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06-26-2017, 08:08 AM | #1006 | |
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06-26-2017, 08:09 AM | #1007 |
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06-26-2017, 09:21 AM | #1008 | |
Politically Incorrect
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06-26-2017, 12:30 PM | #1009 | |
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major differences between the IRA and the 401k will probably be fee structure and fund offerings. Occasionally, an employer will also match a portion of IRA contributions, like a 1 to 2 ratio up to a certain amount. As a rule of thumb, you should take advantage of however much your employer is willing to match. Another thing you may want to look into is a Roth 401k. While the portion of the 401k that your employer matches is required to be pretax by law, the portion that you contribute is eligible to be after tax. By paying taxes on your contribution now, rather than on the compounded sum at retirement, you may be able to save 10s of thousands in retirement. Talk to your tax advisor to see if this is a good strategy for you. |
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06-26-2017, 08:29 PM | #1010 |
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Part of article from money magazine about investing and compounding interest benefits.
To demonstrate the importance of time and saving early and often, I figured we'd look at how much you'd need to save on an annual basis to become a millionaire by the time you hit 65 years old, the upper-end of the traditional retirement age range. For our example I've made a few assumptions to keep the calculations as simple as possible. Using Bankrate's investment calculator I've assumed $0 initial investment, a 7% rate of return, a contribution frequency of once a year, and a compound frequency of once-yearly. We're also assuming that all taxes will be deferred, so keep in mind that tax implications aren't reflected in the eventual $1 million. With these criteria in mind, here's how much you'd have to save annually to reach $1 million by age 65. Age 20: $3,500 annually Age 25: $5,010 annually Age 30: $7,234 annually Age 35: $10,587 annually Age 40: $15,811 annually Age 45: $24,394 annually Age 50: $39,795 annually Age 55: $72,378 annually Age 60: $173,891 annually As you can see from the above, your investing leverage disappears quickly if you begin saving and investing for retirement five, or even 10, years after you initially planned. Unfortunately, the "I'll save later" attitude is commonplace in the United States. http://time.com/money/4417002/save-a..._medium=social
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06-26-2017, 10:42 PM | #1011 | |
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News flash for you 20 and 30 somethings. Social security won't be around when you retire. At least not in it's current form. Millenials are so concerned with the concept of sustainability when it comes to the environment. I wish they would apply the same logic to government spending in the form of entitlement programs. The math just doesn't work. There will be nothing left. Saving is conscious choice. It is a choice between having toys in the present vs living in poverty in retirement. And in the famous words of Geddy Lee of Rush, "If you choose not to decide, you still have made a choice." |
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06-27-2017, 12:38 AM | #1012 |
Woman should only make babies
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There is something to be said to have nice stuff when you are young and healthy. What good is that car going to do you when you are old and can't see shit and your cock doesn't work. Like everything it is a balance between enjoying where you are at but also saving some for later just in case you love long.
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06-27-2017, 04:36 PM | #1013 | |
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06-27-2017, 06:12 PM | #1014 | |
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Also whenever I get raises, I calculate how much more I can put into it, while still staying on the same take-home pay after taxes. At the moment, I am a little aggressive on my retirement stocks than I should be at my age group, but my reasoning is to kind of make up for the years that I didn't have an retirement. Once I am comfortable enough that I am where I should be, then I'll back off to the normal structure of aggressiveness, but I may slightly be aggressive than I should be. Basically put, I am trying to operate on making sure that me and my wife can live off in a very good shape with no help from Social Security, because I cannot assume that Social Security will be around whenever I retire.
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06-27-2017, 07:32 PM | #1015 |
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I always try and save/invest extra mi they. If I have a good month at the office, I put it in my portfolio. I go back and forth on whether I should try and double my student loan payments each month and get out from under it quicker but it's tough to write that check.
Max the IRas every year for the wife and I and keep some cash in hand etc. Ultimately I really don't want to or plan to retire at 65, as of right now. My goal by then is to own 4 or 5 dental practices, employ other dentist and work a day or two a week. We'll see how it goes but that's my pie in the sky |
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06-27-2017, 07:40 PM | #1016 | |
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06-27-2017, 07:43 PM | #1017 |
In Search of a Life
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06-27-2017, 07:43 PM | #1018 |
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Okay, here's a question for the guru's.
You have 5 funds to choose from. Your investment percentage is 100%. How would you divide it up to? The 5 funds are below. Your estimated age is 35. G Fund - Government Securities F Fund - Fixed Income Index C Fund - Common Stock Index S Fund - Small Cap Stock Index I Fund - International Stock Index
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06-27-2017, 07:44 PM | #1019 |
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Well that answers that.
Pay extra on that loan! Damn.
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06-27-2017, 07:46 PM | #1020 |
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