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Retirement Savings


Forum: Financial Planning and Budgeting

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  #1  
January 22nd, 2011, 08:24 PM
C&K'sMama's Avatar Platinum Supermommy
Join Date: Sep 2008
Posts: 6,150
How do you save for retirement??

I don't want to spend a bunch of money to talk to a CPA (though I might need to), so I was wondering if I could ask you guys. How do you save for retirement? I've heard of IRA's but know little about them, or is there a specific kind of account for retirement (like a child's education fund)?

We have savings accounts for each of the girls. They're a little lighter than we want them to be but we're working on that and should have it basically under control in the not too distant future. So now it's time to start funding our retirement (I saw that there was a bit of a debate of which should come first, we figured we could work towards them both at the same time).

(it's so weird... I barely "feel" 25, funding retirement feels like forever away, but even though we're hoping DH retires Army and we'll have a decent income, anything can happen)
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  #2  
January 23rd, 2011, 02:28 PM
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Between our contribution and my husband's employer's contribution we are putting 15% of his salary into a retirement account. Hopefully we are going to do a post-tax account soon.

The first step wold be to see if your employers offer any type of retirement plans. Especially if they ofer some matching contributions you should start doing it.
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  #3  
January 23rd, 2011, 07:22 PM
C&K'sMama's Avatar Platinum Supermommy
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Hubby is Army, so they don't do retirement plans (except that if you're in long enough they'll pay you forever, which is awesome, but doesn't help me save in case he'snot able to be in that long).

Are there specific kinds of accounts for retirement (other than an IRA)??
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  #4  
January 24th, 2011, 06:34 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
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I am planning on doing an IRA when I get laid off from my work to roll my 401K into.

Right now all of our retirement money is in the 401k's.

I know we need to do more but right now we can't.
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  #5  
February 20th, 2011, 11:36 PM
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Join Date: Sep 2010
Location: SF Bay Area
Posts: 24
There are other options than an IRA. There is one method that I consider to be advanced, mostly because I am still wrapping my mind around it! The book is called Be Your Own Banker and I think you use life insurance as the method.

I am still reading/understanding the book so I'm not much help there. I do have a friend who has a Variable Life Insurance plan which is another method to plan for retirement.

However, I think an IRA is the most affordable way to start saving for retirement.

There is a regular IRA and a Roth IRA. With a Roth IRA, the money deposited is after-tax so when the time comes for you to withdraw it, it is tax-free at that point. Here is a general resource where you can find further information : Traditional IRA vs. Roth IRA
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  #6  
February 27th, 2011, 01:34 AM
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Also being in the Army, take advantage of that. They offer financial planning classes, you can go talk to JAG (who have financial attorneys also) for free, there are life insurance options for military as well, SGLI is pretty much a rip off IMO, but there's AFBA (which is what we have), USAA, etc so not that life insurance is retirement but it will help you if anything happens to your spouse as well. But definitely take advantage of the financial planning classes that the Army offers to families, they're completely free and a GREAT source of information (sometimes a local CPA will come in to speak as a guest speaker free of charge as well so you can pick their brains for free).
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  #8  
March 15th, 2011, 05:37 PM
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Join Date: Dec 2010
Location: Midwest
Posts: 21,659
I have my employer sponsered 401k and then a ROTH IRA.
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  #9  
March 18th, 2011, 02:34 PM
annem84's Avatar Mega Super Mommy
Join Date: Feb 2011
Location: South Dakota
Posts: 1,293
Right now, 401K.

Where we work (work at the same place)--the match up to 6% and we both put in 3% of our income (matched so 6% for both of us)
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