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Started By
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For you & your family, which balance is higher?
Posted on 7/7/12 at 2:19 pm
Posted on 7/7/12 at 2:19 pm
The current value of your retirement savings accounts, incl. all 401(k), Roth IRA, Roth 401(k), traditional IRA, etc. accounts
OR
The total equity/savings/etc. that you have OUTSIDE of those accounts presently, minus any liabilities
Another way to say the second one is "If you sold everything you owned of appreciable value (i.e. homes, cars, non-retirement stock, royalties, etc.) and got market value for it, and then paid off all of your debt, the money you'd have left"
I just discovered that I've got more in the second category than the first, which came as a bit of a surprise to me. Not sure what that means...just kind of caught me off guard. I would have thought that my retirement account woudl have had way more money in it than my other assets...
OR
The total equity/savings/etc. that you have OUTSIDE of those accounts presently, minus any liabilities
Another way to say the second one is "If you sold everything you owned of appreciable value (i.e. homes, cars, non-retirement stock, royalties, etc.) and got market value for it, and then paid off all of your debt, the money you'd have left"
I just discovered that I've got more in the second category than the first, which came as a bit of a surprise to me. Not sure what that means...just kind of caught me off guard. I would have thought that my retirement account woudl have had way more money in it than my other assets...
7
Posted on 7/7/12 at 2:23 pm to PenguinNinja
Second easily but we have a ton of equity in our house.
Posted on 7/7/12 at 3:16 pm to PenguinNinja
quote:Very individual thing. Not necessarily a right or wrong answer.
I would have thought that my retirement account woudl have had way more money in it than my other assets...
E.g., For union or government workers entitled to fixed income retirement after 20years, having more in a 401k than other assets could be a really poor option. Likewise, at upper income levels, having more in retirement accounts than in nonretirement assets probably means you've done a horrible job managing finances.
If you've maxed-out retirement contributions, and have had decent account performance, and your nonretirement assets exceed retirement savings, it sounds like you're doing the right stuff. Congrats.
Posted on 7/7/12 at 3:30 pm to PenguinNinja
Mine are about equal
Posted on 7/7/12 at 4:31 pm to PenguinNinja
#1 for us
Posted on 7/7/12 at 7:04 pm to PenguinNinja
#1 for us. Opened my first Ira while still in high school. Got on the 401k bandwagon as soon as my employer offered it. Mainly Roth contributions now.
Posted on 7/7/12 at 10:05 pm to PenguinNinja
Probably more in the second, but I have no retirement options in my current job and my wife and I rent.
I'm surprised about that, too, but they're within $5k of each other
I'm surprised about that, too, but they're within $5k of each other
Posted on 7/9/12 at 9:13 am to The Easter Bunny
#1 by a long shot
Posted on 7/9/12 at 10:27 am to Chris4x4gill2
2 over 1 by probably 50k including shite like cars and furniture.
Before market crash probably equal, maybe #1 by a nose
Before market crash probably equal, maybe #1 by a nose
Posted on 7/9/12 at 10:32 am to PenguinNinja
based on historical cost, more in #1 by about $20K.
But if I sold my housing for what I think I could get at market prices, might be even or closer to even.
If you got a really good deal on a house or got a big investment return on stock higher than average market returns, #2 is easy to get to. But the lower your income the #1 is the better option to maximize tax savings.
But if I sold my housing for what I think I could get at market prices, might be even or closer to even.
If you got a really good deal on a house or got a big investment return on stock higher than average market returns, #2 is easy to get to. But the lower your income the #1 is the better option to maximize tax savings.
Posted on 7/9/12 at 12:30 pm to meldawg399
#2 times 10 but waiting to put money on a house
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