Don’t! Many keep working at something till they kick.
Gold.
Save at least 10 percent of your pay for your retirement. This includes any match you might get from your employer. For example, suppose your employer matches dollar for dollar on the first four percent of pay for your contributions. In this case, you’ll need to save six percent of your pay — four percent to get the four percent match, plus two percent to get up to 10 percent.
I personally think that saving 10 percent regardless of what the employer puts in is a better way to go. Now after all of that, pray that when your son wants to retire, the stock market doesn’t crash. That is my only worry about stock market being used for retirement (what other option do you have really). With Social Security eventually going to stock market, it will be having all eggs in one basket but again what choice will anyone have.
Make sure to save some dough because Obamacare requires an average $250 per month or else the IRS will come a callin’...
*Live at a room and board instead of an apartment.
*Buy food in bulk quantities for you and your family.
*Always buy used cars.
*Use your computer for your entertainment.
*Download movies.
*Download music.
*Get certifications and turn those skills into your own side business.
Good advice for those who want to waste their youth eating Top Ramen sandwiches in the expectation that their lives won't be cut short leaving them free to live their old and weak years in what will sure to be some archaic understanding of 'comfort'.
Not burdening yourself with unsupported debt is good advice, but the rest of that stuff looks like a recipe to live your life in the background like a schlub.
But I understand completely that not everyone can live their life like Errol Flynn.
This is tongue and cheek....having said that...spend everything as you get it. Live paycheck to paycheck. The less you have in your bank account, the less unhidable assets you have, the more you can live off the government. Social security will be means tested, who know’s maybe someday your 401K will be means tested. Healthcare will be means tested.
....or buy lots of gold and hide it in a hole somewhere.
work for the govt....period...nothing will beat the bennies and wages and pensions....
1. Get a haircut.
2. Get a job.
3. Keep the job.
-PJ
1) Don’t buy underwear. If cavemen didn’t need it, why should you.
No.
Don’t bother planning for retirement at that age. At least not in the normal sense. Savings in US dollars are soon to be wiped out in more than one way. All other methods of planning for “it” can be rather complex, and involve risks as well.
Have six children in the hopes one will care for you.
*) Save and then keep 6 months gross income in a liquid account
*) Open a 401(k) and put as much as possible into it
*) Pay yourself first — save at least 10% of your income and keep it in safe investments. use this to purchase things.
*) You’re 20? Think of SSI as a tax. You will never see a dime. Plan accordingly.
*) Splurge once a month — more when you get older.
*) ALWAYS pay cash, except for cars and a mortgage (when you are ready for one). Use Credit cards like 23 day cash advances — pay them down to ZERO every month.
*) Along those lines, DO WITHOUT. If you can’t pay for an appliance or doo-dad in cash, then DO WITHOUT. Don’t finance stuff.
Save your retirement funds in something not named the US Dollar...
Get a job in a remote location or war zone where few others are willing to work and there’s nothing to spend your money on.
Save almost all the money you make there for several years. Then pay cash for your first house and you’ll be in a good position early in life.
Get a job in a remote location or war zone where few others are willing to work and there’s nothing to spend your money on.
Save almost all the money you make there for several years. Then pay cash for your first house and you’ll be in a good position early in life.
Twenty-something is a bit late. Ideally what you need to do is spend the parent-supported years of 15-20 working your backside off and socking every penny away in an IRA. The parents need to have the foresight to live in an area where the school district allows juniors and seniors to fulfil their HS graduation requirements with community college courses, allowing you to graduate high school with a free Associates degree.