Retirement saving

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Complete the Ballpark E$timate retirement planning worksheet. ... It is a retirement savings plan sponsored by your employer and funded by you with money ...

publications, estimates, and statistics about retirement saving ... Roughly half of all workers participated in one or more retirement plans in 2003. ...

Comparing the Retirement Savings of the Baby Boomers and Other Cohorts ... This study compares the retirement savings behavior of four different age cohorts and ...

Everything you need to know about retirement savings plans and income planning, including a discussion of the Roth IRA, Roth 401(k), traditional 401(k), and tax ...

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As I understand it, the apparently final form of the health care reform bill includes the following provisions: - If you are not poor, then if you don't have health insurance you will pay a fine. The fine is smallish, probably around $1,000 per year for most people, and much less than the actual cost of buying insurance. - If you are poor, then if you don't have health insurance you will be given health insurance for free, or with a substantial subsidy. And the people who are not poor will be taxed to pay for it. So in my situation, I had a successful 20 year career, making a six figure income for a few years. Now I am unemployed, after being replaced with H1b visa workers, and I am living off of the money I had started saving up for my retirement years. To a financial planner, I am in dire straits financially. I am less than 50 years old, so I had not yet saved up anywhere near enough to retire on. Now I am being forced to spend down even this inadequate savings, so I am facing homelessness in a few years. Back when I was making a six figure income, I recklessly got married, started having children, and bought a four bedroom house with a mortgage. How could I have been such a fool (heavy sarcasm). But to a social worker, I am one of those filthy rich fat cats because I have more than $200 in a checking account, like most of the individuals they see. I'm too poor to be rich, but too rich to be poor. Sound familiar? So under the current law: I don't have health insurance. So I will pay a fine because I am "not poor." Some poor person doesn't have health insurance. So he will get free health insurance. And I will be forced to pay for it. Two people. Neither one has insurance. One gets free insurance. The other one has to pay for it, and ALSO pay a fine for being in the same uninsured condition as the one who gets free insurance. And the poor person is probably on welfare, so he has a more secure future than I do. Well, in a few years I'll lose everything and go on welfare myself, unless the welfare program has "exceeded its quota" by then. So as long as there are enough people left to fund the welfare state, it will all equal out eventually, right? So as far as I can see, all HC reform will do is hasten the day when I finish my descent from having a successful career with a six figure income to being another welfare recipient. That is, assuming welfare will still be available to new recipients by then. Is this an accurate assessment?

Social Security Retirement Income: supposed to save the nation money--now a $43 trillion unfunded liability. Medicare: supposed to save the nation money--now a $53 trillion unfunded liability. Obamacare--supposed to save the nation money.per the word of a 3rd year junior associate lawyer and adjunct night lecturer. THE USA IS BK--guaranteed. Fortunately, the Supreme Court will strike it down so we will be saved.

Everywhere I've looked (keep in mind I didn't do any "in-depth" searching) no one bothered to say what type of lifestyle the amount catered to in the first place. Obviously, a person's lifestyle and general way of living is going to influence the amount needed. So what is considered the ideal candidate for someone who needs one million in retirement?

I have Fidelity for my retirement and my husband has Principal Funds for his because that's who our employers go through. We want to open another investment account to save money for a down payment for a house hopefully faster than the low rated savings and CD accounts would get us. Are these really good companies or are their better ones out there?

In my case, I was never a good student.. took a few years off around 18-21 and got my computer science degree by 24. I'm 25 now and still living with my parents. I have no student loan. I started my own online biz (took me serveral months isolating myself home) and happily making over 6 figures and keep growing. I'm saving up most of what i am making and be good and ready to buy a nice beach house in malibu in 2-3 years, nice car, and able to support my parents thru my investments on their retirement with ease. yet, i find that many so-called ambitious recent graduates really struggled when they finally graduated, due to overrated college exp. and even more ridiculously high amount of student loan, so they are forced to find a dead-end or part time job and work their behind out just to pay for a cheap apt to live in, while still maintaining a relationship with their gf who is probably not gonna last anway. just struggling to live the rest of their lives in a rat race. even though i am living with my parents for a few more years then my peers, i am making more money than most of the people in their 30s and be a lot secure and worry-free of my future and my future gf/wife for the rest of my life. just as an example, say a recent college grad found a job that pays 50k (average) a year, in only a few years, he can afford to buy himself a house with cash, if only he just stay home a few years. not to mention, most very successful entrepreneur started their biz/hobbies at home living with parents..etc. and become millionaire at an early age. even Bill gates stay in a garage until 25. i think the whole early 20s freedom is overrated and they have to pay it thru the rest of their life.

