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Reply to "How much should I be saving for retirement?"
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[quote=Anonymous][quote=Anonymous]I am 29 and my parents did not know a thing about retirement savings and financial planning. At 19/20, I had a coworker who pleaded with me to start saving for retirement now because of how far ahead I would be, but I felt like retirement was so far away that I'd already be a millionaire by then (after all, I had PLENTY of time to figure it out lol). Around 23, his advice started to sink in and I began with $50 a month on 28K a year. [/quote] This is why I tell everyone who will listen to save for their kid's retirement before they save for college. If you sock away enough money that you can max out your kids in Roth IRAs to the extent their income allows at, say, 15 or 16 you will be doing them an immense service. That money can be used for college, yet is not accounted for by FAFSA. If they end up not needing that money for college, they can take out 10k for their first house. If they can let it ride til their 60- compounding FTW![/quote]
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