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Additional Details
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Justin | What age is the right age to start thinking about retirement? |
With Social Security slowly going under and the cost of living going up, I'm beginning to think about retirement and how old I should be when I start to invest. I'm just entering my twenties and it seems like the distant future, but as we all know, you should be prepared.
I've asked some of my "more mature" co-workers and they said that investing now would be wise, while all my friends say to live life and worry about it later.
I would like to know what you think. Should I invest now or later? How should I invest? Any tips? |
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Tats
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Invest now, don't wait. The best thing going for you right now is time. If you start investing later, you lose that. Why is time a good thing? Returns compound. In other words, if you have a $100 today and earn 5% on that, you will have $105 at the end of the year. The following year if you earn 5% again, you will not have $110 but $110.25 - that extra 25 cents is the 5% return on the 5% return. Over long periods of time, this adds up to a significant portion of your return.
As for living life, you can still do that to some extent while also saving. If you are offered a 401k plan at work, contribute at least up to the match. I would do the max if possible.
The worst thing is to not be able to enjoy life in your 60s and 70s because you have no money. Can you imagine working for close to minimum wage just because you didn't save in your 20s?? |
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regerugged
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Invest now. If your employer has a 401k plan. Start there. Or start a traditional IRA. Start with mutual funds. Probably the safest for the next 40 years would be a fund that tracks the S & P 500 index. You can do both: save and have fun. |
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Jester of Fools
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you should start investing and thinking about retirement the day you start working. |
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neffer
 |
Start now, even if it's just a little bit. See if your company has a 401k or start an IRA on your own. It all adds up. Before you know it time sneaks up on you and you're behind in the game. |
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epistemology
 |
You should start to think about retirement when you are fifteen. The earlier you start to save in an IRA, the more interest you gain, the more money for your retirement.
Of course, you are young and there may be other obligations such as children, which require your money. That said, please do not forget the IRA. |
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MR BIG
 |
Retirement is a toss-up for me. I don't think ill be dumping a whole heap of money into it. But i think if governments offer any initiatives then take advantage of them. Having said that the more you throw in now the more you come out with at the end, beauty of time-value of money (compounding interest). However, in most countries you dont have access to this money til you have retired. So it is somewhat a leakage. of your wealth. You can't use it for any other purpose but that of retirment. once you toss up between having the additional financial security of later against the use of the funds now for things like confidence, and as a charge for other investments and assets.
If you can find alternative investments that you can set aside for retirement then that maybe a more tactful approach as you can still have the flexibility, whilst ensuring a fairly safe future. Dumping it into property is a popular tactic. People just buy a property pay off the loan on that and upgrade to a bigger property and when they are ready to retire they sell the property and take the whole lot with them. No restrictions on the lump-sum withdrawls or additional tax etc etc. In australia you can avoid CGT if you live in the property for a period of 12 months , if you manage to do this then your in a good position. Theres plenty of examples like this.
Choose one that is suitable for you. But defnitly start thining about it now |
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BusinessBoy
|
I think you should start investing now. the younger you are the better. if you start investing now, you'll be financially safe by the time it comes for u to retire |
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tcmac853
 |
You can answer your own question. Here's the question: Which would you rather have $1 million, $500,000 or $200,000?
If you contributed the max to an IRA ($4000/yr) starting at age 20, you would have $1 million by age 60.
If you wait until you are 30 to start, you will hvae $500,000 at age 60.
If you wait until you are 40, you will only have $200,000.
Now, here's the magic: How much did it require out of your savings to accumulate this?
Start at age 20:
$4,000 x 40 years = $160,000
Earnings $ 840,000
Wait until age 30:
$4,000 x 30 years = $120,000
Earnings: $ 380,000
Wait until you are 40:
$4000 x 20 = $ 80,000
Earnings: $120,000
The magic is called compound interest. Compound interest only works when you have a lot of time.
(Based on 8% growth) |
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Feeling Mutual
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16 |
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zesna_aw
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I think it is best to retire at about 60+ . It also depends on how fit you are at that time. I think you should start investing now. You should save enough money for your life when you retire. |
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Prom Queen
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retirement is usually around the age of 60. |
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derobake
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The power of compounding is the greatest weapon you will have to build wealth for retirement.
Check out the first 3 chapters of my free eBook at:
http://www.invest-for-retirement.com
and then you will have a better understanding of why you should begin investing now.
Basically, once a person is done with their education and is in the work force, they should then begin investing for retirement. Learning to spend less than you earn early in life is a predictor of wealth accumulation. |
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hdmwendy
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i guess its not how old you are, its how much you've earned. if you're contented with what you already have, and you think thats enough for a living, then have your vacation for good, :) |
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