In my case, I was never a good student.. took a few years off around 18-21 and got my computer science degree by 24. I'm 25 now and still living with my parents. I have no student loan. I started my own online biz (took me serveral months isolating myself home) and happily making over 6 figures and keep growing. I'm saving up most of what i am making and be good and ready to buy a nice beach house in malibu in 2-3 years, nice car, and able to support my parents thru my investments on their retirement with ease. yet, i find that many so-called ambitious recent graduates really struggled when they finally graduated, due to overrated college exp. and even more ridiculously high amount of student loan, so they are forced to find a dead-end or part time job and work their behind out just to pay for a cheap apt to live in, while still maintaining a relationship with their gf who is probably not gonna last anway. just struggling to live the rest of their lives in a rat race. even though i am living with my parents for a few more years then my peers, i am making more money than most of the people in their 30s and be a lot secure and worry-free of my future and my future gf/wife for the rest of my life. just as an example, say a recent college grad found a job that pays 50k (average) a year, in only a few years, he can afford to buy himself a house with cash, if only he just stay home a few years. not to mention, most very successful entrepreneur started their biz/hobbies at home living with parents..etc. and become millionaire at an early age. even Bill gates stay in a garage until 25. i think the whole early 20s freedom is overrated and they have to pay it thru the rest of their life.

Good evening. Hopefully someone can explain to me how to figure out the answer to this problem. I'm completley lost right now. Here it is: Assuming you make 40,000 at your first job when you are 20 years old and 130,481 when you are 60. From sources online, an average retiree requires approximately 70% of their last working salary to live comfortably at the level they are used to in retirement. Let's say you want to earn a fixed amount of interest forever so that what remains can be passed onto your wife. That is, you want to earn a fixed amount each year, for an indefinite amount of time. If you retire at 60 and can earn 5% interest, how much must you have saved to earn the required amount of interest?

Why should my taxes go to pay for some lazy liberal's medical care? or to pay unemployment for some guy who is out of work cause he is just too lazy to find one? and what people who worked all their lives and never had the discipline like I do to save for their retirement? Once more libs, stay out of my pocket !!!!

I work as a teacher and have a pension plan through the state, which has been underfunded in the past. To make up the difference, large pension contributions are deducted from my paycheck every two weeks. As a result, it's very difficult to have any money to save. I am barely making ends meet, as I am the sole provider for my wife and baby. In addition, I will need to start saving for my baby's future college costs. Even though I'm barely making it, should I open a retirement account or should my pension already be enough?

My wife and I have a disagreement. We have two kids (13 and 10 years old). We have a pretty good start on both retirement savings and college savings. However, she says we need to save more aggressively for college than for retirement, and I say we need to save more aggressively for retirement than for college (we are both 48 years old). My logic is that, if we fall short of our goal for college savings, there will always be an option to borrow at low interest rates. Borrowing for retirement will never be an option. Your thoughts?

Social Security and Medicare are Ponzi Schemes which every American (with a handful of exceptions) must participate in. While Americans are working, they pay a percentage of their income (which is "matched" by the employer, so the actual Social Security tax each worker pays is twice what he thinks he's paying) in Social Security taxes into the program. When he reaches retirement age, he then begins to receive money from the program. The money paid in Social Security taxes is paid out in benefits. The remainder of the money is spent by the federal government so that the deficit is less than it would have otherwise been. The key to keeping a Ponzi scheme viable is to continually find new "investors" into the scheme. In the case of Social Security and Medicare, the way to keep them viable is to keep the birth rate high. If there are far more people working than receiving Social Security and Medicare, those receiving benefits will receive good benefits. If there are more people receiving benefits than working (or even if the numbers are about the same), those receiving benefits will receive very little. As a result of the environmental and feminist movements, the birth rate has collapsed in the western world today. In most countries, it is well below replacement (that is, under 2). In our country, the birth rate is around 2, thanks to the increased prevalence of religious conservatism in our society. However, this is still far too low, which is why the collapse of these programs is imminent. Had the American people understood the importance of high birth rates in order to maintain Social Security and Medicare, the collapse of these programs could have been prevented. It is now too late to save Social Security or Medicare. Thanks to Bush's expansion of Medicare, Medicare is likely to collapse first, although once that happens, it won't be long until the same happens to Social Security. Whether or not Social Security and Medicare are a good idea is now a moot point. Both programs will go bankrupt in the near future and there is nothing anybody can do to stop it.

why should I have to spend any money to help some lazy bum who is unemployed cause he wants to be? why should my money be used to help some person who did not plan their life properly and did not save for retirement or an illness when they are old? comrade Hussein Obumma, stay out of my pocket !!!!

Hey, I just turned 17 so I'm moving out in about a year. My dad is a 60 year old mechanic with no money saved for retirement. He has a really bad dislocated shoulder so he can't work, but we don't have health care so he can't get it fixed. We've been getting social security ever since my mom died and that's pretty much what we're living on, it runs out when I'm 18 so that's why I'm gonna move out and room with my friends. I'm not worried about myself after I move out, my dad just has nowhere to go. He can't keep paying for our apartment (we own it but the mortgage isn't paid off) since he has no job. I obviously don't have enough money to put him in a retirement home or I would do that, is there anything you can suggest for my dad? I really don't want him to end up on the streets. 10 points to whoever helps me the most.

