PebHmong Discussion Forum
Life & Living => Money & Investment => Topic started by: lilly on April 23, 2021, 07:06:41 PM
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When you are in your 40's?
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This link tells you what you should have saved by a certain age: https://www.synchronybank.com/blog/median-retirement-savings-by-age/ (https://www.synchronybank.com/blog/median-retirement-savings-by-age/)
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Another good link: https://www.ally.com/do-it-right/money/savings-by-age-how-much-to-save-in-your-20s-30s-40s-and-beyond/ (https://www.ally.com/do-it-right/money/savings-by-age-how-much-to-save-in-your-20s-30s-40s-and-beyond/)
If You're Saving For... Plan to Save...
A vacation $1,979/person
New furniture $8,176
A car $20,000 to $55,000
Down payment for a home $15,930 to $63,720
A wedding $33,931
College for your kids $35,160 to $203,600
Cripes. I didn't even plan for weddings. 2 kids at $34K each = $68K. :o
As for college... I'm hoping that there will be free colleges by the time my kids start college. ;D
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Pension is workplace benefits
Like cali-guy public worker social worker
Sadly average joe like us don’t get pension
Its 401k .....
you don’t contribute, you don’t get
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The goal is always $1,000,000 when you retired
$1,000,000 on a safe 4% bond= $40,000 interest every year
You can just eat the $40k interest and be safe....
Minimum is $500,000
Thats $20,000 interest every year but you going be close
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Pension+401k+Roth ira+cash+ regular brokerage, etc...
= $1,000,000
House don’t count
Gold, jewelry, toy collection don’t count
Has to be pure cash equivalent
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Don't depend on pensions if you have it or 401Ks. My mother in law had like 90K or so in pension and it's already gone after a few years. Its not even 100% guarantee since its expected to collapse in the next few years. I've worked for some companies with really good benefits. For example, the employer took care of 100% of health expenses, 100% 401K contribution matching up to x amount on top of 3% contribution by the employer and other incentives like, stocks, free parking, gym membership, etc. I always cashed out of any 401K since it wasn't much anyways because I never contributed. I recently started contributing to my 401K and only put in like $200 or so a month in it. I don't rely on it and contribute a little just because some bonuses are given only to those with 401K contributions. They put the bonuses in 401Ks. My advice is to not depend on it and take the time to learn how to invest.
Oh... I'm almost 40 and have only like 3K in my 401K. However, I've spent a lot of time learning to invest and trade in the stock market so I'm not concerned about my 401K. I've actually taken loans from it and have been able to 10X the amount.
https://youtu.be/ocgYD2rLk20 (https://youtu.be/ocgYD2rLk20)
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Another good link: https://www.ally.com/do-it-right/money/savings-by-age-how-much-to-save-in-your-20s-30s-40s-and-beyond/ (https://www.ally.com/do-it-right/money/savings-by-age-how-much-to-save-in-your-20s-30s-40s-and-beyond/)
If You're Saving For... Plan to Save...
A vacation $1,979/person
New furniture $8,176
A car $20,000 to $55,000
Down payment for a home $15,930 to $63,720
A wedding $33,931
College for your kids $35,160 to $203,600
Cripes. I didn't even plan for weddings. 2 kids at $34K each = $68K. :o
As for college... I'm hoping that there will be free colleges by the time my kids start college. ;D
The military offers free college. ;) Honestly, not a bad deal if they go into a career field that will pay decent afterwards. They can get their undergrad while they are in using tuition assistance if they just sign up for four years. They can then use other education benefits to get their graduate degrees after they leave the service. This assumes that the benefits will still exist when they are about to go to college. I don't see the benefits going away any time soon. They will also gain the experience for the career field on top of the education benefits. In addition to their pay, they will get Basic Allowance for Subsistence and Basic Allowance for Housing, which are both tax free and will cover their housing costs and free health care.
