JUST in case you didn't get the March 2008 copy of O magazine, or JUST in case you skipped over the money articles starting on pg 162 because you had already read the whole rest of the thing and had dropped it in the tub a few times (that may just be me), I am going to give you the good stuff.
When it comes to retirement, "IS IT EVER TOO EARLY TO START WORRYING ABOUT LATER?"
You've heard it before: The most important thing is to invest in a 401(k) or other retirement account, and if you can't afford to contribute $15,500 to your 401(k) (the 2008 limit), at least set aside enough to maximize the amount your company will match. The challenge is to pick the right funds. "Choose your employer's most aggressive 401(k) fund," says John Claghorn, at RBC Dain Rauscher (Suze Orman's financial adviser). "The biggest mistake people make is being too cautious, especially when they're young." Susan Burke recommends: "Make sure your 401(k) fund has both U.S. and International stocks. The U.S. economy is growing more slowly than others, so you need to be globally diversified."
Two things...Suze Oreman has a financial adviser? Wow, that just goes to show you can never know too much about your money...and second, I wonder why they didn't mention the maximum you can contribute to your IRA in 2008? It's $5000 by the way.
Doesn't the above graph say it all? A better title for the article would have been START EARLY, AND DON'T WORRY ABOUT IT LATER!
TOMORROW...WHAT YOU SHOULD BE DOING IN YOUR 30's.
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