Saving for retirement - Nubblies.net Forums

THEINCREDIBLEdork · 11-30-2009, 11:13 PM

For those of you with jobs/income, are you saving for retirement yet? What percentage of your income?

What should I do with my savings? I'll do whatever you guys tell me. I'm thinking of not saving anything and making sure I die before retirement.

Orgazmo · 11-30-2009, 11:26 PM

I did when I had a real job. About 10% went into a 401k.

Ugly Bastard · 12-01-2009, 12:04 AM

Quote:

Originally Posted by THEINCREDIBLEdork

I'm thinking of not saving anything and making sure I die before retirement.

Props. This is my plan. Retirement is for squares.

THEINCREDIBLEdork · 12-01-2009, 12:17 AM

Quote:

Originally Posted by Orgazmo

I did when I had a real job. About 10% went into a 401k.

Yes, I should have been more specific. 401(k)s or some variation of a retirement plan. Is Orgazmo the only one that has started a nestegg? Or have you spent all your monies on the fast life and pageantry?

How bad did the market hit you Orgazmosan?

Orgazmo · 12-01-2009, 12:49 AM

Not too badly. I mean, it's not like I have any real amount of money in there. It's < 5 figures. I lost a bit...but it's come back for the most part. Honestly, I spend 0 time thinking about it. I should probably be a little more proactive with it even though I don't have any formal contributions going toward it.

DDTempest · 12-01-2009, 01:25 AM

I have a 401k going through my work. They match the the first 2% I put in roughly $3 to $1 and then I would raise it by 1% every time I got a raise until they cut our over time. I was at 7% but dropped it back down to the 2% that they match.

You basically want to dump money into it and forget about it for the next forty years or so, the more you contribute earlier the better off you are in the long run.

You should look into Roth IRAs, I could be wrong but the interest you earned isn't taxed when you take it out like a 401k and allegedly you can withdrawal your principle at any time without paying a penalty.

Ugly Bastard · 12-01-2009, 01:53 AM

Quote:

Originally Posted by DDTempest

You basically want to dump money into it and forget about it for the next forty years or so, the more you contribute earlier the better off you are in the long run.

This is sort of the old guard mentality. I mean, I'm not saying you're wrong, it's just that you can't necessarily expect a ton of economic growth over the next forty years, at least not in this country. We've set ourselves up nicely for years upon years of 0-2% economic growth just like Japan has had for the past decade-plus. There have been points throughout human history where economic growth slowed, stopped or even reversed for centuries! For the record, I'm not saying that saving money is a bad idea. Just saying that investing in American securities and expecting to be loaded by the time you're 60 might have worked for our Grandparents but very likely might not work for us.

SittinOnDubsWGW · 12-01-2009, 04:51 PM

Agency matches up to 5%, I contribute 7% right now.

Similar setiments as above, I don't contribute that much to my retirement, because I really don't expect to live that long.

Beebs · 12-01-2009, 08:03 PM

Quote:

Originally Posted by THEINCREDIBLEdork

I'm thinking of not saving anything and making sure I die before retirement.

Not a bad plan, Ive got just about all the mortality table high risk indicators going for me

f3lix · 12-02-2009, 02:58 AM

Quote:

Originally Posted by DDTempest

You should look into Roth IRAs, I could be wrong but the interest you earned isn't taxed when you take it out like a 401k and allegedly you can withdrawal your principle at any time without paying a penalty.

I have one of these and put the max in yearly (currently the max is $6k.) Any way I can dodge paying taxes, I'll do it.

DJ FC · 12-02-2009, 03:00 AM

I dont have many investments yet, but I plan on buying a condo in Chicago soon. I think ideally I'd like to own some property and rent it out for retirement.

Ugly Bastard · 12-02-2009, 11:59 AM

Moving back to Chicago?

DJ FC · 12-02-2009, 03:19 PM

No just buying property there.

ninjaface · 12-02-2009, 05:10 PM

I'm sure the rent for whatever you're looking into buying will be beyond my means, but when you get some solid info, hit me up anyway.

Dent · 12-02-2009, 05:10 PM

contributing 5.5%, government puts 13.something%
I very much doubt i'd put into a pension if it wasn't a hugely secure business, or one that didn't contribute much.

DJ FC · 12-03-2009, 02:27 AM

Quote:

Originally Posted by ninjaface

I'm sure the rent for whatever you're looking into buying will be beyond my means, but when you get some solid info, hit me up anyway.

Well it could be significantly less if we cut out the middleman (property manager).

11-30-2009, 11:13 PM	#1 (permalink)
THEINCREDIBLEdork Emperor Meow Join Date: Sep 2004 Posts: 9,350 Internets: 290966	Saving for retirement For those of you with jobs/income, are you saving for retirement yet? What percentage of your income? What should I do with my savings? I'll do whatever you guys tell me. I'm thinking of not saving anything and making sure I die before retirement.
	#YOLO

12-02-2009, 03:00 AM	#11 (permalink)
DJ FC MURICAN Join Date: Jul 2004 Location: Virginia Posts: 5,136 Internets: 253094	I dont have many investments yet, but I plan on buying a condo in Chicago soon. I think ideally I'd like to own some property and rent it out for retirement.
	The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.

12-02-2009, 03:19 PM	#13 (permalink)
DJ FC MURICAN Join Date: Jul 2004 Location: Virginia Posts: 5,136 Internets: 253094	No just buying property there.
	The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.

11-30-2009, 11:26 PM	#2 (permalink)
Orgazmo COME ON YOU YANKS Join Date: Feb 2002 Location: Indiana Posts: 15,726 Internets: 311447	I did when I had a real job. About 10% went into a 401k.

12-01-2009, 12:49 AM	#5 (permalink)
Orgazmo COME ON YOU YANKS Join Date: Feb 2002 Location: Indiana Posts: 15,726 Internets: 311447	Not too badly. I mean, it's not like I have any real amount of money in there. It's < 5 figures. I lost a bit...but it's come back for the most part. Honestly, I spend 0 time thinking about it. I should probably be a little more proactive with it even though I don't have any formal contributions going toward it.

12-01-2009, 04:51 PM	#8 (permalink)
SittinOnDubsWGW I make bad decisions. Join Date: Dec 2004 Location: The Desert Posts: 3,018 Internets: 108015	Agency matches up to 5%, I contribute 7% right now. Similar setiments as above, I don't contribute that much to my retirement, because I really don't expect to live that long.

12-02-2009, 11:59 AM	#12 (permalink)
Ugly Bastard Senior Member Join Date: Feb 2002 Location: U.S.A. Posts: 13,643 Internets: 247330	Moving back to Chicago?

12-02-2009, 05:10 PM	#14 (permalink)
ninjaface Level 20 Holothetan Join Date: Dec 2002 Location: Space Posts: 5,245 Internets: 210144	I'm sure the rent for whatever you're looking into buying will be beyond my means, but when you get some solid info, hit me up anyway.

12-02-2009, 05:10 PM	#15 (permalink)
Dent Lost in Hilbert Spice Join Date: Jun 2004 Location: Surrounded by knaves and fools Posts: 3,520 Internets: 183146	contributing 5.5%, government puts 13.something% I very much doubt i'd put into a pension if it wasn't a hugely secure business, or one that didn't contribute much.