Originally Posted by
snorton1
Hey, Copper Head! I'm right with you at 55, and looking forward to a decent retirement here in FL at 62. Student loans for my three kids and support for aging parents have put a toll on the finances for my wife and me, but we have been chipping away at the debt, and all school loans will be paid by summer. How? By putting away 10% for extra payment on loans and another 10% for retirement.
Next step is all 20% to retirement
For the younger set, I recommend simple savings that you won't miss if 10% seems overwhelming. The average American pocket a dollar a day in change, and you will never miss that. Add five dollars of every scrap run per month, and you'll see $50 each month.
Once you start seeing a return like this in a bank account or even a lockbox, you will feel relief and empowerment both. Savings will become a habit, and you will begin to find an extra few bucks a week going in. THEN start to deal with percentages and the like.
Just my two cents! (Maybe I should have saved that!)
You need two cents to get to five cent, then five to get to ten, then a dollar and so on. So welcome to your two cents.
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