Saving for retirement sucks... - Democratic Underground

WillyBrandt

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Sun Mar-21-04 04:34 PM
Original message

Saving for retirement sucks...

I feel like a fuddy-duddy -- I'm 23, at home, and writing checks to my IRA so that I can go the casinos when I'm 65 years old. . .

I know theoretically it makes sense. I've seen the calculations. But I just feel like an idiot giving money to a brokerage instead of to loose women and bartenders.

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DancingBear

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Sun Mar-21-04 04:37 PM
Response to Original message

1. Mrs. DancingBear, the financial planner, sez

keep it up - you're doing fine... :)

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WillyBrandt

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Sun Mar-21-04 04:38 PM
Response to Reply #1

2. It just feels a little too.... responsible!

I mean what the hell am I doing trying to max out a Roth before Apr 15...

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RebelOne

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Sun Mar-21-04 04:40 PM
Response to Original message

3. Keep socking it away. You won't regret it.

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WillyBrandt

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Sun Mar-21-04 04:43 PM
Response to Reply #3

4. Dweebiness is the cost of future comfort

tis true :)

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DancingBear

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Sun Mar-21-04 04:45 PM
Response to Reply #4

5. I've heard way too many horror stories

Edited on Sun Mar-21-04 04:46 PM by DancingBear

of people that are $100,000 in debt - on credit cards alone.

Dweeb on.... :)

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WillyBrandt

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Sun Mar-21-04 04:49 PM
Response to Reply #5

7. I actually have quite a bit of debt from college loans, car

etc. It's not totally clear to me whether to pay off loans or save for retirement.

The debt is slowly dwindling (not fast enough, but it's going down, and I'm living fairly well)--but there's a legal and mathematical window of opportunity that I'm in right now for saving for retirement.

I've got relatives who say it's smarter to pay off debt than save for a future day, and it's not an easy judgment.

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supernova

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Sun Mar-21-04 04:53 PM
Response to Reply #7

8. Pay off the highest interest stuff first

Whatever you're not sticking in your IRA put most of your debt pay off money to the most expensive debt. It's the high interest rates over time that kill you in the debt department.

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WillyBrandt

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Sun Mar-21-04 04:58 PM
Response to Reply #8

10. I find that what's most vital is being ORGANIZED

I got a copy of Quicken, organized all my debts. Put all my CC debt on one CC.

I think what's most harmful--beyond actually spending more than what you have--is not knowing what's going, living in wilfull ignorance of your own finances.

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WillyBrandt

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Sun Mar-21-04 05:27 PM
Response to Reply #5

13. $100,000 on CREDIT CARDS?

Just noticed that--Holy Hell! How does that happen?

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supernova

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Sun Mar-21-04 04:46 PM
Response to Original message

6. Yep, You're doing the right thing

Later, when you're married with kids (and looking at paying for mortgages and their college tuition) you'll be glad you started NOW.

Keep it up! :thumbsup:

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DancingBear

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Sun Mar-21-04 04:58 PM
Response to Original message

9. Sometimes, listening to DU for financial advice

is liking asking a tree for change of a dollar.

I'm assuming you have a financial advisor, or someone who can draft a financial roadmap for you?

If you were in Virginia, I could recommend one. :)

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WillyBrandt

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Sun Mar-21-04 04:59 PM
Response to Reply #9

11. Nah, I'm just bitching online DB

I've read enough personal finance books to know exactly what to do. There are margin calls--retire debt or save, 401(k) or IRA--but it's mostly common sense and organization...

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roguevalley

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Sun Mar-21-04 04:59 PM
Response to Original message

12. its tougher not saving, honey. you're doing the right thing. get a tax

deferred annuity. they take the donation out before they
calculate taxes and therefore what is left is taxed at a
lower level. when you do pay taxes you do when you're older
and the rate is lower.

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cally

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Sun Mar-21-04 06:18 PM
Response to Original message

14. You will be astounded how much what you

add now means later. Before I had kids, I worked for the state and always contributed the maximum. Twenty years later it's one of my biggest assets. I even put it all in socially progressive funds. Do it because it may allow you to leave a job that you despise sometime in the future.

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