Old folks with experience (retirement stuff)

[92xj]

Thanks for that Mikey.

Perspective on life was thrown at me last year (aorta aneurysm caught .3 cm before bursting, aortic valve replacement and pacemaker install). I am enjoying life now but just want the future planned now to make sure I don't have the stress later on in life. I will keep doing what I currently am and add that yearly extra to the play funds for the family, kids and hunting. Life is good.

 

[MikeyJG62]

Happy for you brother.

 

[roadrunner]

Why guess? And why ask hunters on an Internet forum for financial advice? A good financial advisor/planner will earn his fee and then some. A formal, written financial plan will eliminate guesswork. Rather than relying on what someone else has done, or some silly “rule of thumb”, you’ll have the peace of mind knowing that you are doing exactly what you need to do for your own unique financial circumstances. No two patients going to the doctor are the same. This is the same concept here. What anyone else is doing or has done, is of zero import to you. You are unique. Find a trusted professional to walk you through the retirement planning process and develop a plan you can refer back to. You will have real quantified figures to work with, instead of just hope. You’ll know exactly how much you need to save, and where and how. You’ll know exactly how much you should spend, and from where and how. Don’t shoot from the hip.

Yes, I do this for a living. And seeing people jeopardize their financial well-being by seeking generic advice on the internet is just asking for trouble. Do it right. It’s a serious matter.

Hardly any poor advice has been given. A 401K is a pretty generic account and the best thing that can be done with an employer sponsored 401K is to have it managed by the group that offers it based on the metrics you give them.

Don't wear your feelings on your sleeve because some people actually have experience in retirement savings accounts similar to his and they're doing quite well...

 

[RS3579]

Read the Simple Path to Wealth by JL Collins. I just finished it. It’s a excellent book. It’s on audio book also.

 

[14idaho]

I do work for a realtor that is rated # 7 in the nation. He has an investment opportunity in which he guarantees 8 to 16 percent interest depending on amount and for how long and has never failed to deliver. Pretty sweet.

 

[ChrisS]

Eat your desert now.
Don‘t let financial planning and saving control your life. Enjoy life now.

Similar, my wife passed away from cancer last year two weeks after her 50th birthday. Just 18 months earlier she was as healthy as an ox. A friend's ex-husband is so wrapped up in his finances that he is constantly stressed out because any expenditure is seen as frivolous (which is why he's an ex). She says it is because he grew up poor. But so did I ... I guess I just know that I can be happy with so much less than I have now that I don't stress. Saving and planning is fine and I've done enough of that. There's a reason a lot of sheep hunters are in their 50s.

 

[MikeyJG62]

Man, I am sorry for your loss, ChrisS. But that is exactly what I was talking about. I mean everyone should be concerned about their retirement. Having enough money to live comfortably when you are no longer working is important. But do what you want to do while you can still do it. Anyone see the commercial where this woman has a savings jar for a Everest trip from the time she was a little girl? It shows her adding money throughout her life, then being up on Mount Everest holding a walker because she is an old woman. Do stuff you want to do while you are physically able...if you can afford it of course. Just don’t let saving stop you from enjoying life and especially your kids.

 

[Redwing]

Definitely consider a Roth IRA. Max contributions of 6000/year.

Benefits of a Roth:
-Your contributions are after-tax money, and your withdrawals after the age of 60 will not be taxed. Your 401k withdrawals will be taxed, so you can draw from both in retirement to keep your total taxable income down.
-You can always withdrawal the principle without penalty. If you've contributed a total of 50k, for example, you can withdrawal up to 50k with no penalty if you need it for an emergency.

 

[Crghss]

1 years salary in savings/invested
As much as you can in 401k, if you reach $19500(each spouse) then use Roth if you to want save more.
If you can put money in you’re Health Savings Account every year and leave it(and invest).You never pay taxes on it.

 

[Beendare]

Delete

 

[dieNqvrs]

I am no expert but Definitely educate yourself on the terms and what they are/mean if you choose to go at it yourself or with an advisor.

401K can be both traditional and have a Roth component. You limit your yearly contribution max by putting Roth through your 401K. Max your 401K and do the Roth outside of that for the highest $ possible. If you do Roth inside the 401 the Roth Max contribution is deducted form the $19.5 401K max. So if you do $6K in 401 K Roth you can only do $13.5 traditional 401 K contribution. If you do the full trad 401K max of $19.5 and do the Roth outside of that you can do an additional $6K for a total of $25.5.

You can also add for to your $401K more than the $19.5 it is just post tax, not pre tax.

HSA if available is a great thing to add to. I never use mine, I invest it and try and let it grow like a Roth. It is Pre tax and no tax on removal down the road. I know I will need it all down the road in the golden years. It’s your and not use or lose like an FSA. But FSA is also good if you k ke you have expenses coming lol kids braces.

Also if looking into additional investment consider a wallet with some crypto. Only put what you can lose in it, but another feather in the cap that could be worth something down the road.

Also some real estate, if you can swing it. There are opportunities everywhere, every day if you seek them out and are educated about the area and the market.

I’ve been burned by a sheister financial advisor and have spent a long Journey getting educated on this myself. I am no expert, but consider all sources of income in and all
Expenses going out and maximize the keeping what you can and spreading it around to lower risk and hedge in different ways.

Good luck

 

[HuntHarder]

Yup, alot of people put to much weight behind a financial advisor. Like any other profession, some are good and some are bad. Taking the time to learn for yourself will pay off in the end. I still use an advisor, but do have some good conversations with him from time to time on direction.

 

[SDHNTR]

The very first thing anyone considering a Financial Advisor should do is look that individual up at: Brokercheck.finra.org.

You can see if the person is a crook, has a criminal history, judgements against him/her, has had bankruptcies or other financial disclosures, customer complaints, etc. Many financial advisor considerations will start and end right there!

 

[WDE91]

Speaking of retirement stuff, 401K max for 2022 is going up to $20,500.