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re: Got a new job with a large raise, what to do about retirement?
Posted on 5/24/23 at 12:14 pm to boogiewoogie1978
Posted on 5/24/23 at 12:14 pm to boogiewoogie1978
quote:
Why not?
I more or less know the options and my own situation, I just like to get other generalized perspectives.
To really give a fleshed out answer you need current retirement account balances, Debt to income, mortgage and mortgage balance, any car loans, years left on any loans, wife's income if applicable, kids, etc. I'm just looking for general answers so no need to lay all that out.
0
Posted on 5/24/23 at 12:16 pm to Ace Midnight
quote:
Real estate, if you can afford to pay a management company would be worth it in my mind, but only if you can go in with a positive cash flow right away. Having to rehab or dump additional money before it ever turns a profit seems counter to my purposes.
Yeah my thinking on real estate is to generally stick to move-in ready houses, but I would be willing to put in a little more capital for repairs to get a multiplex ready to go if its a good deal.
Posted on 5/24/23 at 1:34 pm to TrussvilleTide
quote:
Are you still putting in 5-15%
Do it! I wish someone had've convinced me that 10% wasn't enough. I've put that much in my 401k without exception since 1992 and while I have around 1.25M now I don't think that is enough for me to retire on today and I'm soooo ready to tell the working world to GFY. I'll keep plugging away for another 7 or 8 years though.
Posted on 5/24/23 at 1:55 pm to TrussvilleTide
Ask yourself what do you want your portfolio to look like in 10 years. Back into that from there.
Posted on 5/24/23 at 2:26 pm to SaintsTiger
quote:
Ask yourself what do you want your portfolio to look like in 10 years. Back into that from there.
That's the best approach to prioritization.
Sometimes, early retirement needs the healthy HSA (insurance/medical costs may be the biggest hindrance to early retirement).
Sometimes, early retirement isn't the goal (financial freedom to travel may be the goal even while holding down the job).
Posted on 5/24/23 at 2:58 pm to TrussvilleTide
401k limit is $22500. Whatever percentage of your salary equates to that is the percentage you should contribute.
Posted on 5/24/23 at 6:32 pm to TrussvilleTide
Depends on how much you’re making. I’ve got a sugar mama so we are above Roth contribution limits. If you’re there I’d recommend:
Max the 401k. You’ll look back in 3 years with six figures sitting in it and it’ll have never caused an issue with your take home.
Max the HSA if you have one.
Back door a Roth after that.
Low cost mutual funds after that.
Max the 401k. You’ll look back in 3 years with six figures sitting in it and it’ll have never caused an issue with your take home.
Max the HSA if you have one.
Back door a Roth after that.
Low cost mutual funds after that.
Posted on 5/24/23 at 9:24 pm to TrussvilleTide
Building out a passive income stream of rental properties would get me there faster
^^^^^^^^^^^^^^^THIS^^^^^^^^^^^^^^^^^^^^^^^^^^^66
LINK
Posted on 5/24/23 at 9:26 pm to Rize
quote:
Haven’t done anything with rental properties yet because I’m not sure I want to deal with that hassle.
stay off OT aka cesspool for kids and educate yourself on this board more.
get a PM. problem solved.
Posted on 5/24/23 at 10:47 pm to thegreatboudini
quote:
but I believe in maxing out 401k, maxing out HSA, then dealing with Roth after I handle brokerage and college accounts for kid.
I have a similar thought, but I also have the benefit of being able to put my 401k into a Roth account
Posted on 5/25/23 at 2:32 pm to notsince98
quote:congrats and frick you
My employer puts about 16% of my salary into my 401k.
Posted on 5/25/23 at 2:40 pm to evil cockroach
quote:
congrats and frick you
Thanks! But dont hate me too much. almost all of it has to be in company stock and we can't sell until we retire or leave.
Posted on 5/26/23 at 11:52 am to TDsngumbo
Yes I kick in similar. The 3% is nice, I also wish it was a little higher
Posted on 5/28/23 at 3:41 am to TrussvilleTide
quote:
Even people they knew personally who rented from them could be a huge PITA
Never rent to friends and family
gotta be able to evict people when you need to and not have to worry about it pissing off your favorite cousinPosted on 5/28/23 at 8:57 am to Forever
Another piece of the 401k is the combined self and employer matched contribution limit ($66k, or $73.5k for over 50). While after-tax 401k contributions suck because they are double-taxed, it your plan lets you do in-plan conversions, you can use the mega back door Roth.
Also, if you are currently employed and live in a state like TX without state income tax, I would consider going 100% Roth on your contributions since you would not pay the state side. You still have the company match going in the non-Roth side, but if you have a target split of Roth and non-Roth, this gives you a chance to really even it out while you are working in that state (even if temporary).
Also, if you are currently employed and live in a state like TX without state income tax, I would consider going 100% Roth on your contributions since you would not pay the state side. You still have the company match going in the non-Roth side, but if you have a target split of Roth and non-Roth, this gives you a chance to really even it out while you are working in that state (even if temporary).
Posted on 5/28/23 at 11:35 am to TrussvilleTide
Max out 401k/HSA at your new job from the beginning. You won’t miss it. If you put it off a few months, it’s more painful watching the take home pay drop, and you avoid some lifestyle creep from your new job.
Posted on 5/28/23 at 11:39 am to evil cockroach
quote:
congrats and frick you
I don't have anything that sweet at work. 50% match up to 6%. That's all I put into my 401k too. I do everything else in Roth/traditional IRAs. I'll never retire by 55. Hopefully 62 if I can make the health insurance work.
This post was edited on 5/28/23 at 11:40 am
Posted on 5/28/23 at 2:01 pm to Fat Bastard
quote:
Building out a passive income stream of rental properties would get me there faster
But rentals aren’t passive income. It’s transient. Sometimes it will be passive, but other times you’ll be losing tons of cash flow bc you have two or three properties between tenants, or you have maintenance expenses like new AC units or new roofs etc. The site you posted paints a very rosy and ideal picture that’s far from reality
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