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Old 11-21-2020, 10:51 AM   #1
BarbDeep
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Default Let's Talk Retirement...

I'm 36 years young. Have some money in a 401K, have savings, but am not invested in anything other than the 401K. Currently all, well most, extra monies are going towards paying off my better half's student loans. My question is, how much will be needed to retire in say 2040-2060 (I hate seeing that number) and what the best way to get there? I have not done much, if any, real research on this. First order of business, I've been told is to pay off student loans. I can't help but think if I can get a better return on invested money than what my finance rate on the student loans is, am I really money ahead to be throwing all of it at the loans, or should I be investing and paying less on the loans? Anyone have any good books that would be beneficial to read? My wife and I currently make a good household income and other than my hunting indiscretions, are fairly frugal. Curious on peoples thoughts on financial advisors and money managers as well. This is a bit all over the place, I realize that. Any input is appreciated.


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Old 11-21-2020, 11:15 AM   #2
Tar Heel
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Default Re: Let's Talk Retirement...

Click on "Retirement."
Schwab or Fidelity or others will help you max. pre-tax savings. Educate yourself early. Consider paying for an investment advisory service if you do have enough money to invest. I have tried several and like Motley Fool Stock Advisor the best.


https://www.fool.com/
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Old 11-21-2020, 11:29 AM   #3
slinger
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Default Re: Let's Talk Retirement...

1. Start maxing out your Roth IRA every year.
2. If your employer matches 401k contributions make darn sure you take full advantage of that.
3. See #1 and 2
4. Hire a Certified Financial Planner/Fiduciary.
5. Low cost index funds are your friend.

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Old 11-21-2020, 11:33 AM   #4
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Default Re: Let's Talk Retirement...

I'm a big Dave Ramsey Fan. Wish I had started his plan when I was your age instead of 50. If you are not familiar with him, he gives good advise.
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Old 11-21-2020, 11:34 AM   #5
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Default Re: Let's Talk Retirement...

I’m not a financial advior, but I can tell you what I’d do with some hindsight. I wouldn’t worry about how much you have just do the most you can.

I’d max out the 401K first if you aren’t already. But, it’s also important to make sure you understand how your 401K is invested to maximize your growth. I looked at which no fee mutual funds were available and chose 5 of them in different industries. Over time, I’ve reduced it to 3 that complement each other. Generally, one is always up when the others are down which balances out pretty well.

Take advantage of any stock purchase plan if you have it through work, but don’t keep much of your company stock as a long term investment. That extra 15-20% can be helpful over time.

I really can’t see any reason to pay off relatively low interest loans early. The exception would be if you aren’t going to invest the money.

Avoid buying new vehicles. Yep, they are nice, but the depreciation is killer over time. A few years ago, I woke up and realized that I was trading in perfectly good vehicles every few years. If I was, probably other people were as well. Yes, it takes some effort to find good used ones, but the savings over time will be a lot.

Buy property if you can where you think you might want to retire. It’s another way to diversify. It’s only going to go up as long as you get a reasonably good deal.
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Old 11-21-2020, 01:57 PM   #6
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Default Re: Let's Talk Retirement...

It all depends on how active you want to be in pursuit of your hobbies and other interests. Not that any of that stuff will still be available down the road. You won't be what I consider wealthy but you'll be fairly comfortable with 6 to 8 million. Depends on lots of stuff beyond your control.
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Old 11-21-2020, 02:25 PM   #7
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Default Re: Let's Talk Retirement...

401k could be any one of thousands of investment vehicles. It just means whatever you invest in is tax advantaged. It's akin to saying you are invested in a mutual fund and there are thousands of them.

Tar Heel suggested educating yourself on Schwab or Fidelity's website, I'd recommend Fidelity since I've been with them for some years. Vangard is another. With your time horizon I'd be very heavy in stocks to gain appreciation.

Avoid individual picks and stick with broad based ETFs or no load mutual funds. That includes directing your 401k to similar investments. If possible, add IRAs for you and the wife. If can't qualify then go to Roth IRAs. Max out the 401k and IRAs with employer match. Don't sell the day after it goes down a little

The amount you will need to retire comfortably is a wild guess at best, but the more you can accumulate the better off you will be. Good luck. Oh, and don't use debt to buy depreciating assets.
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Old 11-21-2020, 03:11 PM   #8
Dave G
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I am retired Army, but while on active duty we moved a lot. Buy a house, sell it for profit, buy bigger house and sell it for a profit, buy an even bigger house and sell it for a profit and when all your kids are gone (Happy 18th Birthday, now get out!) buy a smaller house and it should be paid off if you do it right. Now just do it in the neighborhood you live in.





