Mine is zero
Retirement investing...
- Thread starter Ws6
- Start date
This is the fallacy of misplaced concreteness. Here is the real “counterpoint” -
You assume far too much, here. A “good retirement” comes from disciplined investing, not the luck of the draw based on a “good company”.
You have the opportunity, here, now, with this company, and you have always had the opportunity, to invest, to create that retirement, on your own, regardless of your company, or chosen field. Let’s remember that you chose this field. Nobody forced you into it.
Don’t blame your lack of progress on the company - when the vehicles, like a 401(k), and opportunities, are there. Every single person in this country can contribute to an IRA, most can contribute to a Roth IRA.
Did you? How much of the maximum allowed did you actually put in a IRA since you started working?
Stop making excuses. Stop blaming others. Stop fiddling around.
Start educating yourself. Start researching the details of what your company does offer. Your goal - Go from zero to fully funded retirement in 11 years, demands that you take immediate action, but here you are, blaming others, deflecting discussion, and taking no action, doing no research, nothing.
You talk about “rage quit” at your job - well, to be quite blunt, I am about to rage quit this thread.
Because in this thread I have seen zero progress. The journey of a thousand miles begins with a single step.
Get moving.
Complaining about expense ratios while poo pooing the free match is mind blowing to me. You have a LOT of ground to make up and not enough income to fully fund the Roth and 401k so take whatever free money they’re offering. They aren’t out to get you or steal from you and 401k plans are highly regulated.
Mine is OK.
In the future he will have max out the Catch Up Contribution limits.
Mine's done nicely over the last few years. But as they say: the best time to start investing was 20 years ago.
You are an RN. It seems you find your current environment somewhat toxic. You need to build wealth as quickly as possible for your goal. If you don't had children to take care of, and are not married, have you considered travel nursing?
It pays more, it would be a change of environment every 13 weeks or so. You can build wealth faster, max your 401/403 then come back to your same hospital if you tire of travel, letting what you have accumulated in your 401/;403b grow over the next decade or so.
Just an option if you are open to it.
It pays more, it would be a change of environment every 13 weeks or so. You can build wealth faster, max your 401/403 then come back to your same hospital if you tire of travel, letting what you have accumulated in your 401/;403b grow over the next decade or so.
Just an option if you are open to it.
Odlly when first tried to delete the empty accounts I couldn’t..,,
For me, I rolled each and every time. The last employer I rolled separately just because I could.
So in my overall Fidelity page I made my old 0K$ 401K invisible- kinda silly to still display an empty account. Have to wait a year to make it invisible- tax purposes I believe
Plenty of RNs get some kind of medical coding training and work from home- sorry your point is great
Yes, travel RN can make very good $$$$$.
Same for other healthcare (traveler) specialties.
He “plans” to retire at 50. If he doesn’t “rage quit” sooner.
So, he won’t have the chance to use the catch up limits.
Not willing to supply screenshots but:
401K: $242,110
Roth 401K: $107,803
Rollover IRA: $100,009
Roth IRA: $40,419
Brokerage: $107,270
Total in savings: $593,812
Age: 38
Sector: Cybersecurity
Salary: $217K before overtime and bonuses.
Mortgage balance remaining: $252K (3.25% fixed, 27 years remaining). This includes a second buildable lot next door.
Student loans: $52K (3.22% fixed, 13 years remaining)
Utilities per month: $200
Mortgage payment including taxes and insurance: $1560/month.
Goal: Retire at 60 with $3.7-4.5M.
Other comment: I’ve done projections where I could pay down the student loans and then the mortgage in a 57 month period but because both are fixed at low rates, I’m just piling up my extra money in my brokerage account and yielding higher returns.
Goal all in assets or retirement assets?
I know you weren't asking but may be worth looking into if your 410K allows contributions up to 415(c) limits, at least if you are interested and can make it.
Cool story.
During the span of this thread:
-I opened a Roth IRA and will max it for 2024.
-I researched my company's 401k match (50% up to 6% for $3500 annually), funds (which I will look further into), and verified that I am fully vested and have an active account ready for funding if I choose to.
I guess that's zero progress to you. Maybe you think I should be able to time travel and fund these in the past? Tell me, what exactly do you think I could accomplish more than this over the weekend, becuase I'd sure like to do more, so tell me...
Difficult to state it much better than this.
Retirement and estate planning as well as wealth management...and they are all different yet related, are highly individual things with so many variables based on people's careers, lifestyles, family situations.
I think I'll bow out, or at most just view from afar.
Rage nearly sploded my head among other health issues so I can relate.
I'm actually paid very well at this point. I have considered travel nursing, but...
-It would require giving up seniority and position.
-It may plop me into a worse environment. Our travellers all have horror stories too.
-It would remove my ability to invest in the much haunted 401k match as I would no longer be vested. That takes years.
-It would probably not pay much more, at present. During covid, it may have, but not a ton better. I switched roles many times to ensure my pay was solid.
-Hospitals go through phases. I am hoping mine is on an upward swing soon, because it's cyclical in my experience over 5-7 years. We are very near the bottom right now for employee satisfaction and anger, so it has to change...whether it collapses or goes up, is anyone's guess, but Ill see.
Okay, if I get a free match for a poor performing fund, why not just invest in a better fund? I'd only give up $3500/year max in match, and if the fund underperformed popular funds like VFIAX, what did I gain myself except pretax deduction, which again may or may not be worth it, depending. That is what my hangup is.
I suffered through a terrible job for 6 years. Always promises of grandeur just around the corner. Only thing was it did pay OK. But they used the management / climb the ladder to get people to be on the road 6 days and work 75 hours a week (that was there actual number, which they would only verbalize). Then they dumped my entire level at the very onset of the GFC.
Looking back, it was a wonderful life lesson. If I was a faster learner I could have left 5 years sooner.
Anyway, seems to me the OP needs to find something to do he likes better. And save for retirement. Possibly hating life less means working longer is OK.
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