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Yet another story to inspire me never to get married again.Tough Old Man said:well I 'm 52 and been retired for 11 yrs. Did put money away when I lived in Vegas. After I ran off with a younger lady my ex wife decided that the saving was her's. The judge agreed. So now no savings and only drawing one half of my pension as the ex also gets the other half, you can understand why I now reside in Baja Ca. Mexico. True story but Baja is like living in a candy store when you need gear. Shoppimg can be very fun
It is multiple choice.maniclion said:Shouldn't this be multiple choice so I can pick how much and when?
Actually I am retired, I'm just doing this job to support my hobby. My hobby is paying my bills.
Retiring outside of the USA is something I plan to do as well. You can live like a king in some great countries off a middle class American income. I started my first IRA at 18...put in the max every year, opened up a Roth IRA next and max the bitch out + a 401K and several investments in other stocks and real estate....there is no way I'm working past 49! My father deserves 100% of the credit for my early interest in financially setting up for my future.Mr_Snafu said:Foreman, great thread and topic.
At 35, I probably will not be able to retire in the U.S., but I still kee trying to save, and put as much as I can in tax-derred saving, i.e., ROTH IRA, and a 401K when I'm in the states.
I've always believed that I should save at least 20% of my net income when I am working in the U.S.
Tax-deferred funs (IRA, ROTH)
Real-estate cash flow (house rental)
Savings and CDs.
ForemanRules said:Retiring outside of the USA is something I plan to do as well. You can live like a king in some great countries off a middle class American income. I started my first IRA at 18...put in the max every year, opened up a Roth IRA next and max the bitch out + a 401K and several investments in other stocks and real estate....there is no way I'm working past 49! My father deserves 100% of the credit for my early interest in financially setting up for my future.
The Roth 401k is a great idea and should render traditional 401k plans obsolete. You will have to ask your employer to add the Roth provision b/c you cannot do it yourself as an employee--it's not like an IRA, it's a qualified retirement plan provision requiring a plan amendment.dg806 said:The new Roth 401k takes effect Jan 1 06. I plan on putting 10% every week into that. You pay taxes on it up front then it grows tax free from then on.
I currently have a mandatory retirement and a 401k. I will add the Roth 401k to it.
The city I work for is offering it.Decker said:The Roth 401k is a great idea and should render traditional 401k plans obsolete. You will have to ask your employer to add the Roth provision b/c you cannot do it yourself as an employee--it's not like an IRA, it's a qualified retirement plan provision requiring a plan amendment.
As for myself, I plan on retiring in the next 5-7 years after I sell my company. I don't think 401k plans provide a reliable income stream to cover one's entire life.
Decker said:I don't think 401k plans provide a reliable income stream to cover one's entire life.
Right now less than 37% of american businesses offer retirement plans. Those that do often provide horrible investment advice or no advice other than minimum 3 investment choices directed by Sec. 404c self-directed plans. I am in the business of qualified plans--I have a master of laws in employee benefits--and I have a company that provides third-party administration to businesses with qualified plans.LAM said:it's not really supposed to. that's why a smart investor always has a diversified portfolio. you need money invested in stocks, bonds and cash reserves as the net effect is lower volatility on your returns.
An older investor with a shorter investment horizon might want to allocate 60% to stocks, 30% to bonds and 10% to cash while a younger investor could probably get away with 80% stocks, 10% bonds and 10% in cash reserves.
along with my SEP contributions I have also ventured into some foreign markets to escape having to pay capital gains on some of my investments. I haven't really figured it out by I probably invest about close to 40% of my net income right now.
Cold Iron said:Lam- What kind of business do you have, is it something to do with mortgages?
ForemanRules said:Retirement what % of your net income do you put away every year and at what age do you plan to retire.
ForemanRules said:Yet another story to inspire me never to get married again.
That sucks Tough, it just isn't fair. We need to have a permanent don't get married thread to help these young kids.