Quote:
Originally posted by Stang_Crazy
The company I work for doesn't offer a pension but we do have a 401k plan PLUS my employer matches what I put in dollar for dollar up to 3%.
I have the money taken out of my check every week which is nice because I learned to adjust my lifestyle accordingly and after the first few months, I got used to it. My IRA is a long term growth fund (20+ years) that I don't plan on touching for quite some time. At 23 years old, I have had my IRA for almost a year now and as long as I keep investing the way I have been, I should be in great shape when it comes time to retire (45 or 50 yrs old).
Who knows, by the time I'm ready to retire, social security will probably be a thing of the past..... 
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We don't get any matching, must be nice. A 401k or IRA is a great deal because it snowballs over time but at the end the taxes kill you unless you pay the tax as you go which effects the snowball(grows much slower). I've heard alot of people say that its better to split the plan with some higher risk when you're younger(you can afford it) and less high risk the older you get. The chances are if it drops it will turn around given time. Example, I have 100% of my 401k in the S&P and it did drop quite a bit but it has since started to show a profit again.. Had it dropped a month before I retired I'd be nervous but I've got plenty of time for it to turn around. High risk, potentially bigger pay off and slip it into something more stable when you get alittle older.
Social security, probably be a thing of the past before
I retire.