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re: How old are you, and how much is in your 401K?
Posted on 2/10/20 at 3:02 pm to DownshiftAndFloorIt
Posted on 2/10/20 at 3:02 pm to DownshiftAndFloorIt
quote:
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.
If you qualify for with, be crazy not to max it. fricking sucks the income limits are so low.
1
Posted on 2/10/20 at 3:15 pm to Pelican fan99
quote:
Democrats coming after peoples retirement that they have saved for decades is how you start the next armed revolution
Get's it
Posted on 2/10/20 at 3:19 pm to GRTiger
quote:
but that's because my wife saved her arse off while working
Props to you guys. You lucked out on that one. My wife cannot save a F penny and has no concept of spending money wisely. She lost her credit cards years ago b/c she would charge more than pay off. She does not own 1 c/c which is good but spends on debit. Buys a lot of crap online. My 5 year old son's closet is filled up to the F ceiling of how many clothes he's got and it is very annoying for me. Sorry for venting. We're in our mid-40's but it shouldn't be this way.
Posted on 2/10/20 at 3:20 pm to BabyTac
56, about $1,400,00 - but I’ve been doing this since I was 18 y/o.
Posted on 2/10/20 at 3:21 pm to BabyTac
35, 46k in my vanguard account and about 38k in my company 401k
Posted on 2/10/20 at 3:21 pm to Gorilla Ball
29 - $52K
Posted on 2/10/20 at 3:22 pm to Boring
You're assuming that they won't start taxing Roth IRA in the future, but assuming they may raise taxes on traditional IRA withdrawals.
IMO, as far as government is concerned, I'd be wary of any future taxes. In this regard, I'm more tempted to take the tax deduction now when I know I can get it.
IMO, as far as government is concerned, I'd be wary of any future taxes. In this regard, I'm more tempted to take the tax deduction now when I know I can get it.
Posted on 2/10/20 at 3:40 pm to lsu777
quote:
If you qualify for with, be crazy not to max it. fricking sucks the income limits are so low.
Backdoor Roth, look it up.
Posted on 2/10/20 at 3:43 pm to Gorilla Ball
quote:
56, about $1,400,00 - but I’ve been doing this since I was 18 y/o.
good job, baw, I've tried to instill this formula to my kids, only one of them has stuck with it and is starting to see that I wasn't as dumb as I seem
Posted on 2/10/20 at 3:48 pm to BabyTac
quote:
Let’s here it baws.
I'm surprised you spelled 401k correctly...idiot
Posted on 2/10/20 at 3:51 pm to BabyTac
What's a 401k?
Posted on 2/10/20 at 4:02 pm to 777Tiger
I can’t convince either one of my sons to listen to me, up until a about ten years ago I was making less than six figures. Once you start out saving you don’t miss the money.
Posted on 2/10/20 at 4:06 pm to BabyTac
Early 40s $620k no company match. Also been maxing 2x Roths for years and putting excess in taxable brokerage. Hope to hit $2m very soon and retire by 45 with a pension. Just living sensibly so we can have freedom to do whatever we choose before too old to really enjoy it.
To be clear we earned it all ourselves. Neither of our families ever invested or had much to save. We just didn't spend like drunken sailors and started investing mid 20s.
To be clear we earned it all ourselves. Neither of our families ever invested or had much to save. We just didn't spend like drunken sailors and started investing mid 20s.
Posted on 2/10/20 at 4:07 pm to BabyTac
quote:
How close are y’all to calling it quits?
What's the MegaMillions up to?
Posted on 2/10/20 at 4:17 pm to TorchtheFlyingTiger
Early 40s $620k no company match. Also been maxing 2x Roths for years and putting excess in taxable brokerage. Hope to hit $2m very soon and retire by 45 with a pension. Just living sensibly so we can have freedom to do whatever we choose before too old to really enjoy it.
____________
That would be awesome to triple your money in 5 years. Congratulations
That
____________
That would be awesome to triple your money in 5 years. Congratulations
That
Posted on 2/10/20 at 4:30 pm to BabyTac
57 $1.85 million between my wife’s and mine. Mine is about 2/3 of if, so I’d guess $1.2 million. I started from zero at about age 32. That $1.2 million is from maxing out since then. It includes two things that increased it above normal. First, as a business owner with a 401k plan that matches, I was able to dump extra in every year. Second, because of my advanced age the IRS let’s you put extra in. I don’t understand all of that. I just do what is suggested by others.
Posted on 2/10/20 at 4:31 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 (as opposed to a 401k, which does)
As I approach retirement with enough money saved up, I'm finding the lack of Required Minimum Distribution to be a bigger and bigger selling point for Roth vs. standard. I really wish I had had the foresight to appreciate that fact much sooner.
Posted on 2/10/20 at 4:32 pm to tokenBoiler
quote:
I'm finding the lack of Required Minimum Distribution to be a bigger and bigger selling point for Roth vs. standard.
Yeah, but don’t you fund the Roth with after tax dollars? That part sucks.
Posted on 2/10/20 at 4:33 pm to nolaks
quote:
this is a real issue. what did you have outside of 401ks when you retired.
$250,000 in savings and CDs. We need to draw about $50k a year from that including big time upcoming expenses like a new car, new roof, resurface pool, etc. But we don't want to bring it to zero - would rather keep $100k in cash always. And if one or both of us lose our part time jobs, then we will need to draw more, or cut expenses.
We both had really good jobs that matched our 401K contributions with no limit - mine at 10.5% and my wife's at 15%, so we always put the max amount in. Plus IRAs, etc.
Posted on 2/10/20 at 4:36 pm to Tiger in Gatorland
quote:
No 401k. Have $239.43 in my savings account. Once I get it to $300, I’m quitting.
Dad? We thought you were dead!
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