Hello all! Sorry this is so long but I have a lot of detail and it is a VERY important birthday... My grandma has made it to 90 with all her mental faculties intact and is surprisingly well off physically. Last September, she saved up and went on a cruse down to Cabo with a group from her retirement community... And 2 years before that she saved up again and went with her Community to Hawaii and rode in a helicopter over the islands! (Needless to say, her Retirement Community's Activity Director ROCKS and gets some rather spectacular discount "Group Packages" with her connections!) My grandma likes to have a Manhattan Cocktail or a Vodka Tonic when she goes out... The only thing is that she tires easily and uses one of those walkers with the hand breaks and the seat. She is flying in from Tucson to Chicago, where our family is from, for the party and my aunt hijacked the "Official" party and is doing some sort of "Formal" nonsense and is not taking anything my Grandmother actually wants in to consideration... LITERALLY, she is doing the party with what her 2-year relationship with a Muslim fu*k-buddy wants and not what GRANDMA wants... i.e. Is near THEIR condo, a half an hour drive out from where the rest of our family/friends live, no alcohol, everything served is Halal... etc. etc. etc. Last year he decided the party was to be at a Forest Preserve 5 min's drive from their house, in the middle of July, because they don't allow alcohol at the forest preserve and he thought that would stop people from drinking... (It Didn't) and it was so hot that most of her friends had to leave or suffer heat stroke. Yeah... freaking 90' out, humidity just suffocating, but we had to do what HE wanted because we all need to "Respect his beliefs" even though it was GRANDMA'S 89th BIRTHDAY! She is playing the martyr, as if WE forced her to do all of this on her own when she won't allow anyone else to voice an opintion on HER party plans... Even my grandmother. But I digress... Thank goodness, this year it will be IN DOORS and (hopefully) in the city so that only SHE has to drive a half an hour out of her way and not the other 30 guests that are invited. ¸๑•*´`*♥❤♥*´`*•๑¸ ¸๑•*´`*♥❤♥*´`*•๑¸ ¸๑•*´`*♥❤♥*´`*•๑¸ ► Question 1: What would you want on a "Happy 90th Birthday" banner to hang at your party? We did "Happy Birthday Marilyn: 29 AGAIN?" when she hit 70, so that is out... And we are out of ideas... ¸๑•*´`*♥❤♥*´`*•๑¸ ¸๑•*´`*♥❤♥*´`*•๑¸ ¸๑•*´`*♥❤♥*´`*•๑¸ My father, myself, and a couple of friends of ours want to do something JUST FOR HER and no one else and these are our plans... 1. If we are REALLY lucky, we will get Cub's Tickets for the actual day of her birthday. We got the Cubs to put "Happy 85th Birthday" on the Wrigley Field Marquee for the Video I did for that b-day and we are hoping we can tell them it is her 90th and they will announce "Happy 90th!" over the loud speakers. 2. No matter what, we are doing this: We found a Tourist Company that does helicopter rides over the city... We can have up to 6 (I think off hand) in a helicopter that flies around the city for 45 min's. 3. I will borrow a friend's video camera to document the trip and then make a "Happy 90th" DVD for the whole family which includes the obligatory family photos, the video of the Helicopter Ride, the video of the Cub's Game, and the video of the "Official" 90th birthday party. The Helicopter Ride is like, $600.00 and I have no idea how much Cub's Tickets cost but if we get everyone to chip in, I know that we can pull it all off... A friend of ours says he "Knows Someone" that can help us out on the Cub's Tickets. So... ¸๑•*´`*♥❤♥*´`*•๑¸ ¸๑•*´`*♥❤♥*´`*•๑¸ ¸๑•*´`*♥❤♥*´`*•๑¸ ► Question 2: Does my secondary plan sound like a good plan? I'll make the DVD for the family no matter what but the Cub's game and/or the Helicopter Ride over her home town? I know it is rather extravagant and pulling it off money wise will be tight, but this is her NINETIETH BIRTHDAY and who knows how much longer she will be around... She may make 105 or she may make 90.5... So we want to do something that will blow her mind! LOL! ¸๑•*´`*♥❤♥*´`*•๑¸ ¸๑•*´`*♥❤♥*´`*•๑¸ ¸๑•*´`*♥❤♥*´`*•๑¸ Again, sorry for the length... But this is both a Brain-Storming Session and a Venting Session... LOL! Any ideas would be appreciated.

My 401k finally went over 700K this week...as of yesterday it was $707,018...not that I am counting...haha....the world is wonderful when the "market" goes up for a couple weeks in a row. Of course what goes up...300K to get to a million dollars I think I may just make it...I'm shooting to retire in 6 years.

