Retirement Funds: Are you planning for the future?

@megs85 (3145)
Australia
December 14, 2006 12:15pm CST
Do you have a retirement fund set up? At what age did you or will you set one up? At what age is it reccommended to have one set up? What are the benefits of one? Would you reccommend the company that you have gone or will go through to set yours up?
2 responses
@jcvelina (1256)
• Philippines
14 Dec 06
i do not call it a retriement fund but i do have a fund similar to that. we call a pension fund here. i have 1 year left on paying premiums for the 5 year plan. maturity date is 15 years after my last payment. its a good way to save because it obliges you to save per month.
@volatile (204)
• United States
14 Dec 06
You should pretty much start as soon as possible. If you want to be getting something like $60,000 a year from your retirement fund you need like close to a million dollars put away into retirement plans. Don't quote me on the figures...i'm just ballparking off of what I remember. I'm 25 and i've started with just a 401K and maxed out my company's contribution matching policy. Once I get close to six figures I'll probably open up a Roth IRA.