When you do you prepare for retirement?how do you prepare for retirement?
June 26, 2011 Categories: Personal Finance
I am in my 20s and I am Married.My husband and I just brought a house.(we both work)I know both of us are young but this day we was speaking and I stated the word retirement and I realized neither one us have a clue about retirement!! (stop laughing)So if you can please answer my questions about retirement.
How do you prepare for retirement?Do you just save money in a acct that you don’t touch until you retire
is retirement money just your 41k?
people state that you can use your home equity for your retirement!
When you retire you suppose to have enough money to last you for the rest of your life without working?
PLEASE HELP ME ..I have hear ed so many diff rent things
I mean When do you prepare for retirement ?HOw do you prepare for retirement?
First step:
Google retirement calculator.
Money Magazine online has a nice one at
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp
You will see that you need about 2 million dollars to retire above poverty level.
A house should not be used to take as cash when you retire.
Someday, when you are in your 80′s you will want to move out, and you will want the cash to use at that time.
If you take out a reverse mortgage, you will be left with no house the day you decide to move out.
Besides, just try to get your children to change your depends diaper when they know they have no house coming to them.
Keep putting money into the 401K, eventually max out that account, then open up a ROTH for you.
For the kids college, pay off your house
Paying off a house is a great way to “hide” money from the Financial Aid officers, so that your child can get a free ride.
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