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View Poll Results: Your Employment-related Sources of Retirement Income
I have/will have 401K and/or pension plan income from my employer(s) 79 86.81%
No 401K/pension plan of my own but may receive benefits from my spouse's plan(s) 1 1.10%
Never had a 401K and/or pension plan and neither does/did my spouse 11 12.09%
Voters: 91. You may not vote on this poll

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Old Yesterday, 02:49 PM
 
249 posts, read 68,121 times
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Quote:
Originally Posted by katharsis View Post

Personally, I am not worried about it, though, because as long as we have at least ten years of GOOD retirement, whatever bad comes after that, we will either just deal with it or die.
You can make that case. A semi-bad endgame, which a lot of people will have, will soak up 100% of the savings from practically anyone.

I wonder sometimes if I shouldn't hide some assets just for some wiggle room in the further future. Perhaps a coffee can with bullion.

Just to add another investment type to the list (besides pensions/401k/IRAs) is the Solo 401(k) which I maxed out on for some years. Most people aren't aware of these I think.
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Old Yesterday, 03:05 PM
 
Location: New Mexico
6,679 posts, read 3,721,206 times
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I had a small deferred comp plan with state government that later became a traditional IRA. It had some other designation under the law. I still have it.
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Old Yesterday, 03:11 PM
 
Location: NE Mississippi
13,785 posts, read 8,646,110 times
Reputation: 20085
I checked "neither", because that is the closest fit, although I did earn a tiny pension.

We worked toward financial independence from the very beginning. That meant paying off everything and learning money management.
It worked out. We have 5 streams of income counting 2 Social Securities. And we also have some stock that is appreciating nicely, but paying no dividends.

Retired since 2010, when we were 65. Income is very adequate. We could increase it any time, by selling stock.


It took planning and luck. Plans did not all work out, but then we got lucky. Bless all of you who were simply unlucky.
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Old Yesterday, 03:13 PM
 
274 posts, read 136,649 times
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Pension and 457b.
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Old Yesterday, 03:14 PM
 
Location: NE Mississippi
13,785 posts, read 8,646,110 times
Reputation: 20085
Quote:
Originally Posted by StrawberrySoup View Post
............I wonder sometimes if I shouldn't hide some assets just for some wiggle room in the further future........
I don't think you should hide assets, but I very strongly believe that you should invest some money into a growth stock. It will appreciate "silently" so that the IRS will not be interested until you sell some of it.
I don't think you should "trade the stock market".
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Old Yesterday, 03:18 PM
 
Location: Southern New Hampshire
7,281 posts, read 12,731,147 times
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I have a 403(b) (like a 401(k)) with my current employer and it's quite generous -- I put in 6%, they add 11%. With that level of contributions it's grown fast (I've only been working for them since 2002). It's still invested 100% in stocks as retirement is likely 8-10 years away (I was 60 this past January so my FRA is 66 and 8 months -- my birthday is New Year's so I get to use the 1958 table ).

Right now my SS is estimated to be $3,356/month if I wait until age 70 (which, given the type of job I have, is entirely possible). I THINK I should be OK in retirement with SS and my 403(b) plus miscellaneous other accounts, as my house should be paid off by then (although I will still have to deal with NH's insane property taxes!). I am not a big spender now and can't imagine that that will change much after retirement.

Incidentally, I have a sister in California who has a county pension. I hope it lasts, as I know some municipalities have been able to wriggle out of their pension promises/obligations by filing for bankruptcy. (On the other hand, she retired at 55, then went back as a contractor for her former employee -- that was very lucrative for a couple of years, then the county fired all of them and hired new workers at something like 1/3 the pay. So now she has to live on her pension, and I am not sure she is happy that she took early retirement.)

Last edited by karen_in_nh_2012; Yesterday at 03:30 PM.. Reason: clarity
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Old Yesterday, 03:21 PM
 
11,964 posts, read 20,453,359 times
Reputation: 19440
Quote:
Originally Posted by BBCjunkie View Post
While perusing this forum I often get the impression that the majority here have (or will have) some kind of 401K and/or pension plan for retirement income although recent statistics have shown that less than 50% of Americans fall into that category. So I'm curious about how that breaks down here in the Retirement forum specifically.

For purposes of this poll I'm not asking about IRAs because those aren't employer-dependent; only about retirement income vehicles that originated with your employer(s.)

I'm in the third category which means my only source of income is my SS benefit plus RMDs from an IRA from less than 20 years of employment during the "IRA Era."
We had 401kís that were AWFUL! And high fees to boot.

As soon as we became self employed we transferred the 401ks into rollover IRAs and we opened a SEP IRA, and I managed our retirement funds.

So ó I didnít have a choice to pick.
__________________
Solly says ó Be nice!
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Old Yesterday, 03:35 PM
 
Location: R.I.
998 posts, read 612,957 times
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Quote:
Originally Posted by david0966 View Post
Same here, just 3 1/2 years! I also forgot to include FERS supplement in original post which I'll get until I reach 62.

Federal employee here to but passing on the supplement as I am already 62 and will be retiring at my FRA of 66.6.

Just got a letter in the mail today from TSP announcing the new flexible withdrawal options which have been a long time in coming as they have been very restrictive in-service and post-separation.
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Old Yesterday, 03:40 PM
 
Location: NC Piedmont
3,950 posts, read 2,895,869 times
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Another measure of different this board is than the population in general.
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Old Yesterday, 03:45 PM
 
376 posts, read 63,371 times
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Quote:
Originally Posted by BBCjunkie View Post
recent statistics have shown that less than 50% of Americans fall into that category.
I'm surprised it's that high. Of all Americans, how many are working? Not kids in school. Not a lot of stay at home moms.
Of those working, how many have a 401(k)? Not government employees. Not independent contractors.
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