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  1. EF-Roger

    EF-Roger Member

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    How much should you have saved for retirement? There's actually a simple answer to that. You'll need to start with a bunch of basic assumptions, but all you really need to know is your income and your age.

    Let's take a look at hypothetical Joe, who is hired straight out of college. By the time he's 25 years old, he's making $40,000 a year. He should have $4,000 socked away in his retirement fund, if he wants to retire at age 65.

    Read more In your 20s - How much you should have saved for retirement right now - CNNMoney
     

  2. harpazo22

    harpazo22 Member

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    That's great but it's very hard to save for some of us. Unless you have a great job where you aren't just making it by every month, it can be very difficult to save anything. Bills always come up.
     
  3. 111kg

    111kg Member

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    For the people living in US, isn't there a pension plan or something that is guaranteed by the state? In my country, we pay our contributions most of our lives and males are able to retire at 65 while the women at 62. If they have more than 32 years in the work field, they will receive the pension.

    Anyway, I think that the article is somehow biased. It's based on a general return of 7%, but that's not generally possible all the times, especially in second or third world countries and not even for US, depending of the personal retirement choices.
     
  4. pwarbi

    pwarbi Member

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    I think it's hard to plan and save for the future as money is tight for a lot of people at the moment. It's all very well saving for your retirement, but if that's going to badly effect your quality of life now, then saving for the future just isn't an option.
     
  5. Jade

    Jade Member

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    I can't afford to save! Although, I do invest heavily.
     
  6. Knight Rider

    Knight Rider Member

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    Same here. I have to invest a lot. So no saving at all.
     
  7. mtayp01

    mtayp01 Member

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    How much of my salary should I set aside for savings/investment? I'd love to hear some advice please, a percentage would be good. I just started working and I could use all the help I could get.
     
  8. dyanmarie25

    dyanmarie25 Member

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    I haven't thought about retirement yet since I am still pretty young. I am only 23 years old, but for some reasons, I am now also trying to save money for the future. We really don't know what is going to happen the next day, so it is really much better if you have already stacked some cash now and financially stable.
     
  9. Pop

    Pop Member

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    Um, saving for retirement *is* investing. So what do people mean who are saying they anre investing but no saving. I do not see how that is possible.

    And if the investing you are doing for retirement is not using a dedicated retirement account of some kind you are probably throwing money away. For example a retirement account is tax deferred meaning you do not pay any tax what is yields now, and most likely a very reduced amount later when you draw it out in retirement.

    Everyone should have a retirement plan rather than assume you will be healthy and work forever or somehow just magically become rich by them.
     
  10. Amy

    Amy Member

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    I wish I could afford to save for retirement. I'm ashamed to admit it but I'm about to be 31 and have nothing saved. At 26 I'd had $17,000 saved up in my teacher pension. Then, I lost my job and withdrew it to survive. I wish I hadn't and had just moved back with my parents and filed bankruptcy sooner, but hindsight is 20/20 as they say. Since I'm unemployed right now, any cent I make from my online stuff goes right to expenses. I hate living like this!
     
  11. Pop

    Pop Member

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    If you just do not have disposable income, then there is no need to feel like you did anything wrong. You tried to make the most ethical choice you could and it just didn't work out.

    I started saving from scratch in my 40s and am now on track. Hopefully you will get that same chance. If not there are other things you can do. I would suggest logging into your online social security account to see what you have accrued there just for your information.
     
  12. ReadmeByAmy

    ReadmeByAmy Member

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    I knew that I am not getting any younger that is why I am always thinking ahead of time how I will prepare for my retirement and for my future. I had already invested in a life insurance policy plan and been saving money even a little amount monthly for my emergency funds in the future. We will never know what will be our life when we retire and grow old that is why it is better that at least we had savings even a minimal amount of money. There is nothing wrong if we are planning and preparing for our future.
     

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