@ixnayBob, you are watching the wrong sport. 
Steph Curry is unbelievable! What a start!
Yep my husband is raving about Stephen Currie too. Apparently an incredibly nice guy, to boot.
Knowing where the marriage license is can be handy - when Hās company decided they better make sure everyone claiming to be married is indeed married - an audit was done. I actually had to get our marriage license (ordered at the court house where it was filed) because what we had was the carbon copy from the application, and not the true marriage license - had to provide employer a copy. I donāt think we had to provide birth certificates for the children. On the 28th we will have our 37th wedding anniversary. DD has nursing pinning on the 29th and graduation on the 30th.
H and I turn 60 this year. H will retire either Oct or Dec after he turns 65, as I qualify for medicare Oct after his 65th birthday. How much do you think we will need - what we have saved. We have some annuities, some in 401K investments, some in Roth IRAās, some in other investments. Plan to downsize our home. And we have āgoldenā LTC insurance policies that are affordable.
By retirement, we anticipate both DDs will have all schooling done - they may both complete graduate degrees (very likely for #2, and pretty highly likely for #1).
You have a lot to celebrate this year, @SOSConcern! Congrats!
Okay, I need some advice from you internet strangers.
I just started a new job. I am in my late fifties and plan to work for another 5-6 years, max. I am debating whether or not to fund a 403B while with this employer.
Pros: itās a 2-to-1 match from my employer ($2 from them for every $1 I put in), so itās āfree money.ā Iāve always funded a retirement account (when possible), so Iām used to doing this ā in fact, it feels wrong if I donāt sign up. Apparently, I have a psychological need to save money.
Cons: Part of me just wants to save up money outside of the 403B for traveling and partially-funding a wedding for DD in the near future. And itās not really a ācon,ā but I donāt need this money for retirement. H and I have over $2.5 million in our current 401K/403B accounts, plus I will get a pension when I retire of about $60,000/year (from a previous employer).
The amount Iād save in this new 403B (including employer contributions) works out to be about 2% of my current retirement savings, again considering that Iāll only be here for five years or so. So, not a lot of money Iād be investing and a drop in the bucket when compared to my current retirement-fund balance. Why am I having such a hard time making this decision? To invest in the 403B or not?
I would do it, but then Iām cheap. If you donāt youāre just throwing away the match. Seems a waste. And since youre close to 59 1/2 you can take it out anytime you want for those vacations.
Holy moly, thatās awesome, and too good to turn down.
If you canāt save enough money along side of this for a wedding/travel or whatever, borrow it. Use a HELOC or some other low interest vehicle. Then when you retire, cash it out and pay off any loan balance.
Unless you think you can triple your money in five years by investing on your own, this is too good a deal to pass up.
My $0.02.
Yeah ā the match keeps sucking me in. Where else in the āreal worldā can you get that kind of interest rate?
Is there a max to the amount they match? A dollar amount or percentage of salary? If so, at least contribute to the point of the maximum match.
Thatās a good point, mominva ā they āonlyā match 5%. So, yes, it looks like Iāll at least do the 5%.
Do you have a tax advisor/financial planner? It may be better to save even more (to the $24,000 max) pre-tax for the next few years to lower your taxable income.
Iām a save-o-holic and I could never pass up that match.
Add me to the chorusāI could never pass up that match either! Wow, you are lucky to have such a generous employer!
Definitely do it to get the maximum match. Once youāre 59 and 1/2, you can withdraw the money with no penalty, just taxes. And then youāll have three times the money you would have had otherwise!
One big assumption: You will need to stay at this employer long enough to become 100% vested in the match. Make sure thatās your plan.
Another canāt pass up that match vote. Sounds like youāve done a great job saving, and will continue to add to that retirement nest egg.
Is there a vesting period?
Nope - no vesting period. Youāre immediately vested from day one.
Looks like itās unanimous ā and the more I look at it, the more I agree. Itās hard to turn down free money, especially since Iām not THAT far away from 59 1/2.
Wow. Generous plan.
Ta-da. 279 individual and corporate tax returns done. Iām tired! Tomorrowās mantra is "Your procrastination is NOT my emergencyā¦ Every year it takes a little longer to recover.
Iām early 50ās and donāt have a target retirement date. H is late 50ās and I can tell his job is taking a bigger toll on him. We donāt have debt, but D is a college freshman. My biggest retirement concern is health care costs. What I see clients sinking into premiums, high deductibles, out-of-pocket, etc. is just mind boggling. H and D have significant health issues. Such an unknown, you just canāt predict what medical crisis is going to hit you.
One of the best things about Hās decades of being a federal employee is his excellent lifetime medical insurance for both of us and our kids until age 26. There is a $3000/person out of pocket copay. After that, insurer will pay 100% of copays, as long as the providers are participating, preferred and in network. Since I have chronic health issues, it allows us to sleep well at nite! It has also allowed us to get gods medical care for our kids and their chronic health issues. Also very helpful is that his former employer will continue to pay the lionās share of the premiums.
Medical insurance premiums, copays, Rx, and deductibles can other expenses can really burn thru a budget and leave a yawning black hole!