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re: How old are you, and how much is in your 401K?
Posted on 2/10/20 at 2:02 pm to kywildcatfanone
Posted on 2/10/20 at 2:02 pm to kywildcatfanone
22 and 9k between Roth and 401K. I need to do better with my regular savings account though.
0
Posted on 2/10/20 at 2:02 pm to DownshiftAndFloorIt
quote:
I understand it. Those older guys really got fricked hard. Pensions went to shite right when they were getting ready for them, insurance went to shite, and they had low savings. It makes me unable to trust a 401k as a safe plan for retirement.
My dad had a pretty sweet deal. His company allowed people that had at least 20 years to remain on the group health plan until they could get Medicare. He retired at 54. I'll probably have to work until I'm 65 just for the insurance.
Posted on 2/10/20 at 2:03 pm to DownshiftAndFloorIt
quote:fact. Employer loyalty is dumb with a few exceptions.
The only way to get an appreciable raise/promotion is to switch companies because of the 60/70 year old men hanging on to management roles.
This post was edited on 2/10/20 at 2:05 pm
Posted on 2/10/20 at 2:03 pm to SuperflyLSU
quote:
Nowhere near where I thought I'd be 10 years ago, and may have to work in to my 60s, but I regret nothing, it's been worth every penny spent.
My grandfather told me he was never able to really save for retirement until my father moved out the house, grandfather was 45 or so at that time. He worked about 12 more years and retired.
When he died about 22 years later his kids split up close to a million that was still in their retirement savings. He didn't live extra frugal and always had a car that was less than 10 years old. Just had the right investments and let the money work for him.
He said the hardest part was setting aside 20% of his retirement income into a savings account like he had done when working.
Posted on 2/10/20 at 2:03 pm to Boring
quote:
Right in line with what I've seen. Most of the Baby Boomers I know (actual baby boomers, not the stupid OK BOOMER meme types) were and are YOLO spenders. Sad to see people in their 50s and 60s still having to work because they live(d) on credit and can't retire.
If you're GenX or a Millennial, for the love of god learn from the mistakes of the Baby Boomers.
Yes. My parents are/have been the YOLO types and I was in my 20’s because that’s how I was raised... My parents are going to be fine. They’re going to inherit enough income producing land to take care of them, but I’m behind because I wasn’t taught/didn’t know shite about how important early investing is. Really depressing that I came into the workforce in 2012 and could have been riding this bull market for the last 8 years, but here I am at 32, just now almost done paying off the stupidity of my 20’s...
Luckily I wasn’t a dumb arse on our house. Stayed within my means there, we only have one car payment (work covers all of my vehicle expenses), don’t have kids yet, and I’ve gotten some nice bonuses and raises over the last couple years. We’ve been able to hammer away at CC debt the last couple years and things are finally starting to pan out in my favor.
Posted on 2/10/20 at 2:03 pm to xxTIMMYxx
quote:
Seems that I have seen this before. I need a good financial guy.
I just attended a small, half-day long seminar and the instructor recommended us about Vanguard b/c of their tiny commission that they require. Somewhere around 0.1% commission.
Posted on 2/10/20 at 2:05 pm to Palomitz
quote:you could have googled that by 8:15am and had the rest of the morning to play.
I just attended a small, half-day long seminar and the instructor recommended us about Vanguard b/c of their tiny commission that they require. Somewhere around 0.1% commission.
Posted on 2/10/20 at 2:07 pm to FloridaRougaroux
quote:
51 - $2.3 Mil Wife and I are semi-retired and both work part-time. We actually have too much in 401Ks based on how little we spend (we are simple people and eat ham sandwiches after winning national championships). So now we are using some savings to offset our lack of income, but it will be down to zero before we reach 59.5, so we will start taking from the 401k using the Section 72(t) distribution.
this is a real issue. what did you have outside of 401ks when you retired.
Posted on 2/10/20 at 2:11 pm to xxTIMMYxx
quote:
I want to set up a Roth. Where should I go to do that? My company uses Fidelity for the 401K and 403B.
Anyone can help you set up a Roth IRA.
The best part, as you probably know, is that that money does not get taxed when it comes out (as opposed to a 401k, which does). They're such a good deal that you can't contribute to them after you hit a certain income level, so get started now.
Posted on 2/10/20 at 2:13 pm to GEAUXT
quote:
Not enough. My wife and I are both doctors so neither of us were able to really contribute to retirement until after 30.
Luckily it's adding up quick now, but I hate seeing where I "should" be at my age.
You guys have the double whammy of student loans and being expected to spend on material things like other doctors.
Posted on 2/10/20 at 2:18 pm to Chucktown_Badger
quote:
Anyone can help you set up a Roth IRA.
The best part, as you probably know, is that that money does not get taxed when it comes out
I'm going to piggyback on this point and shill for a Roth IRA as opposed to a traditional IRA.
Traditional IRA = tax deduction now, pays taxes when you retire/withdraw/reach age 59.5
Roth IRA = no tax deduction now, don't have to pay taxes when you retire/withdraw/reach age 59.5
You know what the tax rate is today, but you don't know what it'll be in 30-40 years. IMO governments almost never vote themselves less power, so it's a safe bet that the tax rate will be higher a few decades from now. So take the tax hit at present instead of waiting around only to find out that Bernie Sanders et al. want 75% of your shite.
This post was edited on 2/10/20 at 2:19 pm
Posted on 2/10/20 at 2:19 pm to BabyTac
Age 65, and enough that I quit working 9 years ago.
Posted on 2/10/20 at 2:25 pm to OweO
quote:
A lot of truth will be posted in this thread.
Posted on 2/10/20 at 2:26 pm to Boring
Well you convinced me. Never thought about that
Changing my strategy. Putting enough in my 401k to get the full match and the rest that I've been putting in will go to a post-tax account.
Changing my strategy. Putting enough in my 401k to get the full match and the rest that I've been putting in will go to a post-tax account.
Posted on 2/10/20 at 2:42 pm to GoHoGsGo06
quote:
you could have googled that by 8:15am and had the rest of the morning to play.
The seminar was paid for.
Posted on 2/10/20 at 2:42 pm to slackster
We cheated our way into a good spot according to that chart. Combined retirement savings for me and my wife is about 4.25x our household income, but that's because my wife saved her arse off while working, and then our HHI dropped a good bit when she stopped working. A little bittersweet in that regard I guess, but I am content with where we are at the moment.
I'll be 34 next month and my cradle robber is 37.
I'll be 34 next month and my cradle robber is 37.
Posted on 2/10/20 at 2:51 pm to BabyTac
66 tree fiddy....
Posted on 2/10/20 at 2:53 pm to DownshiftAndFloorIt
quote:
unable to trust a 401k as a safe plan for retirement.
401k is not controlled by your company lol. It's not like a pension at all.
Posted on 2/10/20 at 2:54 pm to lsu777
Zero in 401k. All in my pocket...... I love counting it.
Posted on 2/10/20 at 3:00 pm to dukke v
it all fits in your pocket?
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