U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-28-2009, 06:01 PM
 
Location: Boca Raton, FL
5,188 posts, read 8,716,908 times
Reputation: 6217

Advertisements

Quote:
Originally Posted by minimalistic View Post
Ty Stealth. Good advice. I think I do feel impatient lately. I have several friends who are doing quite well right now financially and when they speak about the things they are doing for retirement. I think Oh wow, I am so behind and will never be able to retire. It just has bothered me lately.
I am older than you and what you just said sums it up for me. It seems everyone I know is doing well, even in these times. I probably just know conservative people
Reply With Quote Quick reply to this message

 
Old 12-28-2009, 07:16 PM
 
29,988 posts, read 37,284,889 times
Reputation: 12767
Just because your SO does not have access to a retirement plan provided by his employer is no reason not to at least have a ROTH or other retirment vehicle on his own.

At 30 that you are thinking and planning for these things is a good sign that you have your head on your shoulders straight. Do not be "scared" but have a plan, or a couple of plans. We live in uncertain times.

Have you considered downscaling a bit by moving to a more average area and putting that savings toward your retirement of savings for the future?
Reply With Quote Quick reply to this message
 
Old 12-28-2009, 08:04 PM
 
Location: Two Rivers, Wisconsin
11,729 posts, read 11,572,611 times
Reputation: 12484
Good for you for thinking about when you are 30, rings home with me because I was careless in my 20's even though I had a good job. Fortunately I came to my senses and realized I had to look out for myself, key word there is myself. I started saving as much as I could and I'm glad I did.

It isn't any of my business but you brought it up, your SO needs to save on their own. Even though there is no savings plan available, they can put so much into an IRA or a Roth each year. I'd be a little upset if I was the one saving for retirement out of my check and the other person wasn't setting aside any money from theirs.

Of course, this is spoken from a perpetually single person who doesn't share well! What's mine is mine and no one elses!
Reply With Quote Quick reply to this message
 
Old 12-28-2009, 08:24 PM
 
231 posts, read 666,044 times
Reputation: 134
Quote:
Originally Posted by brightdoglover View Post
send a few bucks to at least one cause that you believe in.
this is the worst possible advice for someone who is worried about their financial situation. the cause that they support the most is their well-being, no one else. once they're financially comfortable, then donating is reasonable; anytime before that, it's bad advice.

keep in mind, investment advice and financial planning are my field of specialty. i'm not afraid to tell others when they've been steered wrong by a "well-meaning" person.
Reply With Quote Quick reply to this message
 
Old 12-28-2009, 11:13 PM
 
Location: zippidy doo dah
895 posts, read 1,335,436 times
Reputation: 1928
Default sending a few bucks to causes...........

Another perspective as one of those who has always urged everyone to participate in the common good/the common cause - when i ran for office, i had the big donors and that was nice - but most of my campaign consisted of small donations - with that and a lot of door to door, face to face time, i won an election. the little guy prevailed and it was because a lot of people contributed "just a few bucks". I appreciated every dollar that came my way and a community benefited by sharing "just a few bucks"
Financially comfortable has many definitions - Brings to mind the Washington Post article about squeaking by in the metro area on 300,000.00 a year............................obviously that person hasn't reached a comfort level as yet.
So i'll throw in the adversarial stance here - do give - do donate - not beyond what you can comfortably - not because some charlatan tells you to send a certain amount and you'll be blessed but do send a few bucks to a cause you believe in, to a kettle for the needy, whatever. Maybe the health care issues, the joblessness issues, the other hardships in the world will be healed by "just a few bucks" .


