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

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23 hours ago, Shula-holic said:

Kind of a different question here, but how does everyone here value your primary residence in your net worth?  Similarly, how do you value your tax liability on retirement accounts? 

I've always discussed this with a close friend of mine and he always puts his primary residence on his personal financial statement as well as his retirement accounts at gross value.  I've always omitted my primary residence because I'm always going to need a place to live.  I've also put a 33% reduction factor on any pre-tax accounts knowing that when I cash them out I'm going to owe the IRS and can't liquidate without triggering that tax.  I realize technically net worth is the gross of those two items as well, but when looking at retirement and future funds available I adjusted for those two things.

Net worth absolutely includes equity

But frankly, net worth is overrated as a planning tool. Technically you don't include your pension or life insurance but those are key to planning. 

I'm not factoring taxes, I don't know what those will be in the future. But I do ensure to have a combination of Roth and traditional (currently ~60% Roth, will start contributing to the traditional more when my tax credits decrease) along with the regular brokerage.

 

Total returns:

https://www.slickcharts.com/sp500/returns

Edited by -OZ-

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48 now, 900k in brokerage and retirement accounts. When we get to 1m in brokerage and retirement accounts, I’m out for some dumb easy job. Wife can keep working until she’s 50 and leave if she wants to then (she’s 44). Will unfortunately receive around the same amount in inheritance, but hope that day never comes. 

Edited by Grace Under Pressure
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11 hours ago, kutta said:

I just looked at a couple different stock market calculators. Not sure how it takes into account dividends.

I’m fairly certain your numbers do not take that into account hence the way lower returns than what @ConstruxBoy posted.

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22 minutes ago, stbugs said:

I’m fairly certain your numbers do not take that into account hence the way lower returns than what @ConstruxBoy posted.

Yeah, think most numbers I’ve seen assume reinvested dividends. 

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Just now, ConstruxBoy said:

Yeah, think most numbers I’ve seen assume reinvested dividends. 

Haven’t seen you guys in a while? Might be time for a football game watch. 

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1 hour ago, Grace Under Pressure said:

48 now, 900k in brokerage and retirement accounts. When we get to 1m in brokerage and retirement accounts, I’m out for some dumb easy job. Wife can keep working until she’s 50 and leave if she wants to then (she’s 44). Will unfortunately receive around the same amount in inheritance, but hope that day never comes. 

Why unfortunately?  I’m thinking I’ll be getting a big fat nothing, and while I’m ok with that I’d be ecstatic if I was getting anything much less 1M.  Although, I’m with you in hoping the day never comes - except I hope my Mom passes before me. She would be devastated if I died first - despite me being a schmuck.

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16 minutes ago, AAABatteries said:

Why unfortunately?  I’m thinking I’ll be getting a big fat nothing, and while I’m ok with that I’d be ecstatic if I was getting anything much less 1M.  Although, I’m with you in hoping the day never comes - except I hope my Mom passes before me. She would be devastated if I died first - despite me being a schmuck.

Imagine how Ned's mom will feel. 

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51 minutes ago, AAABatteries said:

Why unfortunately?  I’m thinking I’ll be getting a big fat nothing, and while I’m ok with that I’d be ecstatic if I was getting anything much less 1M.  Although, I’m with you in hoping the day never comes - except I hope my Mom passes before me. She would be devastated if I died first - despite me being a schmuck.

Just because it means my Dad will have passed. My Mom has already passed, and I’m an only child, so that’s the unfortunate part. 

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20 hours ago, Otis said:

Yeah, it wouldn’t be a rental property first and foremost.  It would be a vacation property and local getaway that we rent out, really only because we have no interest in skiing and likely wouldn’t spend anything other than a single weekend up there all winter, and there are lots of ski nerds out there who would pay and arm and a leg to go up there so they can go out in the freezing cold all day and do ski stuff.  That’s why we’d rent it out.  We enjoy it most up there in the Fall, and I’m sure we’d go up in Spring and Summer for a few weekends.  If it were a beach house, I’d have the same concern — we’d want to use it when all the renters would want to use it.

