Retirement Plan.... WTF

BMW! · 08-21-2008, 03:45 PM

FYI-
You can mix and match the types of contributions you make to your account—up to $15,500 (limit in 2008) plus a “catch-up” amount of $5,000 (limit in 2008) if you’ll be age 50 or older in 2008.

BMW! · 08-21-2008, 04:08 PM

The Target Retirement Date Fund... how much are you looking to earn? doesn anyone have an example of how much $ you put in and how much you got back as return?

Whostheboss · 08-21-2008, 04:20 PM

well i probably wount be touching the money until retirement or something serious happens

Gripster · 08-21-2008, 05:01 PM

Like everyone has said. Max your contribution. If you can afford an E92, you can afford more than 3%. + less tax is like free money. Free money is good.

Next, get a financial planner and set out a plan and some goals. Once you start off this way, you won't miss the money you save straight from your paycheck.

You will thank me in 30 years time.

RiXst3r · 08-21-2008, 05:38 PM

6-8% is a good number if you want to start out and not make a huge impact on your take home pay. Then, as time goes on, slowly increase it by 1 or 2 % as you get raises, etc, and eventually save the max. You will thank yourself later.

Also, when it comes to the funds/stocks/bonds... diversify!!!!!!!!!!!!!!!! (being young, you can lean more towards stocks) and check fund performance, and re-balance as needed.

-Rick

Whostheboss · 08-26-2008, 10:59 AM

Thanks Gripster and RiXst3r

BMWdmk · 08-26-2008, 11:27 AM

starting from early 20s...one can retire a millionaire
keep contributing !

Whostheboss · 08-26-2008, 02:16 PM

So whats the difference between Stock, Bond and Cash ? Anyone?

ideliver · 08-26-2008, 02:55 PM

Quote:

Originally Posted by Whostheboss

So whats the difference between Stock, Bond and Cash ? Anyone?

wikipedia is your friend...

epbrown · 08-26-2008, 04:05 PM

We're throwing too much conflicting information out there, everyone.

Look, head to Borders and find a book on retirement investing, check some magazines, and read your company's materials. In general, everyone recommends being most aggressive/risky while you're young, growing more conservative as you get closer to retirement and you'll actually need the money.

There are tons of financial modelers out there to help with goal-setting. For example, right now if you start saving $6000/year ($500/month), and that earns 10%/year, you'll have a million in your fund by age 54, ~three million by the time you're 65. And that's not counting the money from your employer's match.

08-21-2008, 03:45 PM	#23
BMW! Captain 68 Rep 653 Posts Drives: e92 Join Date: May 2008 Location: NY iTrader: (0)	FYI- You can mix and match the types of contributions you make to your account—up to $15,500 (limit in 2008) plus a “catch-up” amount of $5,000 (limit in 2008) if you’ll be age 50 or older in 2008.
	Appreciate 0 Quote

08-21-2008, 04:08 PM	#24
BMW! Captain 68 Rep 653 Posts Drives: e92 Join Date: May 2008 Location: NY iTrader: (0)	The Target Retirement Date Fund... how much are you looking to earn? doesn anyone have an example of how much $ you put in and how much you got back as return?
	Appreciate 0 Quote

08-21-2008, 04:20 PM	#25
Whostheboss Captain 416 Rep 841 Posts Drives: a 9incher Join Date: Aug 2008 Location: No. Virginia U.S.A. iTrader: (0)	well i probably wount be touching the money until retirement or something serious happens __________________ WHO'S THE BOSS
	Appreciate 0 Quote

08-21-2008, 05:01 PM	#26
Gripster Captain 152 Rep 981 Posts Drives: E93 M3 Join Date: May 2005 Location: San Diego iTrader: (5) Garage List 2013 BMW M3 [0.00]	Like everyone has said. Max your contribution. If you can afford an E92, you can afford more than 3%. + less tax is like free money. Free money is good. Next, get a financial planner and set out a plan and some goals. Once you start off this way, you won't miss the money you save straight from your paycheck. You will thank me in 30 years time. __________________ *2013 M3 (E93)* - ZPP/ZCW/DCT
	Appreciate 0 Quote

08-21-2008, 05:38 PM	#27
RiXst3r 287 Rep 6,510 Posts Drives: M235i Join Date: Sep 2006 Location: Ohio iTrader: (14)	6-8% is a good number if you want to start out and not make a huge impact on your take home pay. Then, as time goes on, slowly increase it by 1 or 2 % as you get raises, etc, and eventually save the max. You will thank yourself later. Also, when it comes to the funds/stocks/bonds... diversify!!!!!!!!!!!!!!!! (being young, you can lean more towards stocks) and check fund performance, and re-balance as needed. -Rick
	Appreciate 0 Quote

08-26-2008, 10:59 AM	#28
Whostheboss Captain 416 Rep 841 Posts Drives: a 9incher Join Date: Aug 2008 Location: No. Virginia U.S.A. iTrader: (0)	Thanks Gripster and RiXst3r __________________ WHO'S THE BOSS
	Appreciate 0 Quote

08-26-2008, 11:27 AM	#29
BMWdmk Rollin 3rd 106 Rep 1,232 Posts Drives: Something fast Join Date: Sep 2007 Location: Chino Hills iTrader: (15)	starting from early 20s...one can retire a millionaire keep contributing !
	Appreciate 0 Quote

08-26-2008, 02:16 PM	#30
Whostheboss Captain 416 Rep 841 Posts Drives: a 9incher Join Date: Aug 2008 Location: No. Virginia U.S.A. iTrader: (0)	So whats the difference between Stock, Bond and Cash ? Anyone? __________________ WHO'S THE BOSS
	Appreciate 0 Quote

08-26-2008, 04:05 PM	#32
epbrown Colonel 63 Rep 2,128 Posts Drives: BMW M Coupe, Porsche Boxster S Join Date: May 2007 Location: Chicago, IL iTrader: (0)	We're throwing too much conflicting information out there, everyone. Look, head to Borders and find a book on retirement investing, check some magazines, and read your company's materials. In general, everyone recommends being most aggressive/risky while you're young, growing more conservative as you get closer to retirement and you'll actually need the money. There are tons of financial modelers out there to help with goal-setting. For example, right now if you start saving $6000/year ($500/month), and that earns 10%/year, you'll have a million in your fund by age 54, ~three million by the time you're 65. And that's not counting the money from your employer's match.
	Appreciate 0 Quote