? On 401k

[csziggy]

19. No matter which type IRA, it is worth getting into one as early as possible

My sister began working regularly in 1973 (born in 1948, got BA and Masters in Education) and when offered a 401k, began contributing a small amount out of every paycheck automatically, maybe $25 each pay period. It went in, she didn't think about, she kind of forgot about the account.

Last December, she got a deposit to her account for $93,000 - she didn't know where it had come from. After calling her credit union, it turned out it was her first mandatory distribution from that 401k. The account she had pretty much forgotten has over two million dollars in it! Now she has a big payment coming every year, more than she ever made working in the school system.

Even without employer matching, it is well worth putting that contribution into a retirement account starting as early as possible in your working career.