Thread: Retirement
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Old 01-08-2004, 06:49 PM
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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 As you get used to a portion of your paycheck being removed, slowly increase the amount withdrawn.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!
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