does anyone know a better way to save money for your retirement account?
my company offers the 401k plan with discretionary contribution matchup as i never had it before, my coworkers have all backoff from this plan now as the negative financial impact. i am 36 years old and looking for any plan that i can control over an also do not have to wait until 65 years old to spend. does any one know anything suit my situation?
Public Comments
- Take your employers plan. Your co-workers do not understand it. I did when it first came out in the 1980's. You will be impress at how quickly your investment accumulates. For this economic climate I chose guaranteed income instruments that pays 6% over 6 years I saved the maximum every paycheck and I retired at age 54 (6 years ago), living on the proceeds of those savings which will last for over 20 years. It was the best financial decision I have ever made ( buying houses was another)
- You are 36 you won't be needing the money for a while. Certainly everything look bleak now but that won't last forever. Starting out only contribute up to company match. You will find that if there are losses it won't exceed the companies contribution, so you haven't lost anything. Also you are buying low and when you are ready to retire you should have a nice nest egg.
