View Poll Results: By age 30 how much have you saved for retirement?
$100,000.00 or more
20
13.89%
$25,000.00 to $99,999.00
54
37.50%
$5,000.00 to $24,999.00
38
26.39%
Haven't started a 401k, prayin on social security!
32
22.22%
Voters: 144. You may not vote on this poll
Retirement & 401k's: by age 30 how much have you saved??
#43
10 Second Club
iTrader: (63)
Originally Posted by TWS
I've saved up 5 Camaros.
That's a redneck 401(k) just in case you didn't know.
That's a redneck 401(k) just in case you didn't know.
Seriously, I was in the Army for 11 years. No 401(k) there. I work at a small consulting firm... so small that we do not have a 401(k) match even.
However, I have religiously contributed to my Roth IRA every year, and I recommend that all of you do the same.
I also have some mutual fund shares tucked away, but that's not really the scope of this thread.
#44
TECH Apprentice
iTrader: (2)
Join Date: Mar 2006
Location: North Richland Hills, Tx
Posts: 387
Likes: 0
Received 0 Likes
on
0 Posts
you should do a ROTH and a 401(k) if you can. It will lower your tax liability and tax bracket at retirement. All money taken out of a 401(k) is fully taxable at your income tax bracket (exactly how your paycheck is today). All money taken out of a ROTH IRA is tax free (because you already paid taxes on the initial contributions--growth is tax free as well). So if you take 50% of your retirement income from 401(k) and 50% from your ROTH, the government looks at that like you made only 50% of what you actually made (income). if you max out both of those, put your money in non-qualified investments and hold them for over a year and you will either pay 5% or 15% cap gains rate on the growth(depending on tax bracket)
#45
10 Second Club
iTrader: (63)
Originally Posted by TEX02SS
you should do a ROTH and a 401(k) if you can. It will lower your tax liability and tax bracket at retirement.
#46
Originally Posted by TWS
Absolutely. I intend to enroll in my company 401(k) for exactly that reason. I keep on missing the enrollment periods. It's pretty hectic here and there is no match, so I've missed signing up.
#47
10 Second Club
Thread Starter
iTrader: (5)
Join Date: Jul 2005
Location: by my computer
Posts: 2,958
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by gearheads78
Good topic Mike. Guess there is something going on in that head of yours.
If only the wife let me spend more money.... i would have the fastest TA in DFW.... hands down!!!!
too bad ya gotta be smart about things......
the 3 things I know,
SEO, Advertising Concepts, Investments, SexEd . .... wait... that was 4. ooops
#48
i work for a company that matches what i put in 100% and i put the max in . I think like 13%. So i have approximatly 35-45,000 something like that. Ive been with the company for 10 years. started when i was junior in high school. + we have stocks, and im proud to say that our stock is bout54 bucks a share at the moment!!!!!!
#50
TECH Fanatic
Join Date: Feb 2002
Location: Friendswood TX
Posts: 1,782
Likes: 0
Received 0 Likes
on
0 Posts
Good thread. Planning to start my roth IRA this week. And 401k as well.
FWIW citi has an online savings account thats 5%.... pretty much what most of the CDs are now for those of you that want to save more than your current savings account now....
FWIW Bank of America's keep the change is a nice little contribution as well
FWIW citi has an online savings account thats 5%.... pretty much what most of the CDs are now for those of you that want to save more than your current savings account now....
FWIW Bank of America's keep the change is a nice little contribution as well
#52
TECH Addict
iTrader: (1)
Join Date: Aug 2002
Location: Lake Jackson,TX
Posts: 2,879
Likes: 0
Received 0 Likes
on
0 Posts
Started mine right at 8 years ago, I`m 38 now. Put 13% of my money with the company matching 7% dollar for dollar. Have 247K right now in it. Also Have 80K in company pension so far. I have full plans on being over 1 mil when I retire combined. I do have to work till I`m 55 to get early retirement, and about 70% medical payed by the company at this age.The only thing its the plant life and shift work. This isn`t counting my wifes retirement plan working as a teacher. She has hers and will get 35yrs out of it when we are done. I don`t plan on being broke! 401K`s are very important.Don`t count on social security. Let that be iceing on the cake if possible. Don`t touch it and keep investing.Every raise you get, up it! Good Luck!