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Don't depend on pensions if you have it or 401Ks. My mother in law had like 90K or so in pension and it's already gone after a few years. Its not even 100% guarantee since its expected to collapse in the next few years. I've worked for some companies with really good benefits. For example, the employer took care of 100% of health expenses, 100% 401K contribution matching up to x amount on top of 3% contribution by the employer and other incentives like, stocks, free parking, gym membership, etc. I always cashed out of any 401K since it wasn't much anyways because I never contributed. I recently started contributing to my 401K and only put in like $200 or so a month in it. I don't rely on it and contribute a little just because some bonuses are given only to those with 401K contributions. They put the bonuses in 401Ks. My advice is to not depend on it and take the time to learn how to invest.
Oh... I'm almost 40 and have only like 3K in my 401K. However, I've spent a lot of time learning to invest and trade in the stock market so I'm not concerned about my 401K. I've actually taken loans from it and have been able to 10X the amount.
https://youtu.be/ocgYD2rLk20 (https://youtu.be/ocgYD2rLk20)
Bro....REREAD WHAT YOU WROTE DOWN
Your employer is matching 100% of your 401k
And you only put $200????
401k cap space is $19,500 per year
You need to max that shyt $19,500 and your employer match $19,5000
Total: $39,000
Thats a 100% gain
I take 100% free gain all days
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In general, it just depends on the individual because lifestyles can vary even during the retirement stage of life. Me personally, I feel like I can retire now if I want. My daughter is still young so I'll keep working until she's older just in case.. ??? O0
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Lily
You need to know the different between 401k VS pension
If companies goes bankrupt and don’t exist
Pension might be in trouble
Thats why you hear me preach about backup plan
Don’t put all your egg in one basket
401k thats all you... you put in... you keep
Pension.... do 30 years at X companies... retired... get $2000/month
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I can’t offer you first hand experience on pension but must warn you to be wary about taking advices from the unemployed that is not even qualified to clean toilets. You might be in a better position to give us info on pensions if you actually are contributing.
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I can’t offer you first hand experience on pension but must warn you to be wary about taking advices from the unemployed that is not even qualified to clean toilets. You might be in a better position to give us info on pensions if you actually are contributing.
lmao ;D ;D ;D
i'll be careful with these $100K+ DR TOM FAKE ass
who don't even know simple banking YEAR TO DATE stuff :2funny: :2funny:
that just simple no brainer
it's okay
we all just trying to help each other out
many things i and you don't know
if your companies offer pension
good.. hopefully it stays in business for the next 100 years
O0 O0 O0
https://www.pbgc.gov/wr/sears-holdings-pension-plans (https://www.pbgc.gov/wr/sears-holdings-pension-plans)
Sears Holdings Pension Plans
On February 11, 2019, the Pension Benefit Guaranty Corporation took responsibility as trustee for Sears Holdings Corporation’s two defined benefit pension plans. PBGC and Sears Holdings agreed to end the plans as of January 31, 2019. Together the two plans cover about 90,000 workers and retirees of Sears, Roebuck and Co. and Kmart Corporation. PBGC offers the following information to Sears Holdings participants.
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Pension and 401K are used interchangeabl y these days. Rarely do companies offer true pensions. When I and others say "pension", that can be referred to a matching 401K account, a true classic pension account, or a person's individual IRA account.
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Pension and 401K are used interchangeabl y these days. Rarely do companies offer true pensions. When I and others say "pension", that can be referred to a matching 401K account, a true classic pension account, or a person's individual IRA account.
oh you still gotta be careful
there kinda of different stuff
401k you carry that with you from workplace to workplace (i know i get fire and quit alot... hehehe)
i work in shytty job so no pension... but i believe you commit your life to that company 30+ years
and they agree to pay you $1000/month whatever when you retired YMMV
companies goes bankrupty... you might lose all your pension
ahahha
for
pension....
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Pension and 401K are used interchangeabl y these days. Rarely do companies offer true pensions. When I and others say "pension", that can be referred to a matching 401K account, a true classic pension account, or a person's individual IRA account.
the correct answer is: $1,000,000 cash equil... you can just live and eat on the interest alone
i say $500,000 minimum.... but that going be cutting it
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One more thing I want to add, the one speaking the loudest is not a cfp. You know the sort, said he wants to help but how can he when he can’t even help himself.
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Heard you public worker get good pension???
Sucky i can barely hold down a job sometimes
So only them shytty 401k that roll over to every new employer
Sometimes no 401k at all
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One more thing I want to add, the one speaking the loudest is not a cfp. You know the sort, said he wants to help but how can he when he can’t even help himself.
