yeah, I have a friend like that. Its very disturbing. Goes between off the books jobs and not working at all. Lives at parents or brothers, borrows cars from them, etc...
I want to have a talk with him, but dont want to bruise his ego too badly. Just get a job at Wegmans stocking produce or something (I would love to do that), get a paycheck, bennies, get promoted, work for a great company, save, etc...
I knew a friend like this. He's in his early 30's and just NOW got a real on the books job. He has nothing in savings for retirement. And no where near anything in social security. I had "the talk" with him a year or so ago and it didn't phase him what so ever that he had nothing started for retirement. He was shocked that I had so much already. The way I look at it.....one can never start to early for retirement.
I have a 401K at work, and I try to contribute the maximum each year. My firm matches a small amount, but I always maximize their contribution. We also have a Profit Sharing Plan, so they sock-away some dough every year. No one gets too excited when our boss advises them of their psp contribution amount, because they don't see the money in their paycheck.
Even the 20 somethings that just cant grasp employment baffle me. My son worked at the only grocery store as soon as he was old enough. Work ethic. It makes a huge difference! He is in college now and knows what work is and what rewards are. Self made kid at 19 years old basically (with my tutelage of course!)
And WTF is it with a few of these 30 year old or older living with Ma and Pa and not paying any rent while pulling in close to 100K!? I know two of them off the top of my head! In my small neck of the woods!
I cant go there. I'm getting all worked up already.
Mom & Dad shouldn't be enabling this behavior. My parents enabled my brother for way too long and he is in way deep trouble now.
Spectrum 10/27/09; New Orleans JazzFest 5/1/10; Made in America 9/2/12; WF Center 10/21/13; WF Center 10/22/13; Baltimore 10/27/13; WF Center 4/28/16; WF Center 4/29/16; Fenway Park 8/7/16; Fenway Park 9/2/18; Asbury Park 9/18/21; Camden 9/14/22; Las Vegas 5/16/24; Las Vegas 5/18/24; WF Center 9/7/24; WF Center 9/9/24; Baltimore Arena 9/12/24
Tres Mtns - TLA 3/23/11; EV - Tower Theatre 6/25/11; Temple of the Dog - Tower Theatre 11/5/16
we both have 401k's. and my wife's a teacher so she has a pretty sweet pension to look forward to down the road.
Same here.
I'm think teacher pensions must vary a lot from state to state. Working in social services, I've come across many retired teachers who had difficulty paying utility bills, etc. It's been a few years but I remember one lady who was receiving $600 a month, which is not my idea of a pretty sweet pension.
my wife taught for 20 years and took a 68% pension reduction because she didn't have the age to retire. so, I don't think taking 32% after 20 years is all that great.
luckily, my city of las vegas pension is not too shabby
If I had known then what I know now...
Vegas 93, Vegas 98, Vegas 00 (10 year show), Vegas 03, Vegas 06
VIC 07
EV LA1 08
Seattle1 09, Seattle2 09, Salt Lake 09, LA4 09
Columbus 10
EV LA 11
Vancouver 11
Missoula 12
Portland 13, Spokane 13
St. Paul 14, Denver 14
The question I have is should I contribute more, or pay back school loans faster?
depends on what your school intrest rate and if you think you can beat that number in the market
Im pretty sure all of my loans up to this point are between 3 and 4 %, but I don't need to start paying back until I graduate, which will be in 15 months. So technically I don't have to figure this out yet.
2003: 7/14 NJ ... 2006: 6/1 NJ, 6/3 NJ ... 2007: 8/5 IL ... 2008: 6/24 NY, 6/25 NY, 8/7 EV NJ ... 2009: 10/27 PA, 10/28 PA, 10/30 PA, 10/31 PA 2010: 5/20 NY, 5/21 NY ... 2011: 6/21 EV NY, 9/3 WI, 9/4 WI ... 2012: 9/2 PA, 9/22 GA ... 2013: 10/18 NY, 10/19 NY, 10/21 PA, 10/22 PA, 10/27 MD 2015: 9/23 NY, 9/26 NY ... 2016: 4/28 PA, 4/29 PA, 5/1 NY, 5/2 NY, 6/11 TN, 8/7 MA, 11/4 TOTD PA, 11/5 TOTD PA ... 2018: 8/10 WA 2022: 9/14 NJ ... 2024: 5/28 WA, 9/7 PA, 9/9 PA ---- http://imgur.com/a/nk0s7
The question I have is should I contribute more, or pay back school loans faster?
depends on what your school intrest rate and if you think you can beat that number in the market
Im pretty sure all of my loans up to this point are between 3 and 4 %, but I don't need to start paying back until I graduate, which will be in 15 months. So technically I don't have to figure this out yet.
when that time comes....if you think you can beat your intrest rate plus the tax benifit, then it technically makes sense to put yoru money into the market.
I have a pension calculated at 2% x years of service x avg. of high 5 years salary. I also have a 401k that the company matches 100% up to 5%.
