Comments on: Saving for Retirement Early In Your Career http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/ Money Saving Insights: Coupons, Smart Spending and Promotional Codes Mon, 13 Feb 2012 05:38:35 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Harry Thompson http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-44039 Harry Thompson Sat, 07 Aug 2010 21:18:04 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-44039 Re: Letter From Chelsey With Socialist Insecurity Day on August 14th, just wondering if you advise young working people to the potential fraud in their future, should they not live to collect any Socialist Insecurity benefits, or have no eligible survivors. Sadly, politicians & proponents of the biggest Ponzi scheme in history, have sold working America a bill of goods, stressing the `glorious` benefits of this political scheme, but no one dares to address the risks. No one will mention how FICA payers lose their `contributions` to the government, should they become victims of the FICA Death Tax. In the real world, operators of private sector Ponzi schemes could face long-term sentences, ala, Bernie Madoff, unlike corrupt politicians, who face long-term incumbency, for perpetuating risky Socialist Insecurity. So, let the revolution begin, again...no more FICA taxation, without representation. Remind working Americans, especially young people, how their 10th Amendment rights are being trashed by corrupt politicians. Harry Thompson Tucson, AZ Re: Letter From Chelsey

With Socialist Insecurity Day on August 14th, just wondering if you advise young working people to the potential fraud in their future, should they not live to collect any Socialist Insecurity benefits, or have no eligible survivors.
Sadly, politicians & proponents of the biggest Ponzi scheme in history, have sold working America a bill of goods, stressing the `glorious` benefits of this political scheme, but no one dares to address the risks.
No one will mention how FICA payers lose their `contributions` to the government, should they become victims of the FICA Death Tax. In the real world, operators of private sector Ponzi schemes could face long-term sentences, ala, Bernie Madoff, unlike corrupt politicians, who face long-term incumbency, for perpetuating risky Socialist Insecurity.
So, let the revolution begin, again…no more FICA taxation, without representation. Remind working Americans, especially young people, how their 10th Amendment rights are being trashed by corrupt politicians.

Harry Thompson
Tucson, AZ

]]> By: Spend Cash, But Don’t Forget Opportunity Costs | Frugal Dad http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-29750 Spend Cash, But Don’t Forget Opportunity Costs | Frugal Dad Mon, 10 Aug 2009 18:06:03 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-29750 [...] Disney vacation could be used to pay down our remaining debt, or build our emergency fund, or to invest for retirement. We are giving up plenty of opportunity to spend that money on vacation, but it is a sacrifice we [...] [...] Disney vacation could be used to pay down our remaining debt, or build our emergency fund, or to invest for retirement. We are giving up plenty of opportunity to spend that money on vacation, but it is a sacrifice we [...]

]]> By: The Writer's Coin http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5386 The Writer's Coin Mon, 04 Aug 2008 11:01:11 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5386 Way to start this early on something like retirement. She will definitely see that pay off in a big way when she does retire Way to start this early on something like retirement. She will definitely see that pay off in a big way when she does retire

]]> By: Maha http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5372 Maha Sun, 03 Aug 2008 04:28:50 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5372 To Almost There, your post inspired me to look into Roth IRAs for my kids (5 1/2 and 3). They're too young for it now, but when they start working as teenagers, I'm going to encourage them to open their own Roth IRAs and offer a 100% match. I just ran some numbers really quick, and figured out that for contributing just $400/year (including our match) for just 10 years (from 15 to 25) at 9%, would yield $130,057. Not bad for a $4000 investment! Your son is lucky - his retirement is off to an excellent start. Thanks for your post and helping me put this on my agenda! To Almost There, your post inspired me to look into Roth IRAs for my kids (5 1/2 and 3). They’re too young for it now, but when they start working as teenagers, I’m going to encourage them to open their own Roth IRAs and offer a 100% match. I just ran some numbers really quick, and figured out that for contributing just $400/year (including our match) for just 10 years (from 15 to 25) at 9%, would yield $130,057. Not bad for a $4000 investment! Your son is lucky – his retirement is off to an excellent start. Thanks for your post and helping me put this on my agenda!

