Aug
26
Written by:
admin
8/26/2008 8:59 AM
Much as understanding why Audrina keeps going back to Justin Bobby, determining your retirement savings goal is perplexing. I rummage around on the Internet using retirement calculators only to become more frustrated and confused. Some say I need millions. Others are shrouded in mystery providing the very insightful advice, “You’re on the right track!” And I’m even more frustrated with articles saying “You’re young! If you save anything you’re ahead of the game.” Is that really true? Based on some of the lofty figures I see, I don’t think “anything” will cut it. I’m a numbers girl. Give me a goal and I’ll find a way to hit it.
So, what can you do? The simplest solution: Set challenging savings goals! You’ll be surprised how the saying “the more you make the more you spend” applies in reverse. You’ll naturally cut back if the extra money simply isn’t there to spend. And don’t stress about putting it in the right place. Put it wherever you feel most confident. Hey, it’s your hard-earned money. Don’t let anyone else tell you what to do with it!
The options are endless and you’ve heard of all of them and why to do them. Hey, we all know how to use Google, right? You can put money in your 401(k) to reap the rewards of free money (via your employer’s match). Put it in an IRA. Traditional? Roth? You choose! Research will tell you one thing: No one knows which one is the better choice. And what does that mean? Neither choice is the wrong choice, obviously! Or, start working on an emergency fund. This will give you the peace of mind to keep saving even when the unexpected occurs, as it inevitably does.
Regardless, taking control of your retirement is very empowering. All your money needs is time (to grow through the power of compounded returns). While you’re in between… Waiting for 55!
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