True, but there is an annual limit to the amount you may contribute to your Roth: currently $6500. Uncle Sam has limits to his generosity.
Additionally, with 401k and Traditional IRA, where you deposit pre-tax money, they are imposing mandatory withdrawals beginning at age 70. It seems Sam was getting annoyed with people passing on their pre-tax wealth to their children and grandchildren. It apparently burns them up that money is laying around they haven't taxed yet.
How long for retirement?
Discussion in 'Questions From New Drivers' started by Montgomery, Nov 30, 2014.
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If you are putting in 23% I hope you have some really good funds in that 401-K ... what are the expense ratios ... how long is the manager tenure and what is his record ... how does the fund direct it's assets. If you have the ticker symbols for the each fund you can go to www.morningstar.com and put the symbol in at the top of the page where it says "Quote" and get all the particulars from a completely unbiased source. In addition, if you want to see how all this plays out with the entire portfolio as to how much is in growth, blend, value, large, midcap or smallcap you can click on "tools" and then scroll down to where it says "instant x-ray" and it will show you how your entire portfolio stacks up so you can stay properly diversified.
rockee Thanks this. -
I have a Roth at another investor in a fund other than either of those. Additionally I have a traditional IRA there in yet another fund. It is comprised of a 401k rolled over from a previous employer and accounts from my late wife of whom I was the beneficiary.bubbagumpshrimp Thanks this. -
As long as it takes to save up 1.3 mill in a retirement account
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For Marten Transport:
* Eligible for 401K after 1 year employment
* Company matches your contribution up to 6% of your earnings
* You "vest" at 20% per year of participation, eventually keeping everything they match after five years. -
I didn't get serious about this until I was in my forties. I will be 59 in two months and I am amazed at what I have managed to put away. From that perspective you are ahead of the game already.
Once you make it a priority it becomes second nature and doesn't hurt a bit. It also gives you some confidence about your future because nobody else, especially not the government, is going to do it for you.
I have no illusions about living an extravagant retirement. That has never been my goal. But I don't plan on being a greeter at Walmart or bagging groceries because my SSI check won't fix my transmission or pay my car insurance because I have to pay my power bill and property taxes are due. I just want a comfortable life without stressing about moneyMontgomery, Chinatown, rockee and 1 other person Thank this. -
Don't buy new cars either. Always buy used and that's thousands of dollars, per car, you "haven't" spent. You can also take nice vacations without spending way too much. There's several drivers on here that vacation overseas and spend less than those fancy vacations in USA and those goofy overcrowded cruise ships. I fly on foreign airlines because they're cheaper and passenger friendly vs. dealing with arrogant union steward's/stewardess's. Real food instead of stale rock hard peanuts. One time Cathey Pacific mailed free round trip tickets to Hong Kong to me and I only flew with them one trip. I couldn't use them before the expiration date which was like 3-6 months away, so I gave them to a security guard at a grocery warehouse. He used them because he didn't make enough money to buy tickets at minimum wage. Nice guy, former Marine Vietnam vet. Flew over there and spent a week with some good looking Chinese woman. Anyway, you can still save money for retirement and at the same time enjoy your vacations without it bankrupting you.MUSTANGGT and Montgomery Thank this. -
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