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Retirement Plans

Posted by on Mar. 7, 2014 at 9:46 AM
  • 13 Replies

I was just thinking today about what plans people have for retirement. What kind of plan do you have? Do you have an employer sponsored or is it up to you?

by on Mar. 7, 2014 at 9:46 AM
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Replies (1-10):
krisnkids
by Gold Member on Mar. 7, 2014 at 9:48 AM
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If I had stayed in the Navy, I would have retired last year. :( Instead my ex is reaping those benefits.

I have an employer sponsored mandatory 403b. It's pretty good, we (the employees) must contribute a minimum of 5% of our check and our employer puts in 10%. I have been here for 18 months and have almost 7k in it. At 40 that doesn't seem like much but I am hoping to increase how much I put in in the future.

Callaly
by Jessica on Mar. 7, 2014 at 9:52 AM
2 moms liked this

 The governement help with retirement here, and I have a retirement fund, I contribute to with my bank, I don't put alot in it a month but it does collect interest, I have a lot of time before I need to seriously think about it.

I just want enough to buy a shack in the middle of no where and live freely lol

virginiamama71
by Carrie on Mar. 7, 2014 at 9:59 AM

I have a retirement thru work. Two years ago we had to start paying I think 5%

There is also another plan like 401K but has another name. I do not use this. They match what you put in, and they stopped doing the match  a couple years ago.

krisnkids
by Gold Member on Mar. 7, 2014 at 10:16 AM

That sucks that they stopped matching. When I was federal employees had to put in a minimum of 3% of the govt matched what you put in. I like my state one much better at 5 and 10.

Quoting virginiamama71:

I have a retirement thru work. Two years ago we had to start paying I think 5%

There is also another plan like 401K but has another name. I do not use this. They match what you put in, and they stopped doing the match  a couple years ago.


cjsmom1
by Platinum Member on Mar. 7, 2014 at 9:55 PM

I put 3% into a 401k and my company matches it

Carmelivi
by Member on Mar. 8, 2014 at 7:45 AM
I have also put 3% on my 401k , but also I have life insurance that has cash value.
Chunkymunkey922
by on Mar. 8, 2014 at 7:48 AM
I had a 401k, but I got fired from my job in Oct. and had to cash it out to help pay bills. In my new job I can get another one in Dec. So I will get a new one. Also working on savings.
MonarchMom22
by on Mar. 8, 2014 at 9:35 AM

both types here.  If you have an employer match it is foolish not to take advantage.  A 3% match on a 6% contribution is a 50% return.  3% on 3% is a 100% return.  So everyone should contribute to get the maximum match if available.

But I also have my own accounts and investments.  You may think you have plenty of time.... but the earlier you start the easier it is to reach your goal.  There are lots of sites to help you estimate what you will need, and how much to save each month, to be solvent in retirement.


CNN has one of the simplist, that estimates what you need based on your current income, age, inflation, and current savings: http://money.cnn.com/calculator/retirement/retirement-need/


If you want to go into more detailed anaylsis, try Schwab:

http://www.schwab.com/public/schwab/investing/retirement_and_planning/retirement/retirement_calculator

TurtleDoveLove
by Member on Mar. 8, 2014 at 11:29 PM
I have a trust fund that I'm building ..that's my plan and i don't trust banks or 401
krisnkids
by Gold Member on Mar. 9, 2014 at 9:58 AM

 That's some great information. Thank you!

Quoting MonarchMom22:

both types here.  If you have an employer match it is foolish not to take advantage.  A 3% match on a 6% contribution is a 50% return.  3% on 3% is a 100% return.  So everyone should contribute to get the maximum match if available.

But I also have my own accounts and investments.  You may think you have plenty of time.... but the earlier you start the easier it is to reach your goal.  There are lots of sites to help you estimate what you will need, and how much to save each month, to be solvent in retirement.

 

CNN has one of the simplist, that estimates what you need based on your current income, age, inflation, and current savings: http://money.cnn.com/calculator/retirement/retirement-need/

 

If you want to go into more detailed anaylsis, try Schwab:

http://www.schwab.com/public/schwab/investing/retirement_and_planning/retirement/retirement_calculator

 

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