 Should I pay off one of my student loans if I have the money? |
| I have a student loan that has a repayment balance of about $1100. (No, that is NOT my only student loan-i wish :) Right now, I have enough money saved up that I can just pay that loan off altogether,... |
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 How would be the best way for me to make money? |
| I am 14 years old and to to make some money to go out with some friends to a movie every week during the summer and i only got 25 dollars. It needs to be risk free please or dont put it down.... |
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| Am i middle class or upper class? |
| I am 25 years old, bachelor's and master's degree, no debt, and have $550K in the stock market (used to be $650 but took a hit in the recent volatility). i'm not trying to show off or ... |
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 How is money made? (literally)? |
honesty is there a machine or something that creates the money and it's like a factory where people work?
Why don't they just get the machine to make money for the poor?
... |
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 How am i meant to survive? |
| i work 15 hour days at two jobs (+2 hours of commuting), i have not been paid in a month, my gas has been cut off. i have no food, no money, no sleep and no heating or hot water. its the middle of ... |
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 I need to earn money fast? |
| I need to earn 300 dollars in less than 6 days because we are going on a vacation. Right now, I cant rake leaves or shovel snow. Also, I cant mow lawns because i dont have a lawnmower, and gas is way ... |
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| due to some identification problems i've had to have my monthly wages paid into my boyfriends bank account which was fine at first but now he's stiffed me by not giving me my money when i ... |
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| i Want to save some money but what do i do when i get an urge to spend it???... |
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 I get my check on 11/26 but it is dated for 11/28 is it possible to get it cashed? |
| Here's the situation. I don't have a checking account I would rather pay the fee that the bank charges to cash my check rather than pay over draft fees(I am bad with money) But i get my ... |
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 What would you do if a co-worker owed you money and they won't pay? |
Say you have asked them already repeadly times and everytime they make up an excuse. How can I get them to pay up? Any suggestions?
Additional Details
Lets say it's less than 100 ... |
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 Help! Advice on bank charges....? |
| I have just been to see my bank (RBS) to ask about claiming back on the charges i have incurred for direct debits that made me overdrawn. They said they are perfectly within their rights to charge me ... |
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 How much should I be asking for? |
| I work full time for a real estate company in CA. I make 10.50 an hour doing administrative duties. I make okay money for being right out of high school. I graduated last year. However, I need to ... |
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 How do YOU save? |
I'm wondering what works best for you (and/or your family) when it comes to saving money.
My husband and I just had a newborn, and we've always been alright at saving. Now that ... |
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 What options do i have if i cant meet mortgage repayments? |
| mortgage repayments are costing me 50% of my wages, then theres the domestics like water and council tax and thats before food travel expense etc...whats the procedure to pack in my house with ... |
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Charlotte M | When should I start to save for a pension, and how much should I save? |
I am only 22 but have been thinking about starting to save for a pension. But I really don't know where to start. I just know that I'd rather put a little bit per month away now and not have to worry in the future. Where should I go for advice and how much should I save? |
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mark_2005_london
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At your current age, 10pc would be ok but always bear in mind that money saved into a pension plan cannot be got at until retirement time. This is unlike a tradtional savings account or endowment assurance where you can at least get some money back if you hit hard times.
A pension should be considered a long term plan but there are many providers and different options depending on what country you are in. Any pension provider should be able to offer a free financial review based on your circumstances but if you are in the UK you could go to a high street independent adviser IFA....but they may charge for the advice.
You may find that your employer has a pension scheme, and generally these perform better than personal pension plans, but you could consider additional voluntary contributions AVC's....in the UK there are limits as to how much you can put in....again.....see an adviser. |
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s and d e
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ck out this website: www.daveramsey.com---he has a "retirement calculator" on there and it's free. you can start now and not put in that much money and you would be amazed at how much you'll have when you're ready to retire. |
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Razzle
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as early as possible and as much as you can afford. |
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TallPaul
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As early as you can, and as much as you can afford. Seriously. |
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Daniel J
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As much as you can as soon as you can. |
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asboclothing
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Start now, put 10% of your wages away, you won't even notice. |
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Jo W
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If this is a UK question (and somehow I think it might be), try:
http://www.pensionsadvisoryservice.org.uk/
for free, impartial and expert comment. |
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Allison L
 |
As much as you can as soon as you can! Well that's what I've been told anyway. And it's fairly sound advice because basically you just have to ask yourself one question - how comfortable do I want to be when I retire?
A lot of independant financial advisors do free consultations where you can talk about where to invest your money and how. You might also want to ask at work what scheme they use and how you find out further information. A little web research doesn't hurt either.
