Saving for Retirement - Self-Storage Talk

jcarlisle · #1 (**permalink**) 24th June 2009, 11:57 AM

There seem to be plenty of options out there to save for retirement -- 401k, IRA, Roth IRA, etc. I was chatting about them yesterday with a financial adviser.

What do you like about these retirement plans? What do you dislike? Does your employer offer a 401k plan, and will they match your contributions?

If you think about it, today's low market is the time to buy because everything's on sale. But most people look at how much of a hit their plans took in the past year, and they're very gun-shy to keep pumping money into the market.

alley50 · #2 (**permalink**) 24th June 2009, 12:32 PM

We do not have a 401k plan as such in our packet.

The first managers on our place were putting all there savings in the bank ( 8 years ) and when they decided to retire, they were able to buy a house cash.
We as there replacement doing the opposite.

We bought a little ranch were we are at every Sunday and Monday and slowly renovating it to our liking.

By the time we will retire, approx 3 years from now, it will be paid for and we can live there permanent.

The place will be free hold and we both will receiving social security and my husband will also have a pension from Holland.

jcarlisle · #3 (**permalink**) 25th June 2009, 12:26 PM

Unfortunately, the recession has affected 401k matches at most companies. The good news is that the cutbacks should only be temporary:

http://www.usatoday.com/money/perfi/...y_N.htm?csp=34

Gina6k · #4 (**permalink**) 25th June 2009, 01:03 PM

Quote:

Originally Posted by jcarlisle

What do you like about these retirement plans? What do you dislike? Does your employer offer a 401k plan, and will they match your contributions?

You mean there is more out there than just turning in my soda cans for recycle $$?! Excuse me while I run ask the boss if he'll match my pennies!

Seriously, everything is so tossed about it's hard to know which way to go at this point. No 401k here, but I wish... hey boss are you lurking here?

I'm considering taking some funds and putting them into the short term, higher yield CDs, but that means staying on top of it at all times. Too many decisions and stress related to the 'what if' you make the wrong decision, don't move things when you should etc. How wonderful would it be if there was an easy answer to the retirement funds question.

401k was a godsend from my previous life, I liked being able to diversify my portfolio and determine various risk factors and made some good money on it.

For now the best retirement plan I have in place is our kids. Pushing them to excel so they can take care of us in a style to which we could become accustomed to in our old age. Reminds me, time to call them all and crack the whip a bit!