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re: How old are you and how much goes toward your retirement each month?
Posted on 12/12/21 at 10:00 am to Niner
Posted on 12/12/21 at 10:00 am to Niner
quote:
On an unrelated note, I have a very hard time believing some of these responses..
They're probably mostly accurate.
For every one of the responses in this thread there are like 10 people on the the OT buying 90k trucks with a 10 year note.
2
Posted on 12/12/21 at 10:00 am to TDsngumbo
Max Roth, max HSA, 401k up to employer max, the rest goes to a brokerage account. Maxing a 401k with a target date fund seems like a bad strategy for long term wealth creation but that’s just me.
Posted on 12/12/21 at 11:57 am to TDsngumbo
I'm 53, I'm way behind in my 401K contributions due to my spending habits. If I had put that much in starting at your age, I'd be retired already by now. Plan to retire at 62. Only putting a couple hundred a month in now, plan to max it out starting in 2023 when my house is paid off. But for me it's not as bad as it sounds as my company offers a full pension, will be $70k a year by the time I'm 62, and my wife is fixing to retire in a couple of years w 25 years teaching.
Would have been nice to retire now and spend more time enjoying life vs having to work another 9 years.
Kudos to you and hope others follow your lead.
Would have been nice to retire now and spend more time enjoying life vs having to work another 9 years.
Kudos to you and hope others follow your lead.
Posted on 12/12/21 at 12:11 pm to FinleyStreet
quote:
For every one of the responses in this thread there are like 10 people on the the OT buying 90k trucks with a 10 year note.
Unfortunately, I think it’s probably more than 100:1 versus 10:1.
The MTB is an extreme…both in terms of average income but also financial habits. Nothing about this group of posters is normal or typical.
Posted on 12/12/21 at 12:13 pm to wutangfinancial
quote:
Maxing a 401k with a target date fund seems like a bad strategy for long term wealth creation but that’s just me.
Eh, nothing wrong per se with a target date fund. If it isn’t an aggressive enough allocation then just pick a further out version of the fund. Slightly more expensive fund rates but it’s as hands off as you can get in the world of investing.
Posted on 12/12/21 at 12:14 pm to TDsngumbo
Me
51
$1600 all Roth 401k
Also put 100% of my yearly bonus into Roth 401k to meet the max of $26000 per year (catchup included)...been doing this 3-4 years.(catchup just started last year).
Wife (51 and no pics)
$650 per month in 403B
We live simple lives (house/vehicles paid for...no kids) and don't spend money lavishly so this isn't an issue for us. We gross about 130k per year combined.
When I was your age, I was contributing just enough to get the company match (about 6%) and sometimes contributing to Roth IRA. With the 13 year bull run of the market, I've hit 1M in investments.
Sounds like you are doing fine.
51
$1600 all Roth 401k
Also put 100% of my yearly bonus into Roth 401k to meet the max of $26000 per year (catchup included)...been doing this 3-4 years.(catchup just started last year).
Wife (51 and no pics)
$650 per month in 403B
We live simple lives (house/vehicles paid for...no kids) and don't spend money lavishly so this isn't an issue for us. We gross about 130k per year combined.
When I was your age, I was contributing just enough to get the company match (about 6%) and sometimes contributing to Roth IRA. With the 13 year bull run of the market, I've hit 1M in investments.
Sounds like you are doing fine.
This post was edited on 12/12/21 at 12:52 pm
Posted on 12/12/21 at 12:18 pm to TDsngumbo
I was maxing 401k plus 3% employee match and maxing Roth when I was single with no kids. Did that for about 8 years. Then I got married and convinced my wife to put in 20% in her 401k and maxed her Roth for a couple years. Then we had kids and bought a house and it’s all gone waaaay done the last couple years to basically nothing while we try to replenish some cash and get the house set up like we want. Great thing is we put away so much early that we can afford to lax a few years. I’d venture to say we are well ahead of most our age in terms of overall retirement savings.
Posted on 12/12/21 at 12:29 pm to PillPusher
quote:
I was maxing 401k plus 3% employee match and maxing Roth when I was single with no kids. Did that for about 8 years. Then I got married and convinced my wife to put in 20% in her 401k and maxed her Roth for a couple years. Then we had kids and bought a house and it’s all gone waaaay done the last couple years to basically nothing while we try to replenish some cash and get the house set up like we want. Great thing is we put away so much early that we can afford to lax a few years. I’d venture to say we are well ahead of most our age in terms of overall retirement savings.
I’m in a somewhat similar scenario. Behaviors from early in life have made it where we theoretically don’t need to invest another dollar and we could still retire in 60s. It’s a major contributor to me becoming more relaxed about finances in recent years.
