Planning for Retirement from Age Twenty
Wed 30 May 2007 – 11.27
Ok, so when I saw this I immediately knew it had to be posted on this here blog. By now, the story is a few weeks old, but the info is still a fascinating and important read for anyone who plans on having a working life and then eventually retiring. Which is most people.
You have to take this article with a grain of salt because it is based on two conditions that I personally feel are a bit of a stretch for most twenty-somethings: A.) no debt, and B.) the ability to save 20% of income each month. Clearly, most of our first (and second and third) jobs out of university don’t pay much, so you’ll need to spend, what, 95% of your income just on living. As for no debt, well, that would be fun. (I almost accidentally typed ‘fund’. How Freudian). Turns out that I meet a lot of folks these days with no debt, which I find strange. I guess I never realised how much money was truly made and stashed by the parents of my schoolmates. Jerks.
The Simple Dollar is a useful blog about personal finance. Might be worth a bookmark. Can’t say too much for their design, however.
posted by Scott in careers, personal finance.
1 Comment | Leave a comment »
That seems like an interesting website, especially since I’ve started to read up on personal finances lately. As a college student I could barely keep track of the little money I was making at internships and didn’t really want to keep that habit up when I started a real job with real money. I, like almost all the twenty-somethings I know, didn’t even know what a 401k was until just recently. I’m somewhat surprised that I could have made it through 18 years of school without ever once learning about personal finances even though it is a subject that everyone has to deal with.
With my graduation a few weeks back I thought I was done with school, but that was before Sallie Mae was nice enough to remind me of my student loans.
Cheers.
Comment by Ramon on Sun 10 Jun 2007 — 20.02 |
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