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View Poll Results: Are you on track to retire?
No way! It's a global banker illuminati conspiracy I read about on infowars.com! 3 3.06%
We're just living paycheck to paycheck - I'll worry about that when the time comes. 14 14.29%
We've put away a little, but I doubt we're on track. 27 27.55%
My retirement plan involves a second career, "welcome to walmart!" 6 6.12%
Saving steadily here and believe we're on track to retire at 65. 27 27.55%
I'm looking at early retirement 15 15.31%
I built myself a small fortune early I'm just doing what I want now 4 4.08%
trust fund bro! 2 2.04%
Voters: 98. You may not vote on this poll

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Old 08-19-2012, 02:35 PM   #1
R8RFAN R8RFAN is offline
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Originally Posted by stevieray View Post
".....you killed my father, prepare to die."

other than than that, are any of us really prepared?
Not really, if you have a bunch of money it seems you will spend it all on medical shit later on in your life, people are probably better off not to have a pot to piss in when they get old.
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Old 08-19-2012, 02:59 PM   #2
Pablo Pablo is offline
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Put back 6% every pay period; employer contributes 4.5%.

I'm 26, so I figure I could target retirement around 58 or so and be comfortable.
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Old 08-19-2012, 03:01 PM   #3
DaneMcCloud DaneMcCloud is offline
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Quote:
Originally Posted by PostRockPablo View Post
Put back 6% every pay period; employer contributes 4.5%.

I'm 26, so I figure I could target retirement around 58 or so and be comfortable.
59.5 years old. That's the first year that you can withdraw money from your IRA or 401k without the 10% penalty and State penalty (which depends on your state).

Also, keep in mind that you will pay taxes on the money that's withdrawn. It's not tax free. Oh, and depending on the plan that your employer set up, there could be administration fees taken out as well.
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Old 08-19-2012, 04:10 PM   #4
KC Jones KC Jones is offline
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Quote:
Originally Posted by PostRockPablo View Post
Put back 6% every pay period; employer contributes 4.5%.

I'm 26, so I figure I could target retirement around 58 or so and be comfortable.
add a roth ira - you can pull out up to the value of your contributions almost any time for any reason since you already paid taxes on it. This way you'll have a fairly liquid investment for emergencies and if you do end up retiring early you can pull this money and leave your 401k alone until you won't have any penalties.
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Old 08-19-2012, 04:14 PM   #5
DaneMcCloud DaneMcCloud is offline
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add a roth ira - you can pull out up to the value of your contributions almost any time for any reason since you already paid taxes on it. This way you'll have a fairly liquid investment for emergencies and if you do end up retiring early you can pull this money and leave your 401k alone until you won't have any penalties.
The money has to be in the account for a minimum of five years before withdrawal from a Roth and any earnings would be subject to the 10% Federal penalty.

Also, you can borrow up to $50k of your 401k and pay it back, with interest, without penalty. But if you fail to pay it back in the time specified, you'll be responsible for State & Fed penalties and taxes.
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Old 08-19-2012, 04:21 PM   #6
R8RFAN R8RFAN is offline
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If you borrow from your 401k and you get fired from that job the balance of that is due within a set time period or you are taxed as if you cashed out your 401k I think so be careful.
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Old 08-19-2012, 04:27 PM   #7
DaneMcCloud DaneMcCloud is offline
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Originally Posted by R8ers View Post
If you borrow from your 401k and you get fired from that job the balance of that is due within a set time period or you are taxed as if you cashed out your 401k I think so be careful.
Very true.
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Old 08-19-2012, 05:22 PM   #8
chasedude chasedude is offline
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Retirement Hahahaha! By the time I'm ready to draw SS, after decades of contributing, it won't be around. The small profit sharing I get from work goes into 401k, we all know how secure that is. I'm hoping I'm dead before retirement.
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Old 08-19-2012, 05:26 PM   #9
SAUTO SAUTO is offline
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I would refresh the wife again just prior to the "interview" if the signals.

Seems they have a hard time remembering. I have that issue sometimes around here lol
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Old 08-19-2012, 05:27 PM   #10
Rain Man Rain Man is offline
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I would refresh the wife again just prior to the "interview" if the signals.

Seems they have a hard time remembering. I have that issue sometimes around here lol
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Oh, we have a checklist now before the "For Rent" sign ever goes up. I'm not making that mistake again.
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Old 08-19-2012, 05:30 PM   #11
SAUTO SAUTO is offline
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Oh, we have a checklist now before the "For Rent" sign ever goes up. I'm not making that mistake again.
lol right on
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Old 08-19-2012, 05:54 PM   #12
DaKCMan AP DaKCMan AP is offline
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Join Date: Aug 2000
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Max out my 401k and Roth IRA contributions each year.

I don't like the thought of retirement, however. Seems boring to me. I'd rather continue working, even if in a reduced schedule, doing something that I enjoy. Maybe that will change 40 years from now.
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Old 08-19-2012, 06:16 PM   #13
scho63 scho63 is offline
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I have been a horrible saver my whole life. As a single guy who's never had the responsibility of a wife and kids, I have lived the high life. I will pay a price if I live past 65...
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Old 08-19-2012, 10:21 PM   #14
Demonpenz Demonpenz is offline
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If you are thinking about it you are doing pretty good, then comes the action. I know lots of people that can't even pay for the shit they have now let alone put any away.
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Old 08-19-2012, 10:40 PM   #15
ClevelandBronco ClevelandBronco is offline
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I pray that I will never have so little to do that I could be classified as retired. I don't think I'd enjoy it in the least anyway.
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