Quote:
Originally Posted by acfreema View Post
this is the worst possible advice for someone who is worried about their financial situation. the cause that they support the most is their well-being, no one else. once they're financially comfortable, then donating is reasonable; anytime before that, it's bad advice.

keep in mind, investment advice and financial planning are my field of specialty. i'm not afraid to tell others when they've been steered wrong by a "well-meaning" person.
Reply With Quote Quick reply to this message
 
Old 12-29-2009, 07:37 AM
 
29,884 posts, read 34,945,207 times
Reputation: 11793
Quote:
Originally Posted by minimalistic View Post
I am in my late 30's, so is my SO. Over the past year I have just begun to really think about retirement and it scares me. Right now as the economy is still lousy, we are just trying to keep our heads afloat. Paying the mortgage and other bills. Our combined income is about 85,000. I just began maxing out the 403B (about 16,000) a year. As a teacher, I will get a pension after 30 years but who knows if I will teach another 20. My SO has no pension, or retirement plan through work, so technically I am saving for both of us. His SS will be little to nothing. I do try to save money in other ways-have a cd, invest in some stocks here and there.
Send money biweekly to a online savings account. I live in quite a high priced area, many people in my family are wealthy or doing well and I guess I am just feeling stressed and hopeless.

Scared Sally
I think some people are missing the fact that you are already investing over 16K a year and that is just your tax sheltered account. That will be a chunk of change in another 30 years. Also you are making other investments. Check your states retirement estimation calculator. If you had 35 years in today in one of the higher paying districts in the state your pension would probably be in the 40-55K range plus with 35 years of teaching your current Social Security would probably be $1,500-$1,600 per month at age 62 more at age 65. I suspect many in this forum would love to have that. If you have your house paid for and no mortgage you are in a good place. The problem becomes your husband. If you elect to guarantee him your pension that will result in a 15-20% annual reduction. Teaching is a great field as a spring board to retirement so stay with it and stay with Florida. I suspect that like most states your pension continues to go up after 35 years. Imagine if you did 40? If you started at 23-25 that has you retiring in your mid 60's. Try this site it is designed for teachers to protect them from predator financial advice that attempts to steer them to oh well check for yourself.
Reply With Quote Quick reply to this message
 
Old 12-29-2009, 07:43 AM
 
29,884 posts, read 34,945,207 times
Reputation: 11793
403(b)wise . The Leading Source of 403(b) Information on the Web

403(b)wise . Wise Information for Participants . Get Wise

Costly Lesson - Forbes.com
Some of the biggest names in insurance peddle lousy retirement plans with high fees and low returns. One and a half million teachers blithely signed up for these dogs--often with their unions' blessing.

Yet roughly 1.5 million teachers at the nation's public schools have put their retirement savings into insurance plans, for a total $120 billion in assets. The business is stoked by some of the biggest names in insurance:AIG, the world's largest insurer; ING; AXA; and MetLife. Some firms pay first-year commissions as high as 9% to agents, who troll school campuses for prospects.

The above three paragraphs are from Forbes Magazine so if there is disagreement it is between you and Forbes.

Who ya gonna believe these days?
Reply With Quote Quick reply to this message
 
Old 12-29-2009, 02:27 PM
 
231 posts, read 666,044 times
Reputation: 134
Quote:
Originally Posted by triciajeanne View Post
do give - do donate - not beyond what you can comfortably - not because some charlatan tells you to send a certain amount and you'll be blessed but do send a few bucks to a cause you believe in
i tell everyone: don't give because someone tells you that it's expected of you. IF you want to give, that is the only time it is appropriate. it is my firm belief that "charity" is a filthy word and should be scoured from the language, but giving to further a cause that you support is another matter. regardless, ensuring a comfortable present and future for yourself are the first and second priorities.

maximize the roth, maximize the 401k/403b/sep/simple, have sufficient life insurance and disability coverage, and have a "rainy day" fund of liquid resources. if you have resources left, do what you want with that, but everything else is your first list of priorities.
Reply With Quote Quick reply to this message
 
Old 12-31-2009, 10:49 AM
 
Location: Ocean Shores, WA
5,081 posts, read 12,993,869 times
Reputation: 10650
Lighten up and enjoy life.

If stress out worrying about the future when you are 30, you will be dead before you ever get to retire.
Reply With Quote Quick reply to this message
 
Old 12-31-2009, 02:50 PM
 
Location: Tampa, FL
27,798 posts, read 26,282,431 times
Reputation: 14611
Too many 20 and 30-yr olds don't live beneath their means. It good that you're concerned about your financial needs 20-30 yrs from now. Most people don't - and will regret it later.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top