Retirement planning

[Parkanzky]

Thanks. I didn't know there was a 401k Roth.

They haven't been around very long. I'm guessing six or eight years. Companies have to opt to offer them. I think it's becoming much more common as people realize the advantages and bug their employers to offer them. My wife's employer was an early-adopter and we've taken advantage of it for her from the start. About 2.5 years ago, I got a job at the same place she's at so I'm also on board now.

 

[Citydude]

They haven't been around very long. I'm guessing six or eight years. Companies have to opt to offer them. I think it's becoming much more common as people realize the advantages and bug their employers to offer them. My wife's employer was an early-adopter and we've taken advantage of it for her from the start. About 2.5 years ago, I got a job at the same place she's at so I'm also on board now.

Makes sense why I didn't know about them. Where I worked didn't offer it. Just the tax defered 401k. Thanks!

 

[MossRoad]

$1000 a month wouldn't even cover my property taxes.

We are very fortunate..... ours are about $500 per year. 1300 sq ft house, 2 bed one bath. 1 acre. It's one of the costs that would go up 4-5X if we built a new house. Just things you have to think about when considering where to live.

 

[MossRoad]

MossRoad I laughed very hard when I read the beginning of your post. here I was thinking I was the only one who would do something that just looked impossible. when my wife and I got married we had left the preacher's house [no wedding] got in my pickup and we was ridding down the road and she ask where are we going on our honey moon and I said honey where ever $13 will take us that was every penny I had to my name, she said well I guess we better go home. this is off subject but just had to mention that was 38 years ago and still going strong.

NICE!!! Here's to at least 38 more for you and your spouse! :thumbsup:

 

[MossRoad]

Thanks. I didn't know there was a 401k Roth.

It may not be available to you. Not every employer offers one. Mine just started offering ROTH version of the 401K a few months ago. Up until then, it was just traditional 401K. Check with your payroll dept., H.R., or whoever handles that where you are employed.

 

[MossRoad]

I see you already got your answer.

 

[Danny C]

It may be true that 55 is too early but if I save enough why stay at work when I can be home and still be young enough to work on the projects I don't have time for now, spend time with my kids/grandkids. I may be very wrong but I don't want to have to be at work a day longer than necessary.

Being able to work on your own terms doing the things you want to do when you want to do them is my dream. I think that's what you're saying? It could also mean not working for someone else a day longer than necessary?

 

[Danny C]

My advice is to live below your means and save 10-15% of your gross income. Most pension plans (that I know of) max out at 70% of average of your last 5 years (and sometimes best 5 years) wages. I think your pension plan should be included in that 10-15% figure. But then again, I don't know the details of your pension plan. It sounds like you're on the right path. P.S. Be ware of depreciating assets (my cryptonite) for they will consume your money faster than a divorce! lol :2cents:

 

[Danny C]

There are also ways to use your 401k saving to start your own business if that is something that interests you. PM me and I can connect you with some folks that can set that up. https://www.guidantfinancial.com/financing-solutions/401k-business-financing/

 

[Gator6x4]

The things I miss most about retirement are vacation days, holidays, comp - time, overtime and most of all "Sick Days". :laughing: :laughing: Nothing like calling a grumpy old sick man and telling him you are sick.