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Both Jason and I have parents heading into or are already at retirement age. It’s really opened our eyes into saving for our future! We’ve already sat down and discussed what we want to do when we retire. He wants to golf as much as humanly possible and spend time with family. I want to hold my grandbabies, travel, read books all day, ad possibly get overweight from eating too much Ben and Jerrys.
Why You Should Start Saving for Retirement
To do all of the above, we’re gonna need a significant retirement fund. I checked out the Allstate website to get some more insight into what we need to be doing NOW to make sure we can enjoy retirement LATER. These three articles were extremely helpful:
3 Tips to Save for Retirement in your 30s
Do You Know How Much Money You May Need for Retirement?
This is what I learned from the above articles:
- We need to be saving for retirement NOW!
- I need to claim my employers match in my 401k. Oh wait, I am my employer. Ok, Jason needs to claim his employers match.
- We need to start researching where we want to retire. Taxes, cost of living, etc will be different in each state and we need to plan accordingly.
- I especially need to be saving as one of my hobbies (travel) is costly! There are other low-cost hobbies like camping and hiking that would be better for the bottom line.
- We both need to decide what our goal retirement age is. Personally, I’d like to retire at 35 but that’s not feasible.
- We need to educate ourselves on investing in the market. I am TERRIBLE at this so I’ve told Jason to get to it.
These are just SOME important take-aways from the articles listed above. I feel so much better knowing we have a plan and an idea of where we’re headed after retirement. My husband is also breathing a sigh of relief as it made me realize I need to reel in my spending a little. Whoopsies! Haha! For more on saving for retirement, go check out the Allstate website!
I think putting some money into an account the second your little one is born is a wonder idea so that account can grow as they do and then they have a little nest egg when they get older so as to feel a little more financially secure for their futures/retirement!
My husband and I both work for ourselves so we don’t have the 401k matching right now. We have an automatic transfer set up to go into our IRA accounts every month. We also opened a savings account for both of our boys as soon as they were born and transfer money to those every month so they will have a good amount to pay for college or whatever they want to do when they graduate high school.
My husband and I too have been going through and trying to decide how we want to save for the future. He’s employer matches so we’ve increased that for this year but we definitely need to do more.
I’m graduating and getting my first official job and saving is possibly the most important thing I’ve been told to do. Retirement saving is so easy to do when you plan it out like you have and knowing you have that money saved relieves so much stress!
My husband I have started this when we got married 13 years ago. The challenge I have at times is to remind him that we can’t spend that money or cash in the investments Lol
Start saving as soon as possible! It is amazing to watch your money grow!
Have never really thought about tretirement (might be a bit young haha) but this is still very interesting. I was wondering: why do you hope to retire at 35? In Holland the retirment age is 67 and I was wondering what your motivations were for such a relatively early retirement. Great article, thank you for sharing! xx http://www.thevolcanicveins.com
Yes we all need to start thinking about this! I just read a book that really helped its called “The Barefoot Investor” by Scott Pape. I’ve shared it with all my friends and family and I have a whole new way of looking at money now. He is Australian but the money principles still apply to the US as well.
You have such a great perspective. Love this. Thank you for the encouraging words….it really made me think.
There is no harm in living life to the fullest but even i believe saving even small amounts during earlier years could make future comfortable.
I agree with this post so much, such great advice on saving!
I never thought about retirement until my 30’s and I wish I had started sooner! Such an important thing to think about and plan for.