Retirement

When did you start planning for retirement?

Deon Christie
I'm one of the people that waited a bit too long in my opinion. Which resulted in much larger payments to have retirement policies etc in place. Personally I only started planning for retirement in my 40's. And I must tell you that you will pay a lot more than when you start early. But I'm sure I'm not the only one. We lead different lives and life takes us to unexpected places sometimes. But it's never too late to start. Because even ending up having a little at retirement still beats...Read More...
I too started late. With no house or car payments, I am currently having 26% of my gross income put into my 401k. I have about 6 more years to work. I will be able to also get social insecurity. I'm afraid our kids won't. Social Security should have been privatized decades ago.Read More...
I just suggested the same. Perhaps in the Retirement , Investment or Insurance sections. I think it will make for an excellent discussion.Read More...
Last Reply By friardave · First Unread Post

Roth IRA or Traditional IRA

Which IRA is best to invest in, Roth IRA or Traditional IRA?Read More...
@Nats1488 @Robin Hartill @mintjulep Thank you very much!! I understand the difference now! Because of my current income, I believe going with a traditional IRA would be best, at this time. I no longer have dependents, so the tax break would be great!! Thank you!!Read More...
Great question, Rosalina! The main difference boils down to taxes — specifically, when you want to pay them, because we know Uncle Sam’s gonna get his cut. :-) If you want to lower your tax bill now, consider a traditional IRA because you can deduct your contributions now, but you’ll pay taxes when you withdraw the money. With a Roth IRA, you contribute money you’ve already paid taxes on, hence, no tax break now — but the money is all yours tax-free in retirement! Another advantage of a Roth...Read More...
Last Reply By Rosalina Montellano · First Unread Post

Choosing a Financial Advisor and Investment Bank

Abostonnative
Hello Penny Horder Community: I am new as of yesterday and wanted to get info on how to choose a Financial Advisor, tax accountant and Investment Bank. We are about to inherit a large sum (high 6 figure) and need advice. I am 63 and my husband is 66. I work in Boston currently and am not sure when to retire. Any suggestions are welcome!Read More...
I honestly see it’s a doggy world! I am looking for a coach I cannot believe nothing is less than 250 per hour? I can’t afford that! I am totally unsatisfied with my accountant for a long long time, haven’t been able to find another one! Some say you need this team. I cant find a legit mortgage company my bank was my go to years ago & now they are lower than low capital one I was with Chevy chase. No cash 💰 just property I wanna change that!Read More...
Hi Kelly! Thank you for the reply!Read More...
Last Reply By All we need is love! · First Unread Post

Retired at 32

LaLa21
I was medically retired from my job due to a chronic medical condition two year ago. I was fortunate enough to have planned for this possibility by choosing an organization/entity that had phenomenal disability retirement benefits. I love not having the obligation of working anymore, but I must admit that it can get difficult because everyone else is working & thriving in their careers. Are there any other retirees in their 30’s, or am I one amongst none🤷🏽‍♀️? What have you implemented...Read More...
@Tina Flemmons a great start in your search for Work from Home jobs would be at The Penny Hoarder's portal specifically for that. They post all sorts of jobs for people with varying experience. I also found this article on The Penny Hoarder where they share 14 other websites you can find work from home jobs. Hope this helps!Read More...
Any suggestions for work at home jobs...Read More...
Last Reply By Moore Income · First Unread Post

How helpful is a financial advisor? When should I start?

crice
Clearly, saving money is #1 when it comes to being ready for retirement, and while there are differing opinions on what plan is best, I'm pretty reliable in investing a portion of every check. I started late, but (hopefully) there's still time to catch up. I don't know anything about planning for retirement beyond "just save as much money as possible," though. I don't want to end up waiting too long to consult with an adviser -- but I also worry that I'll miss opportunities to maximize my...Read More...
I would also like to add a little as this discussion is about a financial advisor and I have already worked with many of them since my graduation. A financial advisor/investment advisor is very important for anyone who is thinking to save or invest his money. Companies hire complete teams of professionals with command over investment ideas and risk management. Small firms hire freelance advisors or small firms for their consultation. So the answer to your query is simple, Yes, a financial...Read More...
How much should you expect to pay for a financial advisor?Read More...
Last Reply By sararoberts · First Unread Post

Anyone pursuing a F.I.R.E. strategy?

Theodora
The F.I.R.E is on FIRE. https://www.cnbc.com/2019/03/01/more-workers-are-looking-to-retire-early-a-look-inside-the-fire-movement.html Would love to hear from any of you who are pursuing a strategy to retire early. Teach me your ways!Read More...
@Pax Awesome resources! Thank you!Read More...
I retired at 32 due to a chronic medical condition...But I intentionally chose my career because they had a robust disability retirement program so if my medical condition escalated, I would be fine financially. I am not rich by any means, but I am comfortable. I have enough to invest, and own investment property as well.Read More...
Last Reply By Theodora · First Unread Post

