Something cool

[kyugy]

I've been on a mini-crusade to start getting my friends to start thinking about saving and investing for the last year or so. It's important for people in their early 20's to start saving for retirement now because all that compounded interest adds up. You can spend more when you're in your 50's without worrying about having enoguh to retire on

Comments

[crazyreesie]

I find it kind of funny to read this entry right after your comment regarding my trip. =)

That said, though, my company is doing well enough that the boss switched from the SARSEP to a 401k and my account gets opened this month, so I'm still making progress.

[kyugy]

Well, it's like this. I'm a big fan of living life via "the middle way." Everything in moderation.

See, a 401k plan has nothing but benefits for you right now. You can deduct whatever you put in from taxes, and then your company may or may not make some kind of matching contribution. That's a huge help for people just starting out. Just re-evaluate it in a few years when your better off financially because with a 410k, you still have to pay taxes when you take the money out of it. What a lot of people do is roll their 401k into a Roth-IRA (taxes now, but no taxes on growth) once they get well established financially.

[superscuba]

I forgot about that ING thing. Send me a link for that?