The Best Time To Start Saving For Retirement.

Discussion in Retirement Plans started by lucykey • Nov 6, 2017.

  1. lucykey

    lucykeyMember

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    I once got a small job in a certain company that was not paying much to satisfy my needs and they were deducting the contributions from my salary to the retirement scheme. By that time I was not ready to start contributing because I thought that my salary wont manage it all including my personal demands.

    But I come to agree with it all after resisting for some time and now I see the benefit of it all that it remains to be my saving that will help me at one point in life maybe when I retire.At what point do you think you should start saving for retirement?
     
  2. mildredtabitha

    mildredtabithaActive Member

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    I think early twenties is the best time to start saving for retirement. But since most people are now in their late 20s with no job to help in saving, then it is better to start saving immediately one gets a job. I also feel my current income is not enough for me to start concentrating on saving but there is always joy in saving. Our source of income might not last but our savings will be enough for rainy days.
     
  3. luri

    luriActive Member

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    It is never too early for saving for retirement and it is never too late for retirement saving. If you you have not started to save for retirement yet, you should get started immediately. You should never dilly dailly for saving for retirement. If you have not saved yet, the right time is now. I have a nephew who began to save coins in a piggy bank a year ago. If he continues to save, he can build fortune by the time he is ready to retire.
     
  4. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    I agree it's just never too early to save for retirement. It's just how will you pay tax wise for some are deferred some are not. Some like to invest for retirement and build a nest egg. As soon as you work, you collect Social Security points so you'll get Social Security when you apply for it.

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    near the bottom of the page is the retirement estimator where you can find out how much you approximately will receive and all the information of when and how to apply for Social Security.

    Today when you get older, magazines like Generations we have on Oahu, tell you that you should size down. One easy way is to donate and to sell on letgo.com. Letgo.com where I've an account is very good, very free and works. I've sold things easily in my State. On the mainland you got the American Pickers if you got lots of things that you accumulated for them to buy. Antique Roadshow and American Pickers has lots to teach you as well as being entertaining for you might have something of an antique that could get you big money. I've seen some people who bought paintings in thrift stores that they fell in love with, bought it and got it appraised at Antique Roadshow now worth over $50K! You know no one can have enough money always with prices going up always, but so is Social Security benefits next year 2018!

    I've seen commercials about mortgages with Tom Selleck that if you have your own home will be very beneficial. If you have your own home paid off, you've got it made mostly with only fuel, food, utilities, water, sewage payments to worry about aside of upkeep. Locally if you got $105K to pay upfront you can live the rest of your life at places like The Plaza where they'll cook, clean and has nurses 24/7 and has even a floor for people who have very medical and special needs and they'll take care of your for life. The price of The Plaza is this year, by the way. Looking into the future for where you want to live out the end of life journey is a good thing to do for you'll see cost, accommodations etc. You really get the picture of how much you'll need in retirement that comes with the end of life journey too. It's wise to get a funeral plan too, for today funeral costs in the thousands and this doesn't include funeral ceremony. Retirement to end of life journey is very real, and going to happen. Good to discuss this with your family as well as looking ahead to how much and when to start for it. I just went through it recently when I lost my Mother in July, she had a funeral plan, thankfully. I had to pay out of pocket for funeral ceremony and burial ceremony $350! There is also the gratuity for services for the Rev. too which is cash payment. You'll need money for flowers, food for your guests with paper plates & utensils and napkins too. Funeral plans goes up in prices too. Get one that has perpetual care for your grave site so you'll never have to worry about it.

     
  5. Alexandoy

    AlexandoyWell-Known Member

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    I retired last year. The optimum time to prepare for retirement is 10 years especially if you are employed and your employer has no retirement benefit. In that case, you need to build up your nest egg from your salary. Maybe 5% to 10% is a good number to save for your retirement.
     
  6. littlewitch66

    littlewitch66Active Member

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    I saved from a very young age through my work so not only do I have my state pension but I have a small works pension too. It's not a lot but it's a little extra each month and it increases every year. When I was younger I was advised by more senior staff members to take out a pension and although I didn't place much significance on it at the time I'm so glad I listened as it gives that little boost to my monthly income. I was able to transfer it from job to job so I am very grateful to those people who told me to do it.