Month 3 of Suze Orman's book Women & Money focuses on retirement investing. She starts by telling us to focus only on what is in our power to do today. Don't worry about setting aside a larger amount of money than you can right now.
If you have to decide between setting aside money for your children's college education vs your retirement, you should save for retirement. If you don't retire with enough money to fund your retirement, you're going to be a financial burden on your children. It's best for them if you put yourself first in this area.
The earlier you start to save, the more time your money has to grow. You have to start saving and you need to do it now.
If your employer has a retirement plan (401(k)for corporations or 403(b) for nonprofits), you can designate how much of your paycheck goes into your retirement account. It will be automatically deducted from your paycheck and deposited into the retirement account. This money is taken out of your paycheck before taxes. It will not be taxed until you withdraw it.
Employer's generally match the amount you contribute up to a certain percentage. This is free money and should not be passed up. Make sure you contribute the maximum that your employee will match.
March 31st, 2007 at 10:08 pm 1175378891
March 31st, 2007 at 10:58 pm 1175381897
For me, it's too easy to read something but not follow through. I really want to follow the advice in this book.