The Retirement Thread...

[boozeman]

There are some of us who are there already...and those that are not.

Just a thread for thoughts on it.

Fuck you youngsters.

 

[data]

~stomp stomp~

 

[boozeman]

Fuck you Phil.

Actually you ain't exactly young either.

 

[jsmith6919]

I'm getting close. We put down on some acreage just this year and will be starting construction on a house there next year.

 

[Smitty]

I'm not sure the point of this thread.

Are you nearing retirement, Booze?

 

[Cotton]

I have about 6 years left and then I'm eligible. Haven't really started thinking much about if I will retire when eligible just yet, but it's coming.

 

[Smitty]

Christ, you guys are old.

I'm still paying off student loans.

 

[L.T. Fan]

Been retired 20 Years as of this December. Retirement is great if you have set up a system or activities and responsibilities. The primary obstacle is health being stable. I will say this however, it is extremely important to not get too entangled in activities that makes excessive demands on your time because that is really all you have left. Stay active but not to the extent that you are on a schedule similar to a employment position. If you do you might as well get another job and get paid.

 

[Cowboysrock55]

Christ, you guys are old.

I'm still paying off student loans.

Yeah, retirement isn't even within sight for a guy my age.

 

[boozeman]

I'm not sure the point of this thread.

Are you nearing retirement, Booze?

Everyone over age 35 should think about it.

 

[Simpleton]

Compound interest and do everything you can to max out your IRA's.

/thread

 

[Cowboysrock55]

Everyone over age 35 should think about it.

What if I'm exactly 35? But yeah I'm definitely saving for the day. But I don't concern myself with it because it's so far away. I try to just set up and meet my own financial goals.

 

[data]

Compound interest and do everything you can to max out your IRA's.

/thread

Don’t forget about your death, which can come before retirement.

Living trust so your beneficiaries can avoid probate for your properties.

 

[mcnuttz]

Compound interest and do everything you can to max out your IRA's.

/thread

Expound more, seriously.

 

[L.T. Fan]

The most important financial factor to retirement is absolutely do no retire if you have any debt. Clear all debt and only utilize credit cards as a current expense method. If a charge cannot be cleared each billing then it isn’t part of your living expenses and will become debt. That really shouldn’t become a method for charging expenses because you are actually going back into debt and if this continues then you could put yourself in a position of having to increase your income. That will mean another source of income is needed. That then could take you out of retirement status and make you a working person again.

 

[data]

If you've maxed your 401k/IRA annual contributions, another way to stash your money is 529 funds for your kids education.

Similar to a 401k in choosing established funds and choosing aggressiveness, the biggest difference (ie advantage) with 529 is that any gains used for education are 100% non-taxable.

 

[L.T. Fan]

If you've maxed your 401k/IRA annual contributions, another way to stash your money is 529 funds for your kids education.

Similar to a 401k, the biggest advantage is that any gains used for education are 100% non-taxable.

This will probably defer the tax for a while but it will have a day of reckoning when you retire and if start using it. You might trigger an audit if it is used for anything but education. I’m not an expert on it but I can’t see how this will enhance your retirement. It looks more like a method of deferring or avoiding taxes but how can those funds ever get back in your control to use for yourself during retirement?

 

[data]

This will probably defer the tax for a while but it will have a day of reckoning when you retire and if start using it. You might trigger an audit if it is used for anything but education. I’m not an expert on it but I can’t see how this will enhance your retirement. It looks more like a method of deferring or avoiding taxes but how can those funds ever get back in your control to use for yourself during retirement?

If you plan/expect to help finance your kids education (or even just a birthday gift for grandchildren), 529 is designed to grow your pot of cash and, when the time comes to pay for kids education, withdraw a $1 gain and keep a $1 gain. With other investment portfolios, you have to pull out ~$1.15 to keep a $1 to pay for kids education.

529 is not directly for your retirement, but can complement your ability to leave retirement investments untouched when it comes to financing (for some parents) an inevitable and large expense.

 

[L.T. Fan]

If you plan/expect to help finance your kids education (or even just a birthday gift for grandchildren), 529 is designed to grow your pot of cash and, when the time comes to pay for kids education, withdraw a $1 gain and keep a $1 gain. With other investment portfolios, you have to pull out ~$1.15 to keep a $1 to pay for kids education.

529 is not directly for your retirement, but can complement your ability to leave retirement investments untouched when it comes to financing (for some parents) an inevitable and large expense.

Okay. I was thinking in terms of retirement. Thanks.

 

[p1_]

Im retired, I enjoy having the free time. And I hate wasting it on shitty Cowboys play.