On a side note, I never understood student loans that puts a person in a career that will not pay off the student loan in a reasonably amount of time. I worked in a job where I had two coworkers that had Doctorate's degrees and we did the exact same thing.
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Old 11-21-2020, 03:48 PM   #9
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Default Re: Let's Talk Retirement...

https://realdealretirement.com/a-gee...ds/#more-19155
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Old 11-21-2020, 05:08 PM   #10
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Default Re: Let's Talk Retirement...

Quote:
Originally Posted by ampersat View Post
What about this did you think was at all useful? Just wondering ...
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Old 11-21-2020, 05:28 PM   #11
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Default Re: Let's Talk Retirement...

Start buying rentals and the passive income will be what you need..

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Old 11-21-2020, 05:34 PM   #12
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Default Re: Let's Talk Retirement...

Definitely on the IRA/401K.

Don't take everything a financial planner says as gospel. Use your head, too. If it doesn't sound right, steer away. Run if you have to. In saying this, I can say I've not used a financial planner, but have invested on my own and beyond happy with my decisions over the years. Fortunately I had a job which allowed me to retire "early", however, I'll be a very happy man when I hit 59 1/2 if I wish to cash out my investments.

Very glad I took a chance and put some money in some stocks in my early 20's. Still own quite a bit of Apple, and sold others early on when they hit 30% gains.

Add money to your house payment to go to principal when you can. It feels nice to pay off a house early!

Minimize use of credit cards...pay off monthly. Continue to make car payments to YOURSELF after you pay off a vehicle. In a few years, you now have enough to pay cash for a new rig.

Remember, it's the little things which add up, in terms of expenses. Eating out at $40 a week converts to over $2000 a year. That's an IRA certificate for the year! We rarely make the $200-500 purchases through the year which we can walk away from, but many of the $20-50 purchases we can.
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Old 11-21-2020, 05:36 PM   #13
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Default Re: Let's Talk Retirement...

I’m about a decade ahead of you and I’ve started spending a lot of time playing around with retirement calculators. I really like Vanguard’s. They let you include/exclude Social Security, pension etc. And it allows you to adjust a number of variables. By playing with the variables you get a good sense for what is achievable.

A note of caution. It’s really tempting to just crank up the anticipated rate of return. Given the historic high valuations of the US equities market I am being pretty darn conservative with that number.

https://retirementplans.vanguard.com...IncomeCalc.jsf
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Old 11-21-2020, 05:42 PM   #14
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Default Re: Let's Talk Retirement...

Quote:
Originally Posted by DogZilla15 View Post
You won't be what I consider wealthy but you'll be fairly comfortable with 6 to 8 million. Depends on lots of stuff beyond your control.

Being wealthy would take away one of my favorite hobbies, imagining what I would do if I was wealthy... lol Not worried about that, just want to live comfortably and enjoy life, I don't need much. Would the 6m-8m be combined for my wife and I? Im hoping so. That feels like a really daunting number...


Were out of debt other than the house and student loans. We're on the right path, but need to get more focused on our money working for us. Wife just got hired as well so that will be a shot in the arm for us. We'll apply everything she makes towards remaining debt and investment.


Looking into some things mentioned here appreciate the advice and input.
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Old 11-21-2020, 05:52 PM   #15
jimh
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Default Re: Let's Talk Retirement...

It’s not how much you saved. It’s how much you want to spend per year that matters.

No extra credit is given for those that die with a bigger bank account.
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Old 11-21-2020, 06:11 PM   #16
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Default Re: Let's Talk Retirement...

Max out any and all retirement funds. Real estate and self employment are the 2 main ways to build wealth. If you start a business, make sure you draw a salary and pay your social security. I started a business at 40. Bought several rentals in my 40’s, retired 5 years ago at 57. Life is good.
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Old 11-21-2020, 06:21 PM   #17
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find a way to send 400 a month into a stock account of diversified stocks, not a fund where they take out expenses. just buy the stocks and hold them. add more as income advances over time. you will die rich.
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Old 11-21-2020, 08:35 PM   #18
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Default Re: Let's Talk Retirement...

Quote:
Originally Posted by jimh View Post
What about this did you think was at all useful? Just wondering ...
5. Don't retire angry?
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Old 11-21-2020, 08:53 PM   #19
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Quote:
Originally Posted by ampersat View Post
5. Don't retire angry?
I thought there must be something in there that you thought was useful.
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Old 11-21-2020, 10:06 PM   #20
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If you don’t have kids, don’t have kids
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