October 17, 2000 Dallas, TX April 3, 2003 Oklahoma City, OK September 22, 2012 Atlanta, GA November 15, 2013 Dallas, TX November 16, 2013 Oklahoma City, OK October 8, 2014 Tulsa, OK May 1, 2016 New York, NY May 2, 2016 New York, NY August 13, 2018 Missoula, MT
I have a pension calculated at 2% x years of service x avg. of high 5 years salary. I also have a 401k that the company matches 100% up to 5%.
Wow. Stay at that job.
Spectrum 10/27/09; New Orleans JazzFest 5/1/10; Made in America 9/2/12; WF Center 10/21/13; WF Center 10/22/13; Baltimore 10/27/13; WF Center 4/28/16; WF Center 4/29/16; Fenway Park 8/7/16; Fenway Park 9/2/18; Asbury Park 9/18/21; Camden 9/14/22; Las Vegas 5/16/24; Las Vegas 5/18/24; WF Center 9/7/24; WF Center 9/9/24; Baltimore Arena 9/12/24
Tres Mtns - TLA 3/23/11; EV - Tower Theatre 6/25/11; Temple of the Dog - Tower Theatre 11/5/16
I have a pension calculated at 2% x years of service x avg. of high 5 years salary. I also have a 401k that the company matches 100% up to 5%.
Wow. Stay at that job.
October 17, 2000 Dallas, TX April 3, 2003 Oklahoma City, OK September 22, 2012 Atlanta, GA November 15, 2013 Dallas, TX November 16, 2013 Oklahoma City, OK October 8, 2014 Tulsa, OK May 1, 2016 New York, NY May 2, 2016 New York, NY August 13, 2018 Missoula, MT
It is great to put a lot of $$ into your retirement plan, but also keep in mind that it is very expensive if you need to pull it out early....In addition to paying income tax on the distributions, you also get hit with a Federal excise tax of 10% (there are some exceptions). Some states also charge a few %...California charges 2.5%.
Depending on your tax bracket, you may only end up with 50 cents on the dollar.
we both have 401k's. and my wife's a teacher so she has a pretty sweet pension to look forward to down the road.
Same here.
I'm think teacher pensions must vary a lot from state to state. Working in social services, I've come across many retired teachers who had difficulty paying utility bills, etc. It's been a few years but I remember one lady who was receiving $600 a month, which is not my idea of a pretty sweet pension.
I'm a teacher and they absolutely vary alot from state to state. My plan is more like the defined benefit plan mentioned before. I contribute 10% per paycheck to my plan - I don't get the free ride that some assume that we do.
Are we getting something out of this all-encompassing trip?
Seems my preconceptions are what should have been burned...
Can collect it after having 20 years on job and must be at least 50 yrs old.
At 20 years I get 65% of final years salary. It increases every year up to 30 yrs and then I will get 85% of final years pay.
Also have option to buy into 457 plan if I want.
I also have health care retirement plan that I will only be able to use funds for medical related expenses such as prescriptions and insurance premiums.
just hit 20k in my 401k. ive had it for almost 3 years and ive increased my salary by 45.87% since then..things are looking up for retirement barring a stockmarket crash. :?
i suggest everyone put together a net worth statement.
i've got all sorts of fun financial data in mine. i can tell you what my 401K projects to on my choosen retirement date, assuming zero new funding. monthly expenses. cash on hand/ monthly expesnse. debt/cash.
home loan. yup, that's all charted out. at the end of any given year, i can tell you how much i have saved on intrest by paying a little extra.
401K. ever wonder how much you contributed, vs. how much the company contributed, vs. how much the market has returend. yup..got that data.
i've got year end balances going back to 2010.
thinking of financing something (house/car/whatever). got a calculator to show how much intrest will be paid over the life of the loan.
it's even got a spot to show how much i owe you fantasy baseball/football fuckers.
everyone should have one.
i'd be happy to build you a custom one.....for a small fee.
yeah, I was >$50K in debt and I made one in 2007. It turned around my finances drastically and I continue to update it every month and make enhancements.
Comments
I knew a friend like this. He's in his early 30's and just NOW got a real on the books job. He has nothing in savings for retirement. And no where near anything in social security. I had "the talk" with him a year or so ago and it didn't phase him what so ever that he had nothing started for retirement. He was shocked that I had so much already. The way I look at it.....one can never start to early for retirement.
Mom & Dad shouldn't be enabling this behavior. My parents enabled my brother for way too long and he is in way deep trouble now.
WF Center 4/28/16; WF Center 4/29/16; Fenway Park 8/7/16; Fenway Park 9/2/18; Asbury Park 9/18/21; Camden 9/14/22;
Las Vegas 5/16/24; Las Vegas 5/18/24; WF Center 9/7/24; WF Center 9/9/24; Baltimore Arena 9/12/24
Tres Mtns - TLA 3/23/11; EV - Tower Theatre 6/25/11; Temple of the Dog - Tower Theatre 11/5/16
my wife taught for 20 years and took a 68% pension reduction because she didn't have the age to retire. so, I don't think taking 32% after 20 years is all that great.
luckily, my city of las vegas pension is not too shabby
Vegas 93, Vegas 98, Vegas 00 (10 year show), Vegas 03, Vegas 06
VIC 07
EV LA1 08
Seattle1 09, Seattle2 09, Salt Lake 09, LA4 09
Columbus 10
EV LA 11
Vancouver 11
Missoula 12
Portland 13, Spokane 13
St. Paul 14, Denver 14
The question I have is should I contribute more, or pay back school loans faster?
