Retirement

[Tenbatsuzen]

With the new job, I've been immersing myself in the world of finance. And I've realized that I'm woefully behind and I have to start saving agressively to get back some of the years I wasted not saving for a plan.

I thought I couldn't afford saving for a 401k previously, but you seriously need to think about saving about 3-6 dollars a day in your twenties in order to really retire comfortably. Basically, the rule of thumb is to think that you'll live until you're 100, and you retire when you're 60, which means you have 40 years of living to do.

Even if you DON'T live until 100, then it means that your family is taken care of.

**NOTE: I am not a registered representative, nor do I have any Series 6 or 7 licenses. Please consult with a financial planner to get "legitimate" information.

[nate1000]

With the new job, I've been immersing myself in the world of finance. And I've realized that I'm woefully behind and I have to start saving agressively to get back some of the years I wasted not saving for a plan.

I thought I couldn't afford saving for a 401k previously, but you seriously need to think about saving about 3-6 dollars a day in your twenties in order to really retire comfortably. Basically, the rule of thumb is to think that you'll live until you're 100, and you retire when you're 60, which means you have 40 years of living to do.

Even if you DON'T live until 100, then it means that your family is taken care of.

**NOTE: I am not a registered representative, nor do I have any Series 6 or 7 licenses. Please consult with a financial planner to get "legitimate" information.

Not me, man. I got Social Security to fall back on- been paying into it since 16- really looking forward to coasting for a change.

[Tenbatsuzen]

Not me, man. I got Social Security to fall back on- been paying into it since 16- really looking forward to coasting for a change.

please tell me you're being sarcastic.

[JPMNICK]

i have fully funded my ROTH IRA's since i was 23. i also have been contributing to my 401k starting this year (new job, first time offered).

everyone here should at leas be putting something into a ROTH IRA. I use vanguard, they have the lowest fees from what I have found.

[reeshy]

Not me, man. I got Social Security to fall back on- been paying into it since 16- really looking forward to coasting for a change.

That's not even funny.....I have 2 different retirement plans....and some other stuff.....and I'm still worried!!!

[Gvac]

My company matches 50% of my contribution to my 401K so I put as much in there as I can afford, not only for my retirement but also to get as much money out of those bastards as I can.

I desperately try to tell the younger guys at work how important it is, but they have the "fuck that...I want the money in my pocket" mindset. Ah, the foolishness of youth.

[Tenbatsuzen]

My company matches 50% of my contribution to my 401K so I put as much in there as I can afford, not only for my retirement but also to get as much money out of those bastards as I can.

I desperately try to tell the younger guys at work how important it is, but they have the "fuck that...I want the money in my pocket" mindset. Ah, the foolishness of youth.

When you think about it, 20-35 bucks a week pre-tax really isn't that much. (if you started in your twenties)

[furie]

i've been squirreling away 15% of my salary into the government's version of a 401k (called thrift savings plan) since i was 24. I'm on target to retire at 53. Though I'm not sure i can because i'll have at least one kid in college then, so I guess i'll have to wait till my late 50's.

but with the TSP in addition to my pension, i guess i'm in good shape...

[Team_Ramrod]

I just threw $14,000 into an agressive growth retirement fund in January.

I can't touch it until I turn 55 so I figure I'll either retire a millionare or I won't retire.
It is fun watching the money go down $1000 one week and up $1200 the next.

Oh yeah, I also have a plan through work where the company puts around $2.50/ hr into a Registered Retirement Savings Plan (RRSP) for me. This works out to about $500/ month going into a retirement fund.

Other than that I'm going to be pushing my son really hard to play in the NHL... I should be fine.

As far as living until 100... I figure life after 85 is a waste for me. I'll be so beat up and hunched over so far the only thing I'll be able to do is sit in my chair and watch my balls rise and drop with the temperature changes.

[Gvac]

I figure life after 85 is a waste for me. I'll be so beat up and hunched over so far the only thing I'll be able to do is sit in my chair and watch my balls rise and drop with the temperature changes.

Please stop turning me on.

Thank you.

