Nickname: bean

Review: The problem seems to be that there are no real safe havens. 1) stock market is not insured 2) value of money can be lost with inflation 3) real estate investment can decrease if bubble bursts and you will only be able to keep your investment if you keep your job 4) Many people are forced to pay higher than 50% of their income on necessary expenses eg. food, housing, health insurance etc...while paying off debt leaving little left over for speculative savings. How can people be responsible when there is no definate information?

Date reviewed: Apr 30, 2007 5:39 AM

Nickname: mark

Review: Don't trust our government's SS plan, which will be non-existent when I am 60plus. I say screw the US, and its greedy government! I left this screwed up country and moved to Sweden, where I now have free education for me and my kids, free monthly payments to help raise my kids, free healthcare, free generous retirement payments.

Date reviewed: Aug 20, 2006 6:53 AM

Nickname: billj

Review: Roths are primarily for rich people. People who will not have traditional pensions should save in a Traditional IRA (pre-tax) until they have upwards of $300,000 saved (and most people will not get that high). Thereafter a Roth might be better. With 300K in a pre-tax IRAs, you might draw 15K a year plus whatever social security you get. The federal tax on 15K is less than $750, i.e., 5%. So if you saved 15% on your taxes when you saved it, you are ahead. Besides, some states omit state income tax on IRA income after age 65. Income beyond the 15K might profitably come from Roths. That's why you make your first 300K pre-tax and only thereafter do you establish Roths.

Date reviewed: Apr 10, 2006 5:30 AM

Nickname: Brian

Review: "Being poor is bad, choosing to be poor is stupid."

Date reviewed: Mar 28, 2006 11:02 PM

Nickname: Brian

Review: The government is not going to save you when you retire without any money. If you expect Social Security to be there when you retire, I've got some land to sell you! This article is very good to an extent. Here are my rules to becoming financially independent: 1) Pay off all your debts except mortgages and car loans (pay monthly as normal). 2) Live below your means. 3) Contribute as much as possible to your 401(k), 403(b), Roth IRAs, Traditional IRAs, etc. 4) A lot of small items really add up over time. 5) Don't try to keep up with Joneses or you will be working with the Joneses at Wal-Mart when you are 75. Best wishes and good luck!

Date reviewed: Mar 28, 2006 10:58 PM

Nickname: Steve

Review: Start a 401k as soon as you qualify. I am now 44 years old and have an account worth $120,000. My peers are just getting on the bandwagon and have no idea how they will ever retire.

Date reviewed: Mar 19, 2006 3:50 PM

Nickname: anhtam

Review: We have to take care of our own future by learning to build up our assets agressively. In the meantime learning to protect our loved ones by protecting them properly from all of our current financial liabilities. That requires "Discipline", "Effort", and "Time". Why don't we start maxing out all the "Tax Free Income" plans offered by the IRS first, before considering the "Tax Deferred" plans. Pay taxes on the "seed" now is better than on the "fruit" when we get older. If we want to retire sooner, got to consider saving much more than "The 10% rule", in order to compress the time. Beside that, I would suggest all the young people read how "Rule of 72" to understand how money works to take charge of our future.

Date reviewed: Mar 19, 2006 4:45 AM

Nickname: HNguyen

Review: With the consumer promoted economy, it is hard for a young person to grasp the idea of saving. Young people should look to Katrina as an classic example. They should rely to no one to take care of themselves. I think the Social Security system is just a scam anyway, nobody should consider it as a main benefit vehicle.To encourage young 25 person starting career out there, I started saving 10% of my salary at age 25. Now at the age of 32, my 401k balance is 55,250.00 and the roth IRA about 10,000.00. you guys have to save consistent. do not stop saving if you guys want a comfortable retirement. I do not want to be a guy who at the age 65 stands bagging at Wal-Mart. You do not want that happening to you, do you? Start save now

Date reviewed: Mar 5, 2006 8:42 AM

Nickname: kay

Review: I can't say enough to young workers about getting started early and the "fix and forget-it" plan. I did this when I started out saving only 1.5% of my income. With each pay increase I upped the amount going automatically into savings and investments. Review one to two times per year. Fifteen years after the start of my career and I could probably retire reasonably well if I did not ever save another dime (unlikely, though, now that it's a habit!). Good luck.

Date reviewed: Feb 19, 2006 5:09 PM

Nickname: Joe B

Review: If you were a farmer, would you prefer to pay taxes on the seed or the harvest? Investing in an IRA or 401K is the same as taxing the harvest. You will likely be in a higher tax bracket and require much more income per month when you're retired than you do now due to income and cost of living increases and tax law changes. Consequently, you'll pay much more in taxes then than now. Pay the taxes now and invest for the future tax free--RothIRA or other possibilities. Not enough space here to explain it all. Think about it. Do remember the words of George Classon in "The Richest Man in Babylon:" "10% of all I earn is mine to keep." Best wishes to all.

Date reviewed: Feb 18, 2006 8:30 PM