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Advice on retirement
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<blockquote data-quote="Dusty Buckets" data-source="post: 1983785" data-attributes="member: 53691"><p>Put your 401k into the s&p 500 account. Why? 1. lowest management fees. 2. S&P 500 accounts out perform 82% of "managed funds." Put 10% of your check away. Every year when you get a raise in August bump it up a percent until you've maxxed it out. You'll learn to live on less and you'll thank yourself when you finally punch out for the last time. No one ever said "Gee I wish I hadn't saved so much money for retirement." Go to <a href="http://www.firecalc.com" target="_blank">www.firecalc.com</a> and figure out how much you'll need to save to retire. Need $2000 a month? Sock away 625k and call it quits. Pay off your credit cards, cars, and home in that order. Never carry a balance on a card. Never take out a car loan. I made my last car payment in June 1991. I still make the payment, but it goes into my "car account." When I need some wheels, I have cash and can negotiate. Raise independent kids. At 18 they should be paying their own bills. And rent. And college. They have 40 years to pay off student loans you can only save for retirement once. And they won't help you with that so let them handle the college thing. Oh and have them move out. It'll build character. </p><p></p><p>I'm eligible to retire in 27 months 17 days. I can live comfortably on just my pension. My 401k will be fun money. Social Security, if I get it, will be more fun money. I'm not counting on it. My children are out of the house, and they know they can't come back. My house is paid off. I got a raise of $450 a week after Thanksgiving because I maxxed out my 401k contributions. I'll lose that January first but that's ok. </p><p></p><p>Spend some time at <a href="http://www.lenpenzo.com" target="_blank">www.lenpenzo.com</a> and <a href="http://www.mrmoneymustache.com" target="_blank">www.mrmoneymustache.com</a> for saving tips, frugal living, and ways to retire early.</p></blockquote><p></p>
[QUOTE="Dusty Buckets, post: 1983785, member: 53691"] Put your 401k into the s&p 500 account. Why? 1. lowest management fees. 2. S&P 500 accounts out perform 82% of "managed funds." Put 10% of your check away. Every year when you get a raise in August bump it up a percent until you've maxxed it out. You'll learn to live on less and you'll thank yourself when you finally punch out for the last time. No one ever said "Gee I wish I hadn't saved so much money for retirement." Go to [URL="http://www.firecalc.com"]www.firecalc.com[/URL] and figure out how much you'll need to save to retire. Need $2000 a month? Sock away 625k and call it quits. Pay off your credit cards, cars, and home in that order. Never carry a balance on a card. Never take out a car loan. I made my last car payment in June 1991. I still make the payment, but it goes into my "car account." When I need some wheels, I have cash and can negotiate. Raise independent kids. At 18 they should be paying their own bills. And rent. And college. They have 40 years to pay off student loans you can only save for retirement once. And they won't help you with that so let them handle the college thing. Oh and have them move out. It'll build character. I'm eligible to retire in 27 months 17 days. I can live comfortably on just my pension. My 401k will be fun money. Social Security, if I get it, will be more fun money. I'm not counting on it. My children are out of the house, and they know they can't come back. My house is paid off. I got a raise of $450 a week after Thanksgiving because I maxxed out my 401k contributions. I'll lose that January first but that's ok. Spend some time at [URL="http://www.lenpenzo.com"]www.lenpenzo.com[/URL] and [URL="http://www.mrmoneymustache.com"]www.mrmoneymustache.com[/URL] for saving tips, frugal living, and ways to retire early. [/QUOTE]
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