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What do you consider sufficient retirement contributions?
Posted on 1/28/18 at 12:06 pm
Posted on 1/28/18 at 12:06 pm
Maxing IRA?
Maxing 401k/403b?
Both spouses working and maxing both 401/403 and IRA?
More?
Obviously, this is different for every person or couple but what are y'alls goals?
Maxing 401k/403b?
Both spouses working and maxing both 401/403 and IRA?
More?
Obviously, this is different for every person or couple but what are y'alls goals?
Posted on 1/28/18 at 12:14 pm to GEAUXT
It mostly depends on what you want. Someone who wants to fully retire at 50 will look a lot different from someone who wants to start scaling things back in their mid 60's.
I currently put away about 16% of my gross income, which is a number I'm comfortable with.
I currently put away about 16% of my gross income, which is a number I'm comfortable with.
Posted on 1/28/18 at 12:16 pm to GEAUXT
I buy a lotto ticket every other week
Posted on 1/28/18 at 12:16 pm to GEAUXT
Sufficient would be maxing all your tax advantaged accounts for the normal not super high earner.
Posted on 1/28/18 at 12:32 pm to Tiguar
quote:
I buy a lotto ticket every other week
Just one? Rookie move. I play Powerball and Mega Millions twice a week. With just a $416 investment per year, I have the chance to retire at any point in my life with millions. Think about that for a minute. Where else do you have a chance for that level of ROI?
Posted on 1/28/18 at 12:42 pm to LSUSUPERSTAR
quote:
Just one? Rookie move. I play Powerball and Mega Millions twice a week. With just a $416 investment per year, I have the chance to retire at any point in my life with millions. Think about that for a minute. Where else do you have a chance for that level of ROI?
Cryptocurrency
Posted on 1/28/18 at 12:46 pm to GEAUXT
10% of gross is more than sufficient for my retirement goals
Posted on 1/28/18 at 1:42 pm to yellowfin
I save roughly 25% gross including company match. But I find ways to be frugal in most things I do.
Also no gf/wife/kids which obviously skews things
Also no gf/wife/kids which obviously skews things
Posted on 1/28/18 at 2:10 pm to GEAUXT
Most retirement recommendations I've seen recommend 12 percent of your gross income into a tax advantaged retirement account so that's what I'll do. Unlike most people I also work for a company that provides a pension upon retirement.
Posted on 1/28/18 at 3:09 pm to GEAUXT
Max IRAs, max HSA, and 10-15% to 401K is more than enough IMO. This is assuming a married couple that both work.
Posted on 1/28/18 at 3:20 pm to jimbeam
I have no plans to ever not work at least part time so I don't need a bunch stashed away for retirement.
Posted on 1/28/18 at 5:03 pm to yellowfin
quote:
I have no plans to ever not work at least part time so I don't need a bunch stashed away for retirement.
What if you develop health issues and or forced to retire? Better at least have sufficient long term disability insurance.
Posted on 1/28/18 at 5:48 pm to GEAUXT
My advice would be the same as I've given my children. Start with 10% of your gross and increase by 1% (or more) every time you get a raise or a better paying job. Goal is to get to 20% to 25% or until you max out your 401K (currently $18,000 - I think) and your IRA (currently $5500 - I think).
Posted on 1/28/18 at 6:43 pm to PlanoPrivateer
HSA, 401k and Roth max is right at 27k. Anything past that I'm blowing
Posted on 1/28/18 at 8:30 pm to GEAUXT
I have always maxed all accounts we are eligible to participate.
Currently
457 24K
403B 24K
SEP ira from side business about 12K (have not done tax return yet)
Also contribute to teacher retirement.
Wife puts her money in 457.
I am not eligible for Roth.
I choose not to do the traditional ira at this point because it does not make sense.
Currently
457 24K
403B 24K
SEP ira from side business about 12K (have not done tax return yet)
Also contribute to teacher retirement.
Wife puts her money in 457.
I am not eligible for Roth.
I choose not to do the traditional ira at this point because it does not make sense.
Posted on 1/28/18 at 8:38 pm to makersmark1
quote:explain?
I choose not to do the traditional ira at this point because it does not make sense.
Posted on 1/28/18 at 8:45 pm to PlanoPrivateer
quote:
until you max out your 401K (currently $18,000 - I think)
It is $18,500 for 2018.
Posted on 1/28/18 at 8:46 pm to makersmark1
quote:
I am not eligible for Roth. I choose not to do the traditional ira at this point because it does not make sense.
Mistake, and not entirely true.
You can contribute to the Traditional and do a conversion to the Roth. Called backdoor ROTH.
You still have time to do it for 2017. You and your wife can stash another $5,500 each ($11,000 total).
You'll be adding Form 8606 to your tax return. That isn't available until February 8th from the IRS though. I'm basically sitting here waiting for that form so I can file my taxes this year.
This post was edited on 1/28/18 at 8:56 pm
Posted on 1/28/18 at 10:13 pm to GEAUXT
I max my 401, Roth and HSA every year without fail.
I figure that if I can do that I deserve a vacation here and there.
I figure that if I can do that I deserve a vacation here and there.
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