POSTED BY: Alyssa (March 08, 2008 02:13 AM)
Well.....this is quite useless for all of us out there who DON'T have jobs that pay 65 dollars an hour. Seriously, between rent, insurance, and food I barely scrape by...and I DON'T have car payments, or anything unnecessary. You tell me where there is someone out there willing to hire an intelligent 20-year-old for decent pay and I'll show you a scam. As for benefits? Yeah...that's going to happen. Seriously, aren't there any plans out there for those of us who don't have it made? Plans for people who I don't know...are having to live on minimum wage because no one will hire them despite good reputation and credentials? Let me know when that happens, and then I'll listen.

POSTED BY: Ryan (March 14, 2008 01:13 PM)
First, it can happen it's a matter of making it happen yourself. There are numerous success stories often posted on or in Kiplinger's website or magazine. I recognize the frustration, all it takes is a plan. Take that energy you have placed in your post and write down a plan that starts with even $10.00 a week, $40 a month can begin to start a pretty nice retirement fund... it's a start. You just have to remember hard work pays off...Read anything on Warren Buffet and you will see it can be done, you just must put in your homework.

POSTED BY: Drina (March 26, 2008 02:51 PM)
'To reach one million by age 65 you need to save $286 per month.' Is this $286 towards any retirement fund? As long as $286 in total goes toward your 401(k)/IRA/stocks combined?

POSTED BY: Brett (April 13, 2008 08:49 PM)
..I was expecting a little bit more of a strategy when I decided to read this page. I know that I need to be saving about $300 a month to make a mill by the time I retire, give me some advice as to how I might do that... Alyssa: I hope you return to read responses because Ryan had some good things to say...Look into you local hospitals, colleges and schools, police stations, etc... if you have them around. Just because you are relatively fresh out of high school, doesn't mean you have to work at the same places that you did in high school for the same pay. Not only do they typically pay well, but they offer positions that have tuition reimbursement, health care benefits, 401k options, and other opportunities that can help jump start you. There are more opportunities out there than you may think.

POSTED BY: Rob (May 19, 2008 07:14 PM)
If you save $286.00 a month in an I.U.L., earning 8% interest over 35 years, by age 65 it will have grown to $444,359 off of an original investment of just $120,120. You can then take an income stream on that money from age 67 to age 100 (or death) and you can draw approx. $44,574 a year, income tax free, for a total of $1,470,942 over your retired life until you die. Can't get much better than that!...

POSTED BY: Alfredo (July 19, 2008 06:57 PM)
I started saving up on my 401k since I was 19 years old and opening up a stock account so I can investing in some stocks. For me I would have to have more then a million dollars in my retirement account. I am exposing myself to more emerging market(s) then domestic stock(s) so I can get a more ROI plus I am still young so I can take the rollercoaster ride. I learned this by my parents mistake of not investing... while having annual income of 100k a year.

POSTED BY: Brian (August 17, 2008 05:28 PM)
Rob, your figure of $44,574 per year income at retirement is before inflation. At 3% annual inflation over 35 years that $44,574 is reduced to $15,840 in todays dollars. That's not a good retirement. At 3% annual inflation, the value of money is cut in half every 23.5 years. A 20 year old planning to retire at age 67 will need almost $2 million in 47 years to retire comfortably.

POSTED BY: Dan (February 02, 2009 10:24 AM)
The inflation goes up but I would think that would make salaries rise too, so contributing more that $286 per month should be way easy after even only 10 years

POSTED BY: Chad (June 04, 2009 01:20 AM)
Im 20 years old I just started the 286 a month plan today, horrible interest rate of only 0.22 due to the economy. I would much rather have a 6-10%, but I will settle for now.