Wednesday, June 22, 2005

Retirement Story

At work I had a discussion with my coworker about saving for retirement. He tells me his story about his father, which was a bit depressing. His father is retired and has used up most of his retirement funds. He's maxed out the credit cards and is unable to make the minimum payments. His father is planning on filing for bankruptcy. His only remaining assets are an old car and a house in Florida. This is supposed to be his golden years, but now he has to worry about paying the creditors. You bust your ass working 40+ years and this is what you end up with...

You just have to suck it up and save as much as you can while you're young. Max out your 401(k), IRAs and take advantage of all of bennies that's offered by your company. Especially the employee stock purchase program if you have one. I'm sacrificing a lot right now to ensure that I'll be financially secure when I retire.

3 Comments:

At June 23, 2005, Blogger Smarty said...

It's hard to look so far into the future, especially when you're young. When I tell my friends about putting money in their 401k plans, they think it's ridiculous to wait until they're 60 years old to withdrawal their money. The biggest excuse, "What if I die before then?"

 
At June 23, 2005, Blogger Money Turtle said...

I get the same excuse when I tell people to start saving for retirement. Hey, I tried...

 
At June 24, 2005, Anonymous tershania said...

I contribute 15% of my income to my 401K. I save enough a month to contribute the a nice amount to an ING account and my stock portfolio. I'm more interested in saving money than spending it on frivolous items.

 

Post a Comment

<< Home