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Re: How soon does one needs to start saving for retirement?

Postby Cuddy » 02 May 2023, 05:18

oldbuddy wrote:
friendociate wrote:I think most American employers require employees to pay a fraction of their paycheck to Social Security, which pays a monthly amount to ALL retirees who qualify.

I didn't spend long enough 'employed' to qualify in the usual way, so I don't know ... you might ask @OldGuy or @OldMan

Or Oldbuddy . . . I retired on Social Security 23 years ago and contrary to what a lot of people say, it's enough to live on pretty comfortably for a couple who both worked. The trick is to get as close as you can to debt free and start now to build a compound interest paying fund from free bitcoin and don't touch it.
you are absolutely correct because you need to invest so that you can make compound interest on bitcoin.
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Re: How soon does one needs to start saving for retirement?

Postby Kenti » 02 May 2023, 06:32

I think one has to start saving when one turns 30. The 20s should be used to build financial muscle.
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Re: How soon does one needs to start saving for retirement?

Postby JASPREET » 02 May 2023, 07:40

It should be when we start earning so even if we are 20 we should start saving for retirement
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Re: How soon does one needs to start saving for retirement?

Postby peachpurple » 02 May 2023, 08:02

I started saving lately but kind of too late for age 50
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Re: How soon does one needs to start saving for retirement?

Postby Tendz » 02 May 2023, 08:06

As soon as possible you start, it is better. Also, have a plan and a goal.
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Re: How soon does one needs to start saving for retirement?

Postby Cuddy » 02 May 2023, 08:19

It is better to start saving for retirement now because it's a way to secure your future.
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Re: How soon does one needs to start saving for retirement?

Postby raaman » 02 May 2023, 13:23

You should start saving from your very first pay packet if you happen to be in a job that has no pension.
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Last edited by raaman on 14 Jul 2023, 06:53, edited 1 time in total.
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Re: How soon does one needs to start saving for retirement?

Postby Muhammed001 » 02 May 2023, 17:41

To save for retirement,an employee must start saving for retirement since the day he started working the retirement plan is a life insurance,the amount will be deposited monthly from his salary to an insurance company which will be compounded monthly and increase in amount
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Re: How soon does one needs to start saving for retirement?

Postby Emmaojo » 02 May 2023, 19:52

It is better you stay saving once you get a job as youths. Time does not wait for anybody. It runs fast.
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Re: How soon does one needs to start saving for retirement?

Postby Inem » 14 Jul 2023, 05:08

One should start saving for retirement as soon as you are relieved in debts or heavy spendings
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Re: How soon does one needs to start saving for retirement?

Postby augusta » 14 Jul 2023, 05:13

Anytime you believe you have the money to start saving you can. You just have to save money for either emergency or retirement
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Re: How soon does one needs to start saving for retirement?

Postby Inem » 14 Jul 2023, 05:22

augusta wrote:Anytime you believe you have the money to start saving you can. You just have to save money for either emergency or retirement
You might end up believing close to 60 years old.
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Re: How soon does one needs to start saving for retirement?

Postby Treborika » 14 Jul 2023, 06:45

I have learned that the savings on the retirement is very important in the future for a person. However I have considered this and I would start saving as soon I get a regular job.
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Re: How soon does one needs to start saving for retirement?

Postby Recob » 14 Jul 2023, 06:47

Treborika wrote:I have learned that the savings on the retirement is very important in the future for a person. However I have considered this and I would start saving as soon I get a regular job.
I don't think to you have to wait for a regular job to start saving. As far as you are earning money, you can save for it.
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Re: How soon does one needs to start saving for retirement?

Postby raaman » 14 Jul 2023, 06:55

Muhammed001 wrote:To save for retirement,an employee must start saving for retirement since the day he started working

Yeah. It especially necessary for those who are not covered by any pension scheme by their employer.
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Re: How soon does one needs to start saving for retirement?

Postby Abigael » 14 Jul 2023, 11:21

Treborika wrote:I have learned that the savings on the retirement is very important in the future for a person. However I have considered this and I would start saving as soon I get a regular job.

Me too, I plan on starting to save as soon as I get a regular job or something that promises to stay for long. You know it is so hard to save with discipline if you have unstable earning methods.
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Re: How soon does one needs to start saving for retirement?

Postby eldavis » 14 Jul 2023, 13:55

I think the earlier the better, do not wait until a few years to retirement, if you have the resources, start saving now.
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Re: How soon does one needs to start saving for retirement?

Postby GoldenLady » 14 Jul 2023, 14:18

Shortie wrote:When it comes to saving for retirement I would definitely advise doing it as soon as possible if you are able to. That is something I honestly regret not doing, to be honest. I was in a mentally abusive relationship for a long while up until 2015 when I finally got out of it and he then had control of most of the money so I couldn't really save for my retirement at that time. Since I got out and started handling everything myself though, I have had to build my and my kids' lives back up again so being able to save for retirement has been difficult, I am hoping that the things I am doing now will help me to start saving for retirement.

I do see how hard you work online and you definitely deserve a better life than what happened. You can look at ways to generate some passive income to help you make more money
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Re: How soon does one needs to start saving for retirement?

Postby Ofonime » 15 Jul 2023, 02:50

One funny thing about retirement is that the early you start saving for it the better your chances of getting good amount when you retire,so it's better you start saving once you get employed
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Re: How soon does one needs to start saving for retirement?

Postby astutimeliana723 » 15 Jul 2023, 07:37

Imran Noori wrote:
Vehlijanta wrote:The best time is to start when we earn our first income

I agree with you, the best time for saving is from the first day that you start earning, this will help you alot in long term.

It's true that I agree with you, because it's not easy to make money, so we have to be frugal and good at saving. The savings will be very helpful when we lose our jobs.
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