Comments on: Should You Save For Retirement At a Young Age? http://www.moneycrashers.com/should-you-save-for-retirement-at-a-young-age/ Personal Finance Blog, Your Guide to Financial Fitness Fri, 10 Feb 2012 01:50:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: jayhttp://www.moneycrashers.com/should-you-save-for-retirement-at-a-young-age/#comment-21611 jay Wed, 02 Feb 2011 02:53:13 +0000 http://moneycrashers.com/?p=185#comment-21611 is that even possible? what about if you're self-employed..and residential real estate the way it is now. is that even possible? what about if you’re self-employed..and residential real estate the way it is now.

]]> By: Brucehttp://www.moneycrashers.com/should-you-save-for-retirement-at-a-young-age/#comment-19463 Bruce Wed, 15 Dec 2010 19:21:59 +0000 http://moneycrashers.com/?p=185#comment-19463 I started my 403(b) in August 2010 and it is the best savings tool ever. I contribute 6% and my company matches that with 7%. Starting at 25 year old feels great, but now it is important to remain consistent throughout the next 35 years. My money is fully vested the moment it goes into my account, so there is no concern of having to be here a certain amount of time to receive that money. Thanks for the great post. I started my 403(b) in August 2010 and it is the best savings tool ever. I contribute 6% and my company matches that with 7%. Starting at 25 year old feels great, but now it is important to remain consistent throughout the next 35 years. My money is fully vested the moment it goes into my account, so there is no concern of having to be here a certain amount of time to receive that money. Thanks for the great post.

]]> By: Jon Postalhttp://www.moneycrashers.com/should-you-save-for-retirement-at-a-young-age/#comment-3292 Jon Postal Tue, 05 Sep 2006 00:27:34 +0000 http://moneycrashers.com/?p=185#comment-3292 I started putting money into an retirement account when I was about 20 because of the immediate tax savings (If you are not familiar with Canadian tax law...you can deduct the amount contributed to a registered retirement savings plan from your gross income resulting in a generouse tax return at year end.) When I was 23 I emptied my retirement account to by a home, and I have 15 years to pay back the amount I withdrew from the retirement account. I was earning next to nothing on this account (4%), and the local real estate market was climbing fast so it made sense for me to take advantage of the tax system and get into real estate. The home I bought is up in value by about 36% in just over a year. Even though my retirement fund is now at $0 my net worth is substancaily more than it would have otherwise been, and I am firmly established in the real estate game. As you were saying, each person needs to evaluate their current situation to see what makes the most sense. Jon Postal beyoungandrich.blogspot.com I started putting money into an retirement account when I was about 20 because of the immediate tax savings (If you are not familiar with Canadian tax law…you can deduct the amount contributed to a registered retirement savings plan from your gross income resulting in a generouse tax return at year end.)
When I was 23 I emptied my retirement account to by a home, and I have 15 years to pay back the amount I withdrew from the retirement account. I was earning next to nothing on this account (4%), and the local real estate market was climbing fast so it made sense for me to take advantage of the tax system and get into real estate.
The home I bought is up in value by about 36% in just over a year. Even though my retirement fund is now at $0 my net worth is substancaily more than it would have otherwise been, and I am firmly established in the real estate game.
As you were saying, each person needs to evaluate their current situation to see what makes the most sense.

Jon Postal
beyoungandrich.blogspot.com

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