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Savings
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| asfdz |
http://articles.moneycentral.msn.co...MeasuresUp.aspx
Consider this: Someone who puts $4,000 a year into retirement accounts starting at 22 can have $1 million by age 62, assuming 8% average annual returns. Wait 10 years to start contributions, and you'd have to put in more than twice as much -- $8,800 a year -- to reach the same goal.
omg I'm starting next year |
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| Aquarian |
| If only I had 4000 bucks to spare. |
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| Moral Hazard |
| quote: | Originally posted by Aquarian
If only I had 4000 bucks to spare. |
No worries my friend.... in Canada unused RRSP elligability acrues so whatever you don't use in any given year remains elligable for later. I threw 25K into an RRSP this year to use up my past unused alotment (in addition to the 15% of my income I've been putting away for the past 7 years). |
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| Ozoned12 |
| Cool I'm in that. I have a deal where I can get it out tax free also. I love the rule of doubles. |
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| _Nut_ |
You do realize you need a good fiduciary or else a job that participates in retirement (not all do). Why do you 'have to start next year' ? If you are that excited over it, start now.
Tips for people that haven't put money away and may think about doing it. Get used to having 10-15% of your paycheck out and regularly put into a 401k/roth etc. Its easy to get used to. Don't think that "omg I could have used the extra 400 dollars this month" or what ever. Live by a budget and you will be rewarded later. |
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| Moral Hazard |
| quote: | Originally posted by _Nut_
Tips for people that haven't put money away and may think about doing it. Get used to having 10-15% of your paycheck out and regularly put into a 401k/roth etc. Its easy to get used to. Don't think that "omg I could have used the extra 400 dollars this month" or what ever. Live by a budget and you will be rewarded later. |
I've always found if your employer takes it right off your cheque (CND spelling) for you you really don't even notice it. |
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| EXTREMUM |
| quote: | Originally posted by Moral Hazard
I've always found if your employer takes it right off your cheque (CND spelling) for you you really don't even notice it. |
x2 |
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| kid nyce |
| ROTH IRA ROTH IRA ROTH IRA |
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| Frenchie |
| quote: | Originally posted by Moral Hazard
I've always found if your employer takes it right off your cheque (CND spelling) for you you really don't even notice it. |
+2 |
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| asfdz |
| quote: | Originally posted by Azia
have $1 million by age 62 |
one million sounds so damn nice.
and yes, direct deposit ftw |
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| idoru |
| I was actually thinking about this yesterday, when my mom mentioned she has like, $56,000 or something put away from retirement. It kinda creeps me out knowing that, unless I find some source of income during retirement, I'll only have a limited amount of funds. Like, I don't see saving enough to live off of to be a problem, but eh... it just creeps me out. |
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| _Nut_ |
| quote: | Originally posted by Azia
one million sounds so damn nice.
and yes, direct deposit ftw |
Direct deposit has nothing to do with retirement. |
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