[Tenbatsuzen]

i've been squirreling away 15% of my salary into the government's version of a 401k (called thrift savings plan) since i was 24. I'm on target to retire at 53. Though I'm not sure i can because i'll have at least one kid in college then, so I guess i'll have to wait till my late 50's.

but with the TSP in addition to my pension, i guess i'm in good shape...

You don't have a 403B or 457a?

[bigredd]

32 with a 401k since 19 yrs old, a duplex rental, a rent house and a $200 to a mutual fund. That being said I've recently realized I don't have a good cash nestegg for the proverbial rainy day.

[Tenbatsuzen]

32 with a 401k since 19 yrs old, a duplex rental, a rent house and a $200 to a mutual fund. That being said I've recently realized I don't have a good cash nestegg for the proverbial rainy day.

Thank you for making me fee so much better.

[MadMatt]

I have most of the State Quarters they have been releasing, as well as several of the new buffalo nickels they pulled out of circulation (some people were pissed that you could see the buffalo's penis).

Other than that, I am hoping my infant daughter eventually marries a wealthy gentleman who will take care of all of us.

Did I mention that I am almost 35?

[Fallon]

I started putting $50 a week into an account with Fidelity. I'll up it every year or so.

[Friday]

I have been contributing to a Roth IRA since 2001.... and have the 401k at work.

Working with my financial advisor to place my inheritance partially in IRAs where they will remain as savinvs... and also into more liquid money markets so i will have access to them within the next 6mos to a year or so... depending.

Money is insane. And I need guidance and discipline.... without it I am wild shopping woman.

[Gvac]

I just crunched some numbers - I should be able to retire comfortably in 2062.

I'll be 96 years old.

[Kevin]

I just crunched some numbers - I should be able to retire comfortably in 2062.

I'll be 96 years old.

96 years young, Greggory, Young

[Marc with a c]

I just crunched some numbers - I should be able to retire comfortably in 2022.

I'll be 96 years old.

that isnt so long.

[Tenbatsuzen]

I just crunched some numbers - I should be able to retire comfortably in 2062.

I'll be 156 years old.


Fixed.

[Recyclerz]

When should I start saving for retirement?

Best answer: 10 years ago.
2nd best answer: Now. Right now.

How much should I save?
After getting a handle on your current income and cash outflow you should figure out what niceties you could live without and still maintain a decent lifestyle and put a number to that analysis. Then up it by 20% or so.


But don't forget to live your life. If you collect enough entertaining stories you can get younger people to buy you drinks in your dotage.

[reeshy]

Hahahahahaha!!!!!!!!!!!!!

[nate1000]

please tell me you're being sarcastic.

Of course, Ten. I actually chuckle at those statements they send to us every year.

[feralBoy]

i have fully funded my ROTH IRA's since i was 23. i also have been contributing to my 401k starting this year (new job, first time offered).

everyone here should at leas be putting something into a ROTH IRA. I use vanguard, they have the lowest fees from what I have found.

Roth IRA's are great. You can currently invest $4000 a year (more if you are over 55) and you make under about $100,000. The great part about them though is, they grow tax free, and you don't have to pay tax on the money when you take it out. You do have to pay tax on the money you take out of Traditonal IRA's and 401(k)s.

Also, because you are putting the money in after tax, if you are really in a mess, you can take the money out of your Roth IRA that you put it, without a penalty. So, for instance, if you put in 20K, and it grew to 30. You can take that 20K out at any time. Good shit.

[JPMNICK]

Roth IRA's are great. You can currently invest $4000 a year (more if you are over 55) and you make under about $100,000. The great part about them though is, they grow tax free, and you don't have to pay tax on the money when you take it out. You do have to pay tax on the money you take out of Traditonal IRA's and 401(k)s.

Also, because you are putting the money in after tax, if you are really in a mess, you can take the money out of your Roth IRA that you put it, without a penalty. So, for instance, if you put in 20K, and it grew to 30. You can take that 20K out at any time. Good shit.

and you can take money out to buy your first house, as long as it is your principal, and then put it back in to the ROTH fund.