I like polls

[bertine]

[Poll #1150497]


PS. Monkeys are not cool at all, they are creepy despite the outcome of my last poll.

Comments

[bertine.livejournal.com]

I also make a ton of money, though since I am in the midwest maybe not quite the same "ton". Ha! I save 13% and my employer puts in 7% as profit sharing. I still worry that I am not going to have enough money put away to be able to pay for everything when I retire. I think this might be mostly in my head.

You mean Roth IRAs? I don't have one of those, that is what is causing my current freak out. I could fund it easily if I didn't want to travel at all this year. I keep thinking I should since it won't be long until I am over the income limit.

[ex-ciannait.livejournal.com]

Well, your money's going to double in the market about every ten years. If you invest it in the market, you're going to do fine over time. The economy looks bad right now, but maybe when you retire it'll be in the middle of another boom, you can put all that stock market money into bonds, and be set for life.

Don't use your 401(k)s "stable fund" option; that earns you absolutely nothing. The only money it makes is the money you put in. The big 401(k) houses have "lifetime" funds. If you're going to retire at 62, for example, and you're 30 now, maybe pick a 2040 fund. They automatically start out aggressive and then re-distribute into stable options like bonds as you reach your retirement age.

If you're saving now, you're doing better than most people. But remember, the #1 rule of saving for retirement is: Don't touch that money. Don't use it for loans or for withdrawals. Even if you're going to use it for something allowed for under law, like a house down payment, don't do it. You have to let it work for you if you want to have a nest egg to retire on.

(I should disclose that everything I ever learned, I learned from a rather sexy guy named Rob Black (http://www.robblack.com/), who until recently had a thrice-weekly TV show at 10am to talk to people about nest eggs, retirement, and various stock questions. He still does a podcast I believe.)

[bertine.livejournal.com]

I think my problems is just the whole "you can do better" aspect of my personality. Because you can always do better with investing.

I learned everything from my parents. My family is really open about money so they showed us what they were doing with what they had as we grew up.