Retirement. So many things can be said about saving for retirement, but in reality…it can really suck at times.
Who wants to put away tons of money every month for the future? It’s hard to do, especially when you’re already pinching your pennies.
But who wants to worry about not having any money to survive when they’re older? You can’t work forever and your body just kinda wears down over the years.
One thing I know for sure is that I don’t want to be working in a fast food joint when I’m in my sixties. If I can avoid that kind of future by putting away some bucks now, you can be sure that’s what I’ll try to do.
Mathematically speaking, the younger you are when you start saving for retirement, the less you’ll have to put away. So in contrast, the longer you wait to save for retirement, the more you’ll have to put away.
Common sense, but it’s still hard to do sometimes. It’s all about trade-offs.
Would you rather give up a little bit of luxury now and not worry about your future?
Or would you rather live life to its fullest, indulging in every desire now and be completely screwed when retirement time comes around?
How’s your retirement saving coming? Have you checked out all your options? If you’re looking for free tools; you could always give the Suncorp superannuation calculator a go.
Many companies offer easy to use 401k programs, where your money can automatically be saved before you get your paycheck. Some even match your contributions to your 401k account—free cash is always lovely.
There are also IRAs out there to help you save on your own. You can choose from a traditional IRA or a Roth IRA.
Traditional IRA– contribute money before taxes are taken out and get taxed when your take it out
Roth IRA- contribute already taxed money
Of course there are other options out there, but these are some of the most popular options.
What’s your favorite retirement tool?