Anyway, we’ll see.  My biggest problem is I just don’t know how often we’d get up there.  Maybe a handful of weekends per year.  And would it be worth the hassle for that, or are we just better off staying in a hotel and going up whenever we feel like it.  I just really like the idea of it, and, for those few weekends when the weather is perfect, I could see us loving it.  But definitely sounds like a PIA rest of the year...

Ok, if you won't use during prime ski season then maybe a little better. Of course if you are not right near a mountain not sure how much ski demand you will have and think you could get a lot more for your money the father away from an actual resort you are.  

I would suggest maybe try renting up there for a fall and see if it something you would like to do.  Also, put a pool in so you go there in summer as well.  

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22 hours ago, Otis said:

Yeah, it wouldn’t be a rental property first and foremost.  It would be a vacation property and local getaway that we rent out, really only because we have no interest in skiing and likely wouldn’t spend anything other than a single weekend up there all winter, and there are lots of ski nerds out there who would pay and arm and a leg to go up there so they can go out in the freezing cold all day and do ski stuff.  That’s why we’d rent it out.  We enjoy it most up there in the Fall, and I’m sure we’d go up in Spring and Summer for a few weekends.  If it were a beach house, I’d have the same concern — we’d want to use it when all the renters would want to use it.

Anyway, we’ll see.  My biggest problem is I just don’t know how often we’d get up there.  Maybe a handful of weekends per year.  And would it be worth the hassle for that, or are we just better off staying in a hotel and going up whenever we feel like it.  I just really like the idea of it, and, for those few weekends when the weather is perfect, I could see us loving it.  But definitely sounds like a PIA rest of the year...

My wife and I have a house in Northern AZ (about 1.5 hours from our primary residence). We decided to not rent it out, and make it "ours." Our bed. Our sofa. Our food. Our TV. It's been really great. 

We look at it like, when we are gone from our primary residence, we don't rent that out or let our friends use it. We treat our Northern AZ house the same way. And it's really gotten to feel like a second home.

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3 hours ago, Grace Under Pressure said:

Just because it means my Dad will have passed. My Mom has already passed, and I’m an only child, so that’s the unfortunate part. 

Both my parents have passed and it ####### blows.  Love 'em while you got 'em.

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On 11/2/2019 at 7:43 AM, Otis said:

Yeah, this would be up in the Catskills, so also in NY state where we live, but a couple hours outside the city, where taxes and carrying costs are a fraction of what we pay at home.  

My grandparents lived on the Hudson directly across the river from West Point.  Little town called Garrison.  Completely IMO, but the Catskills may be the prettiest country in this great country.

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3 hours ago, Grace Under Pressure said:

Just because it means my Dad will have passed. My Mom has already passed, and I’m an only child, so that’s the unfortunate part. 

I’m there with you right now. My mom has cancer and we are near the end. My dad is still living but 97.  I’ve taken over the finances and paying for the people who stay with them. It’s a sad thing but also inevitable. I agree it feels weird to think about the money side of that. 

Edited by Shula-holic

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52 minutes ago, Sand said:

My grandparents lived on the Hudson directly across the river from West Point.  Little town called Garrison.  Completely IMO, but the Catskills may be the prettiest country in this great country.

Copland?

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1 hour ago, NutterButter said:

Copland?

I'm not related to the composer.  The only thing I remember happening in that town was that Pataki moved in - residents were not impressed.

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My wife and I have a combined $1.16M in combined 401(k), Roth, and Traditional IRA's.  I'm 54 and she is 50.

My current employer matches 100% of my 401k (I know - unheard of), so I am deferring the max. of $25,000 while I can.

The hope is to retire at 61.  My dad passed away at that age and never was able to enjoy the fruits of his labor.  I'm trying like heck to make sure that doesn't happen to me. 

