Eye opener!
- Thread starter Patchman
- Start date
ChryslerJet
New member
okay makes 200k-300k per year and can't put away more than 90k in savings for retirement. That's his own fault. Typically you put away 10% of your income, well 90k is 10% of 300k for 3 years not including interest.Patchman said:
He must have a lot of years with nothing paid in to SS or made very little salary until the end of his career. My SS is way higher than amount listed in article. That part is hard to understand??
I was lucky in some ways, companies I worked for since 72 were bought and sold and I always stayed with the buying company. So I had 2 pension plans, a 401k and SS and an IRA. Then by my own choice went back to work after 3 years, only because I like what I do. I missed all the friends and folks I call on and do business with. And it is auto and engine parts related.
All I can say to the younger guys............ save and put in 401k all you can afford to. SS may not be around forever. Max out your plan if you possibly can.
I was lucky in some ways, companies I worked for since 72 were bought and sold and I always stayed with the buying company. So I had 2 pension plans, a 401k and SS and an IRA. Then by my own choice went back to work after 3 years, only because I like what I do. I missed all the friends and folks I call on and do business with. And it is auto and engine parts related.
All I can say to the younger guys............ save and put in 401k all you can afford to. SS may not be around forever. Max out your plan if you possibly can.
ChryslerJet
New member
i second that to a point follow this procedure it mazimizes your benefits.Dry Dock said:
1) Put in your 401k to the max your employer matches
2) Put up to max into your own personal Roth IRA
3) Put into max allowed in 401k above number (1)
4) Invest in an Growth Annuity
You do each of those in order based on the amount you can afford to put into your retirement from your salary. The first thing to max out is the employer match if you can still afford to put more in then into your Roth IRA then beyond that when it is maxed and you still have more available put back into your 401k up to the allowed max and if you still have money to put away then into an annuity. Most people do 1 & 3 together but that does not maximize your investment potential. The reason #1 is first is because regardless of what the return of your money is this is 100% return (or whatever the match is) because of the employer match. For example if your employer matches 100% up to 3% of your annual salary and you put in $1,500 a year on a $50k a year salary they also put in $1,500 a year.