{"id":3008,"date":"2019-02-21T20:01:00","date_gmt":"2019-02-21T20:01:00","guid":{"rendered":"https:\/\/sites.austincc.edu\/money\/?p=3008"},"modified":"2019-02-21T20:01:00","modified_gmt":"2019-02-21T20:01:00","slug":"retirement-planning-while-in-college","status":"publish","type":"post","link":"https:\/\/students.austincc.edu\/money\/smmo-blog\/retirement-planning-while-in-college\/","title":{"rendered":"Retirement Planning While in College"},"content":{"rendered":"

As 20 somethings, we\u2019re worried about studying for exams, earning money to pay for living expenses, and on top of all that, tuition. Why should college students even bat an eye towards retirement when that\u2019s literally 40+ years away? We say, \u201cOh I\u2019ll start when I get a solid career\u201d or \u201cI\u2019m broke, I can\u2019t afford a retirement fund. Besides, that\u2019s old people stuff\u2026\u201d <\/span><\/p>\n

Here\u2019s the thing: As college students we may not have a lot of money, BUT what we do have on our side is TIME. AND YOU CAN\u2019T GET TIME BACK. Yes, we\u2019re shouting here. <\/span><\/p>\n

We believe that retirement should be one of THE<\/strong> most important financial goals that we should be working towards. And as Peer Money Mentors, we have the luxury of learning about this concept, and make adjustments so that we can properly prepare for our financial futures. Who else is going to do it for us? <\/span><\/p>\n

In our program, we\u2019ve learned something very interesting\u2026 An estimated 79% of Americans work for an employer that offers a retirement plan, yet, the U.S. Census states that<\/span> only 41% contribute to their retirement<\/span><\/a>. No one is really ready for retirement. <\/span><\/p>\n

Imagine making a shift in your money mindset, and you start moving funds from your entertainment and eating out budget into a retirement account. \u00a0We\u2019ve heard the Dave Ramsey story of Ben and Arthur<\/a> over, and over, and over again. <\/span><\/p>\n

For the sake of time, let\u2019s focus on Ben. At the age of 19, Ben started saving money for retirement, $2000 per year, which is $166.67 per month. Let\u2019s say on average he earned about 12% interest on his investments. He contributed the same amount every month until he turned 26. Then he stopped making contributions. By the time Ben retired at the age of 65, he had $2,288,996<\/strong> sitting there waiting for him.<\/span><\/p>\n

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When you apply Einstein\u2019s famous quote, \u201cThe power of compound interest… the 8th wonder of the world\u201d to money, something really magical happens. We\u2019re not talking about some Cinderella bibbidi bobbidi boo stuff, We\u2019re talking about the magic that happens when you combine youth, consistent investments, and years compounding interest. <\/span><\/p>\n

Let Suze Orman tell it, we\u2019re going to need millions to retire. And with inflation, the cost of healthcare, and overall debt, we believe her. So, we’re starting to think about how to invest in our futures by setting aside money for retirement.\u00a0<\/span><\/p>\n

Check back next week to learn about retirement accounts that are available. And remember, saving for retirement is looking out for future you.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

As 20 somethings, we\u2019re worried about studying for exams, earning money to pay for living expenses, and on top of all that, tuition. Why should college students even bat an eye towards retirement when that\u2019s … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":88,"featured_media":3009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[12,27],"class_list":["post-3008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smmo-blog","tag-amber-rodriguez","tag-corbin-walters"],"_links":{"self":[{"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/posts\/3008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/comments?post=3008"}],"version-history":[{"count":0,"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/posts\/3008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/media\/3009"}],"wp:attachment":[{"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/media?parent=3008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/categories?post=3008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/students.austincc.edu\/money\/wp-json\/wp\/v2\/tags?post=3008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}