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13 minutes ago, Wheezer34 said:

My wife and I have a combined $1.16M in combined 401(k), Roth, and Traditional IRA's.  I'm 54 and she is 50.

My current employer matches 100% of my 401k (I know - unheard of), so I am deferring the max. of $25,000 while I can.

The hope is to retire at 61.  My dad passed away at that age and never was able to enjoy the fruits of his labor.  I'm trying like heck to make sure that doesn't happen to me. 

100%?!? Amazing. 

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5 hours ago, Wheezer34 said:

My wife and I have a combined $1.16M in combined 401(k), Roth, and Traditional IRA's.  I'm 54 and she is 50.

My current employer matches 100% of my 401k (I know - unheard of), so I am deferring the max. of $25,000 while I can.

The hope is to retire at 61.  My dad passed away at that age and never was able to enjoy the fruits of his labor.  I'm trying like heck to make sure that doesn't happen to me. 

Holy crap. Any job openings?

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I'm behind the 8 ball.  The ex-wife and I were really stupid about saving money and the last three years of our marriage I was paying for a condo mortgage in Chicago and rent in NYC.  Luckily my divorce didn't cost a lot to get out, but the only thing I had in my name was a modest 401k that's at least crossed the six figure line.  I've been at ground zero the last three years as I took a 50% pay cut to move out to Portland to get into the weed business.  Finally now at a point where I'm saving at least $15,000/year (post tax) and hopefully my start up company will start a retirement plan in 2020.  I'm 51...but single, no kids, no debt and I own a house where I should make a modest return.

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51 minutes ago, cap'n grunge said:

Holy crap. Any job openings?

I  just took the job here myself this past January.  Tax work for a high net worth family. 

Late in life for a job change, but I couldn't pass up the uptick in salary or the benefits.  

Sorry, but no openings.  I'll keep you posted tho.

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1 hour ago, dino259 said:

Contribution limit going up to $19,500 for 2020.  No change to IRA.

This is irritating. 

Why not have the IRA equal the 401k?

At least $19,500 divides well by 26. I already changed to next year's max. We won't max this year, only because we bought a car with that money instead. (We'll only put $17250 in this year)

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42 minutes ago, Wheezer34 said:

I  just took the job here myself this past January.  Tax work for a high net worth family. 

Late in life for a job change, but I couldn't pass up the uptick in salary or the benefits.  

Sorry, but no openings.  I'll keep you posted tho.

Do they need a moderately competent attorney?

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8 minutes ago, -OZ- said:

Do they need a moderately competent attorney?

You know any?

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7 hours ago, Wheezer34 said:

My wife and I have a combined $1.16M in combined 401(k), Roth, and Traditional IRA's.  I'm 54 and she is 50.

My current employer matches 100% of my 401k (I know - unheard of), so I am deferring the max. of $25,000 while I can.

The hope is to retire at 61.  My dad passed away at that age and never was able to enjoy the fruits of his labor.  I'm trying like heck to make sure that doesn't happen to me. 

I’m gonna one-up you.

Our 401-K matches 150% up to 8%. For those of us who reach our max contribution with 8%, it’s pretty insane - almost $50K a year going in.

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3 minutes ago, kutta said:

I’m gonna one-up you.

Our 401-K matches 150% up to 8%. For those of us who reach our max contribution with 8%, it’s pretty insane - almost $50K a year going in.

Resume sent

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Also, I mentioned a link back during the bounce back discussion of recessions. And I found it:

Linky

Whoever corrected me about the Great Depression not being included was right. These are post WWII. Sorry about that. 

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3 hours ago, kutta said:

I’m gonna one-up you.

Our 401-K matches 150% up to 8%. For those of us who reach our max contribution with 8%, it’s pretty insane - almost $50K a year going in.

Isn't the max employer and employee cont rate 30?

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Mine just does cheap ### 150% on first 4% so effectively 4% buys you 10 if that makes sense.  There's a Roth 401 option I'll probably swap to next year   

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3 hours ago, kutta said:

I’m gonna one-up you.

