Wow... This post got way off course!
I figured I would see alot of info on the 401 but I hear war stories.
We are in a war with YRC!
No disrespect to you guys.
O... Not much. Just wondering how many were in the plan and how much they were deducting. I am in it and think I ought to put more in it. It really does not take much out of your check. What I mean by that... I am taking 45 dollars a week out... Off the top... No taxes and if I quit taking it out I would be lucky to get 20 bucks added to my total check.. Take home that is. What is the max that can be taken out?
I was at max yrs ago but cut back when the yes vote went through.
This is a serious subject and more should pay attention to it. Especially the younger guys. I wish I would have.... Or the company really..... Would have had the plan sooner. I have been in it from the start. But even when I retire six figures will not go far... Low six figure. Need about a half mill in there. I wish.
Thanks for your quick reply. I appreciate that.
Richard.
We are close to the same age. But you have more investments than I. I am terrible with numbers. But I am going to increase the percentage of money taken out to the full 15 percent. I won't miss it and I do believe it is the smartest thing to do seeing how this is the only real savings I have. My wife is only 53 and was forced into disability retirement thru the PO and we are still fighting for SS with her.
Funny how people scoot through and get SS and lie and she is honest and has to get a lawyer to get it done.
Funny thing about that.... I filed for short term disability and was approved in a snap. I had a colectomy... Colon is gone.. At the time I never thought I would be able to work. Lost 50 pounds and had trouble even dressing for months. So I filed and had to turn it down because I was back to work.. Barely.. I must say. It was ironic because she is really disabled forever and has to fight for it and mine went right through.
Anyways... The 401 is gonna be big in my retirement and I will have to put the full amount in it. I have 6 and a half years to get as much as I can in there. Right now it is doing pretty good in the market and I hope it keeps that up.
You seem to have it all together.
My biggest problem when I retire will be the house.
I have everything paid off... Cars and such and have no plans to buy a new one. My other debt is low and would be no trouble paying off. I just have to keep it that way for the next several years which I can do.
It's gonna be tough for us all at the age we are at.
At one time... And I hate to think of it.... We had a great retirement... At the big R or Y. Sad to think what has happened.
That is what motivated me from the start.
Work 30 yrs and 3 grand a month...whoa I could do that.
Now... You have to plan.
Sorry about the rambling.
I do that sometimes.
All you young guys reading this. If you are not doing anything to save.... Get going. You will need it. Some guys my age have done nothing and have 35 years in and nowhere to go. But keep on working.
Save now. Be smart about it. And good luck to you.
Richard.
You are eligible to make 'catch up' 401-k contributions, because of your age. This is something best discussed with someone who understands taxes better than I, but may be worth looking into. Best of luck in your investment endeavors and if you have the inkling, Roth IRA's are another option for retirement savings. Be careful to not get caught with a financial institution that charges unreasonable fees for 'managing' your account, though.
And of course, good luck in your struggles with disability coverage and Mrs. Cobra.
After reading this, Hell give me my pension cut, I have no problems. That is what I have been fighting for. The ones who can least afford the cuts and thousands who do not know of the cuts as of yet. Crazy world man, just Crazy.We are close to the same age. But you have more investments than I. I am terrible with numbers. But I am going to increase the percentage of money taken out to the full 15 percent. I won't miss it and I do believe it is the smartest thing to do seeing how this is the only real savings I have. My wife is only 53 and was forced into disability retirement thru the PO and we are still fighting for SS with her.
Funny how people scoot through and get SS and lie and she is honest and has to get a lawyer to get it done.
Funny thing about that.... I filed for short term disability and was approved in a snap. I had a colectomy... Colon is gone.. At the time I never thought I would be able to work. Lost 50 pounds and had trouble even dressing for months. So I filed and had to turn it down because I was back to work.. Barely.. I must say. It was ironic because she is really disabled forever and has to fight for it and mine went right through.
Anyways... The 401 is gonna be big in my retirement and I will have to put the full amount in it. I have 6 and a half years to get as much as I can in there. Right now it is doing pretty good in the market and I hope it keeps that up.
You seem to have it all together.
My biggest problem when I retire will be the house.
I have everything paid off... Cars and such and have no plans to buy a new one. My other debt is low and would be no trouble paying off. I just have to keep it that way for the next several years which I can do.
It's gonna be tough for us all at the age we are at.
At one time... And I hate to think of it.... We had a great retirement... At the big R or Y. Sad to think what has happened.
That is what motivated me from the start.
Work 30 yrs and 3 grand a month...whoa I could do that.
Now... You have to plan.
Sorry about the rambling.
I do that sometimes.
All you young guys reading this. If you are not doing anything to save.... Get going. You will need it. Some guys my age have done nothing and have 35 years in and nowhere to go. But keep on working.
Save now. Be smart about it. And good luck to you.
Richard.
That is alot to be able to catch up on!For 2015 the regular 401-K contribution limit is $18,000 and if you're 50 or over you are allowed an additional $6,000 as a "catch up" contribution for a total of $24,000 allowed.