Yellow | “the Grow Act”

[mysticobra]

I drew mine well after 60.
Its gone.
My wife draws hers for regularly monthly checks.
I'm just straight up talking large withdrawals. No penalties.
That's all I have to say about it.
I'm sittin in my 401k.

 

[mysticobra]

If you’re money has not returned from 08 crash you must have pulled out or invested foolishly.
People don’t invest because of fear and peer pressure of other employees they work with.
Talk with any tax professional and they will tell you a lot of blue collar workers have become wealthy from stock market investments.
Let me ask you this would you rather have 250,000 in a 401k, and possibly some pension or 0 in 401k and possibly a pension?

Nope.
It grew. But when ya lose that much it takes a long time. To get it back.
Mid risk. Couldn't do high risk investing at my age.
I have 0 in my 401. Built a debt free house with what I could get out.
Taxes are just a big chunk. And take most of what was earned above what was put in.
Everyone's situation is different.
It worked out in the end for us. That's all that counts.
A debt free retirement.

 

[Keepingon]

If you’re money has not returned from 08 crash you must have pulled out or invested foolishly.
People don’t invest because of fear and peer pressure of other employees they work with.
Talk with any tax professional and they will tell you a lot of blue collar workers have become wealthy from stock market investments.
Let me ask you this would you rather have 250,000 in a 401k, and possibly some pension or 0 in 401k and possibly a pension?

I didn’t move or adjust anything on plan when this pandemic struck, my wife looked at it and saw we took a hit and asked what we should do ?
I said we have no choice but to ride it out and hope it comes back, don’t look at it again.

we had a good jump in the market 3 weeks ago and of course she had to look at it.
Surprise surprise we got back everything we lost and more.

 

[dokman]

Nope.
It grew. But when ya lose that much it takes a long time. To get it back.
Mid risk. Couldn't do high risk investing at my age.
I have 0 in my 401. Built a debt free house with what I could get out.
Taxes are just a big chunk. And take most of what was earned above what was put in.
Everyone's situation is different.
It worked out in the end for us. That's all that counts.
A debt free retirement.

Good for you. We have several who are counting on 100% pension, and get mad at others who have saved for their own retirement.

 

[mysticobra]

We planned on the pension to run out of funds.
I am in C. States. So even if that goes away we'll be ok.
I don't think.... Not sure... But I don't think anyone in c. states gets the full pension.
I may be wrong on that. I went early and took the cut for.that.
No big deal. I calculated that if I did stay till 65 I may get a couple hundred more a month but 2 and a half more years there was not worth it.
I was done. Stick a fork in me...
It's so nice not to be out on that hot dock on a hot lift truck in hot trailers sweating my balls off. Lol. (I was dock only).

 

[mysticobra]

I didn’t move or adjust anything on plan when this pandemic struck, my wife looked at it and saw we took a hit and asked what we should do ?
I said we have no choice but to ride it out and hope it comes back, don’t look at it again.

we had a good jump in the market 3 weeks ago and of course she had to look at it.
Surprise surprise we got back everything we lost and more.

We never touched any of it when it dropped.
Never panicked. Just rode it up and down.
Just have to.

 

[Elwood]

Nope.
It grew. But when ya lose that much it takes a long time. To get it back.
Mid risk. Couldn't do high risk investing at my age.
I have 0 in my 401. Built a debt free house with what I could get out.
Taxes are just a big chunk. And take most of what was earned above what was put in.
Everyone's situation is different.
It worked out in the end for us. That's all that counts.
A debt free retirement.

We should all be so lucky. Living debt free is beyond the scope of most today. Low wages, high cost of living, student debt, to name just a few.

 

[dokman]

I didn’t move or adjust anything on plan when this pandemic struck, my wife looked at it and saw we took a hit and asked what we should do ?
I said we have no choice but to ride it out and hope it comes back, don’t look at it again.

we had a good jump in the market 3 weeks ago and of course she had to look at it.
Surprise surprise we got back everything we lost and more.

That was a good time to roll dice and buy.

 

[seabreeze]

We planned on the pension to run out of funds.
I am in C. States. So even if that goes away we'll be ok.
I don't think.... Not sure... But I don't think anyone in c. states gets the full pension.
I may be wrong on that. I went early and took the cut for.that.
No big deal. I calculated that if I did stay till 65 I may get a couple hundred more a month but 2 and a half more years there was not worth it.
I was done. Stick a fork in me...
It's so nice not to be out on that hot dock on a hot lift truck in hot trailers sweating my balls off. Lol. (I was dock only).

I'm one of the lucky ones, I've been drawing full from CS since 1990.
The Carolinas have not been cut, (YET)

 

[the5tolls]

I'm one of the lucky ones, I've been drawing full from CS since 1990.
The Carolinas have not been cut, (YET)

You must be old? :D

 

[mysticobra]

You must be old? :D

He is at least 63.

 

[seabreeze]

You must be old? :D

Very......

 

[mud]

We should all be so lucky. Living debt free is beyond the scope of most today. Low wages, high cost of living, student debt, to name just a few.

Living debt free should be the number one priority.

 

[seabreeze]

He is at least 63.

My underwear is older than 63.

 

[seabreeze]

Living debt free should be the number one priority.

After checking with my CPA, I find I'm even with the world.
I owe as many as I don't owe.

 

[Elwood]

My underwear is older than 63.

Most people’s are labeled Monday thru Sunday. Some January thru December. Breezes are annual starting when unisuits were the rage.

 

[Freightmaster1]

Very......

 

[seabreeze]

Most people’s are labeled Monday thru Sunday. Some January thru December. Breezes are annual starting when unisuits were the rage.

I assume they're the same Dave issues to team drivers, one-piece with button flap in rear for a quick exit from the Hotel.

 

[BIG R GUY]

I assume they're the same Dave issues to team drivers, one-piece with button flap in rear for a quick exit from the Hotel.

All hotels have a sleeper rear door leading to the porta potty mounted on the cat walk.

 

[Lager]

One is taxed on 401k/traditional IRA withdrawals based on overall income. Whether taken as ‘lump sum’ or regular monthly distributions matters not. Talk to a professional tax person to adjust total income to lowest tax bracket possible.
Pension distributions are fully taxable, Social Security distributions are partially taxable.

https://www.aarp.org/retirement/social-security/questions-answers/how-is-ss-taxed/

If one needs to withdraw 401k funds prior to 59 1/2, it may be better to take a ‘hardship’ or other qualifying loan, rather than paying 10% early withdrawal penalty.

CARES Act is allowing you to withdraw up to 100 grand of your 401k with zero penalty, up to the end of the year.