Saturday Critical Action – Put Retirement First
Welcome to the Saturday Critical Action. Each Saturday we take the weekly action from Jonathan Clements‘ blog Humble Dollar and “militarize” it for you. Jonathan Clements is a longtime personal finance columnist for The Wall Street Journal, and he offers great advice at the best price you can get…free. Here is this week’s critical action:
PUT RETIREMENT FIRST. Are you socking away at least 12% of your pretax income toward retirement, including any matching contribution to your employer’s retirement plan? To amass enough for retirement, you may need to throttle back other financial ambitions, including the size of the house you buy and how much you help your kids with college costs.
The new Blended Retirement System gets you a match that counts toward the 12% minimum he discusses. Personally, I’ve saved 30% much of my adult life, which is why the name of this site is Military MillionS and not Military Million or Military Hundreds of Thousands. Plus our pension is hugely valuable.
The more you save for retirement, the sooner you are financially independent.