How can you save for retirement

How can you save for retirement

Posted in the Ilion Forum

odd

Utica, NY

#1 Mar 22, 2014
So a recent post on yahoo stated that most people ages 24-56 don't even have $1000 in savings towards retirement, and it was stated most people will either have to work til they die, live with relatives or live off of the system, where do you find yourselves stacking up with this?
notbad

Utica, NY

#2 Mar 22, 2014
Its hard to really say, depends on if you have kids honestly. I have two kids am 31 and between my husband and I we have roughly around $5000 saved. Its not a lot, however, raising two children isn't cheap! Kids are the most expensive thing you will ever encounter, that is you care enough to care for them properly.
citizen

Malone, NY

#3 Mar 22, 2014
odd wrote:
So a recent post on yahoo stated that most people ages 24-56 don't even have $1000 in savings towards retirement, and it was stated most people will either have to work til they die, live with relatives or live off of the system, where do you find yourselves stacking up with this?
that's not even close to accurate, about most people having just $1000 to retire. there are many studies out there and this one is probably in the ballpark:

http://www.learnvest.com/2012/11/retirement-s...

how can you save for retirement? START YOUNG! assuming you are working that is. maximize your 401K and Roth IRA contributions. set it up so that contributions come directly out of your paycheck.

stable dividend-paying stocks, ETFs and mutual funds in such industries as utility and energy are a good bet if you are concerned about global economic stablity. the growth might not be great but any losses are minimized compared to higher growth stocks. if you can invest in equities and ETFs that pay 3% to 4% dividends each year, over time you will do well.

investments in higher growth more aggressive stocks and funds are fine if you have confidence in the economy. everyone needs to make their own choices.

banks are virtuallly useless these days but for cash savings don't let it sit and waste away at .003 % interest, you can get close to 1 % return in money market funds, see bankrate.com for the best options.
ohboy

Malone, NY

#4 Mar 28, 2014
just work for public sector, get a guaranteed pension no matter what the economy, and in the last few years, collude with your fellow employees to amass a lot of overtime to be calculated into your pension and retire without any worries...all courtesy of the taxpayer who has to rely on social security and cannot afford to save anything else to retire on as we're too strapped paying higher and higher taxes to give public employees a guaranteed future that you don't get? How's that for an answer? Did you know that some public employees don't put a dime toward these fat pensions? Do you know that they get family health insurance with such low premiums while your health insurance premiums skyrocket? the village of ilion is no exception...just request copies of their w-2/4's and see what I mean. And you wonder why you can't save for your own retirement? It's cuz you are paying to guarantee the future of those public "servants."
simple

Malone, NY

#5 May 16, 2014
Work for the public sector and while you have to contribute to a 401k, when the economy takes a dump, you suffer, but public sector employee does not...you get to make up for it as a guarantee of a nicely feathered retirement nest because most of any local government's taxes (around 80% of those property taxes) go toward pensions and salaries. Also you will not contribute much toward your pension (if at all, in the case of police who pay nothing), you will also not pay much toward your healthcare. You will have not only laws to protect your job no matter how lousy an employee you are and, in addition, you will also have unions (which America needs to learn are VERY DIFFERENT than private sector unions). Then, as a public "servant" you will be able to pad your pension with overtime, especially when you have seniority and your pension will be based upon that, and you will receive for the rest of your life, guaranteed, from 50-60% or more of your last few years salary which allows overtime to be added in. And, unlike those in the private sector who pay for all of this, you'll be able to retire after twenty or so years and collect much earlier than the age you need to collect social security. Plus, on top of that, New York State will not tax your pension either! How convenient. And, you wonder why no one or very few of the majority of citizens of this country don't have much saved into their retirements....??? Public sector has become the master, not the servant and the sooner America and the world wakes up to this totally unfair arrangement, we are all doomed. So...there you have it. Work for public sector, but make sure you know someone or are related to them, keep your mouth shut and enjoy all the perks guaranteed to you courtesy of the rest of the taxpayers.(yes, I know public workers pay taxes, too, but there raises more than make up for any property tax increases. Enjoy!
intheknow

United States

#6 May 16, 2014
Corporate greed kill pensions. Keep voting Republican they hate the workers . They do love big businesses.
simple

Malone, NY

#7 May 16, 2014
Hey, in the know...guess what? Both republican and democrats or whatever are in with the corporations...ya know. Like Bill Clinton who sold this country and all the millions of jobs to the communists in China. All politicians lately are really involved in "crony capitalism" and if you believe otherwise, look at the millionaires and billionaires and corporations that support both parties. Government is a racket for all who are "in it." Don't be fooled. The two-party system is meant to divide and conquer and they've sure done a good job. The facts are facts...look them up. Corporations bribed Clinton, a "democrat" to pass all of these "free trade agreements" to the detriment of the "workers" and in support of his cronies in big business. Look it up. And, I surely cannot believe that such a smart man as Clinton is purported to be would do this without knowing in advance that a country with such low wages and the current manipulated still at that time did not know what he was doing. Ever notice how most of all politicians whether republican or democrat seem to make out very well when they 'retire' or are booted out to be replaced with another "clone: of themselves. Oh, and as far as Ilion is concerned...party really makes no difference here either cuz when the public receives good government, they throw them out for their next door neighbor anyway. Start reviewing the actual records of your elected representatives and bitch and petition and hold them to their mostly shallow pre-election promises. We need representatives who represent all of us, not just themselves and those minions that they hire and give them the moon at everyone else's expense. There...guess I've rambled enough. Have a nice day!

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