Start a IRA so you don’t retire broke

social security is not a livable wage. Maybe it barely is now but it won’t be then. Plus you can’t access that until you are old and gray. So if you don’t want to spend your 70s and 80s eating ramen noodles and rushing in the shower to save water then you need to take control of your retirement

So in this window between 18 and 25 any money you invest(use professionals to invest) will massively benefit you by the time you are 60. It should double every seven years. So 1 dollar, in 35 years, will be 36 dollars and way more if you work a few more years. You get a pile of money this way and you live off the interest of the money.  you shave off about 6 percent a year off that and it should still be growing and you will be living fancy and sustainably. That massive return on investment only comes with time so the sooner you get in the better. So don’t miss the boat in your 20s to be a millionaire in your 60s

I encourage everyone to look into starting a Roth IRA and get to work on investing as soon as possible so you arnt a broke old man 

Im 13 but i remember this good sor

Sir

Ye
Me too

My parents some money into a Roth IRA for my siblings and I every month. It’s probably a few hundred dollars, but that will add up over many years.

Good advice!

I was very lucky! With a broken back I retired due to disability at a reasonable salary!

So if you don’t want to spend your 70s and 80s eating ramen noodles and rushing in the shower to save water then you need to take control of your retirement - 

yes indeed -

noodles 

George Carlin 

As someone who didn't take this advice. You should really study what Pete is saying. A freind had a grandfather that worked a 10 hour shift. Then came home and died of a heart attack. If you knew it was your last day on earth would you really go and work a 10 hour shift. Save now and you won't have to worry about that. Great advice from PetecantbeatmeSLFL!

Cod

Great advice. Also, if the company you work for offers a 401K, without a doubt enroll, and select a reasonable amount to have payroll deducted to it each paycheck. Of course, there are not near as many companies offering 401K's as there used to be. Now companies want to screw the worker more than ever. Even working full time is hard to get for many people.

But an IRA is a great substitute for the 401K.

#1 aghhh yes taking life advice from a random guy on a chess website

Good advice from Pete. The earlier you can start investing the better, and putting in 10% of what you earn every paycheck is a nice goal to shoot for. Avoid getting into debt if you can as that is money that you could be investing instead. If you don’t want to pay a professional to invest for you, and you don’t have the time to do research on stocks, then just put the money in an index fund that tracks the S&P 500.

Patriot1776 also makes a good point. Companies are trying to screw the worker more than ever.

Yeah this is certainly useful, but I am heading for a career in electrical engineering with a legacy at Kenyon and two people in the family who make 100k+ a year in those sorts of jobs so I think I should be pretty good. thanks anyway!

Surely this is rage bait

I was a reservoir engineer if you ever need a reservoir driver!

When I got my first real job, my boss convinced me to put a couple hundred a month into a 401. It was automatically taken out so I never missed it. Then, every time I got a raise I got a raise, half went into the fund. I’m retired very comfortably.

We convinced my niece when she turned eighteen and had a job to start with a hundred. She’ll retire a multi millionaire

I've got a lower 6 figure 401k. I know it works for those who pay attention to what is going on in the financial world, and reallocate your money to different funds that are available within the 401K Plan. Most 401K's offer Target Funds, meaning the younger you are the more you can invest in higher risk Funds, But as you grow older, it is better to get into lower risk funds.

I personally think this is a teenager who actually believes 100k a year will be sufficient. Lol. That is nearly poverty level and this kid has no clue. Unfortunately this is what happens to most of us. We make the same mistake as this guy and not prepare ourselves like Pete has suggested.

social security is not a livable wage. Maybe it barely is now but it won’t be then. Plus you can’t access that until you are old and gray. So if you don’t want to spend your 70s and 80s eating ramen noodles and rushing in the shower to save water then you need to take control of your retirement

---
Eating ramen every day doesnt sound too bad.

---
So in this window between 18 and 25 any money you invest(use professionals to invest) will massively benefit you by the time you are 60. It should double every seven years. So 1 dollar, in 35 years, will be 36 dollars and way more if you work a few more years. You get a pile of money this way and you live off the interest of the money. you shave off about 6 percent a year off that and it should still be growing and you will be living fancy and sustainably. That massive return on investment only comes with time so the sooner you get in the better. So don’t miss the boat in your 20s to be a millionaire in your 60s

---
seems too good to be true.

But it actually is true. You young folk need to believe it.