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Subject: "retirement goals" Previous topic | Next topic
Crash Bandacoot
Member since May 13th 2003
10114 posts
Wed Apr-01-15 09:57 AM

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"retirement goals"


          

just spoke with a financial advisor and shit made my head spin.
just reminded me that we get taxed/penalized like crazy in this
country. between taxable income, 401k, roth iras, limited
contributions, capital gains tax, penalties for withdrawal,
brokerage accounts, taxes, debt. wow. add kids, mortgages, on top
of that? LOL

a strategy for retirement is something that i've been
passive/aggressive about but, feel better that i'm finally
dealing with it head on.

do you have a strategy?



~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
instagram:
http://instagram.com/0kayndc

"There is much temptation to use what has worked before,
even when it may exceed its effective scope."

"Roll me further bitch"

  

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Topic Outline
Subject Author Message Date ID
substance abuse and suicide.
Apr 01st 2015
1
absolutely
Apr 01st 2015
2
lol
Apr 01st 2015
31
      you laugh but
Apr 01st 2015
37
Save aggressively, invest conservatively, enjoy life along the way.
Apr 01st 2015
3
dump money into 401k and house. Close eyes. Pray for the best
Apr 01st 2015
4
Any advice if you're underwater in your home?
Apr 01st 2015
8
refinance
Apr 01st 2015
12
      pretty much
Apr 01st 2015
15
      Can't. Too much negative equity and the bank is playing hardball.
Apr 01st 2015
16
           Pay it down over time and sell when you can
Apr 01st 2015
25
that's my plan. pay off the mortgage since that's the biggest bill
Apr 01st 2015
13
Retire and do what?
Apr 01st 2015
5
kids
Apr 01st 2015
6
you do whatever the fuck you want.
Apr 01st 2015
10
Okayplayer has officially grayed to AARP status.
Apr 01st 2015
7
I'm a black male. Lol @ retirement
Apr 01st 2015
9
you also have a thousand children
Apr 01st 2015
38
More than one stream of revenue
Apr 01st 2015
11
you ain't never lied on that car shit
Apr 01st 2015
17
word
Apr 01st 2015
20
      Not going to rehash the entire post
Apr 01st 2015
21
      Why did you have to buy a new car ?
Apr 01st 2015
30
           Safety and reliability
Apr 01st 2015
36
yeah, some sort of (side) business is a real solution
Apr 01st 2015
18
      You have a point
Apr 01st 2015
22
      there maybe a way to either
Apr 02nd 2015
45
           RE: there maybe a way to either
Apr 02nd 2015
47
      I agree on the vacation...
Apr 02nd 2015
42
i just opened an IRA monday
Apr 01st 2015
14
Have my children be driven enough to make billions
Apr 01st 2015
19
my current strategy:
Apr 01st 2015
23
good move
Apr 01st 2015
24
almost 10 yrs in, 401k is looking nice
Apr 01st 2015
26
Don't borrow from it to pay off low interest debt like cars
Apr 01st 2015
34
401k, pay off the house, no car notes...let the chips fall
Apr 01st 2015
27
retire from the state at 80%
Apr 01st 2015
28
I really like my work, so I will keep working...
Apr 01st 2015
29
stack chips, maybe avoid kids, fin.
Apr 01st 2015
32
weed/real estate/making dinners
Apr 01st 2015
33
weed in the yard
Apr 01st 2015
40
Putting about 15% into 401K depending on bonus amounts
Apr 01st 2015
35
sounds like a plan
Apr 01st 2015
39
      Rent at the moment.
Apr 02nd 2015
46
shit like this makes me reluctant to go back to school
Apr 02nd 2015
41
I have a Roth IRA, 401K and a house...
Apr 02nd 2015
43
buy property in costa rica near a beach
Apr 02nd 2015
44

SoWhat
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Wed Apr-01-15 09:59 AM

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1. "substance abuse and suicide."
In response to Reply # 0


  

          

fuck you.

