saving

[dart1963]

It is both scary, yet rewarding to see my 401K rises and falls by more than my paycheck... some days a lot more, some days less, but still amazing.

It has taken me 15 years at my company to get to this level... but I am so glad I started when I did at 25yo... Coming from the AF, I did not have access to a "401" anything (I hear they now have some setup for members similar to the 401k), it was all or nothing and I didn't spend twenty years in, so nothing for me. Mind you also, back in my younger years, you could not open a "retirement account" like you can today with little to nothing... you had to have $10-20K to even think about opening an account...

It's good to see that years of slowly building my retirement is paying off and will continue to grow as I leave it alone, re-balancing quarterly or annually to keep it in order, not making rash decisions based on the market swings... etc.

I'm no guru... My daily savings/credit level is crap right now... but I had several circumstances last year which led to that and am digging myself back out of now... it sucks, but it is what it is and thankfully my retirement is separate from that, sadly, I have 20+ more years to save before I touch it.


For you younger riders out there, just starting off in your career... I say, save... put it away and it will pay off in the long run. It's hard to see the benefits when you are younger, but just do it... and do it sooner rather than later. 5-10%/paycheck is all you need if you start off early in life.

 

[Kayo7]

I started my own savings account, as well as a 401K when I was 18. I'm only 23 right now but after seeing how well off my grandfather is, i'm glad I started it when I did.

 

[Detrich]

Good advice. I really wish I had started earlier on.

I'm playing catchup nowadays, and it's tough. Have my 401 maxed out at like 25% and same with my Roth IRA.

But I started kinda late. So starting early really makes it easier.

 

[JT]

Couldnt agree with you more dart!

I started my 401K at 18 I did it more as a eghhh wtv I guess it will save me money yea sure ill sign up not too worried since I was so young...

but for other reasons I worked crazy hard got promted various times long hours and it all paid of... youd be supprised just how much I had saved!

I endedd up cashing out all my $$ and taking the tax penalty! If I had not done it my ex would have teken half from the divorce and I would have still been stuck with all the debt... So I cashed it out payed carious credit cards and accounts off basicaly bringing out net value of things to fight over close to 0. made the divorce very simple and clean and left me with a clean slate as far as debt goes.

anyhow that was off topic if you have the opertunity to save do it! if your employer does not offer a 401k invest in CD's or IRA's or as I am doing now thru a VUL life insurance / savings plan

good thread Dart you need some rep!

 

[bmw675]

I'm glad my employer has a decent match. My last job didn't have any retirement plan (govt. employer, believe it or not), that's the #1 reason I left.

I put 10% and they put 9% into 401k. I take 5% out for company stock (get a discount), and put 10% of net into a dedicated savings account for unexpected home repairs.

I've been dabbling in the stock market since I was 12, and I got my bachelors in economics/finance. I know all too well if the pitfalls of those that don't plan ahead. Luckily I got this job when I was 23, so I didn't fall too far behind.

 

[JT]

I'm glad my employer has a decent match. My last job didn't have any retirement plan (govt. employer, believe it or not), that's the #1 reason I left.

I put 10% and they put 9% into 401k. I take 5% out for company stock (get a discount), and put 10% of net into a dedicated savings account for unexpected home repairs.

I've been dabbling in the stock market since I was 12, and I got my bachelors in economics/finance. I know all too well if the pitfalls of those that don't plan ahead. Luckily I got this job when I was 23, so I didn't fall too far behind.

thats a sweet set up!!!

 

[nismos14]

My 401k does the same sometimes I've seen as much as a 5k swing! The goal of the 401k is not to watch it fluctuate everyday though, make sure you're making wise decisions to the extent that you can in terms of which investments you choose. I only had a handful I could just from but this year alone I've seen a 20% jump in my 401k, mainly because the company stock went from $15 5 years ago to ~$47 now

 

[JT]

My 401k does the same sometimes I've seen as much as a 5k swing! The goal of the 401k is not to watch it fluctuate everyday though, make sure you're making wise decisions to the extent that you can in terms of which investments you choose. I only had a handful I could just from but this year alone I've seen a 20% jump in my 401k, mainly because the company stock went from $15 5 years ago to ~$47 now

do you work for cisco?

 

[nismos14]

do you work for cisco?

Nope, Bristol-Myers Squibb

 

[DragonBlu]

For you young guys,like Dart says 5-10% to start off. Even 1-2% of your pay check to at least get in the habit of putting it away for retirement is good. You will thank yourself when you get to my age. I've been working 44 years and will retire in one year and nine months. All but two of those years I was paying into a retirement account. I intend to enjoy many years of bike riding when I feel like it. Ride safe!

 

[BKP]

I started early with a 401k as well... accumulated quite a bit over 25 years, and then got divorced... Offered (and gave) half to my ex via a QDRO... I didn't begrudge it to her -- she earned it.

In the last few years, I've been buying particular precious metals instead of putting it into my IRA (converted from my company 401k)... I've also bought additional rental property. They've done as well as the rising market...

I don't believe we can print money endlessly. Some do. I believe we're headed for a crash that'll make 2008 look like dinner and a movie, in the next few years... hard assets are the only things I believe will survive... (real estate, precious metals, etc.).

Just my opinion...

Anyone want a drink...?

 

[JT]

I started early with a 401k as well... accumulated quite a bit over 25 years, and then got divorced... Offered (and gave) half to my ex via a QDRO... I didn't begrudge it to her -- she earned it.

In the last few years, I've been buying particular precious metals instead of putting it into my IRA (converted from my company 401k)... I've also bought additional rental property. They've done as well as the rising market...

I don't believe we can print money endlessly. Some do. I believe we're headed for a crash that'll make 2008 look like dinner and a movie, in the next few years... hard assets are the only things I believe will survive... (real estate, precious metals, etc.).

Just my opinion...

Anyone want a drink...?

I think Your right. Don't know how soon but there will be a crash that's for sure

I'm up for a beer. Or a few that is


Sent from my one and only iPhone 5 using Tapa 2 da talk

 

[BKP]

For you young guys,like Dart says 5-10% to start off. Even 1-2% of your pay check to at least get in the habit of putting it away for retirement is good. You will thank yourself when you get to my age. I've been working 44 years and will retire in one year and nine months. All but two of those years I was paying into a retirement account. I intend to enjoy many years of bike riding when I feel like it. Ride safe!

Congratulations to you on your discipline *and* your impending retirement. I wholly agree with you re:getting used to putting away monthly, *even* if you don't think you can afford it.
It's a different world... not so brave... not so new... Down the road you'll all need to depend on yourselves, and what you've been able to save...

 

[dart1963]

nice!

We just transferred our 401k plan services to Fidelity, we now have a Roth 401k option available.
Apparently, Roth 401k was set to expire, but it's here to stay and I now have access to it!

A nice, unexpected benefit of switching who manages our 401k

 

[RoadTrip]

Everyone wants to retire at some point, bones get achey and you just want to enjoy the golden years, pretty impossible if you don't save. And, yeah, if we all go broke with a huge market crash, then well that sucks, but at least we gave it a shot.

 

[Blue-Sun]

I don't believe we can print money endlessly. Some do. I believe we're headed for a crash that'll make 2008 look like dinner and a movie, in the next few years... hard assets are the only things I believe will survive... (real estate, precious metals, etc.).

You are not alone in that thinking... There are many economic indicators and professional economists that are in agreement.

I work with some very intelligent commercial real estate investors, many are already preparing for the next "downturn"...

As a side note real estate is not immune (commercial or residential) to the economic collapse.

There is some good evidence that "precious metals" will do better than real estate.

(My opinion based on my own research)