+ that major tax
How are you planning for retirement at this point in life?
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+ that major tax
I'm guessing you need alot of the funds from your 401k if you go the hardship route. Most of the people I know took a loan from their 401k to avoid tax penalties.
I’m not planning to retire. I got a 401k and stocks, but they really my “just in case shit happens” fund.
I may retire out of the weather field depending on the company I’m working for, but I’ll probably teach as long as my health allows me to.
I may retire out of the weather field depending on the company I’m working for, but I’ll probably teach as long as my health allows me to.
I feel the same way. I def plan on doing some type of work as long as I'm sharp and able. I'm actually considering possibly teaching as a "retiree". Not sure if I'll ever have kids of my own but would love to be able to share what I've learned with a younger generation in some way.
It seems off, but mad folks straight up don't save for retirement. Or don't do so beyond their company contribution to their 401k.
A lot of the time, they think it's something that they can just catch up on once they start to approach retirement age, rather than starting many years out and letting compounding run wild. I'll admit the Gen X #s seem low though.
Teaching on a college level is easy work for an older person. Especially when you get a certain age. You have student worker do all the tedious grading. Hell, even at my age I got student aids that I really don’t need.
You think the Gen x retirement number is low? I don’t think that exist in my life. There may be some with that amount but definitely not an average. But I ain’t asking folks either. I just assess how they live and make moves.
Yeah I am curious to know if they are only looking at 401K plans.
I know people that work for companies that don't offer a 401K plan (very small group), but are they also looking IRA's and Roth?
Many people are saving using those types of accounts too and would rather max those out after maxing what their company match is.
But, you would be surprise the number of people that don't save. I have these conversations alot and it's alot of people that just don't contribute to their 401K for whatever reason they may have..
Just found out my 46 year old brother that’s been working at UPS since he was 23 didn’t have a 401k. Man, I couldn’t believe it. I understand his reasoning, but that over 20 years of contribution he can't get back.
Long story short, he had three kids by two different women. Both took him for child support. He’s now married to another woman and together they have 5 kids.
I only found out when he caught Covid a year ago and had to be out of work. So money was tight for him. He told me then, he didn’t have one. It was still hard for me to believe.
I had a colleague who is such a rebel against the system that he didn’t even realize he had a 401k. Never looked at his paystubs or anything. He was going through a divorce, lost his car, got evicted, and the entire time he was going through all that shit, he had over 25k in his 401k just working as a part time teacher.
Man, I truly love the people around me, but they also make life hard on themselves when it’s unnecessary.
Just found out my 46 year old brother that’s been working at UPS since he was 23 didn’t have a 401k. Man, I couldn’t believe it. I understand his reasoning, but that over 20 years of contribution he can't get back.
Long story short, he had three kids by two different women. Both took him for child support. He’s now married to another woman and together they have 5 kids.
I only found out when he caught Covid a year ago and had to be out of work. So money was tight for him. He told me then, he didn’t have one. It was still hard for me to believe.
I had a colleague who is such a rebel against the system that he didn’t even realize he had a 401k. Never looked at his paystubs or anything. He was going through a divorce, lost his car, got evicted, and the entire time he was going through all that shit, he had over 25k in his 401k just working as a part time teacher.
Man, I truly love the people around me, but they also make life hard on themselves when it’s unnecessary.
Just found out my 46 year old brother that’s been working at UPS since he was 23 didn’t have a 401k. Man, I couldn’t believe it. I understand his reasoning, but that over 20 years of contribution he can't get back.
Long story short, he had three kids by two different women. Both took him for child support. He’s now married to another woman and together they have 5 kids.
I only found out when he caught Covid a year ago and had to be out of work. So money was tight for him. He told me then, he didn’t have one. It was still hard for me to believe.
My homeboy who
I had a colleague who is such a rebel against the system that he didn’t even realize he had a 401k. Never looked at his paystubs or anything. He was going through a divorce, lost his car, got evicted, and the entire time he was going through all that shit, he had over 25k in his 401k just working as a part time teacher.
Man, I truly love the people around me, but they also make life hard on themselves when it’s unnecessary.
