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dorno

What's your age and the value of your 401k?

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I couldn't find a current thread going so figured I'd start a new one.

Didn't really want to make this a pole so I'm just straight up asking. I'm not including my wife's retirement, or social security, or pensions.

I'm just shy of 42 and have roughly $330,000. Been saving since 19 way back in 95'. Currently putting 15% away in my 401k. I also I have a pension plan on top of my 401k, so I got some beer money there. Looking at "retiring" somewhere around 60, at least from my current job. Maybe work part time for a few then hang it up for good.

So where you at savings wise? And goal wise?

Edited by dorno
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Would you like our pin numbers too? 

Your title is asking 401k, so zero.

Edited by -OZ-
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You should include your wife's retirement savings too. She's including yours in hers. 

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I got started late. Didn’t start legitimately saving until i was 36. Making up ground by maxxing out my contribution, maxxing out Roth IRAs for me and my wife and taking advantage of employer contributions to 403b.

48 now, I figure, for sure, i’m working until 65, hoping SS and Medicare still have something in the pot. Might be working until 70. 

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4 minutes ago, eoMMan said:

Dick swinging thread, eh?

No, just legitimately curious. Sometimes it seems like a lot but then I look at having only 20 years of work to go and thinking maybe it won't be enough. 

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37 minutes ago, Johnny Rock said:

Might be time to update your avatar from that one you uploaded drunk. :X

Never. I like my drunken selfie errrrrr I mean some strange dude I found online.

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42 and I don't have one anymore.  Had to cash it out to pay flood bills.  

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25 minutes ago, KCitons said:

You should include your wife's retirement savings too. She's including yours in hers. 

I'd say she's got 50-60k in her current and former employers accounts. 

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Knowing my family history with the cancer and other oddball diseases, I'm sure I won't be enjoying the full retirement experience.

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I don't expect this country's economy to sustain much longer anyway, with all the money flowing up to the rich dudes. So rats azs? 

I can't lose what I don't have is my new motto!

Edited by PIK95

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I'm 46 and have $0 in 401K, IRAs etc.... My money is invested in my business, and earning around 50%/yr. I am my own venture capitalist. The stock market doesn't create wealth. The stock market is where the wealthy store their wealth. Venture capitalism is where wealth is created. The IPO is the exit strategy. 

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Just now, Clown Car said:

47 and $0. I'm storing all my wealth in my kids braces, bellies, hobbies. 

What kind of return are you getting on those?

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14 minutes ago, dorno said:

Knowing my family history with the cancer and other oddball diseases, I'm sure I won't be enjoying the full retirement experience.

Then the shark move is to buy a life insurance policy that covers you until 65 and retire now. 

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14 minutes ago, Getzlaf15 said:

What kind of return are you getting on those?

Early death so need for extended sav8ngs is nil.  Thanks kids!!

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18 minutes ago, Politician Spock said:

I'm 46 and have $0 in 401K, IRAs etc.... My money is invested in my business, and earning around 50%/yr. I am my own venture capitalist. The stock market doesn't create wealth. The stock market is where the wealthy store their wealth. Venture capitalism is where wealth is created. The IPO is the exit strategy. 

Of course the stock market can create wealth. That's a totally ridiculous comment. Are you not familiar with compound interest?

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3 minutes ago, dutch said:

Early death so need for extended sav8ngs is nil.  Thanks kids!!

Dude. I've got 5 kids, the oldest 2 are teenagers. Between them and my 3yo daughter I'm digging my grave at 41.

Edited by -OZ-
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47 minutes ago, Getzlaf15 said:

What kind of return are you getting on those?

0% right now. But if 1's goal of "movie star" is achieved I'm golden. 

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4 minutes ago, Clown Car said:

0% right now. But if 1's goal of "movie star" is achieved I'm golden. 

Your odds are much better than most that at least one will help take care of you. Don’t sweat it!

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13 hours ago, KCitons said:

Then the shark move is to buy a life insurance policy that covers you until 65 and retire now. 

That's what I did honestly.  Retired at 35.

I did get bored and started working a little bit now.

