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Will you be ready for

Discussion in 'The Lounge' started by 76zimmer, Feb 27, 2007.

  1. 76zimmer

    76zimmer Flyin Rat Premium Member GMOTM Winner

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    Retirement?

    Please don't read this as a boasting post! I want to maybe give everyone something to think about that would benefit everyone, including your families.

    I have been watching my 401K lately, and It is growing faster than I can earn money working. :laugh: :laugh: :laugh: That's a great feeling to have:D

    It might not seem that important at 25, but that's a great time to start preparing for retirement.

    I had saved 5300$ by the time I was 27, then blew it all on a car. Today that would be worth over 100,000$

    I did start aggressively contributing to my company 401K plan at 28 yrs old, and now 20 years later I'm so glad I did. With the way the job market is in Michigan, you can't prepare to much. I wish I would have started when I was 20, then I could be financially independent, and play for the rest of my years.

    I heard a quotation from a money guy one time, that if you saved 2K a year starting at age 28 and only saved until age 35, that 14K would be worth something like over a $1,000,000 at age 65 depending on how good the investments were.
    If another individual didn't start saving until he was 35, and he saved 2K a year it would take them 30 years to accumulate the same amount.
    The power of compounded interest.

    And although I realize most everyone here likes to spend money (myself included) that its never to soon to start thinking about retirement, and the sooner you start the easier it'll be to do.

    I hope this can in some way help everyone to make a better more financial secure future for yourselves, and your families.

    and I am not any type of a financial advisor, but I did stay at a Holiday Inn Express last night:rolleyes:
     
  2. wasted wages

    wasted wages 3/4 ton status

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    I have my deductions maxed out !!!! :bow:

    Company max is 25% of gross,,plus they match 75 % of the first 6%

    Pedal to the metal baby !!!!!

    401's are a great way to save,,wish I had started when I was in my 20's
     
  3. thatK30guy

    thatK30guy 1 ton status Premium Member

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    Thats the thing with "investments" that make me nervous: another incident like 9/11 happening again in which all the stocks take a dive......especially if th next thing that happens is when I'm close to retirement age.
     
  4. 76zimmer

    76zimmer Flyin Rat Premium Member GMOTM Winner

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    that is a gamble for sure, but the best way to avoid those pitfalls, and none are foolproof, is to diversify where your money is. And to let it sit, not keep moving it around.

    And after seeing what the market did today, I'm sure I won't be as happy tomorrow.:eek1:
     
  5. CDA 455

    CDA 455 3/4 ton status

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    Just remember ye of great clevis hooks(!), when stocks go down, that's the time to buy.

    People invested during The Great Depression. They made their money when the markets shot up (WWII).

    Same with 9/11. Look at what the market has done since 9/11-2 record closings :D !
     
  6. RedBrute

    RedBrute 1/2 ton status

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    I agree 100%. I got my 401K started in '85, the last quarterly statement I recieved showed the interest for that quarter equalled my takehome pay in my current job. Even with the ups and downs in the last 25 years, it has done well enough for me to believe retirement is a real possibility. It is the easiest way to save for your future.
     
  7. burban89'sgirl

    burban89'sgirl 1/2 ton status

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    im still trying to figure it out i work for county we dont get 401 we get peers? when grandma retired she wasnt allowed her SS because of it. sounds really confusing i thinkim gona get a matress and hide money
     
  8. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    Good for you, Zim. Most people are financially unprepared for retirement by the time it comes around, simply because they are too lazy to spend the time necessary to educate themselves about investing.

    FWIW, I started investing for retirement at 18, and if things continue to go as planned, I will be able to retire in about 14 years.
     
  9. Confedneck79K30

    Confedneck79K30 3/4 ton status

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    good question... definately a worthwhile post...

    beginning april 08 (after i sell my house,so i only have one house mortgage)
    i will begin investing into a 401k or similar investment account AND a college fund for my daughter... and I plan to retire between 40 and 45 from what im doing now, and open a small custom car business somewhere in NC/Tenn. after that... btw zimm, mind if i pm you a couple Qs?
     
  10. boggerless

    boggerless 1 ton status Premium Member

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    i started contributing the max in my 401, but the wiffey scared me so i contribute nothing till i see where we end up.MFer!!!i'm gonna have my shack paid off in ten years(it would have been five). thats part of my retirement plan.
     
  11. 76zimmer

    76zimmer Flyin Rat Premium Member GMOTM Winner

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    fire away
     
  12. 1-tonmudder

    1-tonmudder 1/2 ton status

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    Wife has the 401K at her job with John Deere,myself,well when I can manage to buy that truckload of 60's for $1000 I'll be on my way.:D I havent worked a public job in nearly 10 years.I make pretty good money,but it is always put back into the buisness and it's not exactly the idea nest egg.On a lighter note my home will be paid off in 11 years,and unless I loose my mind and buy a new Duramax it should be pretty smooth sailing until then.We have 0 credit card debt,and beside's the house payment the only other major bill we have is the wifes car(2 years left).

    I had 401K when I lost my last public job,but cashed it out and paid everything up,should have rolled it over in something.I'm 35 and I personally dont think the world will stand till I'm 65,so I don't ponder on it too much.
     

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