Wednesday, April 11, 2007

Free Breakfast at Wendys and Savings

Just as I arrived at work, Hemant immediately sametimed me, "Free breakfast at Wendys on 119th and Strang!" I had to ask twice to make sure - were all breakfast items free? So I took him with me right away and got our really good breakfast meals. Orange juice, hash browns, and egg and sausage croissant. Even I was impressed.. I was so stuffed all day I finally forced myself to eat lunch as of now at 3:14 pm CST (leftover lasagna which I made last night, to save my money eating out!).

Now on different subject, my pal Nathan sent me CNN money article Saving Survey

Wow.. only less than 25% of people nearing retirement age have more than 25k saved up. I am aware that not many people are saving, but the statistics do hit home hard.

"Predictably, the youngest workers (ages 25-34) dominate this group - 68 percent of them have less than $25,000 earmarked for their later years. But so do half of workers age 35 to 44 and a third of workers age 45 to 55 and over."

Naturally, a high percentage of young workers do not have more than 25k saved - in the age group of 25 to 34. That age is when a person just gets out of college, or is still studying in school (for perhaps Masters or Ph.D, or even less), and not knowing yet what to do with his/her life. But though, do take advantage of the company's saving plans (such as 401k) as much as you can.
It is pretty stunning to see that the age group of 45 and OVER, a third of them, have less than 25k saved up!

The article also suggests the same thing - contribute enough to your 401k at work to get the full matching contribution from the company (read: FREE MONEY).

First, contribute to your 401(k) at work and contribute at least enough to qualify for the full matching contribution from your employer. ...

Next, aim to build a nest egg that, in combination with your Social Security benefits and pension benefits if you have them, will be large enough to generate at least 70 percent to 80 percent of your pre-retirement income.

Here's the link for 5 401k mistakes - naturally the biggest mistake is not to invest in it!

Top 401k Flubs



Anonymous Kalexin said...

gonna love that free company matching with no vesting period.

11:45 AM  

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