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Am I doing enough for retirement?
Posted on 11/12/14 at 9:43 am
Posted on 11/12/14 at 9:43 am
I am maxing out my 401k up to the company match and Roth IRA is maxed I also pay $150 extra a month on my mortgage that is paid bi-weekly.My 401k is at about 11% ytd. Should I open another IRA for my wife or put more in the 401k? Any other advice would be appreciated.
This post was edited on 11/12/14 at 9:45 am
3
Posted on 11/12/14 at 9:46 am to noon0707
Nominal values don't really mean much if we don't know your income.
If you're contributing 25% of your gross income to retirement accounts you're doing GREAT.
Also, I wouldn't contribute extra towards your mortgage if your rate is below 5.
If you're contributing 25% of your gross income to retirement accounts you're doing GREAT.
Also, I wouldn't contribute extra towards your mortgage if your rate is below 5.
Posted on 11/12/14 at 9:50 am to noon0707
Without knowing details, sounds like you are on the right track.
I would look for expenses to cut and put that savings into a vanguard fund. Cutting back on small, non-essential items adds up over the years and can make a huge difference.
Invest in a gym membership and stay healthy.
Don't get divorced.
I would look for expenses to cut and put that savings into a vanguard fund. Cutting back on small, non-essential items adds up over the years and can make a huge difference.
Invest in a gym membership and stay healthy.
Don't get divorced.
Posted on 11/12/14 at 9:57 am to jso0003
I am saving 20% including the company match on the 401k.My mortgage interest rate is 3.875. Where should I re-direct my money that I have been putting on our home?It seems to me I will have to do more to see retirement at 55. I am 34 now
This post was edited on 11/12/14 at 9:58 am
Posted on 11/12/14 at 9:59 am to noon0707
Open a Roth for your wife and put it there.
Posted on 11/12/14 at 12:05 pm to noon0707
quote:
I am saving 20% including the company match on the 401k.
You can contribute 17,500 a year not including the company match. If you are below this number i'd contribute more to the 401k after you max your roth.
Posted on 11/12/14 at 12:18 pm to noon0707
quote:
It seems to me I will have to do more to see retirement at 55.
I don't understand this mentality to retire at 55...
Average lifespan is growing and most people still have kids in college at 55.
Posted on 11/12/14 at 12:19 pm to Golfer
quote:
I don't understand this mentality to retire at 55...
I want to retire right now at 35. but I don't have enough money.
quote:
Average lifespan is growing and most people still have kids in college at 55.
and???
Posted on 11/12/14 at 12:21 pm to Golfer
Exactly....I'd rather work a little longer than have to pinch pennies for the last 35 years of my life
Posted on 11/12/14 at 12:29 pm to Golfer
quote:
I don't understand this mentality to retire at 55...
I want the OPTION to retire as soon as I can. I think thats what most people mean. I want the freedom to do whatever I want whenever I want (as most do). I know myself well enough to know I will be generating income till the day I die.
Posted on 11/12/14 at 12:34 pm to Golfer
quote:
I don't understand this mentality to retire at 55...
Average lifespan is growing and most people still have kids in college at 55.
I plan to retire at 55. I may continue to work a few days a week, but my plan is to retire. This age is driven by eligibility for benefits available to me. I don't plan to work one day longer than I have to.
As for OP, it's difficult to determine your situation without specifics. depending on your income level today vs required in retirement, the money required today could shift. Also, your financial situation today (debt, kids, wife, etc).
If you can max your Roth, and approach maxing your pre-tax 401k, you are doing far better than most. I would focus on this vs paying more towards your mortgage (assuming <6% interest rate).
Posted on 11/12/14 at 12:50 pm to yellowfin
quote:
Exactly....I'd rather work a little longer than have to pinch pennies for the last 35 years of my life
My clients are primarily 50-75 years old. The ones that aren't working/consulting are crazy tight with their money.
55 years old...living until you're 85 is going to suck unless you've got $3M minimum.
Posted on 11/12/14 at 12:52 pm to LSUtigerME
quote:
I plan to retire at 55. I may continue to work a few days a week, but my plan is to retire.
So you aren't retiring.
Posted on 11/12/14 at 12:53 pm to yellowfin
quote:
.I'd rather work a little longer than have to pinch pennies for the last 35 years of my life
all the guys that really have the money
are too old to have a good time with it
-Perry farrell Cursed Male
Posted on 11/12/14 at 12:56 pm to Cdawg
65 and running a consulting biz means you can still work enough to keep making $$ and have as much time as you want to do whatever you want.
Posted on 11/12/14 at 4:22 pm to tigersnipen
quote:
You can contribute 17,500 a year not including the company match. If you are below this number i'd contribute more to the 401k after you max your roth.
This.
Also, if your mortgage rate is under 5% don't prepay it, it isn't worthwhile. If it is over 5%, refinance it so that it is under 5%.
Posted on 11/12/14 at 4:46 pm to I Love Bama
quote:
I want the OPTION to retire as soon as I can. I think thats what most people mean. I want the freedom to do whatever I want whenever I want (as most do). I know myself well enough to know I will be generating income till the day I die.
this.
I am on track to be able to "retire" at 50. I won't quit working, I will just stop taking shite from anyone.
I trying to figure out what my 2nd career is. I have thought about teaching, just so you have the summers off and I think it looks pretty easy.
tending bar is another option.
I turn 41 in 7 weeks fwiw.
Posted on 11/12/14 at 9:31 pm to Hawkeye95
quote:
I am on track to be able to "retire" at 50. I won't quit working, I will just stop taking shite from anyone.
Be the very best at what you do and you can achieve that goal at 30.
You'll still have to work to bring in the money but you will have your choice of employers.
Posted on 11/12/14 at 11:23 pm to foshizzle
quote:
I am on track to be able to "retire" at 50. I won't quit working, I will just stop taking shite from anyone.
quote:
Be the very best at what you do and you can achieve that goal at 30. You'll still have to work to bring in the money but you will have your choice of employers.
Not entirely true. I was 29 before I finished residency.
Now at age 40 I could retire, but I'm just now hitting my stride. I've always been an accumulator. Now it seems I can make more and more every year with less stress and risk. It is very true that it take money to make it. And the more you got, the easier it is to make. Posted on 11/12/14 at 11:37 pm to noon0707
OP
Roth for wife. If you have kids start putting in La529 plan for college. I personally believe in paying mortgage early at any rate. Peace of mind in not having a mortgage payment the last several years has been awesome. If I hadn't done that and risked the money in another investment for a marginal gain wouldn't allow me to sleep as well.
Roth for wife. If you have kids start putting in La529 plan for college. I personally believe in paying mortgage early at any rate. Peace of mind in not having a mortgage payment the last several years has been awesome. If I hadn't done that and risked the money in another investment for a marginal gain wouldn't allow me to sleep as well.
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