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compwhiz3003 | If I am offered a retirement plan at the age of 18 (401(k)) should I start saving right away? |
Is it better to save early? I am making min. wage (7.50) an hour and working around 16 hours a week, with more hours in the summer. What should I do? |
 |
 
paulctn
|
If you start this early, you can conceivably have over 2 million dollars when you are at retirement age. Understand first and foremost that if you are 18 now, then Social Security will not be there for you or anyone under age 40 now. It is economically impossible given how long all of the Baby Boomers ( those born 1944-1964, I believe) will live and continue to draw out of Social Security and use Medicare. I recommend that you save as much as you can tolerate. Starting at 3% or more now and continuing for the next 50 years, increasing your savings rate percentage whenever possible and KEEPING TRACK of your 401(k)s that you have throughout your life and rolling them over to consolidate them with one of the low-cost mutual fund companies (Vanguard, T. Rowe Price, Fidelity and a very few others) can lead you to $2 million or more when the time for retirement rolls around. I recommend getting into the 401(k)'s Balanced fund (has both stocks and bonds) for now and then as you learn more about mutual funds, you can decide what you want to be in. The Target funds that mutual fund companies have and may be available in your 401(k) - which changes as the year approaches - you would want Target 2055 or similar - will be ideal if you aren't familiar with mutual funds. Never, ever cash it out. Take a distant, in your case,long-term view and take charge of your own old age - the gov't help won't be there. Good Luck! |
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Stephen L
 |
YES!! Im 32, and wish I'd started saveing when I was 18. Look all the booze, beer, and boobs will still be there later, trust me.
Time magazine , Oct.5th 2005,- The Great RETIREMENT Ripoff, Yep, thats the title "Millions of Americans who think they will retire with benefits are in for a nasty surprise.- How Corporate America Are Picking People's Pockets-with the help of Congress."
TIME Magazine-july 25th 2002- Will you EVER be able to RETIRE? with STOCKS PLUMMETING and corporations in disarray, Americans financila futures are in peril. Heres how to make the best of it..." I know they've been saying it for a while (50 years or better) but it looks as if social insecurity wont be around by the time you retire, but if it is, than you can count on at least2700.00USD/ month, Unfortunately, the cost of living will pace at over 5200.00USD/month. In fact the rate of inflation is expected to outpace more and more cost of living standard benefits provided by American jobs, so in order to keep afloat, more people are going to have to take part-time jobs, on top of thier already full-time jobs. Robert Kiosaki (authore of rich dad poor dad, cashflow quadrant, and perfect business) states you need to have a vehicle, to reach your personal destination. Take iti for what its worth.(Im researching for a book Im writeing) |
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Sara S
 |
it's never too early to start saving! If you start now, you'll be SO thankful you did when you are older! Even if you decide to not do the 401K...try to open up a savings account at your bank and have at least $5.00 a paycheck go in it. You wont notice it out of your paycheck..and come a couple of months you'll have a good $100 or more. Read over and talk to your parents about the 401K..you may decide to go in that direction! |
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richard+1st
 |
No doubt about it,start putting away part for savings also.A "Roth IRA" is also a good thing.Cause when you withdraw your money it's "tax free".Einstein said"compounding interest is the greatest invention".Time is money.Good Luck in the Future!!!! |
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Ramon P
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I definitely would put money away for retirement (consider it more of a capital base at this point) but not in a 401(k). The 401(k) is good to reduce your taxes, but at $7.50/hr, you're in a low tax rate as it is, so you ought to pay the taxes now rather than higher taxes when you turn 59 1/2.
Your best bet is a Roth IRA. That money (up to $4,000 for 2006 and 2007) can grow tax-free until retirement (or later), which at 18 is a huge amount of time to allow your money to grow. |
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slipnfall
 |
Absolutely! Not only is it tax free - it follows you around the rest of your life. Do it brother, do it! |
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Flyboy
|
The key to great wealth is long term saving. Suppose you can earn 6% after taxes for the next 47 years (age 65). Shown below is the value at age 65 for each dollar saved at various ages
18 - $15.47
20 - $13.76
25 - $10.29
30 - $ 7.69
35 - $ 5.74
If you are offered a 401(k) plan with an employer match by all means take it. A dollar per dollar match at age 18 effective means at age 65 your dollar is worth almost $31. |
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Tony C
 |
If you want to check it out for your self. Go to Yahoo finance and look under retirement planning. It gives you retirement planning calculators. you can play with the ages and see what the out come of waiting will cost you.
The best thing i would recommend is, if your company offers any type of match, use it. Getting a match contribution is free money.
People are typically bad savers. If we have the opportunity to have a structured savings program we should use it. |
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Smilingcheek
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A financial advisor once showed me a chart that told the difference between beginning a 401K by the age of 20, compared to starting one in your 30's- you would be AMAZED the difference a few years of consistant investing makes. 401K's are easy savings and as stated before, it is tax free. Also, the great thing is they can be transfered from job to job, or rolled into a personal investment plan at your bank should you leave this job. It is great planning and I think you should do it. |
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MR MONEY
 |
If your company give you a match, then they are offering free money. I definitly recommend taking advantage of it, at least up to the match.
You probably won't even notice the difference in your pay check becasue the money goes in before taxes are paid.
If your parents have a financial advisor, ask that person for a recommendation as to which funds to invest in. |
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Roger K
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Absolutely yes. The sooner you start saving for your retirement the more comfortable it will be. You only need to put away a little at your age and it will still grow quite large and most importantly TAX-FREE! |
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