Retirement

[scrivener]

What are you doing about your eventual retirement from work? Does your place of employment have some kind of retirement plan? How much of a priority is retirement-savings for you?

I'm pretty much responsible only for myself right now, so without kids or whatever, I put a high priority on my own retirement. I'm a teacher at a private (non-profit) school that contributes 3% of my salary to a 403(b) account with an organization called TIAA-CREF (http://www.tiaa-cref.org). 3% isn't much, but it's free money and it's all mine without a vestment period. I also put an additional $150 a month in this account.

The last school I taught at contributed 5% and matched up to an additional 5%, meaning that if I contributed 5% of my pay to my retirement account (http://www.absbc.org), I'd actually be getting 15%, two-thirds of that free. There was a five-year vestment period, which, thank goodness, I hit just before I switched schools.

I'm still paying for college and therefore my take-home pay isn't very much, so that hundred-fifty I have taken off the top is something I feel. Still, it amounts to thirty-seven bucks a week and I should be able to do without it. Meanwhile, the market has been kind to both my accounts and I find it encouraging.

So, what have you got set up?

[pzarquon]

I had a 401(k) through my previous employer much like the one you mentioned, which was so extraordinarily generous that I knew I'd have been a fool not to participate. When I changed jobs, though, things stalled, and after having forgotten about it completely for a while, I ended up talking to a few money folks and just cashing it out to pay down debt. Being broke in old age sucks, but being in the red sucks more.

I carry life insurance and am looking to add "long-term care" insurance (since the "wait for your kids to strike it rich and buy you a house" plan isn't particularly relaible), but I do want to start saving for retirement again. Sadly, the urge to get out from under the past, and to live in the now, is pretty damn strong.

[Albert]

Well, I didn't do anything about it.

That's one reason I strongly oppose Bush2's scheme to "privatize" Social Security. I never thought I'd live long enough to worry about it, and most young people I now know also don't think they will, and won't do anything about it either.

So, of course, I'm grateful for that Social Security check each month and only wish I could confidently trust Bush2 when he says people over 55 won't be affected by his plans.

[808_m3]

Although my spouse and I have quite a bit of time to go before going into retirement, planning for that day is very important to us.

My current employer provides a somewhat generous package where they match your contribution, up to 4%. For me, I take it as high as we can go, which is currently 15%. We also have a profit sharing program where depending on the company’s performance, an additional amount is deposited into your 401K account. It’s certainly nice to see it grow when the stock market is doing well.

I’ve heard of other companies who give you an automatic percentage even if you contribute a small portion. One company I heard of gives you 8% no matter how much you contribute. By then, it would be a crime to not even contribute anything at all.

[U'ilani]

Having paid off my college debt several years ago, I am now able to contribute 10% of my gross into a retirement savings plan, and my employer (the Federal government) contributes an additional 5%. My plan is to retire at age 56.

Like most gen-Xers, I'm not counting on social security being available for me when I retire.