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Man, it feels going knowing I'm (hopefully) not gonna end up like my parents, relying on SS and working during retirment. Hopefully, I'll be able to retire when I'm 55.
<a href=\"http://pics.projectpredator.com/thumbnails.php?album=16\" target=\"_blank\">2003 Zinc Yellow Mustang GT</a> 1 of 701<br />ET : TBD<br />But our shenanigans are cheeky and fun! Yeah, and his shenanigans are cruel and tragic. Which... makes t
Originally posted by camaro_speedemon: I just opened my 401k through my work.
Man, it feels going knowing I'm (hopefully) not gonna end up like my parents, relying on SS and working during retirment. Hopefully, I'll be able to retire when I'm 55.
there will be no ss when you retire lol so you def wont be like your parents
Look into a Roth IRA to see if you qualify to have one. It's taxed now unlike a 401k which is taxed when you pull out the money. Thats nice because you will be in a higher tax bracket when you retire. If you aren't... well, you have other things to worry about.
I've got a 457plan kinda like 401 but the company I work for(state of TN) does not put any money in with it. I've been playing risky as well and its nice to see those numbers go up.
\"I told you on your first day that I was your whole family, I am your new Mother! If you maggots don\'t start getting your sh_t together, I will be forced to make myself a childless Mother!\" <br />-Multiple Unknown USMC Drill Instuctors
Originally posted by MTMike: My 401k has exploded to over $7k in a year a half. I picked a couple funds that were risky and proved to produce over 20% in the last 18 months :eek:
Nice. One of the funds I picked has a historical 16% over the past 5 years.
<a href=\"http://pics.projectpredator.com/thumbnails.php?album=16\" target=\"_blank\">2003 Zinc Yellow Mustang GT</a> 1 of 701<br />ET : TBD<br />But our shenanigans are cheeky and fun! Yeah, and his shenanigans are cruel and tragic. Which... makes t
"Look into a Roth IRA to see if you qualify to have one. It's taxed now unlike a 401k which is taxed when you pull out the money. Thats nice because you will be in a higher tax bracket when you retire."
Huh? Most people have less income when they retire than when they were working. Whether it's enough to change their bracket is another thing.
The reason to fund a Roth is that the income from it _never_ gets taxed.
Generally the hot setup is to fund a 401(k) first if your company provides some kind of match. Then a Roth. Warning: I'm not an accountant and you should check with one to see what the right strategy for you is.
Originally posted by V6Bob: "Look into a Roth IRA to see if you qualify to have one. It's taxed now unlike a 401k which is taxed when you pull out the money. Thats nice because you will be in a higher tax bracket when you retire."
Huh? Most people have less income when they retire than when they were working. Whether it's enough to change their bracket is another thing.
The reason to fund a Roth is that the income from it _never_ gets taxed.
Generally the hot setup is to fund a 401(k) first if your company provides some kind of match. Then a Roth. Warning: I'm not an accountant and you should check with one to see what the right strategy for you is.
You're right it grows tax free, but there are other reasons why you may want a Roth.
My opinion is if your company has a match or will just put a defined amount of money in your 401K then you should do that to get the max amount that they will put in.
A Roth IRA is nice because most places will allow you to start one as soon as you turn 18 and you can take money out at any time without penalties or taxes. There is a restriction to the amount that you can put into a Roth annually and depending on how much income you have you may not be able to open one or you may be restricted in how much you can put in. The more money you make the more restrictive a Roth becomes so its best to start one and put as much in while you can. Plus the obvious time value of money which is a given for any type of long term investing.
My route is put money in my 401K to get money from the company (we don't do matching by how much the employee puts in) and try to max out my Roth every year as long as I can. Then over time I will increase the amount I put into my 401K.
Obviously, this is my opinion from the research I have done and my personal situation so take what you want.
That is a good path... or so I hope. Im starting a Roth IRA soon. Ive been putting everything into a 401K, but my companys contribution is % of salary earned, so it doesnt matter what I put into it. Id be better off going with a Roth, up to their max and then putting the remainder into the 401K
Ive played some risky funds in my 401K. I've jumped funds on monthly basis since this March and averaged 12% a month. September and October killed my streak though.... Im hoping for a net growth of 40% this year in 401K
\'01 Mineral Grey SVT Cobra<br />-former F-body owner
A good rule of thumb I tell all my clients is to do the 401k for at least how much the company will match it for. Then if you have enough disposable income or money in savings, do a Roth. Regarding taxes and penalties there are a few exceptions to pulling money out of a Roth and not getting taxed or penalized on it.
ellik, be careful of jumping from Fund to Fund, congrats on your early success, but I can assure you can not sustain those returns for very long by trying to time the market. I have seen nightmares from people trying to time it.
What\'s her last name? I\'ll look it up.<br />You know I don\'t recall. Swim, Swammy, Slippy, Slappy, Simmons, Sommons, Swenson, Swanson?<br />Maybe it\'s on the briefcase.<br />Oh yeah! It\'s right here, Samsonite! I was way off! I knew it started with an S though!
What\'s her last name? I\'ll look it up.<br />You know I don\'t recall. Swim, Swammy, Slippy, Slappy, Simmons, Sommons, Swenson, Swanson?<br />Maybe it\'s on the briefcase.<br />Oh yeah! It\'s right here, Samsonite! I was way off! I knew it started with an S though!
My parents are going to leave me money. I really want to make my own money though. I dont plan on spending a dime, just investing it. I cant wait to get married, then a few years later, my wife will realise that I have millions to retire on, and she'll divorce me [img]smile.gif[/img]
Mystic Teal Metallic
ET:15.1 NA 14.3@96 MPH 75 Dry Shot
Originally posted by teal99camaro: My parents are going to leave me money. I really want to make my own money though. I dont plan on spending a dime, just investing it. I cant wait to get married, then a few years later, my wife will realise that I have millions to retire on, and she'll divorce me [img]smile.gif[/img]
First, if you want to keep your money, DON"T GET MARRIED. Second, if you do have millions to retire on, and she doesn't wanna share, she won't divorce you, she'll kill you.
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