Retirement Savings
I really want to share with you my prospective of retirement savings and where to start. I thought I would be excited to start saving for my future. When I was around 20 I looked and I would need to save around $2,000 a year to have the kind of lifestyle I would want during retirement.
I worked a job which has a 401k plan and calculated up what I needed to save. Due to my job matching it was a modest sum of about 7% of my earnings. When I was getting married I decided to crack open the savings to pay for it. Later I ended up changing jobs and was in the process of buying a house. I decided to use the remainder of the funds to pay the down payment. I was 26, divorced, and no longer a home owner. I wish I would have had the advice to not use your savings no matter the issue. Everything I had purchased evaporated and I was left with nothing.
I worked a job which has a 401k plan and calculated up what I needed to save. Due to my job matching it was a modest sum of about 7% of my earnings. When I was getting married I decided to crack open the savings to pay for it. Later I ended up changing jobs and was in the process of buying a house. I decided to use the remainder of the funds to pay the down payment. I was 26, divorced, and no longer a home owner. I wish I would have had the advice to not use your savings no matter the issue. Everything I had purchased evaporated and I was left with nothing.
Rebuilding was a challenge. I had to correct my credit score which took a couple years. I then decided to buy a cheap house this time which was something I could afford. I finished paying it off recently and am starting to look to save again. I am now 33. If I want the same retirement I now have to save nearly $3,600 dollars a year which seems to be a hard sum to save.
I started my saving last year with Robinhood which took the place of small things I would buy. Instead of going out to eat I would put $10 away and cook something at home. Instead of going to a movie I would put $20 away and watch some Netflix. I have managed to save up a small amount of money but I am at a challenge. I want to invest and it's hard to find guidance. I don't have anywhere near the $25,000 threshold managed brokerage accounts require. I can't decide if I should use something else that lets me open an account with $500 that is computer managed.
I guess I will be doing a lot more research and will try and keep the blog updated on my progress and what I decided to do. FYI if you want to help me save feel free to check out Robinhood and get a free piece of stock in the process.
