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Look at it this way, you can either rely on Social Security, which has been far less than what anyone can afford to live on since shortly after it was created or take a proactive approach to saving for yourself. You're in debt anyway so why not take some of that money and put it aside for yourself instead of spending what you don't have on what you don't need.

My plans have always been conservative and risk averse, but I could have had around $10,000 by now if I had stuck to them and roll over the plan every time I got a new job. I haven't worked much or earned much over the years, and I'm only 35. But if I would stop blowing the money and hold onto it maybe I can have enough to go a few years off of my retirement alone, instead of having to rely on Social Security and other things to make it.

Isn't that better, than relying on whatever your company set up for you and the government to give you lunch money when you're older. Put aside the full 6% or whatever your company allows into the 403, I think some may let you go as high as 10%, invest on your own on the side aggressively and see what happens. If you're making at least $30,000 a year you can live modestly and afford to put aside between 15% to 20% for retirement; it may mean getting rid of that automobile, not buying designer clothes or packing a lunch but you will appreciate it when you're older. Putting aside at least $6,000 a year towards investments when you're 20 by the time you're retirement age you have at least $282,000 towards retirement, and what's without the interest you've accumulated.

By then that may be enough to get you by for a few years perhaps we'll be making $75,000 a year and minimum wage will be $32,000 by that time who knows, but it is a start. Always better than relying on Social Security, which by the will either be a bust or just give you a measly $3,000 or so a month to live off of; those are odds I'm not willing to take ...

Learn more about this author, Christopher Kendalls.
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