Are You Still Contributing to Retirement Savings?

January 29, 2009

It's not surprising that some people are tempted to pull the plug on retirement contributions when things are tight, but it's important to continue on the path to saving enough for the golden years. Have you kept up with your contributions as the economic crisis has worsened?

Source

34 Comments

ilanac13 4 years 15 weeks

yes i am STILL contributing, and it's the same amount as before. i still just have the same portion of my paycheck taken out each week/month so that i have some type of safety/nest egg when it comes time to retire.

notoriuskitty 4 years 15 weeks

I would LOVE to be saving for retirement, and I know it's not a good excuse, but I don't make enough money to do it! I only make about $9/hour and I also receive paid vacation and sick days... however, I still live at home and the last thing I want to do is rent. So I am saving for my own home. But even living at home, it's hard to even get all my bills paid. I do however, put money into my savings account!

rtofctr 4 years 16 weeks

It is a good idea to pour as much money as you can into 401K, ROTH, and growth stock mutual funds. The market will rebound soon. 100% of 10 year periods have been growth periods for the stock market, and 97% of 5 year periods have been growth periods. There is a huge sale going on in the market right now, and only a fool would miss it!

hyzenthlay20 4 years 16 weeks

My CalSTRS is automatic, so I haven't stopped that . . . and I just started my autodeposit into a 403(b) today! I'm feeling proud of myself, even though the 403(b) will not get much money, at least for a while, it will be growing monthly :)

Renees3 4 years 16 weeks

I stopped because when I took money out for the down payment for our home you have to stop for 6 months. As soon as I can I'm going back to putting money in.

Spectra 4 years 16 weeks

I've upped my contribution as well. Since I'm pretty far away from retirement, I'm trying to buy in as much as possible so I can reap the rewards when the economy comes back.

meechie 4 years 16 weeks

Yes my $600 turned into $800 not bad for no effort plus it is a tax break.

Taadie 4 years 16 weeks

I upped my contribution. I dont plan on working forever and the more I get used to saving it now the more money I will have for my future so I can relax and retire and not be a burden.

starangel82 4 years 16 weeks

I'm still contributing the same amount. Direct from my check so I don't even miss it.

megln1022 4 years 16 weeks

yes all of mine currently is in roth savings- i am counting on having a higher tax bracket when i retire. i want to retire rich! and i'm certainly not rich now lol

bengalspice 4 years 16 weeks

I actually increased my contributions.

lizs 4 years 16 weeks

But of course! I've considered reallocating from my current mix (about 18% of my gross pay pre-tax, some of which is mandatory, no employer match) to a Roth IRA. I'd be buying the same funds, so I just have to get off the fence about whether or not I think I'll be in a higher tax bracket when I retire.

gooniette 4 years 16 weeks

I'm contributing 10% to my 401K now, but may reduce the amount to just what the company will match. Then I can take the other amount and put it in my Roth IRA where I can choose the invesments. So far their investment choices aren't so hot.

blackdove5 4 years 16 weeks

I'm still contributing, the stock is at a discount now. Plus, my company still matches, that's free money in itself.

SDTransplant 4 years 16 weeks

I'm still contributing to my retirement plan. Like other people have said, I don't count that money since it's deducted from my paycheck and I never see it to begin with. And I want to make sure I'll be okay in old age as I'm certainly not relying on the government to help.

SDTransplant 4 years 16 weeks

shannonsimpson 4 years 16 weeks

absolutely, there's no way I'm missing out when this market bounces back

snarkypants 4 years 16 weeks

nope, never have. i make so little that every cent goes to rent and bills. i'd rather pay those on time. i'll be screwed when i'm old, so hopefully my plan to marry a rich guy will pan out. ;)

pwningbeauty 4 years 16 weeks

I actually upped the amount that I'm putting in my 401K, from 6% to 8% of my total salary. I'm just cutting back more on going out, etc.

colormesticky 4 years 16 weeks

Yes. I have money taken out of my paycheck, and Edward Jones nicks some money out of my checking account every month on the 15th. It hurts sometimes, but I figure if I can squeeze by now I'll at least be comfortable when I retire.

acf222 4 years 16 weeks

You should always be contributing to your retirement savings, no matter how little! Take advantage of your 401(k) if you have one....what you contribute is taken out of your pre-tax income....and this can certainly help come tax time. Keeping your savings in a highly liquid or easily accessible account is dangerous!

shiningeyes 4 years 16 weeks

I kept the money that was already in my 401K in there... (but diverted it to lower-risk options). But I just don't see the point of putting more money in there, just to watch it trickle down to 0.