Posted on 12/12/21 at 12:34 pm to Niner
quote:
On an unrelated note, I have a very hard time believing some of these responses...
Who cares? People ask and people answer. Always amazed by Money Board's pettiness towards those with money.
Personally, I'd prefer to here from posters that are doing well and how they did it. Maybe I can learn something. There is always someone richer or poorer. Don't compare what you have to their, instead look at how those that have done well have managed to do it. Set your own plan and stick to it.
Posted on 12/12/21 at 12:36 pm to lynxcat
Yep. But hopefully we can crank it back up in the near future because the moment I feel comfortable with our number I’m retiring. Trying to push that age closer to 50 than 60.
Also, I know it’s not something one should count on, but my father in law is going to leave us a very large sum of money when he dies. I don’t factor it in the numbers but I know it’s there. We’ve even talked about it before.
Also, I know it’s not something one should count on, but my father in law is going to leave us a very large sum of money when he dies. I don’t factor it in the numbers but I know it’s there. We’ve even talked about it before.
Posted on 12/12/21 at 1:22 pm to lynxcat
I’d rather own common shares than a structured product. Not to mention you’re taking on excessive risk without the upside. You want to know who the idiots are buying negative yielding German bunds? Those products don’t have any liquidity and when perma-bid turns into perma-ask there’s no way to exit.
You can own QQQ and not pay fees or own FAGMA and its basically the same diversification.
You can own QQQ and not pay fees or own FAGMA and its basically the same diversification.
Posted on 12/12/21 at 1:44 pm to TDsngumbo
I’m 37. Defined pension plan as a teacher. Can also draw social security in retirement with my state.
I max my Roth IRA. Teacher retirement monthly contribution is $330.
Currently have $23k in roth. Wish I had started sooner. Plan on retiring at 58.
I max my Roth IRA. Teacher retirement monthly contribution is $330.
Currently have $23k in roth. Wish I had started sooner. Plan on retiring at 58.
Posted on 12/12/21 at 1:54 pm to lynxcat
quote:
Unfortunately, I think it’s probably more than 100:1 versus 10:1.
The MTB is an extreme…both in terms of average income but also financial habits. Nothing about this group of posters is normal or typical.
It is absolutely staggering how people are so stupid with their money.
Posted on 12/12/21 at 3:07 pm to wutangfinancial
quote:
Maxing a 401k with a target date fund seems like a bad strategy for long term wealth creation but that’s just me.
Hmm that’s strange because it is a pretty low risk strategy that would almost assuredly make you a multimillionaire long term.
Posted on 12/12/21 at 3:10 pm to PhiTiger1764
quote:
Hmm that’s strange because it is a pretty low risk strategy that would almost assuredly make you a multimillionaire long term.
I have 0% in target date funds and 100% in mutual funds split between large/mid/small cap and international. My portfolio is killing the returns of the target date fund it automatically put me in
Posted on 12/12/21 at 3:18 pm to PhiTiger1764
quote:
Hmm that’s strange because it is a pretty low risk strategy that would almost assuredly make you a multimillionaire long term.
The perception of low risk doesn't make it low risk
Posted on 12/12/21 at 3:30 pm to StringedInstruments
quote:Do you have access to a 403b? I see too many people w/ gov't pensions think they've got it made and miss out on other retirement accounts only to find pension won't fund their lifestyle or they want/need to leave job prior to full pension but don't have that option. I prefer to think of pension as similar to the "safe" bond portion of a portfolio enabling me to be more aggressivly weighted in other accounts. Months out from retirement and I'm 100% equities (other than cash I'll need year 1) because I know I can depend on the pension.
max my Roth IRA. Teacher retirement monthly contribution is $330.
This post was edited on 12/12/21 at 3:52 pm
Posted on 12/12/21 at 4:33 pm to PhiTiger1764
quote:
Hmm that’s strange because it is a pretty low risk strategy that would almost assuredly make you a multimillionaire long term.
I have a little bit of money in a target fund from my first job many years ago. It has been an absolute turd compared to funds like SPY and VTI. Target funds are obviously better than nothing but most people can do better.
Posted on 12/12/21 at 5:10 pm to FinleyStreet
im just a blue collar wrench in san diego...
im 49
house paid for...
$2k+ a month into various investments & roth ira, taxable brokerage...
25% out of my check goes into maxing out the 401k just before the 4th quarter, no employer match....
Any extra money also goes into the market...
im 49
house paid for...
$2k+ a month into various investments & roth ira, taxable brokerage...
25% out of my check goes into maxing out the 401k just before the 4th quarter, no employer match....
Any extra money also goes into the market...
This post was edited on 12/12/21 at 5:16 pm
Posted on 12/12/21 at 5:46 pm to TDsngumbo
I don’t really expect to live to 65 so nothing
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