Scene Horrible insurance company is being sued for not covering a 12 million dollar procedure thats only be successfully tried a half dozen times Conclusions insurance company loses, operation/treatment happens and low and behold it works and saves the patient Why isnt it about the old couple who have 1000 shares of stock in well point inc and because of the judgment this part of their retirement is now worth far less? Why is it that everyone thinks that the only one that gets hurt when some one sticks it to big corporation is fat cats? Why dont they realize that 12,490,000 individual shareholders get dividends and that does not include shareholders that get no dividends?

Alright, so I know I should start saving for retirement as soon as possible. I've been reading about a lot of retirement online, but I'm still confused. It's nothing I've been taking TOO seriously, but today at work I had a meeting about the fact I know meet the qualifications for my company's 401k. Now, I'm only 18 so I know nothing about retirement, or stocks, or anything of the nature. The only information I got was I could distribute my funds in stocks, bonds, and trusts. Also, my company will match the first 2.5% of my salary that I put in, so I was told in order to get the most "free money" I should put in at least 2.5%. Now, I was thinking of doing about 10% (after my company match would end up being like 12.5%), but in terms of the stocks, bonds, etc, I am totally confused. Now, based on all the information I got in this meeting, the more risky, the larger your pay out could be. So...after all my options I though of going for the vanguard 500. I guess the vanguard 500 is a mid risk mid reward level that distributes your money into largely known stocks, such at AT&T, Exxon, google, etc. Not only do I want to know if this is a good idea, I also wanna know more details about my other options, and reasons behind what you think is best. Please, don't tell me to put everything in one group without telling me why. I want as much knowledge on this as possible as we are discussing my future hear. Your help is greatly appreciated.

Why do people put money towards retirement when inflation is going to occur anyways? People should buy stuff like gold and silver because you never know what your money will be worth in 10 or 20 years. Why do people SAVE then?

I have a stressful job and am just thankful if I can keep it or not experience any stress on a given day. Sometimes i look at my bank balance and am happy i saved a bit. However, I support myself and have no other support - have a hard time making friends. "Dating" is out of the question. I know someday I will be ill and no one will take care of me. I'll age and have a chronic illness at some point, in which case I'll be horribly depressed because no one will look after me. I see this as a future I can't avoid being from the US, and the US has no safety net for old alone people. The current system will be crap by retirement age. How do I avoid the above fate? I think I will kill myself if that happens - I really don't want to, so I need to drastically change my outlook on reality today, since I can't avoid the inevitable. I dread the future because i know someday i will be completely alone & ill and no one will take care of me. How can i be happy TODAY knowing this.....any philosophies or worldviews that will help?

I know a young man who is doing quite well and has a full time job (not rich by any means) but he is looking to save for retirement. Are there any options to save for retirement that won't affect his SSI? He cannot have over $2000 in assets in any given month.

Is the typical american citizen working today and raising a family able to save as much, afford healthcare easier, and have a nicer retirement plan than their parents??? sadcrying could you elaborate on that answer? because of big govt because of what?? detais would be nice.

My husband does nothing around the house. He was an only child & his mother wouldn't let him do things around the house, because she didn't want him to be a laborer for a living. When we got married he was the "money man". What I mean by that is he is good with managing money, saving for retirement, putting money away for the kid's education, etc. I do admit that before we got married I struggled financially, now we have no problems with money. He always says that if he can pay someone less money to do something than he makes in an hour, then it's best to just pay someone and go to work, or relax. I like to save money & do things around the house myself. I am always doing some type of construction project, or something in the garden. Right now, I'm building a room onto our house, with help from my dad & friends. My husband will lay on the couch and watch me do all this work by myself. He says that if I like to do optional projects on my own, then why should he help. He says that he "hates" that type of work & worked hard getting his education so that he would never have to do it & that I want another room that we can hire a contractor. I'm starting to see my husband as lazy & I called him lazy last week. Since I did that he really hasn't come home much. He has been staying with his dad & he won't talk to me much. Now my husband will help out with the kids, cooking, dishes, etc, but he draws the line there. Am I being too harsh on my husband? Or is he just lazy?

There is really no excuse - Americans make more in salary (on average) than most other countries, except for a few countries in Europe. That means that the average American has plenty of opportunities to save money for retirement and for emergencies. And yet - the average American worker has less than $10,000 in total retirement savings! The average American household has around $9,000 in credit card debts. Many Americans save so little money that they can't even pay for their own healthcare coverage if they lose their jobs. What the heck is up with this? I remember being in Germany, and even though people make less money on average than Americans, they saved a lot more, and they could afford nice stuff like yearly beach vacations to Thailand, simply by managing their money carefully. Why haven't Americans done the same? "Who the hell are you?" I'm an American born and raised in Texas, you moron.

