Gotta love it. There should be an IQ test to opt out of social security. I can take care of my own retirement, thanks.
Gotta love it. There should be an IQ test to opt out of social security. I can take care of my own retirement, thanks.Not to turn this into a P&N thread but when the losers who didn't plan for the future retire, our democracy (government) will take from those who were responsible and saved up to give to those who are irresponsible.
Nothing smart ass about it. Pay $1.00 just to save $0.15 to $0.28 seems pretty stupid to me too.
Okay, I have been searching for like an hour and this is pissing me off.
I don't think it was this thread, but it some financial-type thread in ATOT in the past few days someone posted a site that allowed you to search high-interest checking accounts. Anybody remember where that was?
Yeah, figured I would find it somewhere there...looking now.There's a stickied thread on the fatwallet.com finance forum on the subject.
My goal for my 401k is to have $100k by 28, $500k by 38, $1M by 43, $3M by 54, and $5M by 59. I also have a modest pension that, if I continued to work at the same company for my whole career, would be worth about $42k/year at age 60.
That will allow me to live more than comfortably, any more than that and I probably wouldn't even be able spend it all. With 401k withdrawals, my pension, and social security, that comes to something like $275k/year, which is about $115k/year in today's dollars.
Beyond that I'd rather just save and invest in personal accounts so that I can enjoy my money before I'm all wrinkly.
Several things here. First of all, the 401k contribution limits when I'm 38 (16 years from now) are going to be higher than they are today. Company match contributions are also not governed by 401k contribution limits. If the limits aren't high enough I'll just put it in an IRA or something.Am I missing something here?
I thought the maximum you can put in a 401K is 16,500/year and 22,000/year if you're over 50.
How can you go from 38 to 43 (500K to 1M) when all you can put in that 401k is 82,500 or
54 to 59 (3M to 5M) when all you can contribute is 110K?
That's asking a lot of the balance of your portfolio.
417K increase in 5 years then 1.9M increase in 5 years
Several things here. First of all, the 401k contribution limits when I'm 38 (16 years from now) are going to be higher than they are today. Company match contributions are also not governed by 401k contribution limits. If the limits aren't high enough I'll just put it in an IRA or something.
I don't have my spreadsheet in front of me right now but those numbers are based on a 7% return.
Assuming by the point of retirement I had paid for a place to live, yes I could live on 190 a month. I would eat two mcdoubles a day, chew two cans of grizzly wintergreen a week, and fish and hunt the rest of the time. Hell, I'd have $100 left to play with each month, I could become filthy rich.
The limits are indexed for inflation. So yes, I'm "speculating" that there will be inflation.like much of your posts...speculation rather than experience.
The limits are indexed for inflation. So yes, I'm "speculating" that there will be inflation.
You are correct. When projecting for the future, you can't always base things on your own experiences. That's why some things are based on others' experiences.not what I meant...everything you post is based on nothing you have personally experienced.
it's akin to the 12 year old saying "when I grow up I am going to land on Mars"
Continue to ignore the fact that a household 40-50 years ago could easily be sustained on a single income. Today it just cannot.
You are correct. When projecting for the future, you can't always base things on your own experiences. That's why some things are based on others' experiences.