]]> By: Maha http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5371 Maha Sun, 03 Aug 2008 03:42:53 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5371 My advice is that once you start contributing toward your retirement, don't stop and then restart the contributions. I used to do that when my expenses got high (usually around Christmas) and resume several months later and rarely at the same amount (I'd lower it). I'm certain I've lost years of investing opportunity. Had I kept at it consistently, I'm certain my retirement would be substantially higher than it is now. Also, each time you get a raise or pay increase due to changing jobs, put the difference toward your retirement as soon as possible. This way you won't adjust your spending upwards and then feel like you have to maintain your new habits. Nothing will change except your retirement fund. And it's really fun to watch it grow. You're smart to think about this so soon. I wish I'd been as insightful so young. I had credit cards instead at your age. Good luck, and maybe we'll see you blogging about becoming a millionaire at 40! My advice is that once you start contributing toward your retirement, don’t stop and then restart the contributions. I used to do that when my expenses got high (usually around Christmas) and resume several months later and rarely at the same amount (I’d lower it). I’m certain I’ve lost years of investing opportunity. Had I kept at it consistently, I’m certain my retirement would be substantially higher than it is now. Also, each time you get a raise or pay increase due to changing jobs, put the difference toward your retirement as soon as possible. This way you won’t adjust your spending upwards and then feel like you have to maintain your new habits. Nothing will change except your retirement fund. And it’s really fun to watch it grow. You’re smart to think about this so soon. I wish I’d been as insightful so young. I had credit cards instead at your age. Good luck, and maybe we’ll see you blogging about becoming a millionaire at 40!

]]> By: E.C. http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5370 E.C. Sun, 03 Aug 2008 03:28:20 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5370 I'm in a similar situation to Chealsey: I've recently graduated and taken a job working in a school district that doesn't offer a 403(b) plan. However, I've already maxed out my Roth for 2008, and I'm not sure where to begin when it comes to researching options for taxable accounts. Any suggestions? I’m in a similar situation to Chealsey: I’ve recently graduated and taken a job working in a school district that doesn’t offer a 403(b) plan. However, I’ve already maxed out my Roth for 2008, and I’m not sure where to begin when it comes to researching options for taxable accounts. Any suggestions?

]]> By: A question answered on a ‘famous’ blog! « Grace, grammar & good eats http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5369 A question answered on a ‘famous’ blog! « Grace, grammar & good eats Sun, 03 Aug 2008 02:19:17 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5369 [...] days ago I e-mailed Jason of Frugal Dad to ask about Roth IRAs. Imagine my delight today when I saw he had already written about it in an ‘Ask the Readers’ post. I’m excited to hear what financial gurus have to [...] [...] days ago I e-mailed Jason of Frugal Dad to ask about Roth IRAs. Imagine my delight today when I saw he had already written about it in an ‘Ask the Readers’ post. I’m excited to hear what financial gurus have to [...]

]]> By: Lance http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5368 Lance Sun, 03 Aug 2008 01:02:24 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5368 I also highly encourage you to invest in a Roth IRA. Even if it means you have to cut back in other areas now, you'll be so much better off later on in life. Like Sandy has said, live frugally now. Save what you can for both an IRA and an emergency fund. I personally like the Vanguard line of index funds for IRA's. I also highly encourage you to invest in a Roth IRA. Even if it means you have to cut back in other areas now, you’ll be so much better off later on in life. Like Sandy has said, live frugally now. Save what you can for both an IRA and an emergency fund. I personally like the Vanguard line of index funds for IRA’s.

]]> By: Sandy http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5367 Sandy Sat, 02 Aug 2008 23:53:06 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5367 My biggest advice, beyond figuring out which type of account to set up, is to maintain your "college lifestyle" as long as possible. People tend to live quite frugally during their college years and the longer you live with roommates, low rent, and generally low overhead, the more able you will be to start to build your nest egg early. My biggest advice, beyond figuring out which type of account to set up, is to maintain your “college lifestyle” as long as possible. People tend to live quite frugally during their college years and the longer you live with roommates, low rent, and generally low overhead, the more able you will be to start to build your nest egg early.

]]> By: Chelsey http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5363 Chelsey Sat, 02 Aug 2008 21:39:49 +0000 http://frugaldad.com/2008/08/02/ask-the-reader-saving-for-retirement-early-in-your-career/#comment-5363 Jason, Thanks so much for responding to my question! I am excited to hear what your readers have to say. Jason,

Thanks so much for responding to my question! I am excited to hear what your readers have to say.

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