Our 401-K matches 150% up to 8%. For those of us who reach our max contribution with 8%, it’s pretty insane - almost $50K a year going in.

Hi. I am trainable. Hire me.

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Fed government matches up to 5%. There’s an automatic 1% contribution, then 1/1 up to 3%, and 1/2 for 4% and 5%.

I’m not looking to change jobs but if any of your companies want to hire my wife to do a simple work-from-home job, that would be cool. 

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45 minutes ago, dgreen said:

Fed government matches up to 5%. There’s an automatic 1% contribution, then 1/1 up to 3%, and 1/2 for 4% and 5%.

I’m not looking to change jobs but if any of your companies want to hire my wife to do a simple work-from-home job, that would be cool. 

Feds get a pension too. 

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Just now, Capella said:

Feds get a pension too. 

Yep. A big reason why I’m not looking to change jobs. 

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1 hour ago, culdeus said:

Isn't the max employer and employee cont rate 30?

$56,000 for 2019, $62,000 if the employee is over 50.

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2 hours ago, culdeus said:

Isn't the max employer and employee cont rate 30?

I’m not sure what exactly you’re asking, but if I put in 19k, I get matched 28.5k.

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On 11/1/2019 at 5:29 PM, culdeus said:

I think most of us will be going into LTC after the baby boomers all die.  The bubble crash in that area will be dramatic.  Price hikes like they show are not sustainable.  

That being said anyone got a good LTC reit stock?

 

Maybe not?

https://www.wsj.com/articles/boomers-want-to-stay-home-senior-housing-now-faces-a-budding-glut-11573554601?mod=hp_lead_pos5

Quote

Senior housing is often a compelling option for older people who have medical issues, need companionship or need assistance with eating, shopping and other daily activities. For years, real estate developers have bet on more people moving into senior housing facilities through increases in construction projects, adding 21,332 new units in 2018 — more than double the number added in 2014. But as more people are choosing to “age-in-place” and stay in their existing homes, the National Investment Center for Senior Housing & Care says that occupancy rates in senior housing have fallen — to 88 percent in the third quarter of this year compared with 90.2 percent in the fourth quarter of 2014. 

 

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On ‎1‎/‎24‎/‎2018 at 9:02 AM, dino259 said:

I'm 43 and have about $420K.  Wife is also 43 and has about $515K.  We also have IRAs.  We have been able to max out both 401Ks and IRAs for a couple of years now.

 

2 years later and the combined 401k and IRA and an annuity account are closer to $2M.  However, as stated most of this is in tax deferred items.  We are basically maxing 401k and IRA Contributions.  Should we back off some of the 401K and put a little more into more accessible accounts?  Kind of hard to plan to retire early if there is no access to the funds?  Does that make sense?

 

We have about $15K auto loan at .9% (projected payoff of 2 years but tempted to just pay it off)  and the remaining mortgage is about $65k at 3 or 3.25% projected payoff of about 7 yrs.

 

Edited by dino259
loan balances
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53 minutes ago, dino259 said:

2 years later and the combined 401k and IRA and an annuity account are closer to $2M.  However, as stated most of this is in tax deferred items.  We are basically maxing 401k and IRA Contributions.  Should we back off some of the 401K and put a little more into more accessible accounts?  Kind of hard to plan to retire early if there is no access to the funds?  Does that make sense?

 

We have about $15K auto loan at .9% (projected payoff of 2 years but tempted to just pay it off)  and the remaining mortgage is about $65k at 3 or 3.25% projected payoff of about 7 yrs.

 

Thats pretty amazing.  Rule 72t allows for early disbursements from retirement accounts. 

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the #### did i do wrong with my life that i'm not putting 50k a year in to a 401k

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35 minutes ago, mr. furley said:

the #### did i do wrong with my life that i'm not putting 50k a year in to a 401k

:hifive:

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