Save now. Save as much as you can. Save as if your life depends on it, because it does.
Okay, I’m neither a Boomer nor a Y, I’m an X’er. I’m at that age where I’m now straddling the divide between old and young, and the train wreck that’s coming is plainly apparent to me. My advice to the Y’s: forget the new car, start saving your *ss*s off.
I’ve got my 401(k) maxed out, have a Roth going, and every month, like clockwork, I drive over to the bank and buy a CD (7 months at 5% annual yield, big money). Start now, because, mark my words, Social Security is going away. There is simply too much political hay to be made by either party in cutting the other party off at the knees than in fixing the problem, which guarantees that no solution will be forthcoming.
“I’ve got my 401(k) maxed out, have a Roth going, and every month, like clockwork, I drive over to the bank and buy a CD (7 months at 5% annual yield, big money). Start now, because, mark my words, Social Security is going away.”
Darn straight. Bonus for me since I’m at a mortgage company where I can give myself my own annuity commissions. However, with the amount I’ve already lost (and I say lost specifically because the money is gone, poof, bye-bye, sayonara) I could have made a down payment on a house by now.
Hello folks, earth to Freepers, no one can provide for your retirement but yourself, government money disappears into politicians’ pet projects as soon as it leaves your paycheck, don’t know why this is a difficult concept....