Poop Head
Judge me.
Ive masturbated in church. But never in a casino..
I know what im doing the first weekend everything opens back up
ups 401k
- Thread starter Jkloc420
- Start date
I know what im doing the first weekend everything opens back up
brownmonster
Man of Great Wisdom
Before or after hitting a jackpot?
Babagounj
Strength through joy
When it comes to 401Ks , Uncle Sam is going to want his taxes paid. Once you can take some money out, just remember this ; $10 Fee to Prudential is upfront and then what ever amount you are withdrawing minus taxes ( depending on your state )of .251 = X.
I have done this 4 times in the last 5 years, try to do any movement of funds prior to the year before going on Medicare. It will effect your income levels.
Higher income levels will make your Medicare costs go up. Under $85K and you are safe but $85K to $109K jacks up what you owe Uncle Sam.
No SS for me yet, waiting to get to FRA and a couple of months longer. Need to get as much as possible before SS has to make 25% Cuts. Projected date for cuts has been moved up by 2 years due to the lack of incoming funds today.
I have done this 4 times in the last 5 years, try to do any movement of funds prior to the year before going on Medicare. It will effect your income levels.
Higher income levels will make your Medicare costs go up. Under $85K and you are safe but $85K to $109K jacks up what you owe Uncle Sam.
No SS for me yet, waiting to get to FRA and a couple of months longer. Need to get as much as possible before SS has to make 25% Cuts. Projected date for cuts has been moved up by 2 years due to the lack of incoming funds today.
rocket man
Well-Known Member
i guess you are a full-blown catholic
UpstateNYUPSer(Ret)
Well-Known Member
Did your Dad not have "the talk" with you when you were growing up?
ManInBrown
Well-Known Member
I’m 100% in the S&P and I’m leaving it. I’ll go down with the ship. Really the only choice. I have a long time till retirement and the only way it doesn’t rebound eventually is if this virus turns into the Black Plague.
UpstateNYUPSer(Ret)
Well-Known Member
While the S&P is a solid choice, I would be taking advantage of this down market by maxing out my SMA.
The Driver
I drive.
Pretty close to your strategy. I've got 22 years to retirement, I'm 13% to my goal. Maxing out both my 401(k) and my Roth IRA, the rest is staying in cash. Actually some is set aside to play this market if it tries to test the bottoms we've seen already this year.
I am not a single stocks kind of guy, though. I like buying the market. Domestic, international, and a few bonds. And having some cash on the side. Simplicity.
That is a solid plan. ITs a marathon not a sprint. Any of you young new retirement investors need to follow this plan.
The Driver
I drive.
It helps that I'm a simple guy with overall simple tastes. No car note, renting within reason. Might buy a house in the near future, nothing extravagant. Never been married, no kids. My first priority is saving and investing in my own future, the rest is diligently spent on goods and services that are as least wasteful as possible. I spend a lot of quality food, for example, because one either pays the grocer now or pays the doctor later.
No boats, no crazy expensive yearly vacations. Keep insurance premiums paid, go to work everyday, be at peace with how much I actually bring home for week-to-week spending... Key word is simplicity, definitely.
This place grinds you up as it is, I couldn't bear the thought of being in loads of consumer debt and working everyday with no end in sight. Goals are key.
To the young guy reading this, take note. You'll sleep better.
UpstateNYUPSer(Ret)
Well-Known Member
For those who may want to invest but don't want to be involved on a regular basis, there are the Bright Horizon target funds. You simply find the fund that is closest to your projected retirement year; however, keep in mind that these funds generally start aggressive and transition to more conservative investments as you near the target date. If you want to remain aggressive simply choose a target fund that is 10 years (or more) beyond your projected retirement year. These funds are basically "set it and forget it".
That is correct it is much cheaper to buy the individual funds but with that being said if you have no clue on how to invest it's a good option.
People spent countless hours researching a car or some other product to buy but won't even spend 15 minutes on learning how to invest
UpstateNYUPSer(Ret)
Well-Known Member
You are paying for the convenience of "set it and forget it".
ManInBrown
Well-Known Member
So are you suggesting Roth is the route to go? For someone like me who maxes out every year my income will probably be very high if the pension is still kicking.
Jackburton
Gone Fish'n
Just the nature of a Roth account, it allows you to contribute your tax rate percentage more.
With the lower tax rates were enjoying right now The ROTH is a really good option
rod
Retired 22 years
That's funny
Clemson Gentleman
New Member
Live on less than you make, keep investing, and let compounding interest do its magic.
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