Retirement

[Prometheus]

Parents and I are having a Mini war over weather they should take 15% of all my paychecks and 100$ now to put into retirement fund

They dared me to post here to see what my "buds" would say

So just to start it off......I would all of you to be prejudice towards my parents :D

Not really but if your still in the holiday spirit im buying myself a xmas present i need the money for.....

another question....Is it theft to steal money from someone (me in this case) and put it in MY retirement fund........its not even a retirement account! I need to be 18 and have 2500 to make an IRA account. Its my money my life.....shouldnt I be allowed to mess myself up finnancially?

I currently have minimal taxation......yet if my dad has this money HE will be taxed

Parents would like if you posted age with your testimony

Also apreciate any other suggestions

sorry to bug you all with this but would like to see the look on my parents face when they are wrong........

[Jason425]

mmk i'm 17 and i think it's a bunch of crap.. you should be able to do with your money what you want - and i think it IS a bit too early to begin planning for retirement - i'd rather put my money into savings for college than retirement.. a good career is the best preparation.

[Prometheus]

bingo......

I am always enriching myself...for free tho

Im not to worried about college fund................MI and all

+I do so much stuff (initiative in learning on my own) that I am likely to get a scholarship

[Jason425]

yea i leave the college stuff to my mom.. but if i did want to be throwing money at that kind of thing.. it'd be for college

[eviltechie]

i dont know you well
but i do know that average parents work very hard to make a decent living and enuf money to send their kids for a good education

you should be thankful enuf for that
id pay them maybe 15% of your paychecks...

if you are cheap... pay $100 now

whats that money worth compared to hundreds of thousands of dollars they've spent on you already and more in the future?

[Prometheus]

no they want me to do BOTH!

[Aemon_]

ok, i'm 21 and married. you're like 14 aren't you prom? my dad wanted me to save every penny when i got my first job. he wanted me to save it for college, but i didnt. but now that i'm out in the so called "real world", i can see both sides. i'd say contemplate their advice, maybe put away like $20-50 a month, it will add up.

my $0.02

later

[Prometheus]

thats what I am saying.........

I dont want 1/3 of my money going to retirement......i have more use of the money now

I have more chance of being alive tomorrow than another day in 50 years :D

[Jason425]

retirement and college are hugely different..

[vee_ess]

Since you probably aren't making a whole lot of money in the first place, I don't think 15% would make much of a difference even taking into account the interest accrued over the next 50 to 60 years (considering that inflation will drive the value of the amount we have invested down nearly as fast as interest increases it). I don't mean any offense with the reference to pay amount, but I've seen that job opportunities available to our age group aren't among the better paying (I'm 18 years old). I would agree with a smaller amount of the pay, such as 3%-5%, because it is a good habit to develop before you start making meaningful amounts. As you get used to a portion of your paycheck being removed, slowly increase the amount withdrawn.

To the parents: I know that I may be young and immature, and consequentially unaware, but at the same time I know what it's like to be pushed into things I don't want to be pushed into. You may be able to control the amount saved now, however you won't be able to once your son is on his own. I would encourage easing him into making that a habit so as not to turn him away from the idea, but to let him get used to it with a more opened mind.

Good luck!

[Jason425]

w00t to that

[vee_ess]

Tell us what happens, please.