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How do I retire with money?
Posted on 4/26/10 at 11:44 am
Posted on 4/26/10 at 11:44 am
I work for the government( I know dont rag me). I am currently only in the 401K plan which I am currently giving 5% with 4% match. I know it depends on how much money I am making for the perecentage to count ( $50K). What are good retirement investments? I am 25 so I got some time to think about it.
Posted on 4/26/10 at 11:46 am to trident
attend this Financial Peace University I bet you can find a class in your area. I WISH I would have taken it when I was 25.
Posted on 4/26/10 at 11:48 am to trident
quote:If you work for a government agency, you are not in a 401(k) plan. Most likely a 457 plan.
I work for the government( I know dont rag me). I am currently only in the 401K plan
quote:A diversified portfolio of stocks.
What are good retirement investments?
Posted on 4/26/10 at 11:48 am to trident
You can contribute to a Roth in addition to your 401K.
Posted on 4/26/10 at 12:03 pm to trident
quote:
I work for the government(I know dont rag me).
Statistically, the best jobs to have. Government employees are consistently overcompensated for their work load and ability. (Not, knocking you, just saying)
quote:
I am currently only in the 401K plan which I am currently giving 5% with 4% match.
10% contribution is pretty good, but I would consider trying to throw some extra cash in a Roth IRA and invest it in growth index funds.
Also,
quote:
If you work for a government agency, you are not in a 401(k) plan. Most likely a 457 plan.
This is correct.
quote:
What are good retirement investments? I am 25 so I got some time to think about it.
For reference, if you continue investing the way you are right now and assume the following:
Retirement age - 65
Average ROI - 10%
Payments - 5,000/year
Then your retirement account value, at the time of your retirement will be about 2.2 million dollars (inflation unadjusted)
If inflation averages 5% a year, then the inflation adjustment factor will be about 7, so your inflation adjusted value will be about 315,000 dollars.
However, if you keep investing 10% of your income, your payments will adjust themselves to the inflation rate, helping to reduce this effect.
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