Yeah man that's crazy, but Child Support can fuck alot of shit up...
That's a sleeper move by your co-worker having a PT job that also provided a 401K. I was set up the same way at my old PT job and it was really a win win for me.
My homeboy who is like a big brother, dad work for the transit system in NYC and also had a PT job that both paid pensions. Dude retired at 50 and never looked back...LOL
For the brothers that plan on taking advantage of a pension in their retirement!! Be aware of the changes in the new spending bill, and all other future legislation, about the language they have about "retirement". The Fed gov't is raising the retirement age to 72 from 67, changing contribution limits for all retirement accounts, etc. It is important for you to identify, how much money you're receiving in pension benefits. Once you have the exact dollar amount determine if that's in today's dollars or future dollars. For example, if you are going to receive $4000/monthly from your pension, is that in 2023 dollars or will that amount adjust when you retire in 2038? Does your pension have a COLA (cost of living adjustment)? You live in LA but plan to retire in Charleston SC, because the cost of living is different in these places will your benefits be impacted by the change? Also, pension money cannot be used for legacy. Your pension money goes to the last living spouse, review the Survivorship details and adjust your numbers accordingly.
I anticipate people getting bought out from their pensions in the future because governments and municipalities do not want to be liable for the costs in the upcoming decades
I anticipate people getting bought out from their pensions in the future because governments and municipalities do not want to be liable for the costs in the upcoming decades
.. I guess I base it on my own situation. I been at my current job since 2006 and don't remember if I initially contributed to my 401K... but I def started to do the 3% pre-tax contribution a few years in + started getting the employer match, and currently mine is above that even with me having started late. I view myself as being behind the 8 ball.
So if folks would have just been regularly contributing through the ups and downs of the market from like 2000 to now, I imagine that their 401K should be sitting pretty. Unless 2008 or the recent market downturn fucked em up and they weren't rebalancing. But I'm not well-versed in that area.
Yea I'm thinking this is only 401K data. It seems like that info would be more accessible, so they're probably painting a general picture.
You having health issues now?
Just found out my 46 year old brother that’s been working at UPS since he was 23 didn’t have a 401k. Man, I couldn’t believe it. I understand his reasoning, but that over 20 years of contribution he can't get back.
Long story short, he had three kids by two different women. Both took him for child support. He’s now married to another woman and together they have 5 kids.
I only found out when he caught Covid a year ago and had to be out of work. So money was tight for him. He told me then, he didn’t have one. It was still hard for me to believe.
I had a colleague who is such a rebel against the system that he didn’t even realize he had a 401k. Never looked at his paystubs or anything. He was going through a divorce, lost his car, got evicted, and the entire time he was going through all that shit, he had over 25k in his 401k just working as a part time teacher.
Man, I truly love the people around me, but they also make life hard on themselves when it’s unnecessary.
Speaking upon experience 401k was not a good option for me when i started working bejng that child was in my pocket, but a more than few year ago i got in and went with the company match which is 7%. Im glad i did cause when i needed to borrow/ take a hardship i was able to without a problem. I just talked with an advisor he gave me a few more ideas and all.. i think i will be good to go when that times comes and maybe not.. who knows..
im doing my best to make things work out being that i actually have a better idea of how much i need to live the lifestyle i do.. if i never retire it wouldnt bother me... i enjoy my job.. i never wake up like fuck this place! Im in sanitation at a food warehouse.. new adventures everyday...and i also just created a roth ira but have been investing on a regular basis on my individual account..its been a fun ride! When im at work i try to encourage many guys around there to get started early, but i also know how life can be very challenging! I also have 6 months of savings in my bank account just in case!
yep...I looked on Instagram and Facebook...ain't no body poe though... brah
I am retired in my 40's
457 traditional and Roth
401K traditional
Inherited monthly pension
Residential and commercial rental property
IRA traditional and Roth
Social Security coming
Another government pension coming at 50 if I need it, if not needed, wait until 60 to draw.
I am just coasting... I am done saving, nobody knows how long they will live, 35 to 40 is middle age, not 50 or 60. Don't waste your whole life working, time is more valuable than money, gotta balance it.
