Comments on: Start Saving for Retirement at 16! http://allfinancialmatters.com/2006/06/30/start-saving-for-retirement-at-16/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: fivecentnickel.com http://allfinancialmatters.com/2006/06/30/start-saving-for-retirement-at-16/comment-page-1/#comment-11327 fivecentnickel.com Wed, 05 Jul 2006 02:55:39 +0000 http://allthingsfinancialblog.com/?p=888#comment-11327 <strong>Weekly Roundup - 06/30/06 (A Few Days Late)</strong> Back to the grind… Our vacation is over (more on that later) and I’m more than a few days late with last week’s roundup, so… Without further ado, here’s a quick look at things that caught my eye from across the MoneyBlogNe... Weekly Roundup – 06/30/06 (A Few Days Late)

Back to the grind… Our vacation is over (more on that later) and I’m more than a few days late with last week’s roundup, so… Without further ado, here’s a quick look at things that caught my eye from across the MoneyBlogNe…

]]> By: JLP http://allfinancialmatters.com/2006/06/30/start-saving-for-retirement-at-16/comment-page-1/#comment-10961 JLP Sat, 01 Jul 2006 15:50:10 +0000 http://allthingsfinancialblog.com/?p=888#comment-10961 Drew, Aren't all good ideas only good if someone actually follows-through on them? My goal for this blog is to help people realize what they CAN do if they just do it! Thanks for the comment. Drew,

Aren’t all good ideas only good if someone actually follows-through on them? My goal for this blog is to help people realize what they CAN do if they just do it!

Thanks for the comment.

]]> By: Drew http://allfinancialmatters.com/2006/06/30/start-saving-for-retirement-at-16/comment-page-1/#comment-10946 Drew Sat, 01 Jul 2006 14:27:37 +0000 http://allthingsfinancialblog.com/?p=888#comment-10946 This is a great idea in theory, but how many kids will be able to keep their hands off this money until retirement? There is no penalty assessed for yanking money out of a Roth IRA for education expenses or a first home. Few children these days have any concept of delayed gratification. They want the nicest cars, homes, toys, etc. and they want them now. My guess is that a majority of Roth IRAs started by parents for their teenage children won't last ten years before the money is withdrawn for an immediate want. Too bad. It's a great idea! This is a great idea in theory, but how many kids will be able to keep their hands off this money until retirement? There is no penalty assessed for yanking money out of a Roth IRA for education expenses or a first home. Few children these days have any concept of delayed gratification. They want the nicest cars, homes, toys, etc. and they want them now. My guess is that a majority of Roth IRAs started by parents for their teenage children won’t last ten years before the money is withdrawn for an immediate want. Too bad. It’s a great idea!

]]> By: Dan http://allfinancialmatters.com/2006/06/30/start-saving-for-retirement-at-16/comment-page-1/#comment-10844 Dan Sat, 01 Jul 2006 05:11:55 +0000 http://allthingsfinancialblog.com/?p=888#comment-10844 I'd change the numbers to 7 and 5. I’d change the numbers to 7 and 5.

]]> By: » Weekend Mish-Mash on Blueprint for Financial Prosperity http://allfinancialmatters.com/2006/06/30/start-saving-for-retirement-at-16/comment-page-1/#comment-10840 » Weekend Mish-Mash on Blueprint for Financial Prosperity Sat, 01 Jul 2006 04:54:29 +0000 http://allthingsfinancialblog.com/?p=888#comment-10840 [...] Are you 16? Are you saving for your retirement? Why not!?!? [...] [...] Are you 16? Are you saving for your retirement? Why not!?!? [...]

]]> By: Kira http://allfinancialmatters.com/2006/06/30/start-saving-for-retirement-at-16/comment-page-1/#comment-10653 Kira Fri, 30 Jun 2006 15:52:49 +0000 http://allthingsfinancialblog.com/?p=888#comment-10653 All my jobs pre college were under the table. You need to be able to prove income in order to put anything in a Roth IRA. If you earn very little you don't have to file but you do have to have backup documentation. I wonder what my retirement account would look like if my parents had socked away my baby modeling money from when I was in those JCPenney ads... =) All my jobs pre college were under the table. You need to be able to prove income in order to put anything in a Roth IRA. If you earn very little you don’t have to file but you do have to have backup documentation. I wonder what my retirement account would look like if my parents had socked away my baby modeling money from when I was in those JCPenney ads… =)

]]> By: Carl http://allfinancialmatters.com/2006/06/30/start-saving-for-retirement-at-16/comment-page-1/#comment-10652 Carl Fri, 30 Jun 2006 15:49:31 +0000 http://allthingsfinancialblog.com/?p=888#comment-10652 Could it start earlier to get it out of the way of College expenses? I know at 18 all money was going towards school including any gifts. Could it start earlier to get it out of the way of College expenses? I know at 18 all money was going towards school including any gifts.

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