It will be in YOUR account. At Fidelity. They cannot take your money. Period.It may be my money, but it's connected to them and that makes me nervous.
It will be in YOUR account. At Fidelity. They cannot take your money. Period.It may be my money, but it's connected to them and that makes me nervous.
Sounds familiar, I always worked hard, did good for myself and family but lived like I might die tomorrow. With that said I did not use loans to purchase things. (except a reasonable mortgage)I agree. I thought I'd be dead by 60, but that's maybe not going to happen, so I'm trying to be proactive at this juncture.
Plot is a word that has a different meaning in retirement.So, I have been plotting a retirement.
Even more $ than that, IMHO. With time.Money at Fidelity is your money. I wouldn't worry about it.
Also: giving up 5% match is like saying to them "I'm willing to work for free for 2 weeks each year".
Also: unless if you plan to kick it before 60, this money can be viewed as layered. You can't touch it until 60--but if you can coast on money outside of 401k until then... then it becomes available. You can pull money from non-advantaged accounts until then, in an unsustainable amount, inside of a plan that will tap that tax advantaged money when you can.
The match is free money.Maybe. I've no clue how to even get into their 401k, etc. I guess I could call their broker or something, but that's just money I can't have access to without major penalty. Supposedly they match 3 or 4 percent or something.
That's the real crux of it. Every cent I give them is a cent I can't have until I'm 60.
I intend to leave everything in vfiax until I leave the workforce. Dividend funds suck for accruing wealth, in my novice opinion.
I am talking very specifically about a clause for Minimum social security. If you make 4 credits a year, for 30 years, then you get the Maximum of the minimum - if that verbiage makes sense. A credit is currently around $1800. So $7200 for 30 years get the maximum of the minimum clause, which I think is more than if they just use the normal calculation in the same scenario.I thought it was 35 years to get rid of any zeros in the SS numbers game... I suppose if one is ok with not maxing that out (they run the numbers, and don't need it) then that works.
To me, for most people, working 35-40 years is a given. Retiring before 60 is pretty hard stuff--requires putting a lot of money outside of tax advantaged vehicles, and a lot of financial discipline. And quite a bit of planning.
I have a car and home and solar panel loan, no other debt. All excellent fixed rate terms.Sounds familiar, I always worked hard, did good for myself and family but lived like I might die tomorrow. With that said I did not use loans to purchase things. (except a reasonable mortgage)
Well I lived! Yay ... and lucky for me, many decades back I did not really thinking about it "invested" in a commercial building with a partner. All the time it's been paying me a substantial rent for decades. Now retired at 63 years old for almost 5 years I might be a little concerned if not for that building and the income from it. The time maybe right to sell it, not to live off the money but additional security as I THINK I can match through conservative investing what it brings in. Because after a very healthy life all of a sudden I was thrown a curve ball. Cancer, but my specialists say I will be able to consider myself cured in 6 more months for the next 15 years. Though is makes you wonder, and realize life slowly comes to an end. Because in the same breath there is also that one in 10 chance it comes back ... worse is I am being treated as "unfavorable outcome" However I am in the best of grade (3A) cancer of the "3" grade anyway, so they are treating me as the worst which is good if not a little brutal. They are a little unclear about my situation and treating me as the most severe 3.
Anyway, 5 years into retirement now I do not need to touch my social security income, I bank it and still live what I think my neighbors think a good life, posted cars, boat, motorcycle stuff. . I lucked out by a decision, not knowing at the time what would become my retirement savings so I can feel for those who were not taught as I was not taught. I always worked hard and did good for myself though.
We NEED A NATIONAL mandatory high school curriculum of managing money. It is sicking that we do not have one, in this era. Loans and credit cards and instruments of credit are thrown at our youth on a daily basis. Lucky for my kids, I learned and taught them, One of them REALLY ran with it, the other mostly ran with it and the other... well she will always get by but didnt run with it.
Explain that to me like I'm stupid, please. All I know is I paypaypay.I am talking very specifically about a clause for Minimum social security. If you make 4 credits a year, for 30 years, then you get the Maximum of the minimum - if that verbiage makes sense. A credit is currently around $1800. So $7200 for 30 years get the maximum of the minimum clause, which I think is more than if they just use the normal calculation in the same scenario.
I believe your correct for people that work full time there whole lives - I think its the best 35 as far back as you worked, adjusted for inflation. Thats the standard calc.
Can I pull however I want from a 401k after 60? 100% on day one, or 1% a year, or anything in between?Money at Fidelity is your money. I wouldn't worry about it.
Also: giving up 5% match is like saying to them "I'm willing to work for free for 2 weeks each year".
Also: unless if you plan to kick it before 60, this money can be viewed as layered. You can't touch it until 60--but if you can coast on money outside of 401k until then... then it becomes available. You can pull money from non-advantaged accounts until then, in an unsustainable amount, inside of a plan that will tap that tax advantaged money when you can.
Got it, thanks.I am talking very specifically about a clause for Minimum social security. If you make 4 credits a year, for 30 years, then you get the Maximum of the minimum - if that verbiage makes sense. A credit is currently around $1800. So $7200 for 30 years get the maximum of the minimum clause, which I think is more than if they just use the normal calculation in the same scenario.
I believe your correct for people that work full time there whole lives - I think its the best 35 as far back as you worked, adjusted for inflation. Thats the standard calc.
Anything you want. However the bug in the formula is that you pay ordinary income tax on it.Can I pull however I want from a 401k after 60? 100% on day one, or 1% a year, or anything in between?
Yes. Ignorance drives fear. I will go to those bastards in HR next week.OP - you need some financial education.
Read the paperwork, you're skeptical because you don't know.
401k, roth ira, HSA are all asset multipliers.
No, you cant retire at 39 with 500k. You're too poor to retire, but to rich to want to keep working. (I'm in the same boat)
Wait...so I pay income tax on my profit from the 401k? So basically it's no tax on the income into it, and whatever my company matches, in exchange for them hoping I off myself or something before 59.5?Got it, thanks.
One gotcha is that the years of earnings is inflation adjusted but only until age 60. So working after 60 can bump lower pay quarters off—but there might be a point where it isn’t.
Anything you want. However the bug in the formula is that you pay ordinary income tax on it.
Also the magic age is 59.5, why it’s not an even number I don’t know.
My workplace matches my 5% contribution with 200% (Extra 10%), so meeting 15% saving right off the bat!!!Find out.
You can’t possibly approach this without full information.
My guess is they match the first 3-4% of your input with 25-100% matching. These things are huge.
Yes, you don't pay income tax on the money going in. It's taken off pre-tax. But when you pull it out, it is treated as ordinary income, and taxed as such.Wait...so I pay income tax on my profit from the 401k? So basically it's no tax on the income into it, and whatever my company matches, in exchange for them hoping I off myself or something before 59.5?