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Retirement

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On 1/17/2020 at 12:31 PM, Frobby said:

I’m very jealous of anyone who has a pension as opposed to (or in addition to) a 401 k type plan.    One of the real perks of being a government worker, for example.   I’ve made a nice living as a lawyer but what I’ve saved is what I’ve got coming to me, and nothing else.    My firm won’t be paying me a dime after I retire.   

My wife has a pension that she will be able to retire from at age 55.  She is 14 years younger than me so I should be able to retire at 69.  Wait that isn’t as good as I thought.  Like you I only have 401k and I have maxed out The social security contribution the last 20 years.  

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I'm getting my tax returns and putting like 1/4th of it into the market, 1/4th into cryptocurrencies, rest i'm putting in my savings account. Depending on returns from the market returns, might start my retirement account now with a ROTH. 

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If people do it right, they should not be getting a 'refund' from taxes.  The gov't is taking money from you (or you're giving it freely) and then returning it with no interest.  What a deal, for them. If one does their taxes correctly, you give them only what they are supposed to have.  The extra per month that you keep should already be put into something that is collecting interest.  By waiting for a refund, you've already missed out on several months of making a bit extra.

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On 1/19/2020 at 8:44 AM, atomic said:

My wife has a pension that she will be able to retire from at age 55.  She is 14 years younger than me so I should be able to retire at 69.  Wait that isn’t as good as I thought.  Like you I only have 401k and I have maxed out The social security contribution the last 20 years.  

Is she a teacher?  Just curious as there are not too many places that offer pensions anymore.  And those that do teach, the structure of those pensions have changed from when my mother taught.

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5 hours ago, MongoBoy said:

If people do it right, they should not be getting a 'refund' from taxes.  The gov't is taking money from you (or you're giving it freely) and then returning it with no interest.  What a deal, for them. If one does their taxes correctly, you give them only what they are supposed to have.