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I plan on retiring in 30 years or so. LOL. I know it sounds like a while. Still saying that, for those that are retired now what would you do differant to be in a position to not need to work as a greeter at wal-mart? I have time on my side as far as I can see. My wife and I own our home, well we just bought it anyway and should own it in 30 years, lol. we also have a 403B retirement account that we both pay into at our employer. We work at the same hospital. I currently put in 6% with a 2% amount that the hospital gives all employees and a match of 3%. making it a total of 11% of my income going toward my 403B. My wife does the same thing. Mainly to get the maximum return with the least amount put aside. I am thinking that won't be the amount needed though to get us where we want to be in 30 or 40 years.
I plan on retiring in 30 years or so. LOL. I know it sounds like a while. Still saying that, for those that are retired now what would you do differant to be in a position to not need to work as a greeter at wal-mart? I have time on my side as far as I can see. My wife and I own our home, well we just bought it anyway and should own it in 30 years, lol. we also have a 403B retirement account that we both pay into at our employer. We work at the same hospital. I currently put in 6% with a 2% amount that the hospital gives all employees and a match of 3%. making it a total of 11% of my income going toward my 403B. My wife does the same thing. Mainly to get the maximum return with the least amount put aside. I am thinking that won't be the amount needed though to get us where we want to be in 30 or 40 years.
Indeed, this is the eternal discussion in the Retirement Forum. First, you don't say what your pension situation is. Social Security only? (Do I correctly assume that the existence of your 403B means that there is no pension from the employer other than the 403B?) That makes a difference. Second, "where we want to be" is not defined. What sort of life-style would that be? Lavish? Modest? Sounds like if you keep doing what you're doing for 30 more years, you could be just fine, provided you stay out of debt except for the house note. Not enough information to know for sure. Magazine articles on the subject seem to be written for the upper class, but many other folks retire and do just fine.
Quite often, regular exercise will get the body back to work from its retirement or from its strike picket line. For most people, its not too late to start.
Indeed, this is the eternal discussion in the Retirement Forum. First, you don't say what your pension situation is. Social Security only? (Do I correctly assume that the existence of your 403B means that there is no pension from the employer other than the 403B?) That makes a difference. Second, "where we want to be" is not defined. What sort of life-style would that be? Lavish? Modest? Sounds like if you keep doing what you're doing for 30 more years, you could be just fine, provided you stay out of debt except for the house note. Not enough information to know for sure. Magazine articles on the subject seem to be written for the upper class, but many other folks retire and do just fine.
Pension? Who has that anymore? How many companies can you show me that have a 403B or 401K that also have a defined pension? Social Security? What is that? Their will be no Social Security in 30 years. Where we want to be is to not have to work a job in retirement. We want to live the same lifestyle that we are living now. To explain, if someone that is making $100,000 a year saves 11% of their income in a 403B retirement account can they safely asume that it will be the amount needed to sustain them for the remainder of their life and keep them in the home that they are living in? Would it be better to build the amount up to the full allowable amount which I think is $16,000 for someone under 55. Also would it be advantageous to add an IRA after maxing out the 403B? I don't plan on Social Security being there.
Pension? Who has that anymore? How many companies can you show me that have a 403B or 401K that also have a defined pension? ........
Approximately ten years ago the large hospital system my wife works for engaged in great fanfare in announcing they would offer the employees a "choice" between a "defined benefit" vs "defined contribution" plan for their retirement. She brought home a 30 page glossy brochure explaining the differences, but it contained about a 90% slant toward the defined contribution option.
I told her that if the hospital was pushing the "defined contribution" plan that hard, it benefited them much more than the employee. Many of her colleagues gave up their traditional pension plan seduced by "window dressing" benefits such as portability. They lost about 40% of their retirement compared to where they would have been under the old defined benefit option.
In a remarkable leap of faith she listened to my advice and retained her defined benefit plan. She now grudgingly concedes that I was right on one investment decision in the past ten years.
Pension? Who has that anymore? How many companies can you show me that have a 403B or 401K that also have a defined pension? Social Security? What is that? Their will be no Social Security in 30 years. Where we want to be is to not have to work a job in retirement. We want to live the same lifestyle that we are living now. To explain, if someone that is making $100,000 a year saves 11% of their income in a 403B retirement account can they safely asume that it will be the amount needed to sustain them for the remainder of their life and keep them in the home that they are living in? Would it be better to build the amount up to the full allowable amount which I think is $16,000 for someone under 55. Also would it be advantageous to add an IRA after maxing out the 403B? I don't plan on Social Security being there.
There (not "their") will certainly still be Social Security in 30 years, but if you wish to plan for it not being there that is certainly reasonable and prudent. For you it will be icing on the cake, not something that you had counted on.
There (not "their") will certainly still be Social Security in 30 years, but if you wish to plan for it not being there that is certainly reasonable and prudent. For you it will be icing on the cake, not something that you had counted on.
Not sure how you figure on having Social Security. It is planned to go bankrupt. Even today no one can live on what they offer. Maybe in the days when you had 8 or 9 workers paying into it for every retired person. What happens when you have 1 worker supporting another worker? The system is only sustainable if you choose to increase the amount the current workforce will pay into the system. As of last year we spent more than we brought in. A better bet is to have the workers manage their own retirement and skip paying into a losing system.
Approximately ten years ago the large hospital system my wife works for engaged in great fanfare in announcing they would offer the employees a "choice" between a "defined benefit" vs "defined contribution" plan for their retirement. She brought home a 30 page glossy brochure explaining the differences, but it contained about a 90% slant toward the defined contribution option.
I told her that if the hospital was pushing the "defined contribution" plan that hard, it benefited them much more than the employee. Many of her colleagues gave up their traditional pension plan seduced by "window dressing" benefits such as portability. They lost about 40% of their retirement compared to where they would have been under the old defined benefit option.
In a remarkable leap of faith she listened to my advice and retained her defined benefit plan. She now grudgingly concedes that I was right on one investment decision in the past ten years.
Yeah, and those of us who opted for this in California are being assaulted on every front for doing so!!!! I am speaking of teachers. Unbelievable!!! Folks act like I am robbing THEM of money.
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My brain is retired.
Body retired or body on strike
