Retirement Planning? Important? Pft.
Posted by Cap in Even More Ramblings |Lately I’ve been obsessing over things I’ve done (or didn’t do) in the past. Very unhealthy.
About five years ago when I worked at Bank of America, one of my manager set me aside to talk about the 401(k) benefit I’m entitled to as a peon of the corporation.
Now, I’m not sure if it was corporate policy to encourage employees to seriously consider planning for retirement, or my boss just cared for my financial well being (probably the latter), but she told me that if I start to save for my retirement (then at the age of 20), I would be miles ahead of the game.
Of course, being the air head that I am, I soundly ignored and dismissed her advice.
“A cut to the already measly paycheck? No way!”
“But Cap, it’s important to seriously consider your financial future. The company match can be significant over a long period of time,” said the concerned manager, “I’m 36, and if I can go back in time and get started at 20, I would take the chance in a heart beat.”
“Well.. I don’t think I’ll work here that long. Moving this plan to another employer is such a hassle…”
“That may be true, but even if you don’t utilize the 401k, I would seriously recommend you look into other various individual retirement accounts available out there.”
“In fact,” she continues, “if you need any help on getting started, I’m more than willing to walk you through the necessary steps.”
“Ah, I’ll get back to you on that. But yeah, I appreciate the offer!”
And of course I never talked to her about retirement planning again. Another moment in my life where I ignored a genuine offer of help. Dammit all to Omicron Persei VIII.
Suggested Reading:
- Motley Fool Guide to Planning Your Retirement
- (Only book on retirement I’ve read. If you have a good one to suggest, please do.)
5 Comments to “Retirement Planning? Important? Pft.”
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January 6th, 2007 at 8:21 am
to note:
opened my first IRA 4 years later (after squandering away thousands of dollars, of course)
the 401k offered at BoA wasn’t really that hot. too limited on investment choices, obviously most are through the bank’s brokerage arm… but still should have taken up offer to look at other tax favorable retirement accounts — especially since I had no clue about any of them till years later.
January 6th, 2007 at 4:12 pm
Good stuff. Im looking to invest in my company’s 401k this year. Throw at least $100 a month at it.
January 8th, 2007 at 7:07 am
Yep – I did that, too. I think this is one of those rookie mistakes that people don’t really learn until they experience it themselves (like market timing, or the totally insane ex-girlfriend you stayed with for almost a year because she was, like, really, really hot).
January 8th, 2007 at 7:31 am
I have read a ton of personal finance books.
I would suggest the following books:
1. “Bogleheads Guide to Investing”
2. The Richest Man in Babylon
A fictional story that gives you the foundation of investing and saving.
3. Four Pillars of Investing or The Intelligent Asset Allocator by William Bernstein
4. A Random Walk Down Wall Street
5. Straight Talk on Investing: What You Need to Know by Jack Brennan
6. Coffeehouse Investor
Short and Sweet
7. The Millionaire Next Door and the sequel
8. Affluenza
Short book on consumerism… from a liberal perspective.