A way to earn to retire

My wife and I are retired and rent out part of our home to members of our family, it has brought extra income to add to our retirement income, This if course isn't for everybody and it does come with challenges, sometimes a lot of them, , but as we get older and our physical abilities aren't the same anymore, it's nice to have someone here that is younger to help us with things that we can't do as easily. Anyone who would think about doing this can ask me specific questions about how to...Read More...
We haven't asked our family to sign a lease, we made their rent affordable so getting into another place would require more earnings on their part, if they did move out someday it would be there call,and life would go on for us regardless.We do plan on leaving the house and property to them after all .I think how it's handled depends on how well and understanding a family is.Read More...
I think that is an excellent plan! I can envision some of the challenges, but it has to be a great source of income, especially if your home is mortgage free! I'm curious, because it's family, do you still require them to sign a lease?Read More...
Last Reply By Joel · First Unread Post

Retirement

I retired in 2015 from a corporate position. After a few weeks I went to elementary school to deliver lunch to my grandkids and I was asked to work by the principal. I started at the school and several years later I am still working. I have at least a few days off a month, I do not have to attend meetings or plan lessons. I have the summers off, and if I want to work full time it is available. They have a great benefit package with a 7% matching fund. It takes 5 years to be vested. This job,...Read More...
@Teachable Grandma that is awesome that you were able to find something that works well for you and that you enjoy!Read More...
No, Actually I was a Manager of Quality Assurance at a Pharmaceutical Company. I loved my job but after 43 years, I left to help take care of my grandchildren. They grew up and I wanted to do more but I wanted to continually learn and found it is better for me to be in an educational setting. Many jobs pay more but I no longer wanted to work 60-70 hours a week, attend 4-6 hours of meetings, and be on call for the job. This has worked out great for me.Read More...
Last Reply By Moore Income · First Unread Post

1million +to retire

From 18 to 26, save $200. A month. Then don't touch it until age 65. You should have over $1.6 million. If you didn't start until age 26, and saved $200, per month until age 65, you would only have $1.3 million, after saving all those years! This is "The Time Value of money".Read More...
Interesting but like every one else i like to know how you get to that 1.6 millionRead More...
Interesting to think about. I am curious to know what has to happen to the money you save in order for you to get to that $1.6 million by 65?Read More...
Last Reply By Bonnie Squires · First Unread Post

Social Security/Retirement

Hello! Both my in laws are receiving social security and a retirement pension. My in laws were told in the past that they no longer needed to file income tax. They are both over the age of 65. Is this still the case? Thanks!Read More...
I am definitely not an expert on this topic but from what I can tell from doing a little research, it seems that it depends on how much money they make outside of social security. Here are a couple of articles I found that might be helpful - When Can Seniors Stop Filing Taxes - Do Seniors on Social Security Benefits Have to Pay Taxes? Hope you find this helpful!Read More...
Last Reply By Moore Income · First Unread Post

Do You Invest In An IRA/ROTH IRA? Why or Why Not?

Moore Income
I personally opened a couple different ROTH IRA accounts with an online platform which ended up saving me from having to pay in taxes due to the credit I received from paying it. I am wondering if there are any other Penny Hoarders who also have an IRA or ROTH IRA and what are some of the benefits you have received for having it or if there is anything you dislike about it. Also, if you do not have one, what is keeping you from getting one?Read More...
@mintjulep Glad to be of help!Read More...
Moore Income, thanks for that link to Nerd Wallets comparison. There is information there about Roths I did not know. I just reached 70.5 and have been working with my financial adviser as to how best/when take my RMDs and then what I'm going to do with it. The hope is that I can tighten the belt enough to reinvest some of it!Read More...
Last Reply By Moore Income · First Unread Post

Medicare

David P Miller
I am 64yo, and receive 3 monthly checks. SSDI, VA Disability, and a tiny pension from my job. I will be eligible for Medicare on April 1, 2019. Social Security just sent me a letter stating they will be withholding $135.50 from each SSDI check. This is NOT supplemental insurance, like Part B or Part D or whatever it is ... $135.50 is just the basic premium. I don't need Medicare ... I have all the health care I need for free from the Veteran's Administration, and all I have to provide is...Read More...
Dave, Medicare Part A is free. The withholding you are referring to must be Medicare Part B which I believe you can elect to obtain or reject. Part D would be for medications. You can get more information at medicare.gov. Read below which was copied from the medicare website. Good luck. Ray B What if I don't want Part B? Make sure you review the situation above that applies to you so that you understand how dropping Part B would affect you. If you want to drop Part B, here's how to do it:...Read More...
I opted out of all, but Part A, which is provided at no charge to me. I receive Social Security and a pension, and pay for health care benefits through my previous employer. Not sure if the rules are different for SSDI.Read More...
Last Reply By RayB · First Unread Post

Si, Si Senior ((50+))

It wasn't that long ago that AARP began stalking me. At fifty years of age, I wasn't quite ready to think about aging or retirement. I figured that I had another fifteen or more years to become debt-free and save for supplemental retirement income. That's plenty of time, right??? About three years ago I became disabled from work, still not having done anything to tackle that debt nor save for retirement so it was a definite reality check as my household income plummeted by more than half,...Read More...
Not near retirement yet, but the thought scares me as I have met with financial advisors, I do not fathom how I can possibly stash away enough money for retirement....always good to start early!Read More...
Having been disabled for nearly 20 years, I started my Medicare in 2002. It was one of the best decisions I ever made. Some I knew refused to do so and now they regret it. I'm considering a medigap policy to pay what my wife's employer and medicare don't pay. Don't know how that would work, though. I've been told it would. Having a tertiary policy is not unheard of.Read More...
Last Reply By FreebiePharm · First Unread Post
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