Don’t worry about me, bro
I got plenty of food
You say you are rich but can’t kill cow for your parents
all hat, all cattle here
(https://i.imgur.com/zQoTd41.png)
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I can’t offer you first hand experience on pension but must warn you to be wary about taking advices from the unemployed that is not even qualified to clean toilets. You might be in a better position to give us info on pensions if you actually are contributing.
;D ;D ;D
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One more thing I want to add, the one speaking the loudest is not a cfp. You know the sort, said he wants to help but how can he when he can’t even help himself.
;D ;D ;D
I remembered when he donated "$5" to four Hmong funerals in Fresno and he bragged the "loudest" about it and even his closest bromance called him out on it..THAT IS JUST SAD.. ;D:
I'm not about to hate but if you're going to gloat about your contribution, you could at least give a little more than 5 dollars. My standard is 20 bucks.
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Generally speaking it's just NOT a good idea to listen to a LIAR that LIE so much that he even encourages others to "lie" like him so DON'T BE THAT GUY ;D:
Just lied, dude
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This link tells you what you should have saved by a certain age: https://www.synchronybank.com/blog/median-retirement-savings-by-age/ (https://www.synchronybank.com/blog/median-retirement-savings-by-age/)
These are good numbers, but in reality, your actual figures will vary. Example: Living in Miss vs Cali or living in the USA vs Thailand makes a big difference in how much money is needed. I know these are extreme examples, but it's the reality of things.
A better rule and one that some say is more realistic is the 25 X yearly expense formula. Say you spend 50k a year. 50k X 25 = you will need 1.25 million for retirement. Not so much what you have at each age group, but once you have reach your savings number, you can retire regardless of age.
I have a modest pension provided by work, a 403b and a Roth IRA. For me personally, I am not counting on the pension from work or social security. Once my 403b and my IRA reaches my goal, I will jumping off this 9-5 ride. Social Security and my pension will be gravy if they come into play.
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Like I've said, just depends on the individual. Even if it's narrowed to a city or area, the "how much" savings is enough to retire on can still vary because individual lifestyle can differ...
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I have a modest pension provided by work, a 403b and a Roth IRA. For me personally, I am not counting on the pension from work or social security. Once my 403b and my IRA reaches my goal, I will jumping off this 9-5 ride. Social Security and my pension will be gravy if they come into play.
Damn
Are yall all public worker or something ???
Firefighters, police, social worker, teacher, etc...
;D ;D ;D
Wish mcdonald offer a pension too
Hahahahah
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;D ;D ;D
I remembered when he donated "$5" to four Hmong funerals in Fresno and he bragged the "loudest" about it and even his closest bromance called him out on it..THAT IS JUST SAD.. ;D:
It wouldn’t surprise me if he does it in that fashion in person.
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Lol
These same dude who makes fun of my $5 donation
Can’t even give out $1 from their heart
Now all of sudden
Out of the blue they going do $500
What a joke
You ain’t go no caring bone in that body
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The joke is donating $5 and broadcasting to the world or making fun of those who didn’t donate, sounds like a disfigurement inside the head.
(https://i.imgur.com/LrXFb6X.png)
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You ain’t go no caring bone in that body
Says the guy that had no problems going "underground" to steal from the poor and then "make fun" of them by giving them "spoilage" food..
These "comments" from a neutral PH member nailed it O0:
What happened to your compassion for others? ;D
Thanks for admitting that you’re stingy. ;D
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The joke is donating $5 and broadcasting to the world or making fun of those who didn’t donate, sounds like a disfigurement inside the head.
(https://i.imgur.com/LrXFb6X.png)
;D ;D ;D:
Wow! Where do you live that there are people like that......push ing each other at the store? Sounds like next up would be fights and cops called.... :o
What happened to your compassion for others? Why do you donate to people you don’t know? Who are you trying to impress when you donate? There are lots of food and you garden so you should share it to the less fortunate. ;D
And from his closest bromance:
I'm not about to hate but if you're going to gloat about your contribution, you could at least give a little more than 5 dollars. My standard is 20 bucks.
;D ;D ;D ;D ;D