2010: 5/20 NY, 5/21 NY ... 2011: 6/21 EV NY, 9/3 WI, 9/4 WI ... 2012: 9/2 PA, 9/22 GA ... 2013: 10/18 NY, 10/19 NY, 10/21 PA, 10/22 PA, 10/27 MD
2015: 9/23 NY, 9/26 NY ... 2016: 4/28 PA, 4/29 PA, 5/1 NY, 5/2 NY, 6/11 TN, 8/7 MA, 11/4 TOTD PA, 11/5 TOTD PA ... 2018: 8/10 WA
2022: 9/14 NJ ... 2024: 5/28 WA, 9/7 PA, 9/9 PA ---- http://imgur.com/a/nk0s7
depends on what your school intrest rate and if you think you can beat that number in the market
Im pretty sure all of my loans up to this point are between 3 and 4 %, but I don't need to start paying back until I graduate, which will be in 15 months. So technically I don't have to figure this out yet.
2010: 5/20 NY, 5/21 NY ... 2011: 6/21 EV NY, 9/3 WI, 9/4 WI ... 2012: 9/2 PA, 9/22 GA ... 2013: 10/18 NY, 10/19 NY, 10/21 PA, 10/22 PA, 10/27 MD
2015: 9/23 NY, 9/26 NY ... 2016: 4/28 PA, 4/29 PA, 5/1 NY, 5/2 NY, 6/11 TN, 8/7 MA, 11/4 TOTD PA, 11/5 TOTD PA ... 2018: 8/10 WA
2022: 9/14 NJ ... 2024: 5/28 WA, 9/7 PA, 9/9 PA ---- http://imgur.com/a/nk0s7
when that time comes....if you think you can beat your intrest rate plus the tax benifit, then it technically makes sense to put yoru money into the market.
April 3, 2003 Oklahoma City, OK
September 22, 2012 Atlanta, GA
November 15, 2013 Dallas, TX
November 16, 2013 Oklahoma City, OK
October 8, 2014 Tulsa, OK
May 1, 2016 New York, NY
May 2, 2016 New York, NY
August 13, 2018 Missoula, MT
Wow. Stay at that job.
WF Center 4/28/16; WF Center 4/29/16; Fenway Park 8/7/16; Fenway Park 9/2/18; Asbury Park 9/18/21; Camden 9/14/22;
Las Vegas 5/16/24; Las Vegas 5/18/24; WF Center 9/7/24; WF Center 9/9/24; Baltimore Arena 9/12/24
Tres Mtns - TLA 3/23/11; EV - Tower Theatre 6/25/11; Temple of the Dog - Tower Theatre 11/5/16
April 3, 2003 Oklahoma City, OK
September 22, 2012 Atlanta, GA
November 15, 2013 Dallas, TX
November 16, 2013 Oklahoma City, OK
October 8, 2014 Tulsa, OK
May 1, 2016 New York, NY
May 2, 2016 New York, NY
August 13, 2018 Missoula, MT
Depending on your tax bracket, you may only end up with 50 cents on the dollar.
"I need your strength for me to be strong...I need your love to feel loved"
The idea of living into my eighties scares the everliving shit out of me.
I'm a teacher and they absolutely vary alot from state to state. My plan is more like the defined benefit plan mentioned before. I contribute 10% per paycheck to my plan - I don't get the free ride that some assume that we do.
Seems my preconceptions are what should have been burned...
I AM MINE
Can collect it after having 20 years on job and must be at least 50 yrs old.
At 20 years I get 65% of final years salary. It increases every year up to 30 yrs and then I will get 85% of final years pay.
Also have option to buy into 457 plan if I want.
I also have health care retirement plan that I will only be able to use funds for medical related expenses such as prescriptions and insurance premiums.
i've got all sorts of fun financial data in mine. i can tell you what my 401K projects to on my choosen retirement date, assuming zero new funding. monthly expenses. cash on hand/ monthly expesnse. debt/cash.
home loan. yup, that's all charted out. at the end of any given year, i can tell you how much i have saved on intrest by paying a little extra.
401K. ever wonder how much you contributed, vs. how much the company contributed, vs. how much the market has returend. yup..got that data.
i've got year end balances going back to 2010.
thinking of financing something (house/car/whatever). got a calculator to show how much intrest will be paid over the life of the loan.
it's even got a spot to show how much i owe you fantasy baseball/football fuckers.
everyone should have one.
i'd be happy to build you a custom one.....for a small fee.
Currently have a quarter million in it and hope to make it to about $1.5M by age 60. House will be paid off 3 years before that.
I hope we can get my wife's retirement savings up to about $500K by the time she retires.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
Company matches and if I put in enough years, the pension kicks in.
My 401k has done really well of late.
S&P 500 is up 16% so far this year.
Oh and 401K...
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce