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If You Don’t Save Now, You’ll Hate Yourself Later

  • Posted by: Terry Ng
  • on Tuesday, April 24th, 2007

401k

Retirement may seem like a long ways off, but investing early in life will make a huge difference later.

If your company offers a 401(k) plan, you should definitely participate as much as you can afford. Most employers offering some kind of matching contribution usually up to 6 percent of your salary. If your company pays 50 cents for every dollar you invest, it’s as though you’re getting a 3 percent raise. And since all your contributions are pre-tax, you’re essentially getting free money!

Even if you can only save as little as $100 per paycheck, you should participate. As a simple guide — for every $1,000 you put into your 401(k), you’ll save about $300 on your taxes.

Take action today and start saving towards a better financial future for yourself.

  • Filed in: Gear
  • Comments: 9
  • razi
    • Posted by: razi
    • on April 24th, 2007 at 1:13 pm

    This is a great suggestion Terry. Everyone here should really listen because it’s helped me pay alot less taxes.

    I max out my 401k contributions every year which places me in a lower tax bracket saving thousands a year.

    Plus it’s nice to know that I’ll have a nice chunk of change when retirement rolls around. :D

  • David
    • Posted by: David
    • on April 24th, 2007 at 2:41 pm

    Once I get money, I kinda spend it. Never too late for putting money in the piggy bank. Not sure what the difference from the US retire plans from the Canadian retire plans.

  • AllaN
    • Posted by: AllaN
    • on April 24th, 2007 at 3:32 pm

    Yes,i’ve always been told that saving early is benificial, and this just furthers my intentions of doing so.
    -PS I GOT MY DODGE NITRO SHIRT TODAY!

  • vm3z9
    • Posted by: vm3z9
    • on April 24th, 2007 at 3:48 pm

    On my spare time at work I always browse through cnn business online. Here’s an article I was reading today to add on to what Terry has already mentioned

  • Dexter Kanuto

    Here in Australia, we’ve got a Superannuation scheme for retiring old workers.

  • Dexter Kanuto

    The government here pays well for the super.

  • Lenka
    • Posted by: Lenka
    • on April 26th, 2007 at 5:39 am

    dont know how to pay taxes… :D

  • Dexter Kanuto

    Retire by the age of 60.

  • Unregistered

    Bebo Kacey Nat…

    Bebo сommunity, share your blogs…

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