(Closed) Saving for retirement, etc?

posted 6 years ago in Money
Post # 3
Member
580 posts
Busy bee
  • Wedding: May 2014

Yes. I think it’s so important to save.

We have a joint account for emergencies, i.e. enough money to cover us losing a job for a while, or to cover excesses for cars/house incase anything happened.
Then I have a general savings account that we keep around the same amount in for wee things that we want, i.e. our bed was needing replaced and we found a really good deal so we could get it straight away (as it was cash only) and then replace the savings account after 🙂

Post # 4
Member
3375 posts
Sugar bee
  • Wedding: October 2011

We each put away 10k into our 401k before it’s taxed. Honestly we don’t even miss it, you just live like you make less. We are super surprised at how well our 401ks have been doing… we got like 15% interest last year.

We did the calculations the other day and if we both save 10k for 40 years, it’s 4 million each to retire on (with average rate of return and some employer contributions).

Post # 5
Member
13010 posts
Honey Beekeeper
  • Wedding: November 1999

Yes.  I’m not depending on any money to be there by the time I retire.  I’m 24, and already have several thousand dollars put away for my retirement, as well as a general emergency savings account. 

Post # 6
Member
112 posts
Blushing bee
  • Wedding: December 2012

I have been saving for retirement since I started college, as my parents were really on the ball and made sure I understood everything about IRA’s, 401k, etc.  My Fiance hasn’t had that type of exposure and really had no idea what saving for retirement meant, so he’s just now started to read some books on the subject and get more knowledgeable.  I think its REALLY important to save for retirement because we want to be able to live peacefully and not be worried about our (future) children having to take care of us financially.

Post # 7
Member
10571 posts
Sugar Beekeeper
  • Wedding: January 2011

I would highly recommend setting up a TFSA as long as you have a bit of money that you don’t need in another account (for a minimum monthly balance, for example).

There is no downside to a TFSA, but by contributing now you increase the total amount you can have in one by the interest, in case you get to the point where you can have it maxed out.

Darling Husband and I have been talking about savings.  He has put money both into RRSPs and a TFSA.  In the past, I used a savings account for myTFSA but I’m using this year’s contribution room for mutual funds.  I don’t have RRSPs yet, but I have no income and when I’m in a higher bracket I can always take some of my TFSA money to lower my taxes.

We would like to buy a house in the next few years, and hopefully can avoid withdrawing from any RRSPs.  Major retirement savings will occur when I have an income and we have a house.  Then, money will probably be split somehow between RRSPs and mortage payments.

Post # 8
Member
1415 posts
Bumble bee
  • Wedding: November 2011

We both contribute to our 401Ks, but not saving for anything else major at the moment. 

Post # 9
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

We both contribute to our 401(k)s and ensure we take full advantage of employer matching.  We also have a Roth IRA and mutual funds in addition to our general savings account.  Lastly, we both participate in our company stock purchase programs.

It is really important to start early because the compounding over time is what really helps you end up with a large enough chunk to retire on.

Post # 10
Member
3626 posts
Sugar bee
  • Wedding: September 2012

Yes. I have a retirement account through work and I contribute monthly. Fiance has an inheritance that he doesn’t contribute to.

Post # 11
Member
574 posts
Busy bee
  • Wedding: January 2011

Yes, Darling Husband and I both believe it’s so important to start saving early.  We both have government jobs, so we have 401 type retirement accounts, and contribute a percentage of our pay to them, plus we’re building up our cash savings right now.  We’re also both just finishing up our first year of working our full time jobs.

Our plan in the next 3-6 years is for us to live exclusively off of DH’s paycheck, and mine will go towards paying off our student debt and saving/retirement.  We hope to have our 50k of loans paid off and 20k invested before 30, ideally closer to 27 when we’d like to start thinking about kids.

We’re both 24 now, and I think that plan is very doable!  It’s really important to me to save as much as possible in our 20’s, both for the long-term benefits of compounding, but also before having children.  That’s our main reason why we’re holding of on trying for a baby.

Post # 12
Member
1729 posts
Bumble bee
  • Wedding: December 2012

i work for financial planners… its what i do 🙂 we have the savings.. but we also will have  Roth IRAs and TOD accounts set up. I have a Simple IRA with my job and my children are my beneficiaries and we plan to leave it that way even after we are married.. i would suggest you find an advisor that does free consults ( all of ours do here) and sit and talk with them..the adviosrs are the banks are good- but they wil push you into bank stocks an CDs 1st and they are not the ones that make money…. find an independant broker that gets paid on comission not fee based.

 

Good luck ladies!! If anyone has any questions..our reps are certified to work all over us and we have a ton of out of state clients… so please feel free to PM me

Post # 13
Member
14486 posts
Honey Beekeeper
  • Wedding: June 2011

Definitely saving for retirement.  We contribute to both our 401 and Roth IRAs every year as well as tuck a few hundred from every pay check into a liquid savings and investment accounts.  When we have kids, we’ll shuffle some things around to be able to start a 529 plan for their schooling as well.  I’ve done this since I’ve been working so the money was never missed.

Post # 14
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

We both contribute 5% of our pre-tax salaries to retirement accounts and receive the full matching contributions from our employers. We’re also actively saving for a specific goal, buying our new home and settling into it, and maintain 6 months worth of living expenses in cash for emergencies. Teen Lk will be going off to college in less than 5 years, so we are also actively contributing to his college fund. After he is done undergrad, we plan to increase our retirement savings to 10% of pre-tax income. Fortunately we will still both be quite young at that time, and have another 25 years ahead of us to save at that rate, and our mortgage will be fully paid off several years before retirement. 

Post # 15
Member
2335 posts
Buzzing bee
  • Wedding: November 2012

Wow, you all are on top of things!  My fiance has a 401k set up through his job and I will set up one in my new job in the next month or so.  We also set aside some of our earnings each month to a savings account.

I’d like to learn more about investing and other savings options- where would you suggest to start?

Post # 16
Member
2142 posts
Buzzing bee
  • Wedding: August 2010

Yes, I’ve been contributing to a 401K/Simple IRA since I was 22 and started working full time. That gets invested and I’ve -shockingly!- built up quite a nest egg for us! The match from my husband’s company sucks so we just maxed out mine for both of us.

We’re expecting our first and plan to open up some kind of account for bb. Not sure what though.

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