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Started By
Message
re: How much did you save for retirement in 2019?
Posted on 12/23/19 at 1:14 pm to 3morereps
Posted on 12/23/19 at 1:14 pm to 3morereps
This year we will put $53,000 in retirement accounts and another $25,000 aside for a large student loan payment.
Next year we should put $68,000 in our retirement accounts and a similar amount put aside in cash for the year.
Next year we should put $68,000 in our retirement accounts and a similar amount put aside in cash for the year.
1
Posted on 12/23/19 at 3:23 pm to 3morereps
Nice. 20k 401k. 10k pension. 5k crypto.
Posted on 12/23/19 at 3:30 pm to HailToTheChiz
quote:
Note: i'm not saying i dont believe you, i'm just pointing out how this board is a fricking bubble and not the norm
I don’t think it’s a bubble. The board has a mixture of ages, income and wealth accumulation. All are interested in Money management/wealth accumulation, that’s why we go to the Money Board after all.
I’d bet many of the posters that have accumulated a good amount of wealth over time started with little or nothing.
Posted on 12/23/19 at 4:56 pm to 3morereps
I maxed out my 403b, ROTH, and HSA. Had 35% growth in overall portfolio. Very pleased. 4 more years of Trump please and I will retire and leave it to you fine men.
Posted on 12/23/19 at 5:01 pm to 3morereps
Isn’t $62,000 the max contribution for wife and husband (each) on deferred retirement programs of all types, 401k, Roth, HSA etc?
This post was edited on 12/23/19 at 5:16 pm
Posted on 12/23/19 at 5:05 pm to 3morereps
$79,600
Posted on 12/23/19 at 5:11 pm to Doctor Strangelove
That seems low.
If my wife and I both worked where she does, we could both put away $76 in pre-tax accounts (403b-$19k & 457-$19k x 2 people) plus our Roths ($6k x 2) and TRSL ($6,500'ish x 2) contributions.
If my wife and I both worked where she does, we could both put away $76 in pre-tax accounts (403b-$19k & 457-$19k x 2 people) plus our Roths ($6k x 2) and TRSL ($6,500'ish x 2) contributions.
Posted on 12/23/19 at 5:18 pm to TheWiz
What I meant is $62,000 each which would be $124,000 per couple. If I am wrong I’d like to know so I can adjust a few things. Also, the $62,000 in 401k allows for a catch up amount for those over 50 or 55, I forget the age.
This post was edited on 12/23/19 at 5:19 pm
Posted on 12/23/19 at 5:34 pm to Doctor Strangelove
quote:
catch up amount for those over 50 or 55, I forget the age.
50 AND UP can do the catch up amounts
Posted on 12/23/19 at 5:36 pm to 3morereps
quote:
So far I have saved $62,100 towards retirement.
awesome.
not sure why you received all these DV.
Posted on 12/23/19 at 6:09 pm to lnomm34
I envy you dual income households
Posted on 12/23/19 at 6:25 pm to Fat Bastard
Jealously runs deep on td. The reason there are downvotes. Most people posting I find are talking about achievements and conversations to better one another’s financial situations collectively and not so much here with the intention to brag. Good work on retirement contributions this year money board
This post was edited on 12/23/19 at 6:27 pm
Posted on 12/23/19 at 7:10 pm to 3morereps
What are my best options as a 1099 employee for retirement accounts? Already contributed the max to my Roth, but next year’s new territory as I will be above the maximum income threshold. Current future plan of my boss & mine is to pool our money & form our own private REIT - but I’d like to throw money at other things individually as well.
Posted on 12/23/19 at 8:01 pm to StealthCalais11
Talk to your tax preparer, but I have a lot of self employment 1099 income; and I use a SEP IRA. One can contribute 25% of self employment income up to a maximum of $56,000 (whichever is lesser) for 2019.
Posted on 12/23/19 at 8:29 pm to TheWiz
quote:
another $25,000 aside for a large student loan payment.
We saved around $40k in 401ks combined, $6k Roth and $10k in savings/cd ladder.
I'm conflicted on how to handle student loans. We are currently paying about $1,200 extra a month on these damn loans, but I think we're going to quit paying extra when we payoff any variable rate loans and the total monthly payment is ~$1,000/mo. That would leave roughly 6 years of minimum payments and the money that was formerly going to loans being invested in our brokerage. I would like to invest the extra now, but I think the flexibility provided by reduced debt is more important for the short/mid term. Does anyone have any recs for balancing how much to throw at student loans/investing? This is for 6 figure student loans with solid income in a two income household.
Posted on 12/23/19 at 8:32 pm to StealthCalais11
quote:
What are my best options as a 1099 employee for retirement accounts?
solo 401k. you contribute as an employee and employer
i have one and it is marvelous. you can invest in almost anything you want as you are the trustee and plan administrator.
LINK
LINK
LINK
This post was edited on 12/23/19 at 9:05 pm
Posted on 12/23/19 at 8:52 pm to 3morereps
$37.50
Posted on 12/23/19 at 9:00 pm to Oenophile Brah
I’d just pay minimum on student loans if it were me and invest any extra cash. I didn’t have any loans to deal with but that’s what I would do in your situation. Just my 2 cents. I’d invest in s&p index funds. Unless for some reason your student loans are high interest. I can’t remember but you should get tax deduction for student loans correct?
Posted on 12/23/19 at 9:33 pm to 3morereps
You lose it all in the end. It’s good to remember that as you save as a reminder to enjoy your wealth prior to the 18 wheeler, brain aneurism or pancreatic cancer that often finds us out of the blue.
Posted on 12/23/19 at 9:54 pm to tigersfan1989
quote:
I’d just pay minimum on student loans if it were me and invest any extra cash.
Thanks for the response.
This is what I want to do, but the rates on the loans are around 4.5% which isn't awful, but it's not 2% either. If the market wasn't at all-time highs, I might be more willing to shift that money into the market over the loans. It feels like I've been waiting for the next recession/slow down for the last 2 years. Like I mentioned in my initial post, I want to pay them down until it's around $1k/mo with about 6 year remaining. Should be done in 18 months. It also coincides with the end of my car note which helps even more. No student loan deduction at our income level.
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