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What steps have you taken towards retirement?

I guess I started when I was 21 or 22, but then for about 2-3 years due to money issues I didn't save any and then for the past year have been contributing to a 401k. My goal would be at least 10% of income put towards it.
 
i started an IRA account at 16 and i started my 401K at 23, i max out my contribution so i get the maximum benefit.
 
better start now, god knows you ain't getting any social security when you young timers retire.

/the sky is falling 😛
 
Originally posted by: Skoorb
I guess I started when I was 21 or 22, but then for about 2-3 years due to money issues I didn't save any and then for the past year have been contributing to a 401k. My goal would be at least 10% of income put towards it.
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Good advice. If only I could afford it... I'm living basically paycheck to paycheck now, but would like to start saving as soon as possible. I won't qualify for a 401k until I've been with the company for a year, and I still have a couple months to go before I can start one.

In the meantime, I guess I'll try to scrounge up some stuff to sell on eBay...
 
I live paycheck to paycheck too...i only put 3% into my 401k at the present time. I'm not going to be in this job for very long, that is why i don't have it set higher.
 
Originally posted by: pyonir
I live paycheck to paycheck too...i only put 3% into my 401k at the present time. I'm not going to be in this job for very long, that is why i don't have it set higher.
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Once you transfer to a new job, will your 401k transfer too? Sounds like we're in similar situations...
 
Originally posted by: Dezign
Originally posted by: pyonir
I live paycheck to paycheck too...i only put 3% into my 401k at the present time. I'm not going to be in this job for very long, that is why i don't have it set higher.
Click to expand...

Once you transfer to a new job, will your 401k transfer too? Sounds like we're in similar situations...
Click to expand...

yeah, it should transfer without a problem in most situations.
 
Originally posted by: pyonir
Originally posted by: Dezign
Originally posted by: pyonir
I live paycheck to paycheck too...i only put 3% into my 401k at the present time. I'm not going to be in this job for very long, that is why i don't have it set higher.
Click to expand...

Once you transfer to a new job, will your 401k transfer too? Sounds like we're in similar situations...
Click to expand...

yeah, it should transfer without a problem in most situations.
Click to expand...

yea should be a smooth rollover.
 
I'm in college.....I guess thats the first step......

I'd be putting money into a roth ira among other places if I could though.
 
If you leave a job where you contributed to a 401(k), you get two options (usually).

1. Roll it over into an IRA or your new employer's 401(k) (tax-free)
2. Cash it in, and suffer a huge tax hit.

If your balance is large enough (varies by company) they might let you just keep it in their plan and not make you move your money.

Oddly enough, studies have shown many people cash it in. I can't figure out why they bothered saving in the first place. But it's the same mentality that causes people who are getting a $700 tax refund to pay $150 in preparation fees and "instant refund" fees in order to get a $550 refund today, instead of a $700 refund in three weeks. All they see is "Wow, $550 in my pocket today! Sign me up!"
 
Originally posted by: kranky
If you leave a job where you contributed to a 401(k), you get two options (usually).

1. Roll it over into an IRA or your new employer's 401(k) (tax-free)
2. Cash it in, and suffer a huge tax hit.

If your balance is large enough (varies by company) they might let you just keep it in their plan and not make you move your money.

Oddly enough, studies have shown many people cash it in. I can't figure out why they bothered saving in the first place. But it's the same mentality that causes people who are getting a $700 tax refund to pay $150 in preparation fees and "instant refund" fees in order to get a $550 refund today, instead of a $700 refund in three weeks. All they see is "Wow, $550 in my pocket today! Sign me up!"
Click to expand...

I'm with you. If you can roll it over, only a moron wouldn't.
 
Originally posted by: datalink7
None... can't afford it yet.
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i hear that commonly but even saving $100 a month would be a start, time is your enemy when it comes to compound interest.
 
I'm in high school. So I'm on my way to getting an education so I can get a job so I can save up money (one way or another) so I can retire.
 
I don't know much about 401K being canadian but just max out your contributions every year.

In Canada our RRSP's are a max of 18% of the Net Income. I max it every year even if I have to borrow. When I get my refund I pay off the loan 😀

Too bad the markets suck but at least my bond, energy & precious metals funds are kicking ass 😀

Cheers,
Aquaman
 
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