From: Get Rich Slowly
This post is from GRS staff writer April Dykman. It’s also a
part of National Save for Retirement Week A few weeks ago, J.D.
asked me to consider writing a post on retirement for National Save
for Retirement Week. As it was intended, National Save for
Retirement Week made me reflect on the state of my and my
husband’s retirement accounts. Currently, our retirement
savings are a tad pitiful. I have a 403(b) through my employer, who
contributes to my account whether or not I do. After five years of
employment, I’ll be eligible for a match. I also have a Roth
IRA, though I stopped automatic contributions when we buckled down
to pay off the credit cards and the auto loan. My husband
doesn’t have a Roth IRAÂ or 401(k), as it’s
not offered through his employer. Reti...
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The Personal Finance Hour, Episode 24: Saving for Retirement
It’s National Save for Retirement Week! All week, Get Rich
Slowly will feature articles about retirement planning. This
morning, I wrote about how important it is to pay yourself first.
April and Adam will share their thoughts on the subject in the days
ahead. On today’s episode of The Personal Finance Hour, I
joined my co-host Jim from Bargaineering to discuss saving for
retirement. We spoke with Jeremy from Gen X Finance. Jeremy is a
Chartered Retirement Planning Counselor and the author of
About.com’s financial planning section. Jeremy addressed some
specific situations, but he also talked about general principles.
He said the biggest mistake that people make is not saving enough.
At the bare minimum, he recommends saving enough to get the company
match for your 401(k...
Ask the Readers: Why Are YOU Saving for Retirement?
As I shared yesterday afternoon, although I believe National Save
for Retirement Week is important, I find the topic dreadfully dull
when stretched out for a week of blog posts. Lesson learned. Still,
I don’t think all retirement discussions have to induce
snores or tears. In fact, when you think about it, retirement
— especially early retirement — ought to be something
to celebrate. When a person has managed to save and make smart
choices, they have a chance to opt out of the rat race and pursue
the things they really love. (Note that some people, such as my
wife, are fortunate to work at jobs they love in the first place.
They’re already doing something they really love.) Rather
than talk more about the numbers or the various types of retirement
plans, I thought i...
Roth IRA vs 401k
One of the most important aspects of overall financial health is
saving for retirement. Due to its importance, several
retirement plans have been introduced that incentivize people to
save for retirement. Roth IRA and 401ks each allow their investors
to experience portfolio growth on a tax free basis, which makes the
account very popular retirement [...]
Ask the Readers: Am I Being Foolish for Saving So Much?
Some of my favorite questions come from readers who are worried
that they’re saving too much. This is a great problem to
have. For example, Henry wrote recently with this dilemma:
I’ve been reading Get Rich Slowly since I was 15. At that
time, it inspired me to save 20% of everything I earn for
retirement. I’m almost 20 now, and I currently max my Roth
IRA each year. (Well, I did in 2008 and 2009.) I also take the
required percentage to get my employer’s 401(k) match. I also
tithe. All of this means that I only take home about 50% of my net
(after-tax) income. I currently live at home, and I’ve wanted
to move out, but I’ve realized that while I’m saving
the money I can’t afford to be on my own. But if I stopped
contributing to my retirement ...
Should You Stop Funding Retirement to Focus on Debt?
This article is by GRS staff writer Adam Baker. In addition to his
work at Get Rich Slowly, Baker blogs over at Man Vs. Debt, where he
compiles the most famous and inspiring quotes on debt. This article
is a part of National Save for Retirement Week, and a sort of
follow-up to yesterday’s post about the choice between
retirement or a down payment. Whether you should halt your
retirement contributions in order to focus debt is one of the most
heavily debated dilemmas in personal finance. Unlike “spend
less than you earn” or “track every penny you
spend“, there’s no cookie-cutter answer to this
question. Variables such as age, career, risk
tolerance, and even personality type make each individual situation
unique. You’ll never win a race against hig...
