Here we all are... 20 something people... and its easy to forget that we won't ALWAYS be 20 :) Have you opened an IRA? Using a 401k? Anything? Just curious...

 

I opened an IRA yesterday. I feel like SUCH an adult :)

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I've started planning the marvellous adventures I'm going to embark upon, and how I'm going to terrorize the local schoolchildren with my walker, but I haven't actually started planning anything financial...I don't see how I can with so much student loan debt, and no chance of ever getting a pension...is planning for retirement even a feasible idea anymore?
Saving for retirement while paying back student loan debt is super hard; I'm having a hard time with that, especially now that I'm back in school. But the whole not getting a pension thing is exactly why you should start planning for retirement, asap. Suze Orman has a book/website that had a few helpful tips/ideas for me; maybe it'll help you, too, since you seem to be in a similar boat.

When I started my current job, the first proper job I've ever had, they mentioned that after my 6month probationary period, there's an employee pension scheme you can join. So I did. It's a weird thought, but should I start any later, I wouldn't get much of a pension upon retirement. Even now it's a teeny-weeny bit of money I get once I hit the wrinkly times. But it's all a bonus! 

 

I think UK's approach to retirement funds is a good one; as of 2012, it'll be mandatory for employers to enrol employees onto their employers pension scheme. Unless the employee specifically declines, that is! At least that makes sure that those who work hard for 50+ years won't starve to death when older, just because the state pension doesn't cover anything. Like, anything. Max. £150 (I think) for a couple. Per week. How's them apples?

Well with me being a Financial Professional, I know and understand the importance of preparing for my future. I believe the word "Retirement" for our age group may sound extreme, but "Lifestyle" may be a feasible word. It is very very very important to prepare for later. Trust me....These years don't last long. So you will reach that age all too soon if you make it. (Sorry to be blunt) I've started my first account when I was 20 that allows me growth, safety, tax advantages, and protection on my income. 

 

Imagine the day you started your first job. From that day till the present moment, are you satisfied with how much you've saved? Imagine doing that the rest of your life with nothing to show for it. You can have an excuse for being young and broke, but old and broke you can't fix. That is why some of my partners and I are reaching out to the youth and young adults about teaching them how to manage debt, save, prepare for long term expenses (such as buying a house, education, kids, etc.), all while having fun for the present moment. 

 

That is another reason why people don't want to start early because they believe they need to put all their earnings away for the future on which they believe they would never see. 

 

To be continued....

 

mysignaturename.blogspot.com

No not at all, will do building saving first, for a house, after that retirement.  It's like almost fourty years away, first things first.

Oh my goodness...I haven't!

 

Should I be planning for this?!!??!

 

I'm ALREADY BEHIND!!

Oh yeah, most definitely. I started a 401K in college because my employer offered company matching. My friends thought I was weird/overly worried for being 18 with a 401K, but when I left that job after I graduated, a nice little sum of money followed me! I've since opened an IRA and put away money as I can, but being back in grad school and having student loans to pay back makes that kind of difficult.

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