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Asked 9/26/2007
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Is it more important to have 3 different retirement savings accounts? My husband has been stashing money into 3 different retirement savings accounts through his work. I just found out about it after 3 years he's been on this job. Is it so very important to save for one's retirement that we can barely get by payday to payday? If he had bigger paychecks without saving for retirement we would be out of debt by now. |
Answer 1/1 - Submitted 9/26/2007
Since the rate of a passbook savings account is so small, and the rate on credit cards is so high, it makes sense to pay off the credit cards. Then cut up the cards so you don't owe on them again, just paying them off isn't enough.
Does he have a different types of accounts like an IRA and a straight passbook and some other type?
That would make a slight difference. But it maybe he has some unpleasant memories of his parents retirement and that's affected his attitude on savings. People are very emotional about money.
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