re: How old are you and how much goes toward your retirement each month?

I think you are ignoring the risk premium of said alternative funds. It’s a false equivalence: “I took on more risk and made a better return…that less risky fund sucks.”

Target date funds are typically going to have some mix of bonds and potentially cash equivalents. It’s not designed to deliver the same returns as VTI.

42 and currently not sure what will be contributed this year. I started with a new company 4 months ago, and don’t yet qualify for 401k matching. I’m saving $700/week and waiting to decide where it goes between Roth/IRA/Investment accounts.

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On an unrelated note, I have a very hard time believing some of these responses..

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What kind of POS would lie on an internet forum

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Do you have access to a 403b?

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Not through my employer, but I’ve had financial advisors offer their services for a 403b. I didn’t like the fees and other issues that seemed to be attached to outsourcing my retirement contributions.

Way I see it, my own management of a Roth IRA through an index fund should get me around $500k by age 58. I didn’t mention that my wife is also a teacher and is maxing out her Roth as well. So $1 million, teacher retirement benefits, and approximately $5200/month from the combined pension plans for life (estimated). Seems to be an okay plan? That doesn’t even include drawing social security at 65.

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Because it takes 30 minutes to update the elections from a target date to actual funds that will most likely make you several hundreds of thousands of dollars more wealthy in the long run.

Seems like the ROI on your time makes it a no brainer to me.

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I don’t disagree with any of this.

If your strategy yields a portfolio worth $4M after 30+ years and the target date fund strategy yields a portfolio worth $3.2M, then both strategies are good strategies for long term wealth creation.

It’s just ignorant to say “maxing a 401 with target date funds is a bad strategy for long term wealth creation.”

Lol. It’s a ridiculous statement tbh.

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As a former teacher, you will teach until 65 and then retire with a part time job at WalMart. Part of the reason I got out of it

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And why is that?

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I am wondering if I’m average or too low/high. I used to contribute each month to my Roth IRA but stopped back in 2018 to pay off some debt and started up again in August this year. I’m now contributing $500/month to my IRA and another $967/month to my 401k, including my employer’s portion. That’s a total of $1,467/month. I am 36 years old and would like to retire at age 62. Is that typical or too much? What do y’all do?

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Have you tried one of the many retirement calculators on the internet? Everyone’s situation on this board is a little different, along with their needs and goals. How much income do you think you will need when you retire? Some places I have read say to plan on living off 4% of your nest egg.

The real question is how much income do you think you need when you retire. I think about this everyday. Don’t let some of these numbers here intimidate you. There are a lot of people better off than you and me. Three are also more people that are much worse off and relying on SS and that e deaths of their parents. This ain’t you. If you are this aware and focused on retirement, I’m sure you will be fine.

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10% to TSP, $350 to life insurance and $200 to Roth IRA.

Financial advisor said 62-65 I can retire comfortably.

I will bump those numbers up w/ age and retire at 57.5 most likely.

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If there is not an extra zero in there, I need to know your wife’s line of work. I might have time to switch and end up with a $900,000/year pension.

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Fixed it.....7500.00