Saving for retirement

Haus

Haus

OTz Original
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15 Year Club Well Known
So what do you all do to save for retirement if you do anything??

Since you cant rely on Social Security when you retire since it will be depleted way before most of us on this site retires and get nothing

So if you havent started saving, you better do so now.

Do you have a retirement plan started for your job, regular savings account, higher interest savings account ect??

Right now all i have is a ING account and a shit load of change

How much percentage wise do you save out of each pay check?
 
Hopefully I might have a job any day now, and when I get one I'll be asking what their company pension fund is like.

Right now with me not working we can't afford to put money aside for anything, let alone our old age.
 
I have an RRSP that is set up through work and I contribute to it on every paycheck. I'm not sure of the amount as it's just deducted off of my check. I also have an investment account that I set up a number of years ago that I'm using as a retirement fund. I don't contribute to it because I couldn't afford to for a few years. Now that I've got a better income I should set up contribution towards that again.
 
My job takes 3.5% of my wages and it goes to my Pension. Other than that.... right now.... that's all there is except for relying on Social Security.

..... and I don't believe SS will run out. The govt. will tax the crap outta all of us to make sure it doesn't. :D
 
Zorak said:
i don't see the point in pensions since i'll be working til i'm about 100 years old anyway the way things are going :surrender
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It's a 'forced' pension deduction. Whether anyone likes it or not..... they take your money. Apparently it will make all of us more responsible for our own futures rather than relying on doing things ourselves.... or relying on the govt.

I agree with you though. I'll most likely work until the day I die. :(
 
RedRyder said:
My job takes 3.5% of my wages and it goes to my Pension. Other than that.... right now.... that's all there is except for relying on Social Security.

..... and I don't believe SS will run out. The govt. will tax the crap outta all of us to make sure it doesn't. :D
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Im 28 so i probably have 40+ years to save. So i rather be safe then sorry. I know people personally who only have their SS checks to rely on. I dont want to be like that when i hit retirement. That would suck.

Im not working right now but I got a quite a bit of money saved to live comfy for a lil bit. my previous jobs never had good benefits. But i always saved at least 10% out of each check since i started working and what ever i didnt spend in the week i put into savings. hopefully my next job will have some good benefits for retirement.
 
Haus said:
Im 28 so i probably have 40+ years to save. So i rather be safe then sorry. I know people personally who only have their SS checks to rely on. I dont want to be like that when i hit retirement. That would suck.

Im not working right now but I got a quite a bit of money saved to live comfy for a lil bit. my previous jobs never had good benefits. But i always saved at least 10% out of each check since i started working and what ever i didnt spend in the week i put into savings. hopefully my next job will have some good benefits for retirement.
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I can't imagine just living on a SS check either. Not with the costs of basic needs rising every other day.

And saving 10% of each check is a very wise decision! :thumbup Just make sure you put it in an account that gets decent interest.... and no risk.
 
when I was working I was taking 10% when I was single...after being married and realizing the company matched up to 5% I brought it down to 5%. found out the company did give the 5% at years end, so I was okay with it. Wife contributes her 5% yearly and we both set up an investment account when I was with the bank. now they are taking out a "yearly fee" of $50 (in addition to the monthly fees for printing the statement, etc) only way to avoid the fee is to have a investment balance over 50k and I am sure that will change as well...
 
RedRyder said:
I can't imagine just living on a SS check either. Not with the costs of basic needs rising every other day.

And saving 10% of each check is a very wise decision! :thumbup Just make sure you put it in an account that gets decent interest.... and no risk.
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yeah all the money i saved I put into a ING direct account. a little more interest then a regular savings account from a bank

My mother told me to do it. she pretty much forced me when I dropped out of school and started working FT at 16. So i just been doing it ever since.
 
the savings account rates are abysmal. even at the highest tiered rate savings account it was nothing over 1% and money market accounts? those were peaking at 3% and that was for anything above $500,000!!! if you had a million dollars the rate went down to just over 1%. If you did have that type of cash you were better off going to an investment house, and even then their rates were not any better. I would ask these people bringing in checks from Schwab, E*Trade, etc and ask about their rates and they would say what they were getting and it would just boggle the mind. CDs are no better, you lock your monies away for a locked period and hope you get some return. I remember seeing a statement from my dad's IRA in the 80s, like 22% interest...lucky if you can get 5% anywhere...
 
I was investing in a SEP plan which invested in the stock market until I took a bath to the tune of about 60%. It has slowly built back up but I have not been able to afford to invest the last few years. I doubt I will contribute towards retirement again until my son is out of college. Of course the odds of me never retiring keep increasing.
 
Did a bit of Research after having worked for years at Private and County Hospitals. Most retirable aged co workers of mine at County facilities with longevity service of 20+ years can't afford to retire as their benefit does not cover Medical insurance after retirement. Accdg to them most of their Retirement savings ( 401K, Pensions etc) goes to Medical expenses. Hence they are forced to work past their retirement age. So far Federal institutions and State facilities provide the BEST retirement benefits.

I am set for my retirement as I have a free Medical coverage upon retirement for lifetime which includes my son's medical coverage till he's 21. My retirement account- the government doles out $1500 per month as their contribution while I get deducted $400/ month off my check. As a Government employee, we are no longer contributing to SSS :D:thumbup
 
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