This. EVERY WORKING PERSON should have savings goals. Save 15%, then just keep upping the %, even 1% at a time.
The goal REALLY should be saving 25%+. Period.
Do you get or will you get a pension?
- Thread starter ZZman
- Start date
The goal REALLY should be saving 25%+. Period.
Being homeless taught me some really good lessons.
Sometimes your weaknesses can become your strengths.
Invest in yourself and pay yourself first.
My best $$ is my oldest $$.
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If only any of my employers offered a 401
You're in luck. Tax deferred IRA, traditional or Roth.
Annual contribution limit is $7,000 (maybe $8,000 starting this year) for individuals under 50, with an additional $1,000 catch-up contribution for those age 50.
Schwab IRA primer. Go for it! If you need help, call your local Schwab office and ask for an appointment. Bring your checkbook and get started.
Sooo yes and no. When I started in 2018 they had a pension plan. Around 2020 or so they did a lot of change and no longer offered a pension plan to new employees. I of course was grandfathered in, but they offered us a different 401K plan if we decided to go away from their old pension plan. Me and a couple other younger guys (I was 31 back in 2020) did the math and we would be money ahead by several hundred thousand if we took the new 401K plan. The plan if you kept your pension would be a match up to 5%, but the new plan was they would match % for % and add some. So say I put 6% in, they would put in 8%. Maybe it was dumb, I don't know. But, a whole lot of people my age don't even have some sort of retirement plan.
The crazy part is this isn’t even really necessary for most people to be ok. If one saved $100 a month in an S&P 500 index fund with no match from 25 to 65 and never touched it they would have approx $1M. Then add to it paying off debts by retirement (if not before) and having some emergency cash and retirement is manageable for most. Putting money in the account and not touching it are the two biggest factors in success or lack of.
There are zero fee index funds that are good to invest in.
Do the DRIP and reinvest the dividends every 3 months.
Wife can also open IRA.
That darn Arithmetic!
Had one at the last company I was full-time at in addition to a regular 401k. Worked there 12 years/was fully vested in it. They ended up getting rid of it when they left the U.S. so I took the cash-out option and rolled it into my SEP IRA vs. the annuity (either now or when I retired) - figured it would be worth more that way and was less risk of something happening to it going forward (a bird in hand worth more than two in the bush basically). Current new full-time employer also has a similar one in addition to the normal 401k and I'll likely work there until retirement in ~10-15 years.
@AutoMechanic and @Zee09 and others in honor of AMs fellow worker…..
Back when I retired from NFL and MLB and my NHL career had wound down rather than a pension they gave me highly paid management position in all three. It included a three bay work station with computer controlled lifts and secretarial support. Of course open mini bar and burrito roller.
Back when I retired from NFL and MLB and my NHL career had wound down rather than a pension they gave me highly paid management position in all three. It included a three bay work station with computer controlled lifts and secretarial support. Of course open mini bar and burrito roller.
I put around that, but have about 25 years till retirement.
I am collecting two defined pension and SSA. Wife is collection a state pension and SSA.
We have 401K and IRA. But not drawing any money yet. Probably will not need to.
Love defined pension.
Unfortunately I forgot to retire so still collecting a paycheck.
We have 401K and IRA. But not drawing any money yet. Probably will not need to.
Love defined pension.
Unfortunately I forgot to retire so still collecting a paycheck.
My company puts a percentage in a 401A account they sorta call a pension. The percentage is age and time at the company. Unless you stay there your entire working career won’t be enough. I contribute 10% in a 403b on top of that with their 3% match and her 25% in a 401k.. between that at ROTH’s have a little of half a mil at mid-40s. Should be ok. Unless you work for the gov I wouldn’t count on any pension! My gpa had pretty good retirement from the state of MO though.
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I can PM it to you ?
No need. I already got him interested in another property
No cause I had quit every job I had that offered one. I’ll most likely be burned or buried like the richest dead and cold but loved and remembered
That's the sad part. It really doesn't cost an employer anything to set up 401K's or similar programs other than some book work. There's lots of financial firms that will do that for the employer. Unfortunately employers feel they may be obligated to contribute or match employee contributions which is not required (although a good employer will often do a match up to a preset limit even if it's small). It's a small perk that can often keep good employees.
SammyChevelleTypeS3
$50 site donor 2023
I hear that. Yes. I was told by some guys recently who hired in many years after me who are still on the job that they are seeing many changes. New employees are told up front. NO PENSION plan at all. It is up to the new employees to put so much of their salary each month into company managed 401k plan. This is all they will have to rely on after retirement. It is a matched plan to a certain % so a new employee looking at years of service will still have a nice nest egg if he does the right things with it. Also zero health plan payments after retirement. At least I retired in the years when they still had lots of benefits. 401k + pension fund and health insurance (help) with monthly fees for the supplemental insurance everyone on Medicare needs each year. They offer a partial payment on the supplemental monthly charge if we select from the plan managers they offer. When I was still working the SOP of the wage roll mechanics was as they hit the last 4-5 years they knew they would work, they would put in for any shift work mechanical positions because one got paid $1 dollar an hour more than the day workers plus over time pay for every hour over 40. Each operations shift had 1 Electrical & Instrument guy and 1 General Mech to work together for any needs that popped up over nights or weekends. Those older guys would do this to increase their yearly pay which increased their pensions. Apparently NO MORE.