. . . What is your answer to the fact that there isn't enough gold to cover the accumulated wealth in America? I'm not talking about what the government spends, I mean the money people have in savings, retirement funds, checking accounts, and other non-physical currency areas. Should those accounts just be wiped out and the people told "Sorry that you spent your life saving money."?

I will be turning thirty this year and I opened a private insurance saving account, where I will be putting in money every month. Is this a good idea? I only have two weeks to decide whether I want to change my decision.

I'm putting $15000/yr into my 401(k) and my employer is putting $10620 into it. I'm also putting $5000/yr into a Roth IRA. I'm 38 years old, and my wife is 31 and doesn't work so she's not saving anything. We currently have $231,000 in retirement savings. AM I saving enough for us to live comfortably at say a $100,000 retirement salary in 30 years?

I will be 23 this year and my son will be one in two months. I want to start planning for our futures. I want to start a savings for him and a retirement plan for myself. The savings for him is the easy part. The retirement for me...not so much. I found places like ING and Liberty Mutual, but I don't know where to business. Can I do this on my own? And How?

I have about 5 more years to work, before I can retire and draw a State Pension. I am trying to save towards my retirement but expensive household problems keep getting in the way - for example a roof that needs urgent repair!! It makes me sad reading some of these answers. I worry about my roof but I know that the NHS is there for me, should I be ill. I am an English woman and thank God for the NHS .

Im 20 years old and have an income of around 1300 a month. I have heard of CDS and IRA's. What should I use to help me save ? What kind of interest rate should I be looking for.

I really want to save for my retirement. But my savings account has a 0% interest rate while inflation is HIGH. Why is Obama forcing me to spend money I want to save for retirement? The dollar has dropped against every other major currency except the Euro. Its down vs the Canada by a ton. And you think theres no inflation? Wow.

The 6 months living expenses thing is NOT an option. So basically I have 2 grand in saving. Now student loan repayments are coming soon. I have two part time jobs at the moment and I plan to spend about $500 a month on student loans starting next month (I have one private loan with a 12% interest rate so I'm trying to knock that out before the others are in repayment as well. Also plan on paying off ALL accrued interest so it won't capitalize. My other loans have a 6.8 interest rate) That $500 is AFTER I paid off my bills, food, maybe $100 in savings, and $100 for free-will purchases (let's face it, everyone wants to go out sometime. This includes fast food, shopping, movies, or whatever. But I don't spend out much so I might not even use all this). I would feel really comfy keeping that 2 grand in the bank for rainy days even though the savings interest doesn't even compare to the interest those loans are gathering. I was thinking maybe putting $100 away a month to build up savings... if that. Should I be saving more or focus on paying off the loans. Basically, having two jobs, I don't feel too scared about being unemployed since I'll have something to fall on if something happens. I also have a $3000 limit credit card (no balance on it) if I needed something (but since I have no car and I rent, I can't see myself ever having that problem. No big ticket items to worry about. I have renters insurance if you're thinking what if my place burns down or I get robbed.) So is it wise to keep that two grand in the bank or use it towards loans? And should I be saving more than $100 a month while trying to pay off loans? I was thinking any extra money, like if i pick up hours at work, would also go to savings or should I use that for loans? Should I be saving at all? I know savings is important long run but I'm hoping to be debt free in 5 years or less then I can worry about things like retirement. Maybe saving for a car or house is good but not thinking about owning anytime soon so I don't feel pressed about that. I just turned 22 if that helps but things in perspective. If you don't want to read the question, don't give an answer. I clearly said I'm 22.

Margaret Thatcher once said socialism works until you have to pay back the money you borrowed, and I think that sums it up pretty well. Right now, the US government (which is in a state of quasi-socialism) is borrowing and spending more money from China, Japan, etc. than ever before. Obama ran up as big of a deficit within the first year as president as Bush did in eight, and that is saying something, as Bush was also a fiscal liberal and there was very little that was conservative with his spending habits. Even Reagan, who is championed by Republicans as deregulating, cutting taxes, and scaling back government only really deregulated trucking and airlines. Everything else Reagan is credited with for deregulating should be credited to Jimmy Carter, who signed the legislation at the end of his presidency that authorized the deregulation that took effect when Reagan was president. And as far as taxes go, after the fake tax cut in 1981, the Reagan administration constantly raised taxes beginning in 1982, which caused taxpayers $100 billion. Also, the National Debt rose to astronomical levels when Reagan was president (you can check any chart on National Debt, and they all confirm this) due to unprecedented military and governmental buildup, and has since been rising, with a small break during the Clinton presidency. Look at socialist Greece right now. I will compare Greece to a canoe that has gone over the waterfall, and the United States to a canoe that is heading towards the waterfall, but can still turn to shore and save itself. I would wager a large bet that Greece will be forced to sell of some of its territory to alleviate the financial chaos it is going through at this moment. The US government is rumored to have resources to sell off to China and Japan if they decide they no longer want to give the US loans and the situation turns to a worse case scenario one. If that happens, the dollar will have to be devalued so much that it would probably rival the Mexican Peso, and nobody would want to use our currency anymore. Keep in mind if that happens, everyone will be working to the day they die, since all your retirement money would go towards paying off the debt. We can save ourselves, but we can't wait much longer. *Those resources include coal, oil, and so on from here in the US. Some say the US government may even sell US territory if the situation gets dire enough. @Mega - Tr[]n Actually, most of what I said could readily be supported by stats coming from the US Treasury, which is notorious for understating their numbers. Let me guess, you think Bush was a conservative? That's a good one.... @Mega - Tr[]n Our public education system is statistically behind most western European nations and ranks only above Slovenia; that is how much of a joke it has become. The teacher's union protects incompetent teachers while the US government just throws billions of dollars at the problem. The Postal Service is failing, and I can go on all day about the rest.. @Françoise I have no idea what socialism is, I suppose, since there has never been a true socialist country in history, as far as Marx's visions go. There have only been fascist "socialist countries" such as the Soviet countries, Cambodia, Yugoslavia, etc., and welfare Jacobin states, such as is the case with all of Europe now, basically. Humans are just to greedy by nature to support pure socialism.

