What's really fun is when you get tagged as a "High Income Earner" and then get gimped on how much you can put into a 401k. My wife can only put in around ~12k of her own money until she gets a nastygram from her employer and a check cut back she needs to pay taxes on. Bleh.
Getting screwed for saving too much. Yay government!
Not Fed Gov you are not.
And many cities are defaulting on their pensions so good luck with the states now. :awe:
if you nearly cashed out due to the drop, you might want to consider more bonds. presuming you held on, re-balanced, and added to contributions, it's all worked out for you. now might be the time to change the plan to a less potentially volatile one that you can comfortably maintain without panicking.
What's really fun is when you get tagged as a "High Income Earner" and then get gimped on how much you can put into a 401k. My wife can only put in around ~12k of her own money until she gets a nastygram from her employer and a check cut back she needs to pay taxes on. Bleh.
Getting screwed for saving too much. Yay government!
I forsee my retirement as someone who's happy sitting at a computer playing games, watching tv, doing piddly work around the house, and working a part time job...with maybe 1 or 2 vacations on a cruise ship per year.
My wife is a teacher, so I'm not too worried about it. She'll get a big pension.
2003 toyota corolla LE. ~120k miles on it. Runs good. No need or desire to replace it. Car is not representative of my income level, but rather my view that cars are a poor investment. I'd like a nicer car and I could afford one, but I can't justify buying one when my current car works fine and a new one will rapidly depreciate in value.
I do have a life, if that is what you are getting at.
I'm 32 and only have 1/2 my yearly income saved. I decided rather than save more I'll just try to pay off my mountain of student loan debt as quickly as possible so I can look at a career change. I think retirement is overrated though...I'd rather be working at something I love doing until its physically impossible to continue, and by that time Ill be too old to enjoy the money.
35, 2x. I've had my mom manage my finances since I was in HS and I started the 401k at 22. Company matches 6%. She says I'll be a millionaire when I retire. I don't want to be a millionaire when I retire. I want it NOW while I'm not yet gray and bald.
On the contrary, from 2007-2010 I lived and worked in Korea with all my possessions fitting in a suitcase. Every six months or so I got a different assignment and got to move to a new place. It was the most liberating experience in my life, not having to worry about mortgage payments or car payments and being able to travel around Asia every couple of months. When I came back to the States to work the 8-5 desk job I just asked myself, what is the point of living like this for the rest of my life, accumulating stuff and retirement savings when I'll probably develop some kind of disease from sitting on my ass for 30+ years? Watching people around me at the office nearing retirement, it's just not the kind of life that appeals to me, even if its the "safer" route. My wife is Korean and we've often talked about going back because we're dying of boredom here.you haven't traveled the world far enough outside your home... obviously
Travel my friend, you will see, there is more to work.
Work to Live
Though, theoretically, the government can only afford (Government caring about affording things...hilarious!) so much tax-advantaged space. If you're pulling in enough to count as a high-income earner, you're probably doing rather well without the help. Or someone could always volunteer to take a pay cut in order to get the tax breaks.What's really fun is when you get tagged as a "High Income Earner" and then get gimped on how much you can put into a 401k. My wife can only put in around ~12k of her own money until she gets a nastygram from her employer and a check cut back she needs to pay taxes on. Bleh.
Getting screwed for saving too much. Yay government!
On the contrary, from 2007-2010 I lived and worked in Korea with all my possessions fitting in a suitcase. Every six months or so I got a different assignment and got to move to a new place. It was the most liberating experience in my life, not having to worry about mortgage payments or car payments and being able to travel around Asia every couple of months. When I came back to the States to work the 8-5 desk job I just asked myself, what is the point of living like this for the rest of my life, accumulating stuff and retirement savings when I'll probably develop some kind of disease from sitting on my ass for 30+ years? Watching people around me at the office nearing retirement, it's just not the kind of life that appeals to me, even if its the "safer" route. My wife is Korean and we've often talked about going back because we're dying of boredom here.
I'm 32 and only have 1/2 my yearly income saved. I decided rather than save more I'll just try to pay off my mountain of student loan debt as quickly as possible so I can look at a career change. I think retirement is overrated though...I'd rather be working at something I love doing until its physically impossible to continue, and by that time Ill be too old to enjoy the money.
That pension will likely get slashed big time. I wouldn't count on it. I wouldn't count on SS either. I would count on the 401k, but since most people's 401k is almost entirely invested in the stock market, you are really at the whim of that.
If you're talking 401k then put yourself in the ~0~ column. Regardless of its current value. All it takes is one major hit and say bye bye to steak and hello to tuna helper. And that's all while living in your kids basement to boot. 401k's were never developed for your benefit. They benefit corporations. With the way congress works these days, and our trending economy, get use to tuna helper. And taking orders from little Billy's wife.
Welcome to retirement reality 101.
Actually they were made to benefit the stock market ponzi scheme with a constant flow of incoming money. That's why the market has been up since the early 80s when 401ks got popular. So the baby boomers could feel like they could retire off the next greater fools I.e. people in their 30s and 20s today