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Originally Posted by motordavid
you lucky 20,30,40 Sumpins to pack as much away as you possibly can into your company's "plan", 401K, IRA, Roth, et al. Time is on your side,
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I am no financial wiz, but I know that you are right. I heard a financial advice radio show last week talking about this. The guy said that if you put away $2000/year x 7 years, in your twenties, then stopped, you would have more at retirement than if you started in your thirties and socked it away every year until retirement. Talking about the concept of compounding interest!
The problem doctors have for that issue is that we have no money in our twenties. We are still in training, running up monster debt, averaging $200k, until we are 30-32.
One of the few really good things about owning your own business is the ability to do more aggressive retirement funds. I have an Simplified Employee Pension (SEP). IRS max on that is >$42k/year. Got to make up for not saving earlier.