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.
I've always been self employed in 2 separate careers so no Company 401Ks.
Fortunately I had a Mother who had a degree in Finance, did taxes and was an adviser with HD Vest so every year when she did our taxes she would tell me how much money to put into our SEP/IRA. She had set us up with American Funds and through ups and owns they have been pretty rock solid.
I have set up accounts with Vanguard and Fidelity. I do like the Fidelity website and services and will probably move 50% of my funds there over the next year, probably closing the Vanguard.
I just wish I had paid more attention 25 years ago. Luckily I had someone who did.
And like many, my Ex wife made me take a few steps back about 8 years ago. Luckily the last 8 years have been kind.
OF course 15-25 years ago we did not have the Internet and these great websites to watch, learn and grow our money.
Even 10 years ago we did not have City Data and the vast knowledge and sometimes less than any knowledge.
DH’s largest 401(k) is about $600,000. However, since he accumulated all of that after we were married, it is mine, too. I have been self-employed since 2001. My earnings largely went to running the household and buying a $104,000 van conversion for our future adventures, as well as making a down payment on our AZ home. I hold $100,000 in cash for business purposes. Which reminds me...
I took my 401k out at 62 yrs old and paid for a brand new home to be built.
No more house payment. Great idea!
I highly recommend taking your SS at 62 if you have a husband already taking theirs and somehow downsizing so the
monthly expenses are much lower. Your best life can be in retirement if you choose and your health co-operates
You cashed out your 401K to build a new home, and both you and your husband took Social Security at 62, that being said I hope there are other assets in the picture because if one age 62 Social Security check goes away when either of you passes and there isn't a bigger survivor benefit for either to move up to the survivor may have a very difficulty maintaining the home even without a mortgage.
2 decent pensions, 2 401k's, 2 almost maxed SS, 457b and 3 IRA's and virtually no health care costs as one of those pensions is military. Pretty sure we will be ok.
A couple of employers had 401k, but some had tough conditions to join. None of the smaller employers offered them. All mployees should have the option regardless of employer size. About half of workers do not have access.
A couple of employers had 401k, but some had tough conditions to join. None of the smaller employers offered them. All mployees should have the option regardless of employer size. About half of workers do not have access.
You can fund an IRA and with the exception of the employer match is essentially the same thing: your taxable income is reduced and the the growth is deferred to a time when you theoretically are in a lower tax bracket. On the other hand, investing out of a deferred plan isn't so bad either since rather than the withdrawls of a 401(k) or IRA being taxed as ordinary income, they're taxed at a long term capital gain. This gives you some flexibility at your kid's college tuition time. You can gift the funds to your kid and then the kid cashing them out at their long term capital gain tax rate which is practically nothing.
I wouldn't group 401k and pension together, since they are different. A 401k is not JUST from the employer; the employer contributes SOMETHING to it, but it is a joint employer-employee contribution investment retirement account.
A pension is 100% from the employer. It also isn't protected by law to the same extent as a 401k.
That isn't a absolutely true. As a public school teacher, I had to contribute 7.5% towards my pension and pay SS. Pensions aren't one-size-fits-all.
I also have an IRA, a Roth IRA, and 457.
A lot of my retirement monies came from my own pocket.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,409 posts, read 6,553,115 times
Reputation: 6685
Pension, 401K (will not tap into until 70), personal brokerage accounts, savings, company medical/dental plan for retirees through age 65, and SS (will take at age 67).
Ah, that is true. Although government employees will get a government pension rather than a 401K so they will have a comparable (or possibly better? I don't know anyone who worked/works for the government) revenue stream to a 401K.
They have both, government employees have both pension and a 401k, it’s called TSP.
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.
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.
