Im bored tonight so I thought I would share some news. I am glad to announce I finally started saving for my retirement today! I opened a Roth IRA with $1,000. I plan to invest in mutual funds and hopefully with yearly contributions and a good return I will have lots of money to retire by the time I am 59 1/2 years old. Oh by the way im 18. How many other young people are starting their savings early? I would suggest that everyone does. Research "Roth IRA" for more information and why you should start one, regardless of age.
Yes if you are rich you will be, but for the average person its a lot harder to retire early. And I say 59 1/2 because that is when you can withdraw all your earnings and contributions, tax free.
I don't plan to ever retire because I don't want to leave the "living" to the end of my life, that said your doing a very smart thing so I hope you get some real benefit from it in the future.
Well That's Good. keep it up...But i haven't started yet. I think you are very responsible young boy...
Ha Ha! you might retire but you won't stop working My neighbor retired from Boeing Aircraft when he was about 55. After about a month he got so bored he went back to work (doing something else). I waited until I was 64 to retire. But just like my neighbor I got bored after one week and went to work part-time at Wal-Mart. Also, you can't pull your money out of an IRA before 59 1/2 without penalties. If you have enough money you should plan to live on just the interest. And age 18 is a terrific time to start saving because you will be multi-millionaire when you are ready to retire.
Well I know that we need money in after retirement So I already started some saving from age of 21 so after next 30 year I can enjoy my life with my savings.
It helps a lot if one begins to start saving early in life... You are doing yourself a whole lot good by starting so early....My only advise....continue with this practice life long....Do not ever discontinue in the middle. Regards, RightMan
You are an endangered species. May your tribe increase. The world will be a lot better if there are more like you. Thinking ahead.
Haha, very smart. I am pretty well set with assets from the family, but the problem is that it isnt really liquid. I figure if I live long enough to retire, I didnt live it the right way.
Rather than retiring at 59, I would rather work at home for myself. Flexible hours, holidays are easy to organize and you can work overtime whenever you want.
oh my...around here investing in the mutual founds is pure suicide but it's good to begin thinking about saving for retirement...I hope you'll invest wisely
I envy you , guy . The daily expense for me is costly and I don't have much money left each month . No saving at all , however I have the strong saving mind .
Well I in college for Electronic Engineering (or computer engineering, i havent decided yet), so hopefully if things work out great I will have a pretty strong salary and will be able to retire way before then with my savings and a great paying job. Just as an example, if I were to contribute only $2,000 a year for like 40 years, earning a 10% return, I would have over 1.3 million in my account by age 59. That shows you the power of compound interest. But remember due to inflation, that 1.3 million would only seem like around 600k in 40 years lol.