Comments on: Setting Up Automatic Contributions To Retirement And Education Savings Accounts

By: Sam

Sam — Wed, 13 Aug 2008 05:17:17 +0000

This is a good practice. I remember reading that book by David Bach (Automatic Millionaire) regarding saving money for retirement by automatically deducting a percentage of your salary and transferring it to your savings/retirement account.

However one thing first, to ensure you have enough cash to cover your daily expense, a good source of passive income will do.

Sam
Fix My Personal Finance
http://fixmypersonalfinance.com/

By: Livingalmostlarge

Livingalmostlarge — Wed, 13 Aug 2008 00:50:17 +0000

Good Luck. Sounds like a great plan. My plan is to contribute 1/2/09 this year. Should be fine.

By: No Debt Plan

No Debt Plan — Tue, 12 Aug 2008 15:19:42 +0000

I’m behind as well. We started in March of last year and just divided the cost by 12 months. If we get additional income in we’ll apply it toward 2008… trying to push us into a Jan-Dec contribution model. But it’s better than nothing, right?

By: NCN

NCN — Tue, 12 Aug 2008 14:27:38 +0000

@Chris.. 59 1/2 is the age for when you can withdraw from your Roth IRA.. there are some circumstances where you can withdraw (with or without penalties) before then…
As for how much I’m going to need? I don’t know.. I’m just putting in the max for as long as I can..
NCN

By: Chris

Chris — Tue, 12 Aug 2008 03:58:05 +0000

NCN,

Great post and it got me thinking about actually starting an IRA for my wife and myself.

When will you be able to withdraw from the IRAs?

Also, have you figured up how much you’ll have in IRAs when you retire?

Thanks for the info!

Chris