  

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Crash Bandacoot
Member since May 13th 2003
10114 posts
Wed Apr-01-15 10:01 AM

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2. "absolutely"
In response to Reply # 1


          

i see it

  

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ConcreteCharlie
Member since Nov 21st 2002
71387 posts
Wed Apr-01-15 02:15 PM

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31. "lol"
In response to Reply # 1


  

          

And you will know MY JACKET IS GOLD when I lay my vengeance upon thee.

  

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lfresh
Member since Jun 18th 2002
92696 posts
Wed Apr-01-15 03:34 PM

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37. "you laugh but"
In response to Reply # 31


  

          

try getting a big gulp in NY!







...and i don't even drink soda
~~~~
When you are born, you cry, and the world rejoices. Live so that when you die, you rejoice, and the world cries.
~~~~
You cannot hate people for their own good.

  

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Cocobrotha2
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Wed Apr-01-15 10:14 AM

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3. "Save aggressively, invest conservatively, enjoy life along the way."
In response to Reply # 0


          

<-><-><-><-><-><-><-><-><->
<-><-><-><-><-><-><-><-><->

  

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John Forte
Member since Feb 22nd 2013
15361 posts
Wed Apr-01-15 10:19 AM

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4. "dump money into 401k and house. Close eyes. Pray for the best"
In response to Reply # 0


          

  

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Overqualified
Member since May 03rd 2006
4543 posts
Wed Apr-01-15 10:37 AM

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8. "Any advice if you're underwater in your home?"
In response to Reply # 4


  

          

Eight years ago at 26, I bought right in the bubble and don't think I'll ever recover the negative equity. I could rent, but would still be coming out of a pocket a couple hundred monthly due to the rental market in the neighborhood + HOA fees, can't refinance, and a short sale has too many negative effects. The house as savings or equity building vehicle really hasn't worked out for me, so it's fucking up my long term investment outlook.

Streets won't let me chill.

  

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GirlChild
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Wed Apr-01-15 10:47 AM

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12. "refinance"
In response to Reply # 8


  

          

  

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John Forte
Member since Feb 22nd 2013
15361 posts
Wed Apr-01-15 10:50 AM

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15. "pretty much"
In response to Reply # 12


          

  

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Overqualified
Member since May 03rd 2006
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Wed Apr-01-15 10:50 AM

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16. "Can't. Too much negative equity and the bank is playing hardball."
In response to Reply # 12


  

          

The lender did cut me a break a while ago and lowered the interest rate. I can afford the note no problem, but it just isn't a worthwhile asset.

Streets won't let me chill.

  

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Cocobrotha2
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Wed Apr-01-15 01:00 PM

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25. "Pay it down over time and sell when you can "
In response to Reply # 16


          

Assuming it isn't killing your pockets to hold it.

I've got the same issue with a property. I should've sold it at the peak but I turned it into a rental and I've had to supplement it ever since the meltdown. I should be nearly at break even with the next lease. It'll be 5-10 more before I'd have paid it down to be able to sell it though.

If things ever get dire, I'll give it back to the bank. In the mean time, the paper (and real, for a little while longer) losses help shelter some income come tax time.

<-><-><-><-><-><-><-><-><->
<-><-><-><-><-><-><-><-><->

  

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BigJazz
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Wed Apr-01-15 10:48 AM

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13. "that's my plan. pay off the mortgage since that's the biggest bill"
In response to Reply # 4


  

          

and live off 401k money.

***
I'm tryna be better off, not better than...

  

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Cam
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Wed Apr-01-15 10:26 AM

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5. "Retire and do what? "
In response to Reply # 0


  

          

If you want to retire and travel, why not just get a job where you travel?

  

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John Forte
Member since Feb 22nd 2013
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Wed Apr-01-15 10:27 AM

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6. "kids"
In response to Reply # 5


          

  

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MrThomas43423
Member since Jul 03rd 2002
67613 posts
Wed Apr-01-15 10:42 AM

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10. "you do whatever the fuck you want."
In response to Reply # 5


  

          

that's gotta be liberating.
---------------------------------------
it's true what they say...people are strange, when you're strangers.

not compassionate....only polite.

I am not like you at all and i cannot pretend.