Assume that you are 30 years old today, and that you are planning on retiring at age 65. Your current salary is $45,000 and you expect your salary to increase at a rate of 5% per year as long as you work. To save for your retirement, you plan on making annual co ntributions to a retirement account. Your first contribution will be made on your 31st birthday and will be 8% of this year's salary. Likewise, you expect to deposit 8% of your salary each year until you reach age 65. At retirement (age 65) you will begin withdrawing equal annual payments to pay for your living expenses during retirement (on your 65th birthday). If you expect to die one day before your 101st birthday (Your last withdraw will be on your 100th birthday) and if the annual rate of return is 7%, then how much money will you have to spend in each of your golden years of retirement? guys please i don need the answers , am doing some works,just wanna someone to explain me how to do it..really thanks..peace and love

I'm a part-time student and a part-time food service worker in my early twenties. I make about $12,000 to $14,000 a year. I have absolutely no savings whatsoever, and very little knowledge on the subject. I'm considering opening a Roth IRA to start saving for retirement. Anybody have any advice for me? Is it easy to set up? How much should I contribute? Can I put as much in whenever I want, or is there a minimum you have to contribute? How is the interest rate determined? I'm sorry to ask so many questions, but I'm really quite confused on the subject! Any advice would be appreciated. I also have a question about 401k plans, if anybody can help me out with that, too! http://answers.yahoo.com/question/index;_ylt=Aplt8J4Df3e8__.hOjmxf4bsy6IX;_ylv=3?qid=20100313023709AAG9Mhi

Thomas has the goal of saving $400 000 for his retirement in 25 years. If the best interest rate that Thomas can obtain is 10% p.a, with interest compounded annually, calculate the amount of each annual contribution that Thomas will need to make.

for about 6 months I have been putting 6% (Company matches with 3%) of my $40,000 salary into my 401k... but with a current lack of an emergency fund and some credit card debt I am considering lowering it to 3% (1.5% match) for a little while and then bringing it back up once my financial situation is a little more stable. would this be a bad idea? the way I see it I am still very young and have lots of time to save for retirement and the emergency fund and getting debt payed off seems like it ought to be a priority... any thoughts? the 6% that I am currently at is the minimum to get the full company match

