Ask the Readers: Have You Started Saving for Retirement?

By Ashley Jacobs on 17 May 2016 66 comments

Editor's Note: Congratulations to Kat, John, and Natasha for winning this week's contest!

We need money for a lot of things, like day-to-day expenses, paying bills or debt, or even saving up an emergency fund. It's easy to put off saving for your retirement when it seems to be a long way off. But it's important to take advantage of the years to have to save...and the interest you'll accrue from a retirement savings account. And if you're almost at retirement age, it's imperative that you begin preparing for your non-earning years.

Have you started saving for retirement? What kinds of accounts (or other methods) do you use? Are you happy with the amount that you're saving so far?

Tell us whether you've started saving for retirement and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

Mandatory Entry:

  • Post your answer in the comments below. One commenter will be randomly selected to win a $20 Amazon Gift Card!

For Extra Entries:

  • You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:

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If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

  • Contest ends Monday, May 23rd at 11:59 p.m. Pacific. Winners will be announced after May 23rd on the original post. Winners will also be contacted via email.
     
  • You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
     
  • This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
     
  • You must be 18 and US resident to enter. Void where prohibited.

Good Luck! 

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Guest's picture
greg

currently max out 401k to federal limits and a roth ira where I save a year ahead. So right now i am saving for the 2017 year.

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Suz_Glo

Absolutely! I began at age 24 as I began my first full time job, using the company 401K and maximizing the company match. That is so easy to do! Around that same time, my father insisted I create a Roth IRA account and I'm glad he did. Now, working part time, I contribute the maximum to my IRA every year. I think I'm doing well with my savings and plan to continue prioritizing it.

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Jenny D

Since I'm a full-time homemaker, it's baby steps for me on a retirement account. I made a decision last week to begin setting aside money that I save through various ways. For example, I put a small jar on my dryer for any found money while doing the wash. I'm also going to set aside money I save using coupons, foregoing a treat when out and about, and holding a yard sale now and then. I'd like to open either a savings or a myRA account. Although I basically have nothing, I'm happy with making this new commitment.

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Mami2jcn

We have a 401 (k).

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Julie Wood

I have been saving for Retirement for years and have an Annuity all saved up!

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J. Pario

Yes! We use a savings account and Roth IRAs. Money is accumulating very slowly... But I'm planning to freelance long after retirement age, so that should help the finances.

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Elena

I have started saving, but didn't save much so far

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Monique

I have an IRA that I have contributed a little to, but since I am in transition, it is not funded the way I'd like it to be. Once I'm established in my new career, I know I'll be able to contribute in a more meaningful way to the account.

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Guest

I started my 2nd career here in the United States after I moved to the country when I was around 35, and have been saving ever since. I have a 401k, IRA, Roth IRA, HSA, brokerage a.c , target index mutual funds and a saving account for emergency funds. I maximize my 401k, Roth and HSA contributions every year. I put myself on a budget and save almost $3,000 to $4,000 each month. I brown bag my lunch, shop off sales racks, make an extra mortgage payment every month, and don't carry over credit card balances. I am inherently not a materialistic person, so don't buy (or like) stuff, but I do love experiences, so travel is my one annual "splurge". I am 50 now, and am reasonably happy with my retirement plan, though i do wish I had started investing in stocks earlier than I did. for the longest time I was paranoid of the stock markets.

Guest's picture
Acid

Been talking to coworkers about paying the mortgage early. With super low interest, 3-4% rate, seems we're better paying the minimum on the mortgage and earn higher rates with the extra mortgage cash being invested in stock market, if no other bills. Interest deduction with taxes, makes paying extra money to mortgage a waste. Thought?

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Gina

I've started saving for retirement with an IRA. I'm way behind in saving for retirement and I'm not saving enough but I'm saving what I can and working to earn more so I can save more.

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Mike in PA

Yes - The company I work for offers a 401k with a 4% match, so I take advantage of that and increase my contribution every time I get a raise. I'm trying to pay off my debts before I start saving/investing anywhere else, but at least I have a start on my retirement.

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Sheryl Edwards

Yes. I have started saving for retirement. Both my husband and I have IRA accounts. We have also been paying off all loans and bills. All that is left is our mortage on our home. Our goal now is to not add any debt. 12735

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Julie Lundstrom

I have been saving but not nearly enough to take care of me when it's time to retire.

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Mary W

I started saving as a college student. Throughout the years I have added to Roth IRAs, investment accounts, annuity and have invested in land. The best way to save was payroll deduction. Now as an older person, I feel confident that I am in good shape going into my final decades.

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Heather

Yes, since I started working after college. I wish I had been able to save more!

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Suraj M

I started my 2nd career here in the United States after I moved to the country when I was around 34, and have been saving ever since. I've a 401k, Roth IRA, HSA and a Savings account for emergency funds. The company I work for offers a 401k with a 5% match, so I take advantage of that and increase my contribution every time I get a raise. Maxed out Roth IRA and at 16% into company 401K and increasing it every year by the performance rise received annually.

I encouraged my wife to open and max out her Roth IRA when she hit 34. She was a homemaker before that. She's contributing at 12% annually into her 401K and also has her annual bonus deposited into it. Every annual performance hike is deposited into the 401K.

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Kelli

I only have one savings account which, at the moment, serves as an emergency fund and retirement savings. I really need to look into better options for my retirement money, but I am currently between jobs, so I'm hoping my next employer will offer some good options.

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Karen

I am in retirement and still saving.

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CHUCK

maxing out my 401k contribution to the 6% my company contributes to and I'm only 21! Gotta love compound interest

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amanda sakovitz

No I haven't yet

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Donna D

My companies 401K.

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Susan P.

I have IRA and investment accounts and feel confident in my retirement accounts.

