While some are more ready to discuss this topic, others don't want to think about the idea because "it's so far away!" Even at 19, I have a head enough on my shoulders to know that, when it comes to saving that dough for your inevitably workless days, it will come alot sooner than you want to think! If you say at 20, "oh, I can wait until I'm 30 to start seriously thinking about that, I mean, it's like 45 years off!", you'll inevitably say at 30, "retiring at 65 still leaves me 35 years, it won't hurt to wait until I'm 40", then one day you are going to wake up in your mid-50s, realizing that you won't have much aside from Social Security Income.
I'm not saying you can't build a decent retirement savings later in life, but it's also common sense that, the earlier you start, the more you'll have and the larger cushion will be available to you if you can't contribute to your savings that month.
So what are your plans for retirement? IRAs? 401Ks (I'm not sure how those work, personally >_<)? Any opinions/tips/hints/etc would be greatly appreciated.
Since I want to open my own retail business after my venture with dancing, I'm thinking of opening a Roth IRA. There's no tax deduction for saving with the account (I don't know much about taxes thought at the moment, so I'm not sure what that's supposed to mean. My best guess is that you can get more back when filing your taxes for saving, but you can't do that with a Roth) but withdrawals you make after, I believe it was, 59.5 years old are not taxable either.
I did a calculator thing for it the other day, factoring in the maximum anual deposit of $5,000 from age 20 to age 65 (when I hope to retire), and found that I could have a total of roughly $2.25 million for use in retirement with a Roth compared to $1.2 million making the same deposits in a regular savings.
In a day and age where "million" doesn't seem to be that much anymore, I'd still call that a good end to years of hard work ^_^



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