Retirement Planning
Any tips you have for someone to maximize their retirement accounts? Post your thoughts below!
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Topic ReplyI think an obvious answer to the 401k is to make sure you are at least contributing what you employer is willing to match (free money is the best!). One thing I would say about that though is make sure to check what your employer contribution is vested in. Where I work the match is given in company stock, and even though I like where I work and have faith in them as a company, I don't like having so much of my retirement vested in only a single company stock. So every once in a while I sell...
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Topic ReplyAwesome, great advice @Landon Martin ! has the pandemic made managing your 401k tougher than usual? Any advice for someone trying to open up a 401k during everything that's been going on?
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Topic ReplyBesides the occasional selling of the company stock, I personally don't do any other managing of my 401k. Maybe I am in the wrong but with the limited number of funds available within the 401k itself, I just selected a target date retirement fund that changes my investments for me as I get closer to retirement age. Also, I still have 35-40 years before I reach the typical retirement age so I am just trying to ride out the storm right now since I am not too worried about needing the money...
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Retirement PlanningStocks? 401k? Roth IRA? What's the easiest strategy for growing your money from $0 to $1,000,000 by the time you retire?
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Topic ReplyCan't answer this question with 100% certainty because I am far from retirement and far from having a million dollars, but the strategy I am currently using to hopefully get me there is to max out my Roth IRA (love the idea of not having to pay taxes on it later), contributing only to my 401k the amount that gets me the full employer match (got to get the free money), and then putting the rest of the money that is meant for investing into other accounts where I have more control over my...
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Topic Reply@Landon Martin Great tips! Traditional investing can be a great way to build some wealth over time, but like you said, your money is sort of trapped until you are of retirement age. Not a bad way to get to a million though!
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Topic Reply@landon Martin Would you recommend only matching what your company offers in the 401k? My company only matches 1%. I have this set to 7%. OR do you think I should only do 1% match and put the other 6% in a ROTH IRA? Or out the 6% into stocks? Or? Thanks in advance!
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Topic Reply@Riva951ie I would say it depends on your personal goals and involvement with your investments. Personally I only put enough into my 401k to get the match because I am not a huge fan of the investment options that are available to me in my 401k, and I have other goals with my investments that I wont be able to achieve if I have my money tied up until retirement age. When it comes down to saving for retirement though I currently prefer putting my money in the ROTH IRA because I am still in a...
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Topic Reply@Landon Martin Thank you for responding. I was also thinking about putting the additional 6% into a ROTH IRA so I can pull that out tax free 35 - 40 years from now. That way when I withdraw, I will only get taxed on the 401K and not the ROTH IRA.
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Retirement PlanningπI am. (Well my wife and I) Our short back story: We aren't wealthy by any means. But, my wife and I were having a discussion and ultimately came to the conclusion that we both are on the same page with respect to not working until the US recommended retirement age of [65-67]. We are in the mindset that It doesn't make sense to potentially waste prime years of our lives working in hopes of enjoying retirement without the assurance we will have the necessary [health or wants]. We prefer to...
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Topic ReplyCongratulation for your brave and uneasy journey! I like the FIRE movement, and this shared pursuit of good financial behaviors. However, I hope that one day automation and its profits will allow us a universal basic income, so that we won't have to "buy" our freedom as we do nowadays.
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Topic ReplyππHello, I too am also trying to retire early. I also do not want to wait till I am 65 to retire and not have the energy as I do now to get around and travel. I see you have a great list here. However, for me what has worked the best is real estate. This brings in passive income from 3 properties. I have paid one off at the end of last year. Now all profit. Even though I want to buy another one for me to live in, I do not think its a buyers market with the influx in prices. I will wait it out.
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Topic Reply@Riva951ie that is great. Based on what you've mentioned looks like you are on the right path. Good luck on the house hacking for your next purchase. Seems like a solid plan for your next investment. Can you tell me a little on what type of property you purchased first and how you made the decision to go for it? Any challenges that were not foreseen? (any reply can be concise) I know it can be burdensome at times to type out the answers to some questions. π :Nef:
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Topic Reply@Nef I first bought a single family home (all 3 are). Honestly I was more forced to buy this since I did not qualify for much and having a truck payment did not help out either. However, my agent did recommend this area and the house value has gone up almost 300%! So in short, I qualified for so little and that was in my price range. This was in 2011 when I got the house for 83K =)
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Topic Replyπ@Riva951ie : Wow, that is so cool how things worked out in your favor albeit challenging. Hope this year bring more fruitfulness.
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Welcome - Start Here & Introduce YourselfI regret not taking financial acumen and planning more seriously. That means I didn't prepare my children either. I'd hate for them to become as financially lazy as I have become. I'm behind and I know it. I'm in my last year of being in my 50's. Is it too late for me to "invest" and help myself out when I stop working for others in few years? Your advice is welcome and appreciated
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Topic ReplyHello @Lonney I feel that as long as you have come to that realization, you can for sure start anytime. It is never too late. I mean, if you do not start now, you will regret it even more when you cannot physically work anymore. I know they recommend the old you get, to be more conservative in your risk tolerance. Ultimately, that is your choice on the risk. Like the saying goes, High risk, high reward. Low risk, low reward. I say you go for it. 401k, index funds, ROTH, and self education to...
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Topic ReplyRiva!!! OMG! Person! NO NO NO you are in time to gather money from your work I am sure. I have seen some vehicles and tools. I know Minority Mindset (MM) has several suggestions that can help. I also have some suggestions. Do you have 401K, ROTH.... depending on how much you have there are vehicles you can use to move them to a non table status and have them grow. Have you spoken to someone you can trust that is well versed in Financial Advising? You can actually seek someone you feel...
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