re: Retirement help- update

One year later update:
Good:
-student loans are down to 27k all at 4.5% or 2.75
-Roth ira has 11k in it with 6k in bank to go in Jan 1
-Got a 5k/yr raise
-utilities stocks are now worth 34k
- been selling firewood/ custom lumber/ hay and is emerging as a significant income (20 cords and 8000 bales)
Bad:
-manager at work didn't write the match checks for the 401k for 6 months (apparently illegal) so no one trusts him anymore. Still no 401k
-LA teachers retirement account still worth 9k
- roth broke even for the year with current losses

Man I gotta say you sound like a success story. Your original outlook wasn’t very pretty. But you’ve already cut your loans in half and are working on retirement. I know some people who are in similar situations that need your discipline.

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-manager at work didn't write the match checks for the 401k for 6 months (apparently illegal) so no one trusts him anymore. Still no 401k

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Very illegal. They owe you this money. Most companies have insurance coverage for this type of mistake on their general liability policies built in so I would call up the totem poll and raise hell until they pay this money to you. They will either cut you a check or the insurance carrier will.

I think employer has until the end of the plan year to make matching contributions, 30 days to pay employee contributions in to the financial institution.

Lulz

WHY are you infatuated with me?!?!

It’s flattering and all but I am a happily married old man.

Merry CHRISTmas Russian!!!!

First of all you are just 42. if you retire at 65 you have 23 more years. I dont understand why you say you have a 401k with 3% match and you have no active retirement accounts????? You must put at least 3% in that to get the match! Get it up to as much as 10% total and you could be set up relatively well for retirement...remember that won't be 10% total since its before tax, more like 9%. Don't understand why you have separate retirement accounts with a 401K and a La teachers retirement coming,,,, and probably some future social security payments. Maybe i'm mis-reading something. You look in better shape (to me) than most people.

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manager at work didn't write the match checks for the 401k for 6 months (apparently illegal) so no one trusts him anymore. Still no 401k

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FYI - likely not illegal at all.

A lot depends upon the coding of the match - is it a safe harbor? Is it hard coded formula? Or is it discretionary?

Even if its a required match, there is likely no requirement that the money be deposited until the tax filing due date for the year in question. So if its payroll for mid 2018, they could wait to deposit it until Sept/Oct 2019 if they extended the company tax return. A lot of companies don't like doing that because its a bigger chunk of change, but its all perfectly legal.

If its a discretionary match, they don't have to give it at all. Ever. And they don't even have to necessarily tell you that they aren't giving it, but it does erode a ton of confidence in the plan.

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I have Edward Jones and it’s worked well for me.

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so you like the loads? expense ratios? annual fees? commissions? lack of fund choice?

The OP has plenty time. retirement is a relative term. many will not have the same needs or expenses. many like to stay busy even if only part time.

This board is a anomaly and it always has been.

65% of americans save little or nothing