It is tough for many young people in their 20's and 30's to start planning for retirement because they need everything they can muster just to stay afloat. It gets even tougher if you've been laid off for some period of time and have had to live off unemployment checks, credit cards and loans to attempt to make ends meet. By the time you do get re-employed, you are so far in debt that you find yourself staring down the '40-something' barrel before you can begin thinking about retirement while wondering if Social Security will be in the picture let alone a dismal 401(k)outlook.
Yes, its wise to plan while you are young but its the circumstances not the lack of planning that prevents many people from being able to do so.
Danof FL11:19AM August 06, 2010
I'm not worried about retirement. With the way the country is going we will be under the bridge with in the next 10 years.
Pat of IL9:53AM August 06, 2010
We all need to learn how to save more.
Ninaof CA10:34AM August 04, 2010
One of the biggest mistakes I've noticed that many of us make is not really planning for retirement early enough to have saved enough to be able to retire when we reach retirement age. One need to start preparing for retirement when they are young and in their
20's and when they first start working. You have to be very discipline and stick to a plan. It is absolutely, next to impossible to wait until you are ready to retire to start planning.
That is the recipe for a failed retirement plan.
M. Sandersof LA6:55PM July 26, 2010
Retirement isn't even in a plan for most of us since they raised the retirement age. Nest egg, what Nest Egg! Since the crash, Loosing money has become habit. There is no longer retirement pentions with the outside the government companies and the way the market is today, you cannot afford to own a home and save for retirement untill all your children are grow and on their own. Then your to old to save anything and own a home too! 401K's have done nothing but brought the demise of the people into their own hands having to withdraw money for so called emergencies and the such to just "get by!", so the spending we will be doing in 20 years from now will be from our social sedcurity we recieve and I understand that it may no longer be viable, or even in existance. Wish us luck there. My current home which I bought in 2007 is now tumbled down 30% and is expected to be wortyh 30% even less in the next few years. Now what. Sell.. funny, and owe, I owe, I will still owe when I am dead and gone.
AZof AZ10:19AM July 20, 2010
is it really news that you should lower your thermostat, not eat out as much, use the library or rein in impulse purchases??? do you get paid to write such obvious articles?
Alisonof MI1:51PM July 01, 2010
It's important to watch every dollar we spend...now, and in retirement. Here's a great resource to help with retirement planning: www.retirementthink.com
Nancyof CT6:55PM June 30, 2010
For those of us who have lived using all those ideas all along, there will be no change in our retirement spending. In fact, one of our 16 year old vehicles is at the end of its useful life and we are now purchasing a replacement vehicle (used of course) for cash. A loan was never considered.
tomof SD7:08AM June 30, 2010
I find it hard to believe that my dad who served in the military , worked hard all his life at a job he loved and respected lost everything after he worked there over 30 years . Now our leader will give money to immigrants who need anything they and sacrifice the hard working people of this nation that made it strong. I would be honored to be in my parents presence more than I would the president or his socialist, predijudice wife. I find it really hard for me, because I have had my debates on every situation our county has been through. I think he had good principals at first, but now. taking away GOD, taking away what Got has done for slavery, for immigrants and What he relates to as his people so far. What kind of monster would do this. I don't know, nor do I care . I only care that he not leave our GOD out of our county. He should be ashamed of himself for that. you do not know my color. my skintone, my heritahge my beginning.
that is my opinion...God Bless Me and our America,,, no matter the creed!
Sherry Denson Sellersof LA2:08AM June 30, 2010
It is true that the economy has led everyone to think more about purchases and what is essential versus what can be lived without. Women live longer than men, take on caregiving responsibilities and thus are able to work less, and depend on Social Security for a greater portion of their income than men. Being aware of your finances and what you will need in retirement is so important if you're going to live comfortably! The Women's Institute for a Secure Retirement (WISER) works to help women prepare for retirement. Check out our fact sheet on 10 Ways to Become Financiall WISER! http://www.wiserwomen.org/index.php?id=150&page=10_Ways_to_Become_Financially_Wiser!
Reader Comments
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Dan of FL 11:19AM August 06, 2010
Pat of IL 9:53AM August 06, 2010
Nina of CA 10:34AM August 04, 2010
M. Sanders of LA 6:55PM July 26, 2010
AZ of AZ 10:19AM July 20, 2010
Alison of MI 1:51PM July 01, 2010
Nancy of CT 6:55PM June 30, 2010
tom of SD 7:08AM June 30, 2010
Sherry Denson Sellers of LA 2:08AM June 30, 2010
Kristen of DC 10:28AM June 24, 2010