Retirement Planning for Young Americans
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Americans spend more time planning a vacation than planning their future!
Americans under 35 spend 16% more than they earn, on average.
Do You Think You'll Have a Pension? Do You Think Social Security Will Be There For You?
Do You Think You'll Have Your House Paid Off, Kids Out of College and Be Able to Stop Working at 60?Do You Know You Will Most Likely Live to 80 or 90? Do You Think Your Income Tax Bracket Will Rise or Fall? Do You Think the Costs of Living Will Rise or Fall?
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Do not put retirement saving off for another day. Create a "Latte Fund" or "Diet Coke Fund" by figuring out how much you spend at the coffee shop or convenience store buying these beverages alone - $20+/week probably. Use direct deposit or automatic withdrawals to start putting as much as you can afford into retirement savings each week.
Find someone else your age who is better off financially than you. Ask them what they do. Use their advisers, their banks, etc. Join a group that gets together in your area to learn how to get your financial situation under control.
FORWARD THIS WEBSITE TO EVERYONE YOU KNOW AND CARE ABOUT UNDER AGE 40!!! IT MIGHT BE ONE OF THE BEST THINGS YOU EVER DO FOR THEM.
Not having enough money for retirement is the #1 financial worry of Americans ...
55% of Americans Ages 18-34
65% of Americans Ages 35-65
according to a 2007 Gallup Personal Finance Poll
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A Word About Debt
Some advisers will tell you to get rid of all debt. Understand that not all debt is bad debt. For example, if you borrow money at 5% and invest that same money at 10%, is that bad debt? If your mortgage interest is tax deductible and helps reduce your income tax bracket, is that bad debt?
If you are, however, using high interest credit cards (19%+) and paying only the minimum balance each month - THAT IS VERY BAD DEBT! Use borrowed money to improve your overall financial situation only - don't abuse it. Know the difference!
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How To Find Other Young Americans Under 40
Interested in Planning for Retirement
Join a MeetUp
http://retirement.meetup.com/73/
or Start One Near You!
Contact k2escott@gmail.com
When to Start?
If you get nothing from this website, get this - START NOW! Put the power of compound interest to work for you. The younger your are when you start contributing, the better off you'll be. Even at modest returns, you're better off contributing at 20 than waiting until you're 30 with higher gains.
Consider This: $1000 One-Time IRA Deposit
5% 10% 15%
10 Yrs $1629 $2594 $4046
20 Yrs $2653 $6727 $16,367
30 Yrs $4322 $17,449 $66,212
40 Yrs $7040 $45,259 $267,864
Click Here To Calculate How Much You'll Need
Impact of Taxes
What is your largest expense? Your house? Your car? No - your taxes!
When you combine all the taxes you pay: income tax, real estate tax, school tax, capital gains tax, sales tax, etc. you'll quickly realize that putting money into a tax-deferred or tax-free account is the quickest way to build wealth for a successful retirement. You can either make 35% more, work 35% harder, or keep 35% more by using tax-deferred or tax-free savings plans.
