Napkin Finance — How Are You Preparing for Retirement?

I  still don't have my copy of the book yet, but  I can speak to retirement planning.  I retired early 2.5 years ago. While I don't regret my decision,  I could have been better prepared .One way I could have achieved this would have been to roll over 401k balances when I left a job instead of sometimes cashing out.😚

Good advice, @Brigat! What are some of the things you did that helped you save up for retirement?

One of the things I did was to participate in my employer's 401k plan. I  started out with the minimum and gradually increased it to the maximum. At first I felt like I couldn't live without that money in my paycheck, but once I made saving a priority, it became easier.

I give 10 percent to 401k 100 a month to separate Roth  account and try to save 100 a month an a less then 33000 a year job

Great job, @BBlaine! I think a lot of people feel their salary isn't big enough to save for retirement but you can save at any income level.

I've been trying to allocate as much as possible to my retirement accounts. Like Nicole, I wish I had done more earlier, but I feel comfortable with my current allocations. It's a journey, for sure.

Thank you

I remain with an employer that pays a fabulous (!) retirement contribution. I started mine at about 40, so I have some catching up to do.

@KellyFromKeene I have done the same and have focused on growing my money through real estate as much as possible. 

@KellyFromKeene, getting a great employer match is awesome. Free money!
And @Theodora, love that you're diversifying with real estate!

Love the "napkin" infographics!  Thanks for adding that to your post, @Nicole D.

@Nicole D. posted:

@KellyFromKeene, getting a great employer match is awesome. Free money!
And @Theodora, love that you're diversifying with real estate!

I think many of us do not really look at this closely when considering employers. I fell into my job, but the unheard of retirement contribution makes me stay.

Most important thing is to start AS EARLY AS POSSIBLE on ALL of the below:

• Take advantage of any pre-tax company 401K, especially with company match. Alternative IRA post tax contribution with tax free growth.  Very little is more advantageous than leveraging government approved tax incentives.
• Pay down any debt as soon/fast as possible (nothing is more expensive than debt, especially credit card debt.).  Debt is hindering your ability to save.
• Save as much as you can regardless of income (always live below your means and save and ignore what you believe everyone else is spending money on)
• Take whatever savings you have and invest it for the long run in the market (not your bank account).  You must take advantage of compound growth and have your money begin to work for you so that you eventually don't have to. Leverage time and these savings will hockey stick in size over time!
• As much as possible, automate all the above processes so that it actually happens and so that your money is removed from your visibility/ability to easily spend it on other things.

I'm taking part in a 401(k) through work. I also have two Roth IRA's, one of which I'm actively contributing to. One is through Acorns, a robo-investing company. I'm woefully behind, however, since I had to withdraw all of my previous funds due to medical issues. So, it's a struggle for sure, but I'm trying to make up for lost time. For reference, I'm in my mid-40's.