Tibbon

What do you have going now as far as your retirement plan (i.e. 401, IRA, savings, etc)?

03-accent-03

NVPERS.org

majik

My employer provides the option to deposit in a Roth or Traditional 401k. I've been doing roth, but last year I needed the tax benefit of a traditional. I'm switching back to Roth (might do that tonight). My employer has stages of matching based on years of service and vesting (I'm 100% vested). Currently matching 75% of the first 4% I contribute (0.75:1 match)



In addition to that, my employer deposits money into a separate plan calculated based on age, years of service, and salary. I do nothing except receive it. I can't contribute to it, it's entirely employer funded.



I also have some money in a personal IRA but really enjoy having a very liquid savings account that I can access anytime I need to.

Stocker

A bunch of kids grateful for their upbringing? My retirement plan is to never retire, or in the alternative to get so sick I can't work, and then try to find a way to have someone else on the hook for my bills.

187sks

My retirement plan?







Otherwise it probably isn't going to happen. Luckily I won't live to be very old anyways, probably won't even get to retirement age.

HyundaiKitCoupe

^Why won't you live to be old??



My retirement plan: Marry wealthy girl woman.

StrikeEagle

Hate to say it, but ya'lls retirement plans (exception to Majik) are terrible!! Hoping to win the lottery, hoping to marry a girl with a lot of money, expecing your kids to take care of you, depending on social INsecurity, that's just asking to be completely broke at retirement.





The national average for a car payment is $400-500 per month. I find that to be high, so lets say it's $350 per month. Lets say you simply invest $350 per month, every month, at a 9% interest rate (many good mutual funds give at least 9% returns). I'm about 25, and the earliest I can start taking out is at 59 1/2 (lets say 60). That's 35 years away.



$350/mo at 9% interest for 35 years is 1.04 MILLION DOLLARS! You'd be a MILLIONAIRE by the time your're 60! Rather than having a 1 in 100,000,000 chance of winning the lottery, you have a 1 in 1 chance of being rich when you retire if you just invest! It works EVERY TIME!



Ok, so say you don't get a 9% interest, and can only get 6%. Well then you still have HALF A MILLION at age 60!!



How about just investing the money you spend on lottery tickets? Average spent on lottery tickets is $54 per month. At 9% interest for 35 years still earns you over $150,000!





I'm on a 401k plan, and they'll match 100% up to the first 5%. So I put in 5%, they put in 5%, to get 10% total. Pretty sweet, considering the total invested every month it's right around that $350 mark. Once we finish paying off student loans, I hope to max out my Roth IRA contributions starting next year. An additional $400/month. That puts me on track to be a millionaire by the time I'm 55! And over a double millionaire by 60! This stuff works!

Red Raspberry

I have a 401K from Kraft that is in company stock that is good. Other than that if you cannot self manage your options in a 401k I will not ever be part of another. I have a self managed IRA account with Scottrade and have rolled over three past 401ks into them plus make the yearly contribution. Other than that it gold and silver bullion and paid off property.

majik

My plans are funded into New York Like Investment Management and I can swap whichever funds I want, whenever I want, as either a percentage of total funds or a fixed dollar amount whenever I wish. My selection of funds isn't the best, but I'm able to diversify among bonds, cash, and stock. My company funded account is put into a mutual fund for my "life path" - where it's aggressive early and then funded into more stable funds as I get older.

Red Raspberry