Never mind
Retirement...contract talks
- Thread starter gman042
- Start date
FrigidFTSup
Resident Suit
Doesn't exist anymore though
FrigidFTSup
Resident Suit
Okay..
Brownslave688
You want a toe? I can get you a toe.
Well the central is toast but I think mine will be there. It's currently funded at 95% or something like that. So even with no new money or growth 95% of what I've earned will be there.
FrigidFTSup
Resident Suit
I see guys at work that put in 30+ years terrified about what the next 10 years will bring. Feel terrible for them
Brownslave688
You want a toe? I can get you a toe.
Sorry I rarely argue with people for this long but I can't stand the thought of someone coming on here for retirement advice and reading information that is 100% false.
FrigidFTSup
Resident Suit
No need to apologize, you're doing the right thing. I haven't really thought that far ahead just yet. Have a few other things money is getting diverted to
Brownslave688
You want a toe? I can get you a toe.
I mean I feel bad but at the same time take my mother for example.
A teacher that paid no social security tax. If it were me I would of taken that money and built myself a sweet ass nest egg. Instead she spent it all and relies 100% on her pension income. Granted she has an awesome pension but holy hell thats a lot of eggs in one basket.
Brownslave688
You want a toe? I can get you a toe.
You're still young but time is your friend. Don't put it off too long.
FrigidFTSup
Resident Suit
Oh I agree. But I also think of how different things were when they started. Hindsight is 20/20. I'm sure that wasn't really a concern 30 years ago. Especially with how much more common pensions were. Now they're a dying system and we have to depend on 401ks for security
Brownslave688
You want a toe? I can get you a toe.
Yep I always say it's hard to blame them. They grew up with the attitude. Work 30 years, retire, collect pension. That's just the way it worked.
1989
Well-Known Member
Oh, it's there, you just got cut off. When was the cut off?
FrigidFTSup
Resident Suit
I have always had the match going. So there is money there.
This is my game plan. I want to pay for the wedding with as much cash as we can. I don't want to have any debt over our heads for that. Then I'm just throwing as much money as I can at my student loans. We go out and enjoy life, but we don't have a ton of everyday expenses. As soon as I dump those lovely loans I'll start Focusing on the retirement more.
But I'm sure by that point there will be some mini Frigid's out causing chaos in the world and on my wallet.
FrigidFTSup
Resident Suit
Not a clue
Brownslave688
You want a toe? I can get you a toe.
Don't have to answer but what rate are your student loans at?
1989
Well-Known Member
The mgmt pension will be there for at lease 40 years, until the last one dies.
FrigidFTSup
Resident Suit
1 at 2.5% and 3 at 3.5%.
I actually lucked out compared to most of my friends. My tuition was extremely low for a University. Actually about what my parents paid for private high school. School made it easy to get in state tuition and my parents paid a nice chunk of it.
The killer was just my flying. My tuition was half the cost of my flying. Averaged something like 8000 a semester because of it, and that's where my loans are.
I don't regret it, and I had the time of my life. But man, did they really friend* me
Brownslave688
You want a toe? I can get you a toe.
I totally understand wanting to get rid of those loans. My wife has 6 figures in student loans but you'd be better off paying the min and maxing out your 401k at those rates.
The growth and years of compounding interest would almost certainly be greater than what you'd save in intrest.
FrigidFTSup
Resident Suit
Im sure, I just hate them hanging over my head. I've put a huge dent in them over the last 8 months. So I'm pretty thrilled about that.
And honestly, part of the reason I went FT in management is because I knew the money was better than I was going to get anywhere else at my age. I want to get rid of the loans because I want to be at a point where if I do start to hate where I am career wise I can say friend* it and go back to flying FT.
Mugarolla
Light 'em up!
Maybe you should go back to teaching 4th graders and leave the more complicated math, and 401K investing, to the big boys.
The amount of money that your employer contributes to your 401K is not a percentage of the amount you contribute. It is a percentage of your gross wages.
You say that if you max your contributions to $18000 for the year, that the employer contribution will be 6% of $18000. Incorrect. It is 6% of your gross wages.
I'll keep math simple for you 4th graders.
An employee grosses $100K. In order to max his 401K, he contributes 18%
This gives him $18K contributed to his 401K. So what is the employers contribution, assuming a matching contribution up to 6%
This is 2nd grade math. It would be 6% (max) of $100K, or $6000.
So the total 401K contribution for this year would be $24K.
And yes, the max is $18K for your portion. With the employers matching contributions, you can go over that $18K limit.
Maybe you should go back to summer school yourself.
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