Edited by PIK95
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1 hour ago, KCitons said:

Then the shark move is to buy a life insurance policy that covers you until 65 and retire now. 

Looked into it already. More than I'd like to spend for "just in case".

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These threads are always great for getting alternatings feelings of feeling good about yourself and panicking about your future. 

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4 minutes ago, shuke said:

These threads are always great for getting alternatings feelings of feeling good about yourself and panicking about your future. 

I'm sure I don't have to tell you this but just use a compound interest calculator to see if you are on pace. Barring something awful I'll be retired at 60. 

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2 hours ago, Bucky86 said:

Hold my beer.

/chet

Chet spends more on ski lessons in a year than that.

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2 hours ago, Getzlaf15 said:
2 hours ago, Clown Car said:

47 and $0. I'm storing all my wealth in my kids braces, bellies, hobbies. 

What kind of return are you getting on those?

About a 20% increase in lip per year.  

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2 minutes ago, Capella said:

I'm sure I don't have to tell you this but just use a compound interest calculator to see if you are on pace. Barring something awful I'll be retired at 60. 

Sounds way too simple. Compound interest calculator sounds like something that assumes a constant annual increase. 

 

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2 minutes ago, shuke said:

Sounds way too simple. Compound interest calculator sounds like something that assumes a constant annual increase. 

 

Well you have to plug in expected interest rate and whether it compounds daily, monthly or annually but I think a 7% return is conservative and a good place to start. 

I mean obviously it's not guarantee but what is. 

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I’ll admit I’m just way too lazy to research and understand this stuff. I just shove a bunch of money in and cross my fingers.  

At what age do I start pulling out of the stock market and converting to guaranteed investments?

Edited by shuke

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4 minutes ago, shuke said:

Sounds way too simple. Compound interest calculator sounds like something that assumes a constant annual increase. 

 

You are correct, it is one of the common mistakes people make when trying to do long term calculation.  A 4% after tax yearly average can give you WILDLY different end results depending on the distribution of those numbers through out the years since as you state, constant return is meaningless when investing in most items.

 

While far from perfect (no system is), I always prefer using Monte Carlo simulations, like what firecalc uses, to help give you a better picture of the possible results.

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1 minute ago, NewlyRetired said:

You are correct, it is one of the common mistakes people make when trying to do long term calculation.  A 4% after tax yearly average can give you WILDLY different end results depending on the distribution of those numbers through out the years since as you state, constant return is meaningless when investing in most items.

 

While far from perfect (no system is), I always prefer using Monte Carlo simulations, like what firecalc uses, to help give you a better picture of the possible results.

See, just reading this makes me think, “ah #### it”. 

 

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2 minutes ago, shuke said:

At what age do I start pulling out of the stock market and converting to guaranteed investments?

There is no one age, it is different for every situation

If you want to plan, you need to first figure out roughly what you intend to spend yearly in retirement.  Then you need to decide how much of your nest egg you feel comfortable taking from (some people use 4%, some people use 3%).  Once you decide that, then you can see roughly what size nest egg you need.

The size of the nest egg then determines answers to questions like yours above.  When you get some what close to your goal, the general rule of thumb is that you want to move into less riskier investments (but likely not  guaranteed investments unless you are already at your goal since  guaranteed investments are so low.)

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2 minutes ago, NewlyRetired said:

You are correct, it is one of the common mistakes people make when trying to do long term calculation.  A 4% after tax yearly average can give you WILDLY different end results depending on the distribution of those numbers through out the years since as you state, constant return is meaningless when investing in most items.

 

While far from perfect (no system is), I always prefer using Monte Carlo simulations, like what firecalc uses, to help give you a better picture of the possible results.

It's really not all that complicated. I've been doing it for years and when I look at the end of the year it's within what I consider a very reasonable margin. It's not perfect at all but good enough to keep me on track. And more importantly, it's fairly simple to engage. 

YMMV

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1 minute ago, shuke said:

See, just reading this makes me think, “ah #### it”. 