I am a 30 year old woman with six year old twin sons. My mother divorced my father when I was eight. She remarried and her new husband was very emotionally and verbally abusive towards me and her. She had a son with him when I was ten. I raised my brother because she worked two jobs and I basically did all the work at home, from cooking, cleaning, bathing my brother, doing homework with him, etc. My relationship with my stepfather was nonexistent. I hated him for how he treated me and her. He called us all types of names including, whores, bitches, etc. However everytime I stood up to him, she defended him and beat me instead. They both were so strict that I never went to a movie theatre with friends until I was 18! When I turned 18, I decided I couldnt live there anymore so I decided to dorm in college. I worked and went to school. I learned how to become independent and I loved it. When I was 22 she finally divorced him, but my relationship with her was nonexistent because we stopped talking because of him. So I made the first step to try to fix things with her. Except she thought she could still tell me how to live my life. She hated my exboyfriend, hated my career choice, hated the fact that I went out on weekends with friends to unwind, etc. She called me a wild child. My exboyfriend was physically abusive of me and when we broke up, I found out I was pregnant with my sons. She asked me if I was going to have an abortion...why? I had a career, I was independent, I can have my children as a single woman and raise them as a single woman. After a while she warmed up to the idea of being a grandmother and she asked me to move in with her because she wanted to help me with my sons. So I did. I thought that I was finally going to build a relationship with the woman who gave birth to me. We had more downs than up while I was there. I couldn't go out ever because now I was a "mother' and mothers don't get time for themselves, I literally became the cleaning maid for her and her spoiled son, and every chance she could she would say how she had a house and a car and everything at my age and that I didn't have anything. I had my apartment, my brand new car, my career..are you kidding me?? I payed her "rent" because I felt it was the responsible thing to do as a grown up and it helped get her out of foreclosure. Two times her house went into forecloser and I saved the house with my 401K retirement money. (It was easily more than 10K) I began to date someone when my sons were three and it didnt work out because he cheated on me. She loved him and so bc I broke up with him, I was not putting enough effort. Shortly after I began to date the wonderful man who I am currently engaged to. She called me a whore because I was jumping from man to man. She also didn't like him because he was legally seperated and getting a divirce. I left her house and moved into my own place with my children and soon after he moved in with us. I was so happy and finally felt like i was living my life with my family and then I found out she was diagnossed with stage IV intestinal cancer. She was sick, and losing her house. All of the money I put away for my own first home, I gave to her to save the house. My fiance forgave her for the way she treated him and we all agreed it would be best if we moved into her house so that I can be there to help take care of her. I finally thought this would be the turning point for her and I and I was finally going to get the value I thought I deserved. She was never loving, never affectionate, and at her weakest she began to show signs of love. For eleven months all I did was be her caretaker. (Chemo, radiation..I did it all) I paid her bills because she was barely recieving from s.s. and my lazy brother didn't have a job. My fiance helped fix up the house, and did what my eighteen year old brother slacked on. My mother asked for forgiveness for judging him wrong because she saw how good of a man he really was. I helped my brother fill out college applications and a job. In the meantime, I had decided to return to school myself, so I was juggling work, my sick mom, my children and school. My brother began to drink heavily and I tried many times to talk to him. Later I found out he was starting to smoke marijuana, so I confronted him. My mother became so crazed with the fact that i called her son out on being irresponsible and not helping any of the situation we were in she began to attack me. My sons, my fiance and i literally began to live in our bedroom from morning till night and never stepped out. She stopped talking to us and my brother (her precious son) would look at me and laugh as i walked by. I even overheard her trashtalk me to her family and friends that "She's only mad cuz I didn't die yet." It broke my heart. My own mother was bad mouthing me..I couldnt believe it. One Sunday this past December, she came into my room and demanded I pay her almost twice what I was paying in my own apartment

Nothing scares me about getting older except for the common worry of having some money saved for retirement.

When my husband and I got married, I had NO debt and he already had a high debt load. We have used up all my savings in support of paying his bills. Now that he's gotten a higher paying job, he is blowing all his money on buying random things which add up. Presents to his entire side of the family, big nights out, electronic gadgets, etc. We still have no savings. How do I get him to understand that we need to discuss big purchases (e.g. he's just spent US$ 2,000 on buying presents for HIS family) and that we need to start saving??? He thinks that we can dip into our retirement fund whenever he feels like it. ARGH!

I don't want the public school system-I can provide for my kids education just fine. I don't want social security-I can save for my own retirement thank you. I don't need Obamacare-I can get excellent care in the free market. In fact if the government would stop "providing" for Americans, two amazing things would happen. 1) Our hellish debt could immediately be brought under control 2) The economy and job creation would immediately rev up. How? The government would no longer have any excuse to seize 1/2 of everything I have to waste on mismanaged programs that are bankrupting our nation. I could provide for myself and keep my pay to spend as I chose

please help me with my economics homeworks.. Jonathan is planning ahead for retirement and must decide how much to spend and how much to save while he's working in order to have money to spend when he retires. When the substitution effect dominates the income effect, an increase in the interest rate on savings is likely to Answer A.increase saving. B.decrease saving. C.have no effect on saving. D.All of the above are possible.

This came from The Motley Fool (AN INVESTING INFORMATION SITE): http://www.fool.com/ : Do you know Jack? Our quick-but-powerful story starts with two twins: Jack and Jill. As they turn 18, Jack takes a job out of high school and begins investing. From age 18 to 30 -- when he gets married and has his first kid -- Jack socks away five grand a year. Then he stops. Jill, meanwhile, goes to college and then medical school. She starts saving at 30 -- the same $5,000 per year. Both invest in the stock market, earning a long-term average of 11% a year. But by age 65, the difference in their financial fortunes will shock you: Jill, who contributed for 35 years straight, will have $1.9 million. But Jack, who invested for only 12 years, actually has $4.9 million ... thanks to his head start! Could you use $4.9 million for your retirement? Isn't that amazing???

http://finance.yahoo.com/news/Most-Americans-still-cnnm-3163666925.html?x=0&sec=topStories&pos=6&asset=&ccode= I don't get it, just through taking personal responsibility for my career and saving the max possible in my 401K I am 53 and have over $700K saved (not counting the $200K+ I have in equity in my house), how can people have less than 10K? I mean assuming you understand that young kids won't have had enough years to accumulate much...I don't get it. Jamie...excellent well thought out and reasoned answer, that's why the lib gave u thumbs down...lol

If I am saving for retirement and I started by saving $2500/year and I plan to increase my contributions by 3% per year. If the retirement plan has historically made 8% per year, how much will I have in my account after 38 years? Also how much will be in my retirement fund if it pays only 6.5% per year?

