idahohuntr
Well-known member
- Joined
- Dec 19, 2013
- Messages
- 346
There has to be a balance when it comes to saving/spending...there's a guy I've heard of that likes to remind people they'll run out of health before they run out of money. Solid advice.
Retirement and 401k strategies
- Thread starter schmalts
- Start date
onpoint
Well-known member
I don't know why people get their undies in a wad over "retirement".
2% per year on a $48000/year salary - uuge retirement check.
Two 16 year old vehicles. Still have a mortgage on a BozeAngeles home at 57 years old.
Spend more than I save. Always have, always will. Life is short.
Have no financial sense whatsoever.
Live by the seat of my pants - but have three good dogs, a couple boats, a wife that puts up with me, eatin' elk tenderloins for dinner tonight - cuttin' a fat hawg!
Retirement's easy - it must be if I can do it. And I ain't workin' Monday mornin.
Continue on with the get-financially-prepared-for-retirement machinations. That stuff's for smart people................................
Oh yeah - what's it like to worry about paying taxes on various savings and retirement accounts?
2% per year on a $48000/year salary - uuge retirement check.
Two 16 year old vehicles. Still have a mortgage on a BozeAngeles home at 57 years old.Spend more than I save. Always have, always will. Life is short.
Have no financial sense whatsoever.
Live by the seat of my pants - but have three good dogs, a couple boats, a wife that puts up with me, eatin' elk tenderloins for dinner tonight - cuttin' a fat hawg!
Retirement's easy - it must be if I can do it. And I ain't workin' Monday mornin.
Continue on with the get-financially-prepared-for-retirement machinations. That stuff's for smart people................................
Oh yeah - what's it like to worry about paying taxes on various savings and retirement accounts?
Last edited:
claybreaker
Member
I'm not saying the OP's theory and direction is not right. I think ROTH's are great, I debated opening one very early on, but I was already in a 25% bracket, figured I would be in a lower bracket once retired (I was correct), so I didn't open one.
But I'm not sure I want to base my retirement investing on what the ACA might be in years to come. Wife and I ended up getting insurance in the open market, it was non a ACA compliant plan so we paid a penalty last year and is it was still cheaper and better than what we could get through the ACA system.
But I'm not sure I want to base my retirement investing on what the ACA might be in years to come. Wife and I ended up getting insurance in the open market, it was non a ACA compliant plan so we paid a penalty last year and is it was still cheaper and better than what we could get through the ACA system.
Jim/Wa
Active member
I'm in the same boat...4 years until 59.5. I've pretty much given up on financial advice that doesn't come from a CPA. Investing is easy, figuring out tax strategies is the hardest part. My financial advisor just gives blank stares when I bring most of this up. My plan is to do some per diem work, draw down Roth money, and pick up some income from a couple rental properties (most of which won't contribute to my AGI if done right). Not hitting the ACA ceiling is the tricky part.
Steiny
Well-known member
Kind of depends upon where you are at in your savings build up and how close to retirement you are. If you are relatively young, a high earner, and your company has a good 401k plan, you'd be foolish not to max that out first and put all of that untaxed money to work right away. It will have many years to multiply and the gains will far outweigh what you give up in taxes when taking withdrawals in retirement. Nothing wrong with the Roth either, except due to taxes you have significantly less money to invest and put to work. I'd probably give the Roth more consideration closer to the end of my working career. Kudos for thinking about this and stashing some $$ away for the future.
