Comments on: Saving for Retirement: Love It? Hate It?

By: Cash today

Cash today — Wed, 06 Apr 2011 11:09:50 +0000

We should be save money that will allow us to do anything we want in the future. Investing is way more complicated and dangerous than those simple calculators might have you believe.

By: Yakezie Challenge Carnival Roundup For August 1, 2010 | Not Made Of Money

Yakezie Challenge Carnival Roundup For August 1, 2010 | Not Made Of Money — Sun, 01 Aug 2010 20:29:33 +0000

[...] The Well Heeled Blog talks about Saving for Retirement: Love It? Hate It? [...]

By: carloan calculator

carloan calculator — Sun, 25 Jul 2010 19:10:18 +0000

Everything that is set seemed to result positively. The value of preparation takes an account for its future worth. As to retirement, the essence is that what we save is what we get in return. The present times beholds our future and what we plant in early times is what we will serve in the coming times of our life.

By: WellHeeled

WellHeeled — Wed, 21 Jul 2010 00:50:43 +0000

One of things I keep in mind is that I can retire much sooner than I want to – you read so many stories of 50- and 60-something who effectively retired ahead of schedule because they couldn't find a job after being laid off or for unexpected health reasons. Is the teaching profession fairly safe from those scenarios?

By: WellHeeled

WellHeeled — Wed, 21 Jul 2010 00:46:21 +0000

Same here. I prefer to think that I am investing for someone else – a cool old lady whom I care a lot about, whom I want to have a grand old time in retirement, and whose circumstances will depend heavily on how I behave right now. I can't take money away from her, can I now?

By: Money Reasons

Money Reasons — Tue, 20 Jul 2010 22:57:22 +0000

I think if you can automate retirement savings when you first start working, it’s almost unnoticable. I don’t even think about my 401K contributions anymore… it’s all automated.

My only regret is that I didn’t start when I was 21!

When my balance is at an all time high, I love my 401k, when it’s down like now, I hate it … but then again how doesn’t. The only positive is I’m dollar cost averaging shares

By: Grace

Grace — Tue, 20 Jul 2010 19:11:38 +0000

Speaking as someone who DID wait much too late to get serious about retirement saving, I second every thing you are saying. Hmm–come to think of it, I handled school much as you did, as well. Too bad I didn't wise up the way you have! The thing is, at age 61, a huge chunk of every paycheck is now making its way into my 401(k). I wouldn't have to be doing that if I'd saved much smaller amounts a whole lot earlier.

And Doug–I dunno about you, but if the money is easy for me to get to, then I get to it! Much better, at least for me, to have it as far away, and as expensive to take out, as possible.

By: Doug Warshauer

Doug Warshauer — Tue, 20 Jul 2010 01:41:48 +0000

For people who hate saving for retirement, one idea to make it less painful is this: Don't put your savings in an IRA, 401k, or any other account you can't take it out of early without paying a penalty. Yes, you will lose out on some tax advantages, but in exchange you get tremendous flexibility. If you need the money for other reasons, it will be there for you. Knowing that you can use the money however and whenever you want may make you much more motivated to save, which means that you could end up with a lot more retirement money after all.

By: ER Extreme

ER Extreme — Tue, 20 Jul 2010 00:58:48 +0000

Unless financial independence IS a short term goal …

By: Tweets that mention Saving for Retirement: Love It? Hate It? -- Topsy.com

Tweets that mention Saving for Retirement: Love It? Hate It? -- Topsy.com — Tue, 20 Jul 2010 00:56:24 +0000

[...] This post was mentioned on Twitter by Well-Heeled, Kevin. Kevin said: RT @wellheeledblog Saving for Retirement: Love It? Hate It? http://bit.ly/aYNrTt #Yakezie [...]

By: TeacHer

TeacHer — Mon, 19 Jul 2010 19:45:51 +0000

Thanks for the shout out! I loved the connection you draw between something we can all relate to – cramming for a test – and something that seems a little more abstract and distant – "cramming" for saving for retirement. Cool idea!

Well, you already know my feelings about saving for retirement, but something I don't think I was very clear about in my post was that I REALLY like the Roth IRA. I love how flexible it is and how it's possible to save for other goals (house, education) while working towards a comfortable retirement at the same time. Like I said in my post: it's more the concept of saving for old age that bothers me.

By: psychsarah

psychsarah — Mon, 19 Jul 2010 17:20:25 +0000

Great analogy! I guess I was always the big nerd that worried if I wasn't uber-prepared at any moment, my life would be an utter failure (for example, I was absolutely hysterical crying when my grade 8 home ec teacher implied I might fail the class-I figured that I mylife would be over if I failed Gr 8 home ec! Perspective wasn't my strong suit at 13 years old apparently, says the woman who now has a PhD) So, to follow your analogy, I just assume that I better prepare for retirement as much as possible, because I assume something bad will happen if I don't! Hence, I don't love doing it, but I enjoy escaping the worries that I experience if I don't do it.

By: IL RN

IL RN — Mon, 19 Jul 2010 17:12:09 +0000

Knowing that my retirement investments work much harder for me now motivates me to max out my Roth IRA. At 24, I'm afraid of having the future my mother is facing, so I work a lot of overtime to fund my retirement and pay down my student loans (at 9.75%). While I'm still building an emergency fund (currrently have 5 months, I want and paying off student loans the 403b just has to wait.

By: Kathleen

Kathleen — Mon, 19 Jul 2010 14:41:16 +0000

I don't love saving for retirement, but it's necessary. I don't want to be homeless in my old age or relying on non-existent social security.

By: Jessie

Jessie — Mon, 19 Jul 2010 13:21:27 +0000

I don't love it, or hate it – it's just something that I do. That said, I don't force myself to save at least X%. Until my student loan is paid off – I'm happy if I contribuite $25-$100/month – depending on what's going on that month.

By: pennythoughts1

pennythoughts1 — Mon, 19 Jul 2010 12:41:46 +0000

I view retirement closer to using my fluoride rinse after brushing-not something everyone does, but I think it will pay off.

By: Pamela

Pamela — Mon, 19 Jul 2010 12:23:22 +0000

I can't say that I LOVE saving for retirement. BUT it gives me a great sense of security. I keep motivated by knowing that I won't be a burden to my kids and that I should (keyword being should) be able to maintain a nice lifestyle. This should also give me enough to play with my grandkids and treat them to a few things. This was something my grandparents were never able to do.

By: Kate

Kate — Mon, 19 Jul 2010 11:54:29 +0000

I hate saving for retirement, largely because I can never figure out what the heck I'm supposed to be doing. I am one of those lucky souls with a defined benefit pension, and hubby is another. They're so rare nowadays that there's not exactly a ton of information out there about what I should be saving for retirement outside of my DBP.

My DBP is based on my five highest average years of income when I retire, so it's not like I can easily or reliably calculate how much it'll be worth (I'm 26 so I have a lot of room to grow!). Will the DBP rules change and I'll find myself scrambling in my mid-40s? What if I want to change jobs and I haven't saved anything? Do I get any of that money? Do I have to cash it all out? My RRSP contribution room (the equivalent of a Roth IRA) is reduced because of my DBP- how does that affect any contributions I might put in? Do I get that room back one day?

And finally…

I'm unlikely to have this problem, but some people with DBPs might… What happens if the company goes under? Either before or after retirement?

It's all enough to make me dread having to save for retirement. Or not saving for retirement. Or whatever. Something in between. Good problem to have, I guess…?