Im 40 years old and I dont have any savings for my retirement, but working on starting one pretty soon and do not know where to go. I know depending on social security at the age of 65 will not be enough to feed us due to the inflation? Please help!

im 27 with no savings. never even thought about this stuff till yesterday. i wanna retire when im about 55-60 but i want kids too. i have a bachelors degree. any advice?

i'm chinese woman and want to move to France when i retire. do you think that's possible? i'm in the US now and will be living here for 30 years before i retire and move to France. i will save as much as i can for my retirement money. but is that feasible for me to do? do i have to immigrate there and can i just live there with some kind of visa? thanks. Also what cities are nice to live for a retired chinese woman? is it in the south? i want to live close to the beach too. is healthcare free in France?

I was talking to these 2 girls at school today, one of which is one of my closest friends and lives an in apartment, and the other i don't really like and is rich and her mom is literally the treasurer of our city. Well my friend was saying her mom has over 50,000 dollars saved up for just her retirement, already payed for her brother's college, and already has enough for her to go to college. The other girl the same but had over 100,000 saved up. And I was like "ARE YOU EFFING SERIOUS???" they were like, "uhhh yeah... how much do you have?" I'm like "umm, well my mom gets like $400 every time she gets paid and we got paid monday, and she just bought a ton of clothes yesterday and groceries, so about $200." And they were like "no, i mean how much savings?" and i said " .... we don't have any, we just spend money when we get it" And they started cracking up and they were like "$200?!! thats not even enough for the Washington DC trip!!! hahahahaaaaaa!!! how are you going to go to college?" and i was like I'll make a student loan, and the rich one was like "whats that?" I almost frickeng slapped her right there, she is one of the stupidest people i have ever met!!!!!!!!!!!!!!!!!!!!!!! Am I the only one who is paying for their own college? Are your parents? Sorry not today, on Friday i was talking to them.

Sorry this is long. I appreciate your advice! He is very responsible when it comes to his finances. He has a good career and absolutely no debt whatsoever. He paid for his truck and motorcycle in cash. He pays his bills (cell phone, rent, and insurance) on time, every time. He just got his first credit card ever a year or two ago when he was around 33 (he's 35 now). He only got them to build more credit. He doesn't spend anymore than he did before the cards and he pays them off in full every month. He puts away the max every month for retirement. He refuses to buy a house until he saves up enough for a 20% down payment, which he puts away a lot for that every month too. So, his financial responsibility is great. But when it comes to maintaining a household, it's ALL on me. We live together in an apartment and we split all the bills, including the rent, in half so it is not like he supports me financially in any way right now. I go to school full-time and work part-time. I make sure the rent, electric, and cable bills are paid on time every month. He just gives me his half of the money. If there is ever a problem in our apartment, he always tells me to call the maintenance people. Same thing if there is a problem with the internet or cable or whatever. I am expected to do all the cleaning. He will wash a couple dishes, do his own laundry, and dustbust here and there, and that is the extent of his cleaning contribution. He will always say things like "Jesus Christ" in a disgusted voice if there is cat hair on the couch or the litter box is not scooped or something, as if he is disgusted that these things aren't done (by me, of course). I got both cats when we were together, but he NEVER helps me with their litter box. That would be like if he got a dog and I just never offered to walk it or feed it. I would never do that though. I would treat the dog like my own even if I wasn't the one that got it. My boy cat Max acts like a brat sometimes and attacks our other cat and my fiance will say "YOU created this monster" but we were both there when I brought Max home as a kitten, so why doesn't my fiance have any responsibility for how he turned out? He is a pilot so he is gone a majority of the time. He uses that as his excuse for why he shouldn't have to help around the house. Too bad when he is off at home for 3 or 4 days at a time, all he does is go to the gym and sit on his computer the whole time. He has plenty of time to clean! I go to school full-time and work part-time, so it's not like I am just sitting at home with nothing better to do than clean. I am afraid that if we get married and have kids, maintaining the house and raising the children will be 90% my responsibility even if we both work full-time, and if there are any behavioral problems with the kids he will consider me fully responsible. What's the point of getting married if it's just another person to take care of and clean up after? Aren't spouses supposed to be partners and share responsibilities equally? Midnight, about your last question... wow! Recently I have been feeling like that. I have never told anyone that though. I feel guilty for even thinking it, but you've hit that nail on the head. and no, it is not just about the cats.