457 traditional and Roth
401K traditional
Inherited monthly pension
Residential and commercial rental property
IRA traditional and Roth
Social Security coming
Another government pension coming at 50 if I need it, if not needed, wait until 60 to draw.
I am just coasting... I am done saving, nobody knows how long they will live, 35 to 40 is middle age, not 50 or 60. Don't waste your whole life working, time is more valuable than money, gotta balance it.
Buying one of these.
Mental health. I had a session today with my therapist, so I'm not as depressed right now.
You can totally reinvent yourself in 5 years. There are a lot of ways to make money nowadays. Peep how many people are killing it talking shit on YouTube. Kevin Samuels was in his 50’s when he started his YouTube channel. Focus on something you really enjoy (porn,relationships,meditation, living as a Black man, mental health, working out,video games, investing etc and work your ass off at it). You will make money. There are thousands of people with terminal illnesses that would pay millions to have the opportunities in front of you.
How u feeling about the market now tho fam ?
My long term investments haven't cost me money but they lost so much value, I just got in some things where I wasn't gonna lose money.
I can absolutely say my worth was much more 2 years ago.
My long term investments haven't cost me money but they lost so much value, I just got in some things where I wasn't gonna lose money.
I can absolutely say my worth was much more 2 years ago.
What do you think about betterhelp app?
I found a black male therapist from Oakland but now he's in Philly. He grew up in the shit too, so he can understand how badly seeing that violence everyday really fucked me up.
You're doing good Sir! Way better/more than most. Starting is key, and then putting a little away here and there (ideally and often as early as possible) goes a long way.
Looking back, I realize that just doing what you can makes a huge difference.
Between the moves you're making + the fact that you enjoy your work and seem to have a good perspective, you'll have options as far as figuring out how to live your best life the rest of the way when the time comes.
The U.S. retirement system sucks and is a scam. I would completely revamp it. You don't want to be working later in life.
The baby boomers were big on pediciding young workers to continue working past their retirement to boost their estate possibly. I think many of them thought they would live forever. The private sector is good about getting rid of them.
Collecting pensions and working to keep themselves busy, fucking greedy as hell. I have had a number of problems with them running their mouth off to me. They need to sit in a corner and think about all their major failures that I had to fix.
The baby boomers were big on pediciding young workers to continue working past their retirement to boost their estate possibly. I think many of them thought they would live forever. The private sector is good about getting rid of them.
Collecting pensions and working to keep themselves busy, fucking greedy as hell. I have had a number of problems with them running their mouth off to me. They need to sit in a corner and think about all their major failures that I had to fix.
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Age discrimination lawsuits that came into effect with the Baby Boomers got out of hand stifling my generation and made employer reluctant to fire workers that were eligible for retirement. Once you are eligible for a pension and/or meet the threshold for retirement assets, you should be employment at will.
Many of them did retire but then went back out to double dip, taking lucrative opportunities away from Gen X.
What about their extensive experience and knowledge base?
I am constantly encountering their simplistic, not well thought out ideas that hinder the next generation, it was factually wrong. Many of them should quit and leave in shame. It should be a starting point of what not to do. I am starting to see the next generation take my ideas and build amazing things. At least I was heading in the right direction.
I'm about to be 100% disabled via the military, so that $3800/month will carry me.
I have almost 23 years of Government service, so in 7 years, 3 months and 15 days - the day I hit 30 years of service- I'm OUT at the age of 53.
At that age I'll still be young enough to be able to do shit when I want to do shit and hopefully I'll be healthy enough. This back injury is killing me, but I'm not working past 53 if I can help it
I have almost 23 years of Government service, so in 7 years, 3 months and 15 days - the day I hit 30 years of service- I'm OUT at the age of 53.
At that age I'll still be young enough to be able to do shit when I want to do shit and hopefully I'll be healthy enough. This back injury is killing me, but I'm not working past 53 if I can help it
You need to double dip with your pension and a consulting gig with the government, fuck these younglings trying to come up. You are going to live forever, so you need to work until you die.