Do you put money away into a retirement fund?

**Shell** · 09-20-2003, 04:23 PM

Since I was 18 I have been putting 100-200 away automatically into a retirement fund. I really didn't miss it as it came out of my account without me even thinking about it.

It is my understanding, that when you put money away monthly instead of once a year over the long run you will have more interest and your money will grow quicker over the years. It is called dollar cost averaging. Also when you invest monthly, you have less to lose on the market if the market is down.

Now as that money is not taxed, it grows even quicker then a regular investment. I also get a bigger tax refund as the money I invest is not taxed. If I was smart (hopefully one year.) I would take my tax refund and buy more RRSP's (IRA'S.)

Who puts money away into a retirement plan? How do you do it?

**Labontet** · 09-20-2003, 04:34 PM

Well I put 12% of my pay into my 401K at work. Then we also purchase an I-Bond each month.

You see, retirement won't be that much further in the future for us, and it scares me to think that we would not have enough money to live on each month. Lord knows that we will never be rich, but I would at least like to live close to the lifestyle we live now.

**Shell** · 09-20-2003, 05:28 PM

What is a I-bond?

**Lori Biever-Launder** · 09-21-2003, 02:44 AM

We have money in an account as well as a 401K (at least I THINK that's what it is!)

**simplemom** · 09-21-2003, 08:46 AM

My dh puts money for a retirement fund at work. He has been doing it for 15 years. It is deducted was his pay each week. In Canada, we call it REER.

**mylittle4** · 09-21-2003, 12:29 PM

Dh employer is the only contributer right now. They contribute 6% of what he makes every 2 weeks into an investment account. It really adds up and some day we will contribute also. If we contribute they will match what we do up to 10%. All of ours is in the stable funds account as we do not understand enough about stocks and things to move it around.

**Labontet** · 09-21-2003, 05:22 PM

Here is the website for the Public Debt. It shows FAQ's for I-Bonds. Hope this helps. I am not very good at explaining things.

http://www.publicdebt.treas.gov/sav/sbifaq.htm

**Shell** · 09-21-2003, 05:25 PM

Thanks Labontet

**couponchic** · 09-23-2003, 07:51 PM

mylittle4, that is awesome that the employer matches to that high of a percent. Both DH and my employers' only match the first 3% that we put in. But, every little bit helps.

**gkp1031** · 09-24-2003, 06:10 AM

I have a 401K, savings bonds and started an IRA a couple years ago. I'm always looking for good information on investing, I want us to be able to enjoy retirement, which is a long way away, but I'm a planner!!!

**mustang80** · 09-24-2003, 06:57 AM

We have no retirement money put away. We've never had a job that allowed us this option.

In November I'm eligible for 401K from my employer. I only work about 12 hours a week, but I'm determined to put something away, even if it is only $40-50 per month. At least it would be something, and I think my employer matches my contributions as well.

**PrairieRose** · 09-26-2003, 10:28 AM

We have an IRA but we have been contributing yearly and yes Shell you're right about accruing more interest by doing it monthly. The problem is that dh works on commission sales and we get about 3 checks per year. NEXT year I'm gonna figure out how to and how much to deposit monthly so we can take advantage of the interest better. Thanks for reminding me of this.