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re: How old are you, and how much is in your 401K?
Posted on 2/12/20 at 7:28 am to TypicalDenhamMama
Posted on 2/12/20 at 7:28 am to TypicalDenhamMama
quote:
Probably nowhere near as much as we should have.
quote:
TypicalDenhamMama
Well...
0
Posted on 2/12/20 at 7:28 am to BabyTac
quote:
How close are y’all to calling it quits?
WTH is this crap? Quit? Awwww, hell no. I may work a little less, but I'll keep going until I simply can't. Then, I'll probably do more volunteer work. Only so much golf a guy can play.
Posted on 2/12/20 at 7:33 am to zippyputt
quote:
But you pay tax on that previously un-taxed income when you convert correct?
The idea of a backdoor roth is that you're going to use after-tax regular IRA contributions to fund it. Since those contributions are after tax, they're not going to be taxed when you roll them into a Roth either. The gains would be, however, so most people do it very quickly.
It doesn't work as well when you have pre-tax traditional ira contributions. The it's makes you prorate your rollover. For example, if you've got $6000 in a traditional IRA, and you add, $6000 the next year using after tax money, you will be taxed on half of your backdoor rollover, $6000 after tax/$12000 total balance = 50%.
Posted on 2/12/20 at 6:05 pm to TorchtheFlyingTiger
quote:
The first thing to know is that the average American has nothing saved for retirement, or so little it won't help. By far the most common retirement account has nothing in it.
Sources differ, but the story remains the same. According to a 2018 study by Northwestern Mutual, 21% of Americans have no retirement savings and an additional 10% have less than $5,000 in savings. A third of Baby Boomers currently in, or approaching, retirement age have between nothing and $25,000 set aside.
scary
Posted on 2/12/20 at 6:18 pm to BabyTac
I’ll retire when my wife says it’s okay
Posted on 2/12/20 at 6:29 pm to Will Cover
quote:
Just 401(k)?
You guys aren't doing a Roth IRA?
You guys are just doing 401(k) and a Roth IRA?
Posted on 2/12/20 at 7:27 pm to BabyTac
24
What's a 401k?
What's a 401k?
Posted on 2/12/20 at 7:36 pm to BabyTac
SEP IRA >>> 401k
Posted on 2/12/20 at 8:52 pm to BabyTac
If your employer provides you with a 401k plan through Schwab, they have a pretty cool tool that allows you to compare yourself vs others +/- 2 years of age and +/- 5% your annual salary. Also allows you to drill down into industry, regional, median, average, etc.
The median is worrisome.
The median is worrisome.
Posted on 2/12/20 at 9:18 pm to BabyTac
33
$114K 401k
$30k cash savings
$100k in home equity
$114K 401k
$30k cash savings
$100k in home equity
Posted on 2/12/20 at 9:20 pm to BayouBengalRubicon
Take those numbers, add a dollar to them (minus age of course as I too am 33) and that’s exactly where I am
Posted on 2/12/20 at 9:26 pm to Restomod
quote:
You guys are just doing 401(k) and a Roth IRA?
Exactly. Plus an HSA.
Posted on 7/9/20 at 5:45 pm to zippyputt
I roll the after-tax 401k contributions into a Jumbo Roth IRA. I don’t pay taxes on the principle because I’ve already paid taxes on that. I do pay taxes on the gain, however, before it goes into the Roth.
Posted on 7/9/20 at 5:47 pm to StreamsOfWhiskey
Thank you for the update.
Posted on 7/9/20 at 5:48 pm to BabyTac
31
35k.. I think. Haven't checked in a month or so.
On the plus side, this down market doesn't hurt too bad because I don't have much in there to lose.
I only started seriously contributing about 5 years ago. Prior to that I needed every penny of my paycheck to survive at the time.
35k.. I think. Haven't checked in a month or so.
On the plus side, this down market doesn't hurt too bad because I don't have much in there to lose.
I only started seriously contributing about 5 years ago. Prior to that I needed every penny of my paycheck to survive at the time.
This post was edited on 7/9/20 at 5:56 pm
Posted on 7/9/20 at 5:52 pm to BabyTac
Eleventeen years old
187,675,234 in my 401K
187,675,234 in my 401K
Posted on 7/9/20 at 5:52 pm to BabyTac
Why save, da gubamint gonna pay for stuff. ??
Posted on 7/9/20 at 5:53 pm to BabyTac
Nunya
Posted on 7/9/20 at 5:54 pm to BabyTac
I recently changed jobs and I’m rolling my old 401k into my traditional IRA.
My newly opened 401k has nothing in it yet.
Posted on 7/9/20 at 6:15 pm to FloridaRougaroux
You might want to take out some this year and take the tax hit because they’ve suspended the 72(t) penalty for 2020.
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