Comments on: The 7-Day Turnaround, Day 5: Start Saving for Retirement http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/ Promotional Codes, Coupons & Deals + Money Saving Insights Wed, 23 May 2012 20:38:37 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: 7-Day Turnaround: That’s a Wrap | Frugal Dad http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-343 7-Day Turnaround: That’s a Wrap | Frugal Dad Sat, 16 Feb 2008 13:44:39 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-343 [...] 5 - Start Saving for Retirement. Determine how much you will need in retirement and use that as a minimum target goal. Start [...] [...] 5 – Start Saving for Retirement. Determine how much you will need in retirement and use that as a minimum target goal. Start [...]

]]> By: The Frugal Dad: The 7-Day Turnaround, Day 7: Invest For An Early Retirement - 7-Day Turnaround http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-160 The Frugal Dad: The 7-Day Turnaround, Day 7: Invest For An Early Retirement - 7-Day Turnaround Tue, 29 Jan 2008 12:09:14 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-160 [...] of the pay. Invest outside of retirement accounts. We’ve already learned the virtues of investing inside retirement accounts, but in this final step let’s start to invest outside of retirement accounts so that money is [...] [...] of the pay. Invest outside of retirement accounts. We’ve already learned the virtues of investing inside retirement accounts, but in this final step let’s start to invest outside of retirement accounts so that money is [...]

]]> By: Chris @ ComicHacks.com http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-142 Chris @ ComicHacks.com Sun, 27 Jan 2008 04:00:48 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-142 Jason, Thanks for the response! Yeah, I never got Total Money Makeover, but I did read Financial Peace and bought More Than Enough, but never finished reading it. Nursing school, ya know? But rest assured that your great blog has been added to me RSS reader and I check it everyday. Lots of great info. Thanks again! Jason,

Thanks for the response!

Yeah, I never got Total Money Makeover, but I did read Financial Peace and bought More Than Enough, but never finished reading it. Nursing school, ya know?

But rest assured that your great blog has been added to me RSS reader and I check it everyday. Lots of great info.

Thanks again!

]]> By: Jason http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-141 Jason Sun, 27 Jan 2008 00:27:18 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-141 Chris, there are no limits to the number of Roth IRA accounts you can have established, as long as your total contributions each year don't exceed the limits for that tax year. A Roth IRA is just a shelter you wrap around investments to shield the growth from taxation. In that sense, the investments themselves could be in anything from index mutual funds to shares of Microsoft. Each investment offers its own historical average, but I would guess a well-diversified retirement portfolio should be averaging 8%-12% growth over the long term. I'm happy to help. One thing I would recommend, in addition to subscribing and following my posts here on Frugal Dad, is to start reading through personal finance magazines and books to get a variety of opinions on finance. I like Kiplingers Personal Finance magazine. You mentioned Dave Ramsey, his latest offering "The Total Money Makeover" is an excellent book on starting a personal finance game plan. I would start with that one if you are already a fan of Ramsey's work. Good luck finishing up nursing school. You have chosen a fabulous profession to pursue! I always tell "undecideds" entering school to look at nursing or pharmacy because you can basically write your own ticket with the shortages in both professions, and the aging population. Thanks again for visiting Frugal Dad! Chris, there are no limits to the number of Roth IRA accounts you can have established, as long as your total contributions each year don’t exceed the limits for that tax year.

A Roth IRA is just a shelter you wrap around investments to shield the growth from taxation. In that sense, the investments themselves could be in anything from index mutual funds to shares of Microsoft. Each investment offers its own historical average, but I would guess a well-diversified retirement portfolio should be averaging 8%-12% growth over the long term.

I’m happy to help. One thing I would recommend, in addition to subscribing and following my posts here on Frugal Dad, is to start reading through personal finance magazines and books to get a variety of opinions on finance. I like Kiplingers Personal Finance magazine. You mentioned Dave Ramsey, his latest offering “The Total Money Makeover” is an excellent book on starting a personal finance game plan. I would start with that one if you are already a fan of Ramsey’s work.

Good luck finishing up nursing school. You have chosen a fabulous profession to pursue! I always tell “undecideds” entering school to look at nursing or pharmacy because you can basically write your own ticket with the shortages in both professions, and the aging population.

Thanks again for visiting Frugal Dad!

]]> By: Chris @ ComicHacks.com http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-140 Chris @ ComicHacks.com Sat, 26 Jan 2008 23:16:29 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-140 Jason, Thanks for the info! Are you allowed to have more than one Roth IRA? Do you have an idea what the average growth or interest rate is for a Roth IRA? I know these are probably basic questions, but I really don't know a lot about these and it's been several years since I've read Ramsey's Financial Peace. I'll be graduating from nursing school this summer and after getting a house, I really want to start investing for retirement at an aggressive rate. Thanks a lot! Jason,

Thanks for the info!

Are you allowed to have more than one Roth IRA? Do you have an idea what the average growth or interest rate is for a Roth IRA?

I know these are probably basic questions, but I really don’t know a lot about these and it’s been several years since I’ve read Ramsey’s Financial Peace.

I’ll be graduating from nursing school this summer and after getting a house, I really want to start investing for retirement at an aggressive rate.

Thanks a lot!

]]> By: Jason http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-137 Jason Sat, 26 Jan 2008 12:34:45 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-137 Chris, thanks for your comments. Roth IRA contributions are capped at $4,000 for individuals contributing in the 2007 tax year (which you can still do until April 15, 2008). In the 2008 tax year that amount jumps to $5,000, plus there is an additional $1,000 "catch-up" provision that allows you to invest an additional $1k if you are 50 years old after 12/31/2007. Thanks again for visiting FrugalDad.com! Chris, thanks for your comments. Roth IRA contributions are capped at $4,000 for individuals contributing in the 2007 tax year (which you can still do until April 15, 2008). In the 2008 tax year that amount jumps to $5,000, plus there is an additional $1,000 “catch-up” provision that allows you to invest an additional $1k if you are 50 years old after 12/31/2007.

Thanks again for visiting FrugalDad.com!

]]> By: Chris @ ComicHacks.com http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-135 Chris @ ComicHacks.com Sat, 26 Jan 2008 09:45:52 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-135 Jason, Your info in this post was very informative concerning Roth IRAs. My questions is this: How much am I allowed to contribute to my own Roth IRA each year? Is there a limit? Hope to hear from you soon. Thanks! Jason,

Your info in this post was very informative concerning Roth IRAs.

My questions is this: How much am I allowed to contribute to my own Roth IRA each year? Is there a limit?

Hope to hear from you soon.

Thanks!

]]> By: Best Advice on Debt http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-132 Best Advice on Debt Fri, 25 Jan 2008 20:21:21 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-132 Investing, to me, is the fun part of being frugal. :) If your company offers a company match, then always start there with your retirement. Otherwise you're saying no to free money! Great post. Investing, to me, is the fun part of being frugal. :)

If your company offers a company match, then always start there with your retirement. Otherwise you’re saying no to free money!

Great post.

]]> By: Free cards » The 7-Day Turnaround, Day 5: Start Saving for Retirement http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-129 Free cards » The 7-Day Turnaround, Day 5: Start Saving for Retirement Fri, 25 Jan 2008 14:34:31 +0000 http://frugaldad.com/2008/01/25/the-7-day-turnaround-day-5-start-saving-for-retirement/#comment-129 [...] post by The Frugal Dad: Living Frugal and Saving Money This entry is filed under Free cards. You can follow any responses to this entry through the RSS [...] [...] post by The Frugal Dad: Living Frugal and Saving Money This entry is filed under Free cards. You can follow any responses to this entry through the RSS [...]

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