Welcome to InsuranceForums.info!   

Advertisments:


Sponsor Links

Affordable Pet Insurance
Travel Insurance Comparison


What is the best way to save for retirement?

Term Life Insurance & Whole Life Insurance Discussion

What is the best way to save for retirement?

Postby edmyg2 » Fri Dec 07, 2012 2:43 pm

I'm 25, am married, and have 2 kids. I finally have a really good job making good enough money where I can start putting money away. I am wondering what the best way to this is. I am tech guy so the financial side of things isn't exactly my thing. Any help or suggestions would be great.
edmyg2
 
Posts: 221
Joined: Mon Jul 09, 2012 1:57 am

What is the best way to save for retirement?

Postby holdyn95 » Fri Dec 07, 2012 2:47 pm

I'm 25, am married, and have 2 kids. I finally have a really good job making good enough money where I can start putting money away. I am wondering what the best way to this is. I am tech guy so the financial side of things isn't exactly my thing. Any help or suggestions would be great.
410K - at least the company match.
Then a ROTH - up to $5,000 a year.
Good companies for this are Fidelity, Charles Schwab, ING, Vanguard.

Before socking money away, make sure you have your Emergency Savings Fund in place.
This should be 6 months of living expenses.
After all, you never know when an emergency can happen such as loss of a job, medical not covered by insurance, or major car repairs.

Make sure you have some term life insurance in place.
Many jobs offer 1 or 2 years of income for free, but you may want more.
holdyn95
 
Posts: 230
Joined: Mon Jul 09, 2012 12:35 am

What is the best way to save for retirement?

Postby adoff24 » Fri Dec 07, 2012 2:49 pm

Ideally, you were putting 30% aside from day 1. 15-20% for retirement savings and 15-20% for regular savings.

By putting so much away, you guarantee that you are living on less than your salary--so then when you retire and only have 70-80% to replace the salary, you'll be in an excellent position.

If you sock a ton of money into the 401K (you are allowed to put in $17K), then any remaining money should probably be a ROTH (after tax money). As another poster pointed out, even if you are the only one working, you can start a ROTH for your wife as well.
adoff24
 
Posts: 477
Joined: Fri Apr 01, 2011 6:40 am

What is the best way to save for retirement?

Postby erle61 » Fri Dec 07, 2012 2:59 pm

Does your employer offer a 401k with a match?

If so, you should be putting enough into your 401k to at least max out the match.

Then, look at Roth IRAs for both you and your wife. You can each put up to $5000 in a Roth IRA. For 2013, this amount goes up to $5500.
erle61
 
Posts: 490
Joined: Fri Apr 01, 2011 12:08 pm

What is the best way to save for retirement?

Postby adiv » Fri Dec 07, 2012 3:09 pm

this determin how old are you and how capital you aern before retirement time.all this will help you to settle donw and be save from retirement thanks
adiv
 
Posts: 568
Joined: Thu Mar 31, 2011 5:22 am

What is the best way to save for retirement?

Postby lokni36 » Fri Dec 07, 2012 3:12 pm

Some love for d people who will always be loving and caring for u..
lokni36
 
Posts: 460
Joined: Sat Apr 02, 2011 9:51 am


Return to Life Insurance

 


  • Related topics
    Replies
    Views
    Last post