Post Christmas Swell...

[mounts]

In case you don't know already I will be moving away from Pt. Loma this week. Tonight I sign my new rental agreement with Racqut Club Luxury Apartments located in La Mesa, CA. I've spent the last 7 and a half years in Pt. Loma and it pains me a little to move away but at the same time it is time to move on. Obviously La Mesa is not that far away

Comments

Retirement

[singertenor]

Or- 37 years from retirement? (25+37=62)

Re: Retirement

[mounts]

No, I'm shooting for 52. Should I stay at the bank where I'm at now I'll be able to retire at 52 and a half (rule of 80: age plus tenure) assuming I have enough saved for it. This has caused me to budget my savings for retirement accordingly. Taking into consideration, rate of return offset by inflation, my annual savings contributions into 401K and IRA increased annualy by modest wage increases, accounting for below average social security income, and accounting for the need for my saving to last me until I die (or in my case forever) and still remaining able to leave a substantial nestegg behind I have found it to be very possible to retire at age 52. I can't wait!

Re: Retirement

[singertenor]

This reminds me that since I turned 25 LAST year, my 2006 resolution is to begin a 401k for myself. I'm not sure the difference between 401k and IRA, though.

Re: Retirement

[mounts]

Ahh, actually a 401k is a work sponsored retirement account. It is a benefit that generally replaces pensions. As the employee withholds pay to their 401k account the employer usually matches part of the employees contribution.

Seeing as though you are still in school and not working full time you probably don't have access to a 401k account... but you do have access to an IRA. This is something you should open up in liew of the 401k and possibly continue to fund even after you have access to a 401k or similar retirement account.