#53
10 Second Club
Thread Starter
iTrader: (5)
Join Date: Jul 2005
Location: by my computer
Posts: 2,958
Likes: 0
Received 0 Likes
on
0 Posts
back from the dead.....
well... i learned a lesson this past week. My wife does not work. I did a 4k Roth IRA this year under my Fidelity account assuming the 4k would count as a deduction on our taxes......... nope... according to the tax lady if I would of done it under her social vs mine it would have.... under me it dont count.
Also if you make more than 110k household income the tax man kicks your ***..... dont get full child credit for each kid, dont get credit for quite a bit of other stuff....... I hate taxes.
on a side note.... made 800 in my 401k roll over by selling VZ stock, picking up 6k worth of JSDA in 2.5 weeks..... moved 1.00 per share fast!
well... i learned a lesson this past week. My wife does not work. I did a 4k Roth IRA this year under my Fidelity account assuming the 4k would count as a deduction on our taxes......... nope... according to the tax lady if I would of done it under her social vs mine it would have.... under me it dont count.
Also if you make more than 110k household income the tax man kicks your ***..... dont get full child credit for each kid, dont get credit for quite a bit of other stuff....... I hate taxes.
on a side note.... made 800 in my 401k roll over by selling VZ stock, picking up 6k worth of JSDA in 2.5 weeks..... moved 1.00 per share fast!
Last edited by WizeAss; 01-28-2007 at 05:34 PM.
#54
Banned
iTrader: (9)
Join Date: Nov 2006
Location: Houston
Posts: 671
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Forteen3GT
Also if you make more than 110k household income the tax man kicks your ***..... dont get full child credit for each kid, dont get credit for quite a bit of other stuff....... I hate taxes.
#55
10 Second Club
Thread Starter
iTrader: (5)
Join Date: Jul 2005
Location: by my computer
Posts: 2,958
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by 1320FEVER
Is that 110k after deductions or before?
Also if you make more than 38k per year you basically get screwed on almost every tax credit out there..... you dont qualify for any tax breaks..... screw the IRS punishing people who make more than 38k...... tryin to hold a man back! Atleast those that due typically have stronger retirement plans and planning to offset getting taken adv. of by uncle sam.
#56
TECH Junkie
iTrader: (3)
Join Date: Nov 2001
Location: TEXASS
Posts: 3,202
Likes: 0
Received 0 Likes
on
0 Posts
110k after deductions would mean a household income around 150k.....Claim zero and you wont get fucked come tax time. Though you will be giving Uncle Sam a small loan, Id rather get that little bonus back as a refund.
#57
10 Second Club
Thread Starter
iTrader: (5)
Join Date: Jul 2005
Location: by my computer
Posts: 2,958
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by cantdrv65
110k after deductions would mean a household income around 150k.....Claim zero and you wont get fucked come tax time. Though you will be giving Uncle Sam a small loan, Id rather get that little bonus back as a refund.
I dont mind the free interest free loan to uncle sam.... I dont save much since I am so 401k and trading focused...... I haven't taken money "profits" out or dividends so I dont pay taxes on my gains....... "yet"!!!!!
The loan is nice.... especially right now since I am building a new motor!!! I didnt expect my 346 to go a few months ago....so getting this return will be nice.
#59
TECH Junkie
iTrader: (3)
Join Date: Nov 2001
Location: TEXASS
Posts: 3,202
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Forteen3GT
I got $7,300 back this year... but I paid 186.00 to do my taxes.
I dont mind the free interest free loan to uncle sam.... I dont save much since I am so 401k and trading focused...... I haven't taken money "profits" out or dividends so I dont pay taxes on my gains....... "yet"!!!!!
The loan is nice.... especially right now since I am building a new motor!!! I didnt expect my 346 to go a few months ago....so getting this return will be nice.
I dont mind the free interest free loan to uncle sam.... I dont save much since I am so 401k and trading focused...... I haven't taken money "profits" out or dividends so I dont pay taxes on my gains....... "yet"!!!!!
The loan is nice.... especially right now since I am building a new motor!!! I didnt expect my 346 to go a few months ago....so getting this return will be nice.
#60
10 Second Club
Thread Starter
iTrader: (5)
Join Date: Jul 2005
Location: by my computer
Posts: 2,958
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by cantdrv65
Wow big refund! You must have some little munchkins running around? I got 2800 back, but my only deduction is the house. I paid 29.95 to turbotax.
2 kids and a house.........
wife took some classes which helped.