Do you pay yourself first?
By WebMann
@WebMann (4731)
Canada
January 21, 2007 10:05am CST
We knew about compounding our money for retirement many years ago but never felt we had enough to do that. Eventually we came to realize that even though we were way in debt we had wasted enough money that we really could have used for retirement.
Do you put away money off the top of your paychecks for your retirement?
2 people like this
3 responses
@blueskies (1186)
• United States
23 Feb 07
Unfortunately, we have not been in a position for several years where we had enough money to put some away after paying the bills. Each month, it's a real struggle to get everything paid on time. Because my husband works on commission, we sometimes fall behind, then spend the next month or two getting caught back up. It's a vicious cycle. I think saving for retirement is so important. I hope we can start to do that very soon.
1 person likes this
@somnolence (460)
• United States
6 Apr 07
Yes I do! I am self employed as an artist but continue to work part time, mainly for the company match on retirement contributions. I currently contribute 12% of my paycheck there, but can contribute as much as 50% from both before and after taxes to my 401K. My company also matches up to 3%, which adds up quickly. I plan to work for the next 10 to 15 years so that someday when I am in my early forties I can quit and just live off of art income and my 401K.
Many people say they can't afford to do this, but if the money isn't there you can't spend it, and you adjust to the differnece very quickly. Or you could always start with 1-2% and just gradually increase it each year so that you don't ever miss the money.
