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Coach 12-30-2012 05:09 AM

Retirement Plans
 
Obviously I do have a long way to go before I retire, but I was thinking about this during the weekend, and I was thinking, is having too many retirement accounts a good or a bad thing?

Which one do you use? Traditional? Roth? Salary Deferral Contribution to your 401(k)?

Any recommendations as to have a healthy retirement nest egg?

chefs fan in omaha 12-30-2012 05:36 AM

I actually use all 3

Saulbadguy 12-30-2012 05:50 AM

Quote:

Originally Posted by chefs fan in omaha (Post 9250826)
I actually use all 3

Why all 3? (Roth vs traditional)?

DaKCMan AP 12-30-2012 06:35 AM

Taxable, Tax-deferred, Tax-free.

All 3.

theelusiveeightrop 12-30-2012 06:38 AM

Use em all. You can't have to much to retire on. Save every nickel you can.

chefs fan in omaha 12-30-2012 06:39 AM

Excuse me, converted traditional to a Roth years ago. Taxes won't ever be lower.

mlyonsd 12-30-2012 06:53 AM

Quote:

Originally Posted by chefs fan in omaha (Post 9250845)
Excuse me, converted traditional to a Roth years ago. Taxes won't ever be lower.

This. Paying the tax up front now seems to me to be the smart thing to do since who knows what taxes will be like 10, 20 years from now.

Unless of course our brilliant politicians decide you got by too easy and decide to partially tax it later.

DaKCMan AP 12-30-2012 07:01 AM

Quote:

Originally Posted by mlyonsd (Post 9250850)
This. Paying the tax up front now seems to me to be the smart thing to do since who knows what taxes will be like 10, 20 years from now.

Unless of course our brilliant politicians decide you got by too easy and decide to partially tax it later.

If you're not already old (;)) $5k/year is not enough for retirement, which is why all 3 are necessary.

ChiefRocka 12-30-2012 07:09 AM

Are there any studies out there that show the percentage of the population and average age when people use up their retirement savings?? Point being, saving is very important but for most of us health issues will tap us dry eventually. Your takes?

I have two Roths, and a traditional.

DaKCMan AP 12-30-2012 07:19 AM

Quote:

Originally Posted by ChiefRocka (Post 9250859)
Are there any studies out there that show the percentage of the population and average age when people use up their retirement savings?? Point being, saving is very important but for most of us health issues will tap us dry eventually. Your takes?

I have two Roths, and a traditional.

There may be unforeseen/unpreventable health issues, but you can lower the probability by living a health(y)(ier) lifestyle.

DTLB58 12-30-2012 07:33 AM

I'm sitting in Jupiter, Florida right now. 90 miles north of Miami, just moved our son down here.

Me and my wife are about 15 years from retirement age but I'm thinking about the cash out option. Sell everything we own in cold, snowy Iowa and move down here and even if we gotta work, we will be in paradise and feel like we are already most of the way retired. This town is amazing!

displacedinMN 12-30-2012 08:23 AM

Who gets to retire?

Hopefully, one of my kids will marry well or become famous.

DaKCMan AP 12-30-2012 08:33 AM

Quote:

Originally Posted by DTLB58 (Post 9250887)
I'm sitting in Jupiter, Florida right now. 90 miles north of Miami, just moved our son down here.

Me and my wife are about 15 years from retirement age but I'm thinking about the cash out option. Sell everything we own in cold, snowy Iowa and move down here and even if we gotta work, we will be in paradise and feel like we are already most of the way retired. This town is amazing!

Jupiter is a nice, growing area. :thumb:

mlyonsd 12-30-2012 08:47 AM

Quote:

Originally Posted by DaKCMan AP (Post 9250854)
If you're not already old (;)) $5k/year is not enough for retirement, which is why all 3 are necessary.

Right. I didn't mean to only invest in a Roth. Just pointing out one benefit it has right now in regards to taxes long term.

And yes, I'm getting to the point I'm paying quite a bit attention to this stuff. I've thrown money into a traditional 401 since their inception and for me it makes sense to load as much now as I can into a Roth.

And thanks for pointing out my, uh, 'learned sophisitcation'. :D

lewdog 12-30-2012 09:00 AM

I heard the DC has some good retirement advice. I would probably go like this.

Take all your money out of stocks/investments and go full liquid assets and invest in gold. Burry the gold you have just bought in your yard or some secluded place. This will be your bartering tool once doomsday hit.

Quit you day job and move to the country. Start growing crops and your own animals. Start a self sustaining life. Build an entire shed to fill with non-perishable food for doomsday. But protect this shelter with land mines.

Your next investment from the money you have liquidated from investments should be to build a bunker house to be used when economic collapse hits. Also invest in as many guns as you can find.


This should be your retirement plan. And to you, good luck.


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