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Old 02-04-2017, 09:15 AM
 
Location: SoCal
20,160 posts, read 12,710,192 times
Reputation: 16993

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Quote:
Originally Posted by mathjak107 View Post
it is best to develop multiple income sources in preparation for retirement . there are so many things linked to taxable income that having the ability to pull from different tax status accounts can save you a lot of money in other areas .

the best structure will be having roths , traditional and brokerage account in the plan
I agree with this. You maybe able to use taxable account when one is unemployment for long or before taking SS. I don't have to worry about ACA so that's less headache for me.
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Old 02-04-2017, 12:20 PM
 
Location: RVA
2,766 posts, read 2,072,731 times
Reputation: 6638
Geez, just leave the OP with his head buried in the sand of his choice. Forcing good advice down anyones young throat is like trying to teach a pig to sing. It pisses off the pig, and they can't sing anyway. My 28 yo step son is just as adamant that his way is the smarter way to do things. Maybe we all were that way.
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Old 02-04-2017, 09:31 PM
 
Location: Florida
11,669 posts, read 17,894,054 times
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Quote:
Originally Posted by Perryinva View Post
Geez, just leave the OP with his head buried in the sand of his choice. Forcing good advice down anyones young throat is like trying to teach a pig to sing. It pisses off the pig, and they can't sing anyway. My 28 yo step son is just as adamant that his way is the smarter way to do things. Maybe we all were that way.
People on this forum often give one size fits all advice that isn't the best for me.
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Old 02-04-2017, 11:20 PM
 
11,025 posts, read 7,795,456 times
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Quote:
Originally Posted by nep321 View Post
People on this forum often give one size fits all advice that isn't the best for me.
One question: How much did you pay in fees in your 401k in 2016? I'll bet you don't even know how to figure it out.
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Old 02-05-2017, 03:43 AM
 
106,236 posts, read 108,237,907 times
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Quote:
Originally Posted by nep321 View Post
People on this forum often give one size fits all advice that isn't the best for me.
than cherry pick the stuff that is for you. plus don't believe your own bull either .

it isn't what you don't know that hurts you as much as the stuff you think you know that ain't so .

you may think some of that advice isn't the best for you , but that is only because it may be the fact you are running on misinformation .
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Old 02-05-2017, 10:32 AM
 
Location: Omaha, Nebraska
10,348 posts, read 7,934,106 times
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Quote:
Originally Posted by mathjak107 View Post
than cherry pick the stuff that is for you. plus don't believe your own bull either .
Especially bull like "I don't mind paying taxes." By your own admission, you're choosing to fund a traditional retirement account rather than a Roth account because the contribution to a traditional account lowers your taxable income and gives you more money to do fun stuff, while a contribution to a Roth does not. That's not the behavior of someone who doesn't mind paying taxes! That's the behavior of someone who (quite sensibly) realizes that paying more in taxes always means less money is available for other things.

Don't assume you'll be any happier to pay higher taxes in your old age than you are now. Don't assume that when you are old you'll be happier with a much more modest standard of living than you have now. Don't assume that after you retire you'll be happy to relocate to an entirely new state where you know no one just to save money. Because none of those things may be true.
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Old 02-05-2017, 10:36 AM
 
Location: SoCal
20,160 posts, read 12,710,192 times
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Quote:
Originally Posted by Aredhel View Post
Especially bull like "I don't mind paying taxes." By your own admission, you're choosing to fund a traditional retirement account rather than a Roth account because the contribution to a traditional account lowers your taxable income and gives you more money to do fun stuff, while a contribution to a Roth does not. That's not the behavior of someone who doesn't mind paying taxes! That's the behavior of someone who (quite sensibly) realizes that paying more in taxes always means less money is available for other things.

Don't assume you'll be any happier to pay higher taxes in your old age than you are now. Don't assume that when you are old you'll be happier with a much more modest standard of living than you have now. Don't assume that after you retire you'll be happy to relocate to an entirely new state where you know no one just to save money. Because none of those things may be true.
Haha, I didn't miss that first line of BS.
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Old 02-05-2017, 01:22 PM
 
Location: SoCal
20,160 posts, read 12,710,192 times
Reputation: 16993
For a young person, it's best to save, IRA, 401k or Roth IRA, just do it. I know one of my kids wouldn't start saving if she doesn't immediately see the benefits, like reduced income tax and FICA tax. So it's best to let her think she's better off with 401k. Maybe when she has more money, she can do Roth 401k.
Also I think if one puts money in 401k, one effectively lowers one's income that one might even qualify for Roth IRA. A win win combination.

Last edited by NewbieHere; 02-05-2017 at 01:36 PM..
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Old 02-07-2017, 02:37 AM
 
33,862 posts, read 16,900,092 times
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Quote:
Originally Posted by nep321 View Post
I noticed that over the past year or two, the estimated Social Security benefit (when I log onto my SS account on the official website) seems to change every couple of months. Why does it fluctuate so often? I thought it would only be changed once a year.....apparently not.

.

Your gross dropped, and it projects future based on trending out present plus COL adjustment. So it projects 30 plus years worse based on this salary level vs Stamford level.
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Old 06-03-2017, 11:07 AM
 
33,862 posts, read 16,900,092 times
Reputation: 17134
Quote:
Originally Posted by BobNJ1960 View Post
Your gross dropped, and it projects future based on trending out present plus COL adjustment. So it projects 30 plus years worse based on this salary level vs Stamford level.
It will do the same again next year based on 2017, no matter how many months of work 2017 includes, btw.

Top 35 years are included, even if <12 months work in many. Divisor is 35. That gets you SS average gross earnings for computation purposes.
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