  

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Mongo
Member since Oct 26th 2005
45670 posts
Wed Apr-01-15 10:29 AM

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7. "Okayplayer has officially grayed to AARP status. "
In response to Reply # 0


  

          

  

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Binlahab
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Wed Apr-01-15 10:37 AM

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9. "I'm a black male. Lol @ retirement"
In response to Reply # 0


  

          

I'll be dead long before that ever happens

But I'm saving diligently for my kids. Inshallah they will never be hungry or homeless if everything works like it should.

  

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lfresh
Member since Jun 18th 2002
92696 posts
Wed Apr-01-15 03:35 PM

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38. "you also have a thousand children"
In response to Reply # 9


  

          

make sure one is a nurse to change those diapers man

~~~~
When you are born, you cry, and the world rejoices. Live so that when you die, you rejoice, and the world cries.
~~~~
You cannot hate people for their own good.

  

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DaHeathenOne76
Member since May 11th 2003
29362 posts
Wed Apr-01-15 10:46 AM

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11. "More than one stream of revenue"
In response to Reply # 0
Wed Apr-01-15 11:00 AM by DaHeathenOne76

          

That goes to a IRA/Mutual without even seeing it,

Pay off debt aggressively,

Delayed gratification (no vacations or staycations)

10 year old cars (we are just now upgrading this year)

One thing I do know that helps is that we cant have children.


Essentially we live WAAAAAAAAAAAAAAAAAAY below our means.

Its not fun but gotta look forward plus we have nieces and nephews whose parents dont make the best choices.

  

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John Forte
Member since Feb 22nd 2013
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Wed Apr-01-15 11:04 AM

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17. "you ain't never lied on that car shit"
In response to Reply # 11


          

IMHO, it's one of the biggest things people waste money on. People are like "But Forte, you have $600 shoes". I might buy one pair of $600 shoes a year, but people are spending that every month on car payments/insurance.

  

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GirlChild
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Wed Apr-01-15 11:38 AM

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20. "word"
In response to Reply # 17


  

          

we bought a used truck in 07 because we HAD to and we paid that off. we had to buy a new car when we had the baby and i HATED every moment of that car shopping. neither of us have ever had a new car and that fucking car note made me so angry. and cali has the most expensive registration. that alone costs us almost $500/yr for two cars.

  

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DaHeathenOne76
Member since May 11th 2003
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Wed Apr-01-15 11:54 AM

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21. "Not going to rehash the entire post "
In response to Reply # 20


          

about the man who walked 21 miles to work but insurance in Michigan is CRIMINALLY HIGH so his story wasnt all that shocking.


*****************************************
http://www.iamsharandajones.org/help

  

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ndibs
Member since Aug 06th 2012
12715 posts
Wed Apr-01-15 02:02 PM

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30. "Why did you have to buy a new car ?"
In response to Reply # 20


          

Safety concerns ?

  

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GirlChild
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36. "Safety and reliability "
In response to Reply # 30


  

          

And we couldn't fit a car seat in a truck

  

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Crash Bandacoot
Member since May 13th 2003
10114 posts
Wed Apr-01-15 11:07 AM

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18. "yeah, some sort of (side) business is a real solution"
In response to Reply # 11
Wed Apr-01-15 11:14 AM by Crash Bandacoot

          

preferably, something that has an international audience/influence.
something that can be done remotely/at home, where you can deduct
taxes, if need be.

don't agree with the no vacation point. i mean, you have to
have fun/leisure time. does everything have to be about paying
bills and saving? life can be short and shouldn't be a chore.



~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
instagram:
http://instagram.com/0kayndc

"There is much temptation to use what has worked before,
even when it may exceed its effective scope."

"Roll me further bitch"

  

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DaHeathenOne76
Member since May 11th 2003
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Wed Apr-01-15 11:59 AM

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22. "You have a point"
In response to Reply # 18


          


>don't agree with the no vacation point. i mean, you have to
>have fun/leisure time. does everything have to be about
>paying >bills and saving? life can be short and shouldn't be a chore.


