Thread: Tax Return time-what are you doing with your money?

Originally Posted by silverbullet

what happen if you drop dead one day before you reach your retirement age?

Then you drop dead, but you should have it set up to be divided up among who you want it to. Wife, kids, in my case, my older sisters and brothers. Never hurts to plan, just in case you live longer than 50 years. If you start saving for retirement at 65 when your in your 40's or 50's you may not have a pot to piss in when you get to that age.

I spend my extra money on stuff I want through out the year like any normal person does. I spend some, and I save some, and I set some back. I don't live pay check to paycheck.

~F~

Originally Posted by GR8racingfool

Then you drop dead, but you should have it set up to be divided up among who you want it to. Wife, kids, in my case, my older sisters and brothers. Never hurts to plan, just in case you live longer than 50 years. If you start saving for retirement at 65 when your in your 40's or 50's you may not have a pot to piss in when you get to that age.

I spend my extra money on stuff I want through out the year like any normal person does. I spend some, and I save some, and I set some back. I don't live pay check to paycheck.

~F~

Wow.. someone with some saving sense! Kudos. I'm 24 and have had a roth ira since i was 20

Originally Posted by mikesarebetter

Wow.. someone with some saving sense! Kudos. I'm 24 and have had a roth ira since i was 20

I don't have a compound interest formula right here, but I believe that if you are seeing gains of 7-8% and with the same amount added each year, you will be doubling your money for retirement every seven years or so. So every seven years you wait, you will have half as much money as you would have if you started saving earlier.