Some people also think about how to supplement their pension through property and other investments and shares, but at this stage look at what your company are offering and take it from there... |
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Terence L
 |
You should always start to save as soon as you can. The earlier the better, because your money will grow much faster. Put away as much as you think can afford. If you're not sure, start off small, 5%, and then increase it steadily. Most likely you'll hardly notice it, and you can start increasing it slowly.
If you have a 401k plan, this is even better, since your taxes are deferred for a 401k, you'll hardly feel the difference. You may put away 10% but you most likely only see a small difference in paychecks because of the tax difference.
You can also put money away into a Roth IRA, there is a $4,000/yr max and this is nice because when you do decide to take it out when you retire, there are no taxes on your gains. |
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slashgirl_1984
 |
never too soon - in some places you can get tax discounts for pension saving. Even as little as 50 euro or dollars per month can amount to a great deal in the 40 years until you retire.
If you can afford it and have a steady job, start now!
(I'm only 23 myself and this is what people have been telling me for nearly 4 years - so far I haven't been able to afford it yet, but if you can, go for it!)
Any bank should be able to help you with it, but not knowing the country you're in makes it hard to give specific advice. |
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Mo
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Set a goal, put away 10% of each paycheck and stay out of it. When you get a raise, increase the payment by 2% each payday. You'll be in hog heaven by the time you hit the ripe young age of 55. Retire early and live off your investments. |
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Sinistra
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The earlier you start the better! Most pensions will earn interest, so the sooner you start it, the sooner you'll start gaining interest, and the more your pension will be worth once you've retired.
Even if you're only putting in like £20 a month to start with, that's still something. You can always increase it as you earn more. |
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devobee13
 |
This article gives good advice on what to do:
http://www.forbes.com/retirement/2004/09/28/cx_sr_0928retirement_2.html
Also, Suze Orman gives great advice on this subject at suzeorman.com.
Good luck! |
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darkridr
|
The rule of thumb is: The more you put away now, the less you have to later. If a college student were to put away $200-300 per month for 10 years, he/she would never have to save for their retirement again, as the compound interest would enable that fund to grow enough to cover all their expenses when they retire -- most of us older starting savers have to put in $500 per month for 20-30 years in order to get the same desired effect.
As to where to save, the best place to put your money is into your company's 401k program, as many companies will match a percentage of what you put in. If you have no such fund available, look into a Individual Retirement Account. If you don't need to reduce your tax liability, put it into a ROTH IRA, as that is after tax dollars and will be tax free when you withdraw it when you retire. |
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lisa m
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start now! I screwed up and spent mine and now have three kids to raise (no $ to spare) I'm saving for college for them and cant save for me. the sooner you start the less you have to contribute each month. see a financial advisor and spread your money out. IRA's, CD's, stocks, etc. Dont be tempted to use it for a new car or home-you'll regret it. I hope my kids think like you at such a young age. |
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themurph2000
|
The 10% rule is good, but you also need to put some money aside for emergencies, such as if you lose your job or a big medical situation arises.
1. See if your company has a 401K plan, and make sure you contribute at least enough to maximize any matching contributions they might make. (Squeeze every dollar you can out of them)
2. This worked for me: set up an automatic debit every week from your checking account to a savings account for X number of dollars, whatever you can afford. Virtually every major bank has a way to set that up online.
3. Check how much pre-tax income you can put in your own IRA and still be able to deduct it on your taxes. Based on your salary, there is a limit to how much you can deduct. Once you've done that, take whatever else you can afford to put into an IRA and place that in a Roth IRA. A Roth IRA's advantage is that, even though the money you put in is after taxes, the interest earned on it won't be taxed when it matures. That can add up to a helluva lot 30 or 40 years from now.
4. Do some research online for some of the programs available. Check how the funding plans do over different periods of time (1 year, 5 year, 10 year, 20 year) It's complicated as hell, I won't lie to you. But typically, you need to have both short-term and long-term investments. Some investments do much better in the 3-5 year category, and some have slow but constant growth over decades. |
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Abigale_25
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Start NOW. I'm 22 too.. I already have a 401 K.. and we aren't going to have the benefit of social security, because it'll be gone by the time we need it. So do it now. You can start an IRA.. or if you have the benefit of a 401K at your work, take advantage now. Or you can even go to an investmant banker to help you out even more. Good Luck. |
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bazspur3
 |
i would start at about 30 and shop around for the best deals depending on your earning capacity you will probably pay around 8% of your income, you will also get some tax breaks. |
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