Sure, you’re a young hot thing now (yes, you’re hot because you’re a frugalista), but are you stashing cash for when you’re a silver fox? Every year, I save about six percent of my income in my company’s 401(k). The company matches three percent of that. On my salary, that’s about $3 per year, but every little bit helps. 😉 Just jokes. Seriously, you should be saving as much as you can for your life at 65+. I get the social security statements in the mail. They freak me out. Mine said that my retirement age is 70 years old! Trust, I won’t be fire chasing at 70. No way. I’ll be in South America, enjoying my years!
I’m going to make it my goal next year to save at least one percent more for retirement. It can’t hurt, right? I need to ramp it up way more. This blog post by US News & World Report’s Emily Brandon talks about the need for women to take retirement very seriously. Our longer life expectancy coupled with our lower incomes can be a problem in our senior years. Here are some retirement tips for folks in their 20s.
Here is a retirement calculator I ran across on msn. You can plug in the numbers to see how long your money will last in your old age.
Are you saving for retirement? If you are, are you using a 401(k) or IRA? If you aren’t, what’s holding you back? How old do you want to be when you retire?