Ask The Readers: When Did You Start Saving For Retirement?
Editor's Note: Congratulations to Kristina Wittchen, Guest, and Indymoney for winning this week's contest!
The topic of retirement comes up quite a bit in the personal finance world. With people concerned as to whether or not they will receive social security checks once they retire, more and more people are understanding the importance of making sure to save money so they can support themselves in retirement.
When did you start saving for retirement? Was it when you got your first job? When you turned 20, 30, or 40? What caused you to start saving? Or have you not started saving for retirement yet?
Tell us when you started saving for retirement and we'll enter you in a drawing to win a $20 Amazon Gift Card!
Win 1 of 3 $20 Amazon Gift Cards
We're doing three giveaways — one for random comments, one for random Facebook "Likes", and another one for random tweets.
Mandatory Entry:
- Post your answer in the comments below
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- Contest ends Monday, June 27th at 11:59 pm Pacific. Winners will be announced after June 27th on the original post and via Twitter. Winners will also be contacted via email, Facebook, and Twitter Direct Message.
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like on facebook
tweeted http://twitter.com/#!/Mama2Goosie/status/83357445874913280
I started becoming serious about saving three years ago, at the age of 20. I save about 2/3 of my income.
I think I was 20 when I started.
A year ago, after starting my first job after graduating from college (I just turned 23). First I dedicated money to an emergency fund, and then it started going into a high yield savings account that I've earmarked for retirement. Since I live in China, I don't have the option of contributing to a 401K, but the extremely low cost of living here compared with how much I make (I plan to put $1,000 a month into savings next year while still eating out, traveling etc.) more than makes up for it. Soon I'm going to make my first every real investments!
Started in the 80s but was laid off, then changed jobs, then cashed out the paltry amount still in the 401k rather than going homeless. Back on track now but still very worried about the future and will not be able to "retire" (whatever that means nowadays) until I'm about a hundred and eight years old. I am really looking forward to that day, tho!
started 2 years ago at age 22! 5%, with 5% match in a TSP. Hope to open an IRA by end of next year!
We started saving when I was 25. We've living in different countries. So, our retirement plans are little different.
Im currently 44 years old. I started in 1989 or 1990, socking away 10% of my salary to a 403B. Now, I was making bupkis in terms of salary (around 18K in non profit entertainment field). So, I was also doing an IRA (which later became a ROTH IRA), but couldnt do the max of $5K, but I did what I could, around 2K/year.
My salary grew pretty quickly over the years, but has stayed static since the crash. Nowadays, I'm making a better salary (48K, still in non profit entertainment) and I still do the 10% to a 403B, but I also do 6% (3% of which is matched) to TIAACREF account and I am able to max out my ROTH IRA every year. So, I feel better about my retirement savings these days.
In addtion, as a result of the economic crash in 08, I have made a conscious effort to REALLY up my regular savings. Without changing my contributions to retirement, I have also created a Emergency Fund of 10K and have 28K in other 'regular' savings. Getting crappy interest, but its there and I can see it slowly growing.
I'm single, with no debt at all (house or school, or credit cards.) House is paid for (I inherited it). I feel pretty good about things. A recent trip in 2007 to Africa really changed the way that I view the world and my personal consumerism has dropped drastically. I am enjoying a simplier life now and am less of a spenddrift, putting money into savings. My only splurge is travel everyyear, but Im a planner and do quite well on the money spent here. Im hoping to retire from working full time now at 62, and to keep a part time job in the entertainment non profit field.
I hope I win the gift card! Love me some Amazon!
Laura in ATL
I started saving for retirement with a Roth IRA at 22 a year after I'd graduated college and moved from Florida to North Carolina to start my job search. I've only been saving a few months, but I am so glad I started early! I found a job and will be able to start contributing to a 401k with 100% match up to 4%.
I started saving for retirement about six months ago.
I started at age 25 but I am a SAHM now. So not currently saving.
I started saving in my 20s as soon as I became eligible for my companies profit sharing plan. I always put in the maximum allowed. When i quit that job I rolled all of the money into Apple stock at around $30 a share.
I started saving 30% off the top for the first 30 years that I worked. I maxed out every company match possible.
I started saving in a ROTH IRA my last year in graduate school when I started lecturing and my income increased significantly. I've been saving in the IRA ever since.
My husband and I both started saving for retirement with our first jobs after college. We were married young (when I was 20, him 21--almost 22) and we knew we needed to start planning for our retirement as soon as possible. So far we're doing great, and we'll have all our debts (even our mortgage) paid off (except student loans) in 4 1/2 years!!! We're now in our mid-30's.
I started retirement saving when I was 32. I am now 59 and have a nice little nestegg. A lady in her 50's advised me to start saving while I was young and I would never miss it but it would mount up. She was so right - and her and I are still great friends!!
I started saving for retirement at the age of 25. My employer at that time was contributing a small percentage of the employees' 401(k) contribution, so it was a good time to start saving. At that time, I also had learned about the different investment options (conservative, risky, moderate, etc.), so I was more knowledgeable about where to put my 401(k).
I started saving when I got my first job out of college. As a teacher, they withdrew money automatically. more than I would have saved!
I started when I got my first job out of college.
Started saving at 24, but not very consistently as I was in grad school and didn't make much money.
My internship in grad school (age 21) offered a 401(k). I was only making $12 an hour, but I started putting 1% away for retirement anyway. Every little bit helps!
I am also a Facebook fan.
when i started my first job as a lifegaurd in high school!
I started my first Roth IRA when I was 18. My aunt is a stock broker and helped me put part of my enlistment bonus into the Roth. I also contributed monthly to my military TSP, which has grown alot thanks to my deployment. When I look at what I already have saved before even starting my first post-college job, I'm glad my aunt talked me into it!
I started saving a bit while in my mid-20's but got much more serious about it about 32. Wish I had started earlier!
At my current job I am contributing 10% in my 401K for 10 years so far.
Age 22, first job out of college.
I started when I got my first real job, and it consisted of putting as much as I could away in the state retirement plan. That was when I was 23 years old.
I haven't yet. I'm a parent and still in the "college phase" as is my partner. I'm hoping to change that by the time I hit 30 though.
I like you guys on FB.
I started funding my 401k on the first day of my first job.