Its just that shit happens...ALL THE TIME LOL. For example my brother got laid off and had a major auto accident. BIG SISTER AND BROTHER IN LAW TO THE RESCUE LOL

We are slowly put surely pulling our nose off the grindstone.
It is so cold in the D LOL.

  

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lfresh
Member since Jun 18th 2002
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Thu Apr-02-15 09:29 AM

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45. "there maybe a way to either"
In response to Reply # 22


  

          

have the vacation as a write off if you can work some sort of business into it

or have it benefit the alternative revenue stream in some way
~~~~
When you are born, you cry, and the world rejoices. Live so that when you die, you rejoice, and the world cries.
~~~~
You cannot hate people for their own good.

  

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DaHeathenOne76
Member since May 11th 2003
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Thu Apr-02-15 11:09 AM

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47. "RE: there maybe a way to either"
In response to Reply # 45


          

"have the vacation as a write off if you can work some sort of business into it"

Import export when we go to Senegal/Gambia/Ghana...Yep

*****************************************
http://www.iamsharandajones.org/help

  

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legsdiamond
Member since May 05th 2011
79329 posts
Thu Apr-02-15 09:24 AM

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42. "I agree on the vacation... "
In response to Reply # 18


          

life is too short to maybe, hopefully one day go on vacation when I'm too old to really enjoy it.

new car... yeah, bad idea. paying a car note on a RELIABLE used car that gets you to and from work and can be used for road trips? Worthy investment.



  

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GirlChild
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14. "i just opened an IRA monday"
In response to Reply # 0


  

          

very little money in there but i'm so fearful of what's going to happen to me when i'm older. my line of work doesn't come with 401Ks or retirement plans so you're kind of on your own with that shit.

i'm praying this child becomes rich so i can live with him, lol.

  

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Buddy_Gilapagos
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Wed Apr-01-15 11:17 AM

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19. "Have my children be driven enough to make billions"
In response to Reply # 0


  

          


**********
"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson


"One of the most important things in life is what Judge Learned Hand described as 'that ever-gnawing inner doubt as to whether you're

  

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NikaMandela
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Wed Apr-01-15 12:33 PM

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23. "my current strategy: "
In response to Reply # 0


          

first is just me trying to establish a career i wont want to retire from. right now, i feel like i want to just do creative shit until i draw my last breath.

other than that, creating intellectual property.

other than that, traditional investments and my paltry 401K.

  

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Crash Bandacoot
Member since May 13th 2003
10114 posts
Wed Apr-01-15 12:37 PM

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24. "good move"
In response to Reply # 23


          

>first is just me trying to establish a career i wont want to
>retire from. right now, i feel like i want to just do creative
>shit until i draw my last breath.
>



~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
instagram:
http://instagram.com/0kayndc

"There is much temptation to use what has worked before,
even when it may exceed its effective scope."

"Roll me further bitch"

  

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Riot
Member since May 25th 2005
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Wed Apr-01-15 01:41 PM

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26. "almost 10 yrs in, 401k is looking nice"
In response to Reply # 0


  

          

better than the nat'l avg

and then realized u can borrow from that for car loans, etc, and pay yourself back that interest, instead of chase or whoever


i just gotta make sure when im 75 and chasing these young girls around the nursing home, none of em try to stick granddad for his papers



)))--####---###--(((

bunda
<-.-> ^_^ \^0^/
get busy living, or get busy dying.

  

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Oak27
Member since Apr 17th 2005
13180 posts
Wed Apr-01-15 02:51 PM

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34. "Don't borrow from it to pay off low interest debt like cars"
In response to Reply # 26


  

          

It's worth more continuing to compound interest than you'd save in interest on the loan

  

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Dstl1
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Wed Apr-01-15 01:45 PM

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27. "401k, pay off the house, no car notes...let the chips fall"
In response to Reply # 0


          

.

...I'm from the era when A.I. was the answer, now they think ai is the answer - Marlon Craft

  

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rdhull
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28. "retire from the state at 80%"
In response to Reply # 0


  

          

  

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ndibs
Member since Aug 06th 2012
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Wed Apr-01-15 01:58 PM

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29. "I really like my work, so I will keep working..."
In response to Reply # 0
Wed Apr-01-15 02:00 PM by ndibs

          

If I get old and frail I'll do jewelry sales instead of clothing.

