How long for retirement?

Discussion in 'Questions From New Drivers' started by Montgomery, Nov 30, 2014.

  1. MUSTANGGT

    MUSTANGGT Road Train Member

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    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.
     
    Big Don and Montgomery Thank this.
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  3. MUSTANGGT

    MUSTANGGT Road Train Member

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    I've talked to guys doing 4 or 6% or whatever and give me strange looks when I tell them I'm doing 23%. They think we are wierdos.
     
  4. Moosetek13

    Moosetek13 Road Train Member

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    If they 'offer you retirement' it probably means you are fired.
     
  5. John Miles

    John Miles Medium Load Member

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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.
     
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  6. MUSTANGGT

    MUSTANGGT Road Train Member

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    It's spread out in four different funds, mix of large and mid. Occasionally the fund manager will swap out one of them for something new. I've educated myself somewhat and understand the fundamentals, but perhaps not all the finer points. For the most part I try not to micromanage and let the fund manager do that. It rides the usual peaks and valleys but has grown nicely above and beyond my contributions.

    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.
     
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  7. Pool6710

    Pool6710 Medium Load Member

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    As long as it takes to save up 1.3 mill in a retirement account
     
  8. Clintonstain

    Clintonstain Light Load Member

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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.
     
  9. MUSTANGGT

    MUSTANGGT Road Train Member

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    There is a Chinese proverb that applies here: The best time to plant a tree is ten years ago. The second best time is now.

    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 money
     
  10. Chinatown

    Chinatown Road Train Member

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    You're 30, so still young enough to retire early and live the good life.
    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.
  11. MUSTANGGT

    MUSTANGGT Road Train Member

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    I could live 50 years on that and never spend it all. Then again I never wanted to see the other side of a hundred anyway.
     
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