 

sure that is one way to go :)

But seriously, this is not the 1970's anymore.  We have so many simple to use and powerful tools available to us at our finger tips that it would be a shame to just ignore it entirely when all it takes to get started is maybe 5 - 10 minutes of your time.

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1 minute ago, Capella said:

It's really not all that complicated. I've been doing it for years and when I look at the end of the year it's within what I consider a very reasonable margin. It's not perfect at all but good enough to keep me on track. And more importantly, it's fairly simple to engage. 

any one like yourself who does any level of tracking/predicting is already way ahead of most people in the country.   It takes such little work since all the math is just a couple of clicks away with the online tools I still wonder why most won't even give it a shot.

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5 minutes ago, NewlyRetired said:

sure that is one way to go :)

But seriously, this is not the 1970's anymore.  We have so many simple to use and powerful tools available to us at our finger tips that it would be a shame to just ignore it entirely when all it takes to get started is maybe 5 - 10 minutes of your time.

Can you lay it out for me in simple instructions?

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2 minutes ago, NewlyRetired said:

any one like yourself who does any level of tracking/predicting is already way ahead of most people in the country.   It takes such little work since all the math is just a couple of clicks away with the online tools I still wonder why most won't even give it a shot.

I have an extensive spreadsheet going back a decade tracking every investment and fund and total net worth. My wife thinks I'm nuts. But if the house was burning I'd grab that computer pretty quick. 

My uncle sat me down when I was 18 and said "I'm going to teach you about compound interest" and it was without a doubt the most meaningful conversation I've ever had. 

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1 minute ago, Capella said:

I have an extensive spreadsheet going back a decade tracking every investment and fund and total net worth. My wife thinks I'm nuts. But if the house was burning I'd grab that computer pretty quick. 

My uncle sat me down when I was 18 and said "I'm going to teach you about compound interest" and it was without a doubt the most meaningful conversation I've ever had. 

I too have an extensive spreadsheet.  But with all respect, good buddy, tracking what you have is not the same is ensuring you’ll have enough when you retire. 

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Just now, Capella said:

I have an extensive spreadsheet going back a decade tracking every investment and fund and total net worth. My wife thinks I'm nuts. But if the house was burning I'd grab that computer pretty quick. 

My uncle sat me down when I was 18 and said "I'm going to teach you about compound interest" and it was without a doubt the most meaningful conversation I've ever had. 

I had a similar spread sheet when I was planning. ### #### did that thing evolve over time.  On top of just tracking regular investments, I built in predictive models for college, selling our home etc, models for retirement spending etc.   It was silly but fun to update.

Then once I got a little close to retirement, I discovered firecalc and that took me the rest of the way home.

Now that I am retired I kind of miss it a little, the tracking so often to see how close I was getting.  Now I barely check once every 6 months 

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2 minutes ago, shuke said:

I too have an extensive spreadsheet.  But with all respect, good buddy, tracking what you have is not the same is ensuring you’ll have enough when you retire. 

No, I track that too. Annual projections matched up against end of the year returns. Then I adjust future projections accordingly. 

Edited by Capella

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Just now, shuke said:

I too have an extensive spreadsheet.  But with all respect, good buddy, tracking what you have is not the same is ensuring you’ll have enough when you retire. 

I like to think of planning as a road map to retirement.

Sometimes you can get to where your going with out a map.

Sometimes you still get lost with a map

But the majority of the time if you have an accurate map, you will reach your goal.

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1 minute ago, NewlyRetired said:

I had a similar spread sheet when I was planning. ### #### did that thing evolve over time.  On top of just tracking regular investments, I built in predictive models for college, selling our home etc, models for retirement spending etc.   It was silly but fun to update.

Then once I got a little close to retirement, I discovered firecalc and that took me the rest of the way home.

Now that I am retired I kind of miss it a little, the tracking so often to see how close I was getting.  Now I barely check once every 6 months 

Awesome. I'm kind of obsessed with it. I love adding to it. :nerd: 

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Just now, Capella said:

Awesome. I'm kind of obsessed with it. I love adding to it. :nerd: 

you want to really freak yourself out, start adding in a predictive model for your kids college costs :)

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