Keeping up with the Joneses. You want to go broke fast or be in debt for many many years just try to keep up with them! :;:exactly
Well I live in Webster and like you said how people keep popping up...well happens here too. All you MN guys decide to retire and move here. We don't love it either but what do you do? That's not a knock on you personally but we see thousands of blue platers all yr long. Then they move here. UHHGGG! I think when people get older they may need to think about an area where you have good health care available. These small towns have decent clinics but not hospitals.
this thread is good
but the age of retirement mentioned by some makes me want to cry (40?!!!!!)
and I regret not getting a gov’t job with lifetime health benefits after retirement
Here is a question I just asked my self today....
I am mid 30s and have had a 401k going for over a decade. It's doing Ok, and I have stepped up my contributions this last year to 15%. I also hate debt and want to get a vehicle and tractor paid off ASAP. It's feasible to have them both done by Dec 2020, if both the wife and I make significant reductions to 401k for a year. We would still be around 6% each and getting max employer match......Is this advisable? I think I know what Dave Ramsey would say..and I'm leaning that way.
The only kicker is not going back into debt after all that BS..AND immediately increasing 401 contributions when the goal is met.
0% and 3.15%
Retirement: Great! I recently retired a little over a year ago. Everything I ever read about WHERE to retire to in several forums, AARP and Money Talk News says South Dakota is the #! place to retire to. Of course many of the people in the south aren't going to move up into SD. Florida is much more attractive weather wise. So, yea!! Blue platers and probably others from the central Great lakes areas that are not TAX friendly will infiltrate into SD. You have been warned !! I live in ND and don't feel I need to relocate to SD for any reasons that those readings had stated. ND came one step closer to being close with SD in that they are no longer taxing Social Security, like SD.
My sister is retiring soon from St. Paul and had planned on moving to Morehead in retirement. I told her to get off her butt and check out ND and SD for obvious tax savings. Yea!! MN is no longer on her radar. Look out SD!!
And, I'd agree with Sluggo (above) somewhat, but I'd factor in the ROTH IRA rather than an Individual 401k. Yes, if work is contributing a match, then you'd be participating in a 401k. There are so many different variables to invest in (e.g. 427, 401k, Individual 401k, Roth IRA, etc.) The advantage of the ROTH is you're taxed now and NOT when you retire and begin withdrawing money. For younger guys this is a huge important factor.
When I retire and hunting and fishing becomes harder I may move on to the bigger towns and go to movies and games.
General rule of thumb is to ALWAYS put enough in 401k to get company match because that's a guaranteed return. Then max a Roth IRA - $6,000, then go back to 401k, or possibly other investments depending on what options you have in company 401k. Watch the expense ratios on your 401k choices, fees can eat up a lot of money over time. I generally look for low expense ETF's.
The nice thing about Roth's is that the options are pretty much limitless. If you are going to trade any stocks, do it in a Roth because all gains are tax free. No stupid short term capital gains taxes at normal rates.
And, I'd agree with Sluggo (above) somewhat, but I'd factor in the ROTH IRA rather than an Individual 401k. Yes, if work is contributing a match, then you'd be participating in a 401k. There are so many different variables to invest in (e.g. 427, 401k, Individual 401k, Roth IRA, etc.) The advantage of the ROTH is you're taxed now and NOT when you retire and begin withdrawing money. For younger guys this is a huge important factor.
It depends where your tax rate is now compared where it will be after you're retired.
If you have no income after you retire the Roth may not be the best choice.
0% and 3.15%
this thread is good
but the age of retirement mentioned by some makes me want to cry (40?!!!!!)
and I regret not getting a gov’t job with lifetime health benefits after retirement
Right, that's why I have not went the Roth route yet. How the hell does one know what tax bracket they will be in in 30 years?
I would love to start building some passive income but have made 0 progress on that front so far..