Well didya or dintya? When it came to retirement income.

[Griffin1820]

Your avatar says file file file and you are unaware that ups does not match 401k. Lmfao.

That was my point. How is that a best option. Sorry my keyboard language ability to portray a given tone is lacking. What does file "which is in regards to a union action" have to do with being well versed on a UPS 401k.

 

[olroadbeech]

sounds like you are in pretty good shape at age 33. a lot better than we were. no, the co. does not have a match on 401k.

we found the best way to keep our taxes down was to max out the 401k and our IRA's. my spouse does not work so were able to shelter another 12k in regular IRA's because we fell below the income limits.

we also had a mortgage but paid it down so aggressively that the interest

was low. maxing out the 401k saved us thousands in taxes.

after doing all that and putting cash away we also invested money in a hobby that we now make good money on in our retirement. It's great fun and it's even better making some extra cash from.

some drivers would buy single family homes during the housing crash in 2008 and fix them up and rent out. One guy has 3 or 4 and another driver has 7 homes. it sounds like a good investment and retirement income if you can deal with tenants, etc.

 

[Griffin1820]

sounds like you are in pretty good shape at age 33. a lot better than we were. no, the co. does not have a match on 401k.

we found the best way to keep our taxes down was to max out the 401k and our IRA's. my spouse does not work so were able to shelter another 12k in regular IRA's because we fell below the income limits.

we also had a mortgage but paid it down so aggressively that the interest

was low. maxing out the 401k saved us thousands in taxes.

after doing all that and putting cash away we also invested money in a hobby that we now make good money on in our retirement. It's great fun and it's even better making some extra cash from.

some drivers would buy single family homes during the housing crash in 2008 and fix them up and rent out. One guy has 3 or 4 and another driver has 7 homes. it sounds like a good investment and retirement income if you can deal with tenants, etc.

I rent out the house I owe on now so someone else can pay for it. The location is a tourist retirement town so hopefully that will be my retirement house and tenants will buy it for me. Lol
If i plan to retire in 10 years at the age of 45 maybe 50 in reality i wouldnt think a 401k would not be a good option. Im still somewhat unsure how you get the interest off the different savings/investment accounts and which ones will let me draw a check at 50

 

[BakerMayfield2018]

How did you select paying your income taxes when you retired?

Didya select #1: Take the taxes out of my monthly retirement and put the rest of the pile into my account?

OR

Didya select #2: No Thanks! I will pay my own quarterly's?

OR

#3 Didn't have a choice?

Paying taxes is for suckers.

 

[olroadbeech]

I rent out the house I owe on now so someone else can pay for it. The location is a tourist retirement town so hopefully that will be my retirement house and tenants will buy it for me. Lol
If i plan to retire in 10 years at the age of 45 maybe 50 in reality i wouldnt think a 401k would not be a good option. Im still somewhat unsure how you get the interest off the different savings/investment accounts and which ones will let me draw a check at 50

you really need to talk to a professional. you cant draw from a retirement acct until you are 59 and a half unless you pay penalties . you have taxes either way. a lot of people say they will retire at 50 but usually something gets in the way.

do you want to travel? or start a business? you must have some ideas. you sound smart and should be ok. talk to 3 or 4 or 10 professionals and do your homework .

nobody here can really help. everyone's situation is different. what worked for me might not work for anyone else.



/

 

[Brownslave688]

Your retired making more now than you did full time and you get a refund? As a young guy trying to get a retirement plan figured out your my hero!

Literally. Nothing she says is true.

 

[Brownslave688]

I bought my first house when i was 19 and now i own one and 42k away from owning my second. All my toys are 10 years old my debt other than mortgage is 5k and i am 33.
I should be driving full time within the year and hope to reach top pay and then work 10 years. Weve made a commitment to put every dime over 700 a week into an investment. My seasonal and summer vacation driving has went into remodeling the past couple of years.
Im still researching the best ways to invest and dodge taxes. Lol

You're gonna be hard pressed to save enough to retire at 45 in ten years. Even if you put 50k a year away.


Hate to rain on your parade but I'd give yourself at least til 55. If you live til 85 that's 40 years in retirement. You're gonna need millions for that not a few hundred thousand.

 

[UpstateNYUPSer(Ret)]

Does UPS match a percentage?

No but they do pay the administrative fees.

 

[burrheadd]

sounds like you are in pretty good shape at age 33. a lot better than we were. no, the co. does not have a match on 401k.

we found the best way to keep our taxes down was to max out the 401k and our IRA's. my spouse does not work so were able to shelter another 12k in regular IRA's because we fell below the income limits.

we also had a mortgage but paid it down so aggressively that the interest

was low. maxing out the 401k saved us thousands in taxes.

after doing all that and putting cash away we also invested money in a hobby that we now make good money on in our retirement. It's great fun and it's even better making some extra cash from.

some drivers would buy single family homes during the housing crash in 2008 and fix them up and rent out. One guy has 3 or 4 and another driver has 7 homes. it sounds like a good investment and retirement income if you can deal with tenants, etc.

How come your spouse doesn’t work?

 

[twoweeled]

401k is your best bet to “dodge” taxes.

aapl just reported. You must be a happy man. Crap! I sold some today, just a little too early.

 

[twoweeled]

sounds like you are in pretty good shape at age 33. a lot better than we were. no, the co. does not have a match on 401k.

we found the best way to keep our taxes down was to max out the 401k and our IRA's. my spouse does not work so were able to shelter another 12k in regular IRA's because we fell below the income limits.

we also had a mortgage but paid it down so aggressively that the interest

was low. maxing out the 401k saved us thousands in taxes.

after doing all that and putting cash away we also invested money in a hobby that we now make good money on in our retirement. It's great fun and it's even better making some extra cash from.

some drivers would buy single family homes during the housing crash in 2008 and fix them up and rent out. One guy has 3 or 4 and another driver has 7 homes. it sounds like a good investment and retirement income if you can deal with tenants, etc.

I thought about the house thing, but I don't wanna deal with tenants or broken anything. We have one house we rent and let someone else handle that.
When you wrote about IRA contributions, you meant when you were working, right? If not, how are you contributing now if no one is working?

 

[olroadbeech]

I thought about the house thing, but I don't wanna deal with tenants or broken anything. We have one house we rent and let someone else handle that.
When you wrote about IRA contributions, you meant when you were working, right? If not, how are you contributing now if no one is working?

you can only contribute to a IRA if you are earning income. we don't contribute to the ira anymore. we haven't had to take distributions yet from ira or 410k. hopefully we can wait until age 70.