it possible to do it independently?
How much money have you saved towards retirement so far? I'm interested in knowing where we stand in terms of saving for retirement compared to others folks (especially in our age/income range). I'm willing to share my info if you share yours as well. Married couple, age 34, $170k annual income (one employed worker, other is a homemaker). 401k: $201k IRA: $25k I currently put the legal max in the 401k and tend to max out the IRA. Right now, we are passionate about making extra house payments to pay off our 30 year loan within 10 years. Just curious how our money saved so far compares to others. What are your stats?
What is the best way to save for retirement if I am a stay at home mom. What is a spousal IRA? I quit my job to stay home with my daughter. But i may go back to work some day and would like to use my 401K money to continue saving for retirement in the mean time. What is the best option?
Save for retirement or buy a condo? I'm interested in getting some opinions on this. I'm 37 years old and don't plan to retire for at least 20 years. Over the past few years I've been able to contribute between $700 & $900 monthly on a pre-tax basis to my employer's retirement savings plan. My contributions are currently invested in approximately 75% stocks and 25% bonds. One of the reasons I can contribute so much is that I rent an apartment with 2 other people and so the rent is VERY cheap. Now I'm considering buying a condo here in San Diego (I can't afford a house), but in order to afford the mortgage I will pretty much have to stop contributing to the retirement savings plan. So my dilemma is, what will be most beneficial to me in the long run: continuing to contribute large amounts to my retirement savings plan, or purchasing a condo now in this buyer's market? If more information is needed let me know and I'll be happy to add more details. Having my roommates move into the condo with me was considered and rejected for several reasons. First, I think we've all had about enough of each other. Second, I would then need to buy a 2- or 3-bedroom place instead of the 1-bedroom for just myself. And finally, doing this would put me in a "landlord" type role where I would need to collect rent, address complaints, find a new tenant if someone moved out, etc. All-in-all, I just decided it was too much of a hassle to manage with such a long-term commitment.
Where to save for early retirement? I'm almost 24 and I've saved about $20000 for retirement in my TSP and Roth IRA. Although my income isn't that high, I can easily save at least $10000/year, and I plan to save more than that as my income increases. I think that I may want to retire early, but with the TSP and Roth, I have to be 59 1/2 to make withdrawals. What type of account can I save in that will let me have access to some money sooner?
Save for retirement or house down payment? I'm 25, married, with combined income of $120,000 in southern CA. Should I contribute money to my company's 401k (I don't need to contribute anything to recieve full employer contribution), my ROTH IRA, or save for a down payment on a house?
Do you save enough for retirement? Since we cannot rely on Social Security (especially since Bush wants to privatize it) are you saving enough for retirement? - do you put in the max amount in your 401K? - do you have a Roth IRA or some type of investment on your own?
how can I save for retirement?.? I am in Canada, and I have some savings. I own a home, but work for myself. My spouse works as well. We want to travel now and not wait until retirement.,while our health is good. Retirement is a scary thought as income decreases. I would like help to figure this out so we can live without fear.
Attempting to save for retirement? I don't know a lot about investing. I don't have a lot of money to start with. But, I was wondering what is a good way for a person in their late twenties to invest for retirement? I know that you take the chance of losing money, but what's a good way with not losing a lot along the way?
what can i do to save for retirement!!! PLEASE SERIOUS ANSWERS? i am 26 years old and i have a job that i have been at for almost a yr........but they dont offer retirement. i know i can use a life insurance plan that builds cash value but i only will have about 35 dollars to put back for it every month. and i dont think at my age i will be able to get a policy that will cover what i will need on 35 dollars a month. does anyone have any suggestions?
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