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Michelle D.

I have a general savings that isn't strictly for retirement but I will most likely use it that way.

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LATE START

Yes, I am saving and have started late at the age of 30. I am 32 now and have $23k in a 401k and 457 combined. For this 2016 year, my goal is the maximum allowed limit on the 401k -- $18,000. If there's time left before the year ends, then I'll put whatever I can into the 457. Ideally, I wish to max out the allowed limit each year into either account or a little extra into another account to avoid going over the limit.

I'm single with no attachments and never been married. My decent income of 67k/year helps me put a lot to save on taxes. I live below my means and stay away from society's materialistic competition. No one pays my bills, regardless of I win or lose. So it's safer and more peaceful to avoid the competition overall.

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Sgtpeppr56

Yep...paid off all consumer debt and put all that new money into retirement!

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Laurajj

Yes, I have my 401K that I have had for years to save for my retirement.

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Sheryl

Yes! But I started late and that has puts a retirement a few years away.

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Matt

Yes, I started as soon as I started working and I made out my 401k.

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Elle

Yes, I always save and plan for the future.

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Karen L

I have started saving for retirement with 401k, 403b and other investments.

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Guest

Of course! Max out my Roth IRA and contribute additional % through my 403b.

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Pam

Yes I have started.

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Alma

Yes, I have been saving for retirement since my second year at my full time job age 21. We have Vanguard at my work. Since 2014 we are getting matching funds of half of what you save for each pay period from our employer.

I am happy with my amount a save each month, it seems I am saving a lot of money for my age. Also, I have a Star fund with Vanguard for additional savings and other accounts.

My parents have always told me to save money for everything including retirement. My parents came from Mexico and have raised me to value and make finance a priority in my life. I am grateful; because I am doing something good for me as well showing others is possible.

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Natalie

I started saving towards retirement 2 years ago.

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Susan Smith

Yes we have been contributing to our 401 K for many years.

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Renee

I have a Roth IRA and investment account. Once I transition to the next phase of my career, I will be able to have a 401k and will take advantage of that as well.

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BK

Yes I have. Started at 22 with my first job, slowly realized how important those first few years are since they have the longest time to grow. Maxing it out now at 27 and convinced my fiance 2 years ago she needs to contribute more to hers!

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Guest

I contribute 6% to my 401k and have healthy savings in my checking account.

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Kandace

Yes, but we need to bump up our contributions, especially to our Roth IRAs.

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Emily S.

My partner and I each max out our Roth IRAs. He maxes out his 401K and I contribute 10% to my 401K (my top priority is paying off student loan debt).

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Acid

Started in 1995 as 23 yr old; Oppenheimer Global Funds, $100/ month. 21 years later, 401k, Roth IRA, 529 fund, and mutual fund =my savings acct. Retiring from military, so pension for life or until Congress changes the rules!

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Bill

I have 14% with a 6% match going into the Federal employees TRSP. I have the $6500 going into a Roth IRA. I am saving over 25% of my base pay. According to a financial counselor, I should be fine. I just don't feel like I've saved enough to go before age 62. I don't want to have to stop traveling. My basic nature is to save, and not spend what I've saved unless I just have too. It looks like another 5.6 years for me.

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Ashley P.

I have started saving a few years ago.

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Ernest S.

Yes! I have a 401K and Roth IRA. I contribute the maximum to my Roth IRA every year, and also max out the company contribution for the 401K. I also have a Rollover IRA for my previous 401K plans. I would love to invest more, but I think I am tracking well toward my goals.

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Evie B.

Yes, I am saving for retirement and have been for a long time.

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Tracy Hirsch

Yes! I started saving when I was 21 and started putting money in my 401(k). Then I stopped saving when I bought a house...then I borrowed what was in it for a pre-paid college plan for my then young daughter. Both things you should never really do. Happy to say I'm back on track after learning from those 25+ years ago and am looking at an early retirement! Pay yourself first!

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Guest

Yes. Started saving when I was 27 and finally realized thirty and maturity were looming.

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Rich

I started a Roth IRA several years ago.

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Rebecca Ross

Yep, we started when we got married, in our very early 20's.

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Miss Kim

I started saving for retirement with an IRA

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Michael K.

I have a retirement savings set up with my work.

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Jess

Yes, I started saving for retirement by opening a 401k in my first job out of grad school. But I wish I had opened an IRA when I was in college (like older and wiser people told me to do)!

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Guest

Yes! Roth IRA all the way. :)

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Jeff

yes. have been saving up and on track for a mid 50's retirement.

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Lynda

yes i have a 401k and a roth IRA

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Niomi

I have an IRA and a Roth IRA - the banker I worked with was not IRA savvy. I also have a small amount from a former job that is collecting 4% (a whopping amount nowadays!), and a small amount with a variable rate; and savings that I am looking into investing.

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Carmen N

I primarily just have my 401K.

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Kat

Yes I have been saving for years and also will get a pension when I retire.

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Catseye

I was saving for retirement when I was working 40 hours a week. I intend to resume saving for it when I'm done with school and working full time again.

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Happy Love

I started saving in a ROTH IRA when I was in my 20's.

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Louly

Yes I have started saving for retirement. I have a couple of IRAs, it just seems like the smart thing to do.

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Holly Sanford

I was contributing regularly until about 6 years ago. My son was diagnosed with diabetes then and our healthcare costs have skyrocketed as a result, coupled with a decrease in income meant I stopped contributions. I'm trying to get on steadier ground so I can re-start my contributions.

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SKB

Yes, I have been saving for years both with my employer (403b) and IRAs.

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Liz

Yes I do! Working on maxing out my Roth IRA this year!

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Thomas Murphy

I have started saving for retirement