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Another finance spin off- investment question
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LuckyStar
LIF Adult
Member since 7/14 7272 total posts
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Re: Another finance spin off- investment question
Posted by mommy2be716
well damn then we must be poor lol..
As far as retirement goes, we're set. I'm not concerned in that respect. I am a tier 4 teacher and don't even make contributions to retirement anymore now that I have 10 years in (you only need to contribute for 10 years for tier 4 NYS retirement). I have a TDA that gets 7% fixed interest and I contribute 11% of every paycheck to that, and plan to continually increase the percentage as I get raises (You can contribute a max of $18,500 per year). Additionally, Dh has 102k in his 401k right now (He is 33).
So i feel OK with retirement accounts. For DD's college, we contribute monthly to DD's 529, and both sets of grandparents also have 529s for her.
I just feel like we are behind when it comes to other investments. I have a savings account of course, but I'm not investing in stocks or anything right now. After reading the comments that LSP2005 made, I really feel like we're WAY behind
You’re not poor. You have for retirement and make a good salary. If you have the money to afford the lifestyle you choose and not stress about the future you are better off than most people.
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Posted 2/19/20 8:56 PM  |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: Another finance spin off- investment question
Posted by LuckyStar
Posted by mommy2be716
well damn then we must be poor lol..
As far as retirement goes, we're set. I'm not concerned in that respect. I am a tier 4 teacher and don't even make contributions to retirement anymore now that I have 10 years in (you only need to contribute for 10 years for tier 4 NYS retirement). I have a TDA that gets 7% fixed interest and I contribute 11% of every paycheck to that, and plan to continually increase the percentage as I get raises (You can contribute a max of $18,500 per year). Additionally, Dh has 102k in his 401k right now (He is 33).
So i feel OK with retirement accounts. For DD's college, we contribute monthly to DD's 529, and both sets of grandparents also have 529s for her.
I just feel like we are behind when it comes to other investments. I have a savings account of course, but I'm not investing in stocks or anything right now. After reading the comments that LSP2005 made, I really feel like we're WAY behind
You’re not poor. You have for retirement and make a good salary. If you have the money to afford the lifestyle you choose and not stress about the future you are better off than most people.
I would not say you are poor. If you are saving in your retirement accounts you are doing something and should be proud of that. You also mentioned you are in your 30s, which is really when a lot of people start to get serious about their savings. The best day to start saving was 20 years, ago, the second best day is today. Everyone struggles at first. Just do a little bit at a time. You can do it too.
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| Posted 2/19/20 11:29 PM |
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Re: Another finance spin off- investment question
Posted by jlm2008
Posted by valentinesbaby
Posted by LSP2005
Posted by mommy2be716
Posted by LSP2005
If you are in your 40s you are late to the party. As difficult as it is to save, you must do so and eventually max out your annual contributions. The average 401k balance has over 100,000 in it, so I would say you are really behind if you have nothing.
no thats not what I was saying. I was asking how many have investment accounts OUTSIDE of 401k or other retirement-based accounts. I have a NYS pension plus a 403(B) account that I contribute to and it is very large, but that is all retirement-based.
yes, this would be in addition to your retirement accounts. I would hope everyone over 40 has an emergency fund, and other funds beyond money for kids and retirement. So yes, at 40 not having those things would make you behind where you need to be.
"I would hope everyone over 40 has an emergency fund, and other funds beyond money for kids and retirement."
You hope but many people, especially living on LI live paycheck to paycheck.
I think your fairly new here, but you will soon find everyone is super rich on this chat board and they think 75k is an average salary where if I made that I'd be living like a queen. I just roll my eyes and move in. But yes, there are plenty of us who support ourselves on LI and live paycheck to paycheck.
And sometimes life throws curve balls....divorce in your 30's and see what happens
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| Posted 2/28/20 4:07 PM |
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| Pages: 1 [2] |
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