Post # 1
I’m not able to sleep tonight because I’m worried about retirement. We’re still really young, but we only have a tiny account through Darling Husband since I’m still in graduate school. I’d love to start a Roth IRA, but financially unrealistic while I’m still taking out student loans.
Would just like a little insight on this issue.
Post # 3
You can only contribute $5000/year each to a Roth IRA. Something to consider.
I contribute a little over $1,000/month to my 401k. About 1/3 of that is free money from my employer’s matching policy. My husband gets a pension that is a $12,000/year contribution (it’s a certain % of his income, so the amount gets bigger with raises), and that has guaranteed growth of 7% a year.
So, right now, I guess we contriute like $24,000 a year to retirement? But a lot of that isn’t coming out of our incomes, it’s employer-given.
Post # 4
As a student, my RRSP is a big fat zero. It just doesn’t make sense to me right now to contribute to it. I suppose Darling Husband could be contributing to mine, but we’re not too concerned about doing that right now. He is contributing to his for the employer contribution.
We’re more concerned about saving for a house, and we aren’t planning on using the Home Buyer’s Plan for that, but I’m not dead-set against it. Once I have a job, I’ll probably contribute to my RRSP and we’ll look at income splitting and getting our RRSPs more even once I’m working and we have a house.
Post # 5
I wouldn’t worry about it until you are financially able to contribute. Sleep tight. You are not helping yourself by stressing (I have to remember this all the time).
Post # 6
@cbee: Yes! I wasn’t able to start contributing until age 25. Had to slog through undergrad and grad school first!! Don’t stress yet.
Post # 7
Im no longer a student and did not contribute while I was. There’s not much point in putting away money at a lower percentage of interest than you’re borrowing. I contribute the maximum through my work that they will match at $250 per pay period, dh has a government pension that’s very good and we contribute an additional $350/month to our personal rrsp.
Post # 8
In Australia we have mandatory superannuation (anywhere from 9 – 13% of your pay, plus more if you contribute to it). I have $173 mandatory super paid per fortnight into my super account
Post # 9
I contribute about $100/month to my pension, but until my student loans are paid off, I’m not contributing anything else. I’m only 24, though, so another 40 years until retirement!
Post # 10
I contribute a little more than $450 per month. I just graduated from law school so I feel like I’m a bit behind (25 years old). I don’t feel like I’m contributing much, but we are also putting about 20% of our take home into savings on top of retirement, so we are saving quite a bit.
Post # 11
I have about $100 coming from my (measly) paycheck each month and that is matched by my employer. DH has ~$400 a month pulled from his paychecks (again – matched by his employer). So we have about $1000 a month there into 401Ks.
We also buy into our company’s stock purchase programs and contribute money to outside Roth IRAs and mutual funds. We want to diversify our investments.
Post # 12
- Wedding: October 2011 - Bed & Breakfast
Right now we are saving $1000 a month in our 401Ks. We will likely be starting Roth IRAs soon to diversify our retirement savings, which will be another $800 or so a month that we are putting away for the future. We’re in our early 30s though, so we really need to start ramping up and maximize our contributions now so that our investments have time to work for us and grow.
Post # 13
Including my company match I contrinute about $450/month.
My company matches .50 up to 6%, so I contribute 8%. I’m only fully vested after 5 years though.