Best Was To Save For Your Retirement

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Saving for retirement might not be in the forefront of your mind, but the sooner you take action, the better. The first step in the process is: start now. It’s never too early to start saving. Regardless of your current financial situation, putting money aside for the future is always a smart fiscal move. Once you allocate funds into specific savings accounts, take advantage of the characteristics of these accounts to maximize income. Manage your risk as you age to ensure the money is there when you need it. Keep tabs on your retirement portfolio as you would any other account and you’re setting yourself up for a successful financial future.

five retirement savings tips” width=Retirement graphic via The Online Trading Academy: Learn Stock Trading

Comments: 16

  1. Elisabeth February 1, 2013 at 10:26 am Reply

    I am 25. I have a MMSA with 18k. Do you think I should just save for retirement in my MMSA or a mutual fund/stock or ETF ? When is the economy going to get better? What is your opinion on the economy now? Etc?

  2. Alfredo May 6, 2013 at 12:57 pm Reply

    How much did you save for retirement, how did you diversify your portfolio to prepare for retirement?

  3. Clyde July 8, 2013 at 4:00 pm Reply

    I am only 22, but I want to start saving for retirement.
    I am currently self-employed.
    I don’t make alot of money & have no clue where to start.
    I can only start with $2000-$3000 and for now only add $100 or so a month. What can I do that is low risk?

  4. Berna November 1, 2013 at 3:25 pm Reply

    I am in my late 20s and I hear so many people say get an IRA, 401k, try saving with your bank through mutual funds, or CDs but what do I do? I just started a new job and they offer nothing. My last job had 401k and plans were already mapped out so all I had to do was contribute $100 a month. So now I am looking for ways I can save for retirement but with so many choices, and investment companies which company should I choose and once I find one what route should I take. I do not want to be 65 and still have to work 50 hours. I appreciate any help.

  5. Belia November 5, 2013 at 12:02 am Reply

    I quit my job to stay home with my daughter. But i may go back to work some day and would like to use my 401K money to continue saving for retirement in the mean time. What is the best option?

  6. Everett November 10, 2013 at 11:27 am Reply

    If you recommend I start saving sooner rather than later – why do you think this?

    I need in depth answers as I really want insight as to when I should start saving for retirement and why.

    Thanks in advanced.

  7. Donita January 14, 2014 at 7:42 am Reply

    I’m 15, I have a part time job and I’m saving 38% for retirement.
    I plan on starting a Roth IRA.

    I already have a Long term savings fund and a College savings fund (and own stocks for both). I’m also starting an emergency fund.

  8. Esperanza February 5, 2014 at 6:15 am Reply

    I co own a home child care. I am 31. I want to save money for retirement. I sat down today and made a budget to see what i can put aside each month. I fig that after i pay my bills and rent i can put away about 1,500 a month. My brother said to just put it in a savings account, but there has to be other ways..any suggestions? thanks

  9. Collette February 21, 2014 at 9:42 pm Reply

    My husband only works, I am a stay at home mother of four children ( I worked for 8 years as a lab manager before having children). How much should we be saving for retirement? He is 35 years old, I am 36 years old. We currently max out his 401K at 15% of his pre-tax salary. We also save 10% post tax into an annuity type account (life insurance also). When I use retirement calculators, they usually say we should be saving only 5% of our pre-tax income actually since we started at age 26 or so, but I believe that this is only for 1 person, and we are actually saving for both of us. The Yahoo retirement calculator says we should have $2,000,000 in all based on 8% return. Should this be $4,000,000 instead for 2? We have no debt except for a $70,000 mortgage with 9 years left. None of our friends or family save as much as we do, but are we really going overboard here with savings? Or is it better to save as much as we can now and ease up later when our children are in college?
    I guess I actually have two questions: With the retirerement calculators, they ask if you are married and if your spouse has any income, but are the totals for one person or two? Also, is a total savings rate of 25% totally off the mark (too much)? My husband thinks we are saving too much, I am very conservative!
    Thanks so far for all the answers. With all of our savings as is, and 4 young children with 1 income only, we really have no “disposable”spending money. Is cutting back to 10% for his 401K a good idea? Would our retirement still be “on course” for both of us? We never eat out, have not gone on vacation since we were married 10 years ago, his car is 9 years old and we would need to buy a new one soon, etc. He thinks we need to enjoy our lives now a bit more. We do also fund an HSA with about 4% pretax also each month! But we have no separate college savings plan yet.
    I thought that 529 plans only had state tax benefits, not federal currently?

  10. Luciano February 21, 2014 at 9:42 pm Reply

    Did our grandparents save for retirement?

    What is the best & worst kind of lifestyle people over 70 are living?

    Has any elderly person died as a result of not saving for retirement? or has medicare and social security always came to a person’s rescue if he simply lived long enough?
    What if a person never worked and didn’t pay into social security? Wouldn’t he still be rescued?
    I think the overall answer I’ve gotten here is “If you just need to survive, no need to save”. That’s good enough for me.

  11. Lionel February 22, 2014 at 12:17 am Reply

    I am 23 and plan on retiring at 70 in 2054. I am maxing out my 401a (no 401k, b/c I work for a non-profit). I imagine that I am doing better than many, but I don’t think that my 401a will be enough to retire on. How much do I really need to put in extra investments now and later in my working career in other investments like an IRA. Should I contribute as much as I am able to those too?

  12. Antwan February 22, 2014 at 8:14 am Reply

    I don’t know if this is the best place to ask this but here is my situation. We have a 2 1/2 year old daughter and we just lost our new baby girl at 18 weeks pregnant. I have a very strong desire to get pregnant again soon but I also know that we need to start saving for our future. I also have a strong desire to not be completely broke, and give our daughter nice things. My husband and I both work full time jobs and neither of us have a 401K. We only have about $3,000.00 in savings as our emergency fund. He pays the bills with his paychecks and with my job I put about $800.00 a month in savings and pay for daycare. (we just started doing this), but, we also use some out of that account when we need it. I guess my job is just a back up for money and to use for savings. I am so torn as to what we should do. I don’t want to be spread so thin that we will never be able to retire but I really want to complete our family too, and give our daughter a sibling! We don’t know how to invest and have never done it before. I don’t want to end up eating cat food when I’m older because we are so poor and I don’t want our daughter to have to deal with us either. My husband and I are both closing in on 30. I guess my question is, how can I have it all? Thanks.

  13. Yessenia February 25, 2014 at 12:26 pm Reply

    I can’t open a 401K because my job won’t offer it. I know I can’t afford much, but I want to put some money away for retirement.

  14. Sanford March 6, 2014 at 4:43 pm Reply

    what are some good ideas for my retirement?
    what have some people done and how did their retirement work out for them? any ideas will be very helpful
    thank you

  15. Rhett May 29, 2014 at 5:42 am Reply

    Im am 17, will be 18 in less than a week. I hear all the time that it is good to start saving for retirement early. Soo do i just open another savings account for it or what? Tell me anything you think I need to know and please don’t be rude. Thank you for your answers!!!!

  16. Alfredo June 1, 2014 at 7:32 am Reply

    I’m 33 yrs old. Social Security looks like it will be gone before I can ever use it. Home equity keeps falling, and 401k’s are riskier than ever with the unpredictable stock market. I started saving silver but will that be enough?

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