Need advice from future retirees or retired.

I went into feeders when I was 29, after 8 yrs in PC and stayed 30 more in Feeders. My only regret was that I didn't max out my 401k every pay period from jump. I saw the light eventually, tho.
No they can do everything perfectly
But at least you invested

We got so many guys that live basically paycheck to paycheck they probably put less than 5% into their 401k


Even a little bit adds up over time
 

Up In Smoke

Well-Known Member
I’ve seen people lose their homes because interest rates went up rapidly.
Mortgage rates are tied to the 10 yr treasury note. Historically that note doesn't move enough to cause foreclosures. The HUD sales that we typically see are because mortgage regulations were adjusted to allow people who couldn't or shouldn't own a house, get a mortgage. 2003-2005 and 2018-2021 are the most recent to my memory. We will see in about 2 years the result of those questionable policy adjustments.
 

burrheadd

KING Of GIFS
If you don’t know anything about investing and you want to get started
There are funds in the bright horizon family
Pick one that is near your retirement year
It starts out fairly aggressive the closer you get to retirement it becomes less aggressive All you have to do is sign up and forget about it
 
Mortgage rates are tied to the 10 yr treasury note. Historically that note doesn't move enough to cause foreclosures. The HUD sales that we typically see are because mortgage regulations were adjusted to allow people who couldn't or shouldn't own a house, get a mortgage. 2003-2005 and 2018-2021 are the most recent to my memory. We will see in about 2 years the result of those questionable policy adjustments.
Well the 10 year treasury is only around three and a half percent

The two-year treasury is over 4%
 

Up In Smoke

Well-Known Member
If you don’t know anything about investing and you want to get started
There are funds in the bright horizon family
Pick one that is near your retirement year
It starts out fairly aggressive the closer you get to retirement it becomes less aggressive All you have to do is sign up and forget about it
That's not very sound advice. Would you buy a house and not insure it? Would you buy a car and not maintain it? IMO, a couple hours a week of financial maintenance is a small commitment to most likely your most valuable asset.
 

olroadbeech

Happy Verified UPSer
Lots of good advice here.

Max out your 401k if you can. I didnt start until age 38. If I started when you did I would have 2-3 mil in it by now.

Did pay off the house in 17 years instead of 30 and saved a ton on interest. Was able to retire at 58 instead of waiting for social security to kick in.
 

burrheadd

KING Of GIFS
That's not very sound advice. Would you buy a house and not insure it? Would you buy a car and not maintain it? IMO, a couple hours a week of financial maintenance is a small commitment to most likely your most valuable asset.

It’s a good way to get started without much pain or knowledge
If he’s in a sleeper 5 or 6 days a week he needs something easy
 

Mindless wonder

Active Member
When I retired, my counselor wanted me out of the teamsters 401 and into an IRA because I'm happily married and if something were to happen to me there were a few more Hoops my wife would have to jump through that I didn't want her to do. Good luck
 

olroadbeech

Happy Verified UPSer
We have been putting off the will.
Needs to be done.

I did not know that the 401k may be a problem if you pass. Will look into that.
 

bottomups

Bad Moon Risen'
Recently inherited a sizeable 403b from mom. The new 10 year rule on inherited IRAs suck. Would rather leave it and let it grow.
 

Red Headed Stranger

Well-Known Member
Depending on the state you reside in, you may be able to do this on your vehicles and real estate as well. Again, this allows for an immediate transfer of either the vehicle or real estate after death, while avoiding probate.
 

badpal

Well-Known Member
Recently inherited a sizeable 403b from mom. The new 10 year rule on inherited IRAs suck. Would rather leave it and let it grow.
I will have to study up on the ira 10 year rule. I do remember when i helped set up my folks trust maybe 10 years ago the lawyer said he didnt want to include thier IRA s in it. I really never understood why. They both still kickin so aint had to deal with it yet.
 
I will have to study up on the ira 10 year rule. I do remember when i helped set up my folks trust maybe 10 years ago the lawyer said he didnt want to include thier IRA s in it. I really never understood why. They both still kickin so aint had to deal with it yet.
Basically you have to withdraw all the money in 10 years you cannot stretch it out any longer
 

rod

Retired 21 years
Get yourself a good financial planner. Don’t rely on advice from a bunch of peckerheads on an Internet forum.
 

Red Headed Stranger

Well-Known Member
We have set up a trust for our children. Wills can be contested and are more restrictive. If you want to protect your nest egg from Uncle Sam, do this sooner than later.
The only downside to a trust for your kids is if the money remains in the trust (does not pass through upon your death), the tax rate in 2022 for trusts is 37% on income in excess of $13,450. That is much higher than most individual tax rates.
In 2022 the federal government taxes trust income at four levels:

  • 10%: $0 – $2,750
  • 24%: $2,751 – $9,850
  • 35%: $9,851 – $13,450
  • 37%: $13,451 and higher
 

bottomups

Bad Moon Risen'
I will have to study up on the ira 10 year rule. I do remember when i helped set up my folks trust maybe 10 years ago the lawyer said he didnt want to include thier IRA s in it. I really never understood why. They both still kickin so aint had to deal with it yet.
The 10 year rule just came into effect in 2020 I believe. This year the IRS wants to include RMD's for all those 10 years. Guess they want their tax dollars earlier.
 
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