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Over at Dustbury I saw an interesting snippet about changes in the 401(k) rules. Glancing over them quickly, I can see where they'll benefit a lot of people, if they're smart enough to take advantage.
The company I work for has an incredibly generous matching plan, and I was really surprised to learn just how few of the younger employees are taking advantage. We've always tried to beat it into our kid's thick skulls instill in our children the idea that you have to treat savings like a bill. Pay into it once a month at least and leave it the hell alone. It'll add up fast. We were mostly successful. Oldest daughter bought her first two cars herself and Mookie purchased her own PC when offered yet another hand-me-down model.
My plan comes in two parts: upon retirement I live simply and long enough to have to learn to like the cheap dogfood.
Posted by Ted at March 29, 2005 11:45 AMInteresting. I didn't know about it, but I was planning on setting up an IRA after I left anyways. I see your point about younger people too. This is my very first "real" job and I set up my 401(k) right away. A lot of the people I work with don't have one. My employer started contributing after a year and I just love to go check my balance on my 401(k) and see it grow....especially after I balance my check book;)
Posted by: Blogeline at March 29, 2005 04:16 PMWell dad, you can't blame me for buying my own pc. Cause no offense, the hand-me-down you guys offered me would of made a better paper weight then a computer. =D
Posted by: Mookie at March 29, 2005 06:10 PM