I've been putting away money in my ira since I was mid 20s though and have a nice little amount saved.

  

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ConcreteCharlie
Member since Nov 21st 2002
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Wed Apr-01-15 02:17 PM

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32. "stack chips, maybe avoid kids, fin."
In response to Reply # 0


  

          

i feel pretty comfortable now but i know marriage and kids could change that quickly. at some point i will buy another house (i will have to) and may even venture into some rental properties to go along with it. been thinking about some vanguard stock and an aggressive mutual fund like i mentioned in double negative's thread. right now i feel well on my way but of course i am also aware of the missed opportunities behind me and the potential pitfalls ahead.

And you will know MY JACKET IS GOLD when I lay my vengeance upon thee.

  

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ambient1
Member since May 23rd 2007
41077 posts
Wed Apr-01-15 02:44 PM

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33. "weed/real estate/making dinners"
In response to Reply # 0


  

          

=======================================
Coolin...

  

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Crash Bandacoot
Member since May 13th 2003
10114 posts
Wed Apr-01-15 03:53 PM

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40. "weed in the yard"
In response to Reply # 33


          

>


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
instagram:
http://instagram.com/0kayndc

"There is much temptation to use what has worked before,
even when it may exceed its effective scope."

"Roll me further bitch"

  

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Oak27
Member since Apr 17th 2005
13180 posts
Wed Apr-01-15 02:57 PM

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35. "Putting about 15% into 401K depending on bonus amounts"
In response to Reply # 0
Wed Apr-01-15 02:58 PM by Oak27

  

          

My company matches 50% up to 6% so I put 6% of each paycheck and they contribute 3%. Then, I put 100% of quarterly bonuses. If bonuses are what they are expected to be (give or take a few bucks), about 15% of my income is contributed from my end, plus another 3% contribution from my company.

Just opened a Roth IRA, deposited both the max contribution for 2014 and 2015 (11K total).

Last week I hit $100K net worth (graduated from college at about -$35K in August 2010) and am hoping to get that to $200K in about 2.5-3 years.

I still feel like I have too much cash on hand, so I need to figure out some other investment ideas or at least move a large chunk of it to a higher interest savings account.

I feel good about everything though. My only other goals is to make sure the woman I settle down with has the same dedication towards the future as I do, rather than being a money suck.

  

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Crash Bandacoot
Member since May 13th 2003
10114 posts
Wed Apr-01-15 03:53 PM

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39. "sounds like a plan"
In response to Reply # 35


          

do you own or rent?

  

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Oak27
Member since Apr 17th 2005
13180 posts
Thu Apr-02-15 10:45 AM

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46. "Rent at the moment."
In response to Reply # 39


  

          

I live in a high cost area (greater Boston) where houses are extremely expensive. My plan is to be able to put down 20%, cover all additional costs (closing, etc) and still have a good fund on hand just in case, none of which will be taken from retirement.

  

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lfresh
Member since Jun 18th 2002
92696 posts
Thu Apr-02-15 09:16 AM

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41. "shit like this makes me reluctant to go back to school"
In response to Reply # 0


  

          


~~~~
When you are born, you cry, and the world rejoices. Live so that when you die, you rejoice, and the world cries.
~~~~
You cannot hate people for their own good.

  

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legsdiamond
Member since May 05th 2011
79329 posts
Thu Apr-02-15 09:27 AM

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43. "I have a Roth IRA, 401K and a house..."
In response to Reply # 0


          

that's pretty much it.

I'm working on some creative shit right now and it should turn into a nice little revenue stream.

My wife teaches dance classes as a side hustle and once she pops this baby out I'm trying to get her to open Body & Soul Yoga spot.

  

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initiationofplato
Member since Nov 06th 2013
2420 posts
Thu Apr-02-15 09:27 AM

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44. "buy property in costa rica near a beach"
In response to Reply # 0


          

and spend the rest of my days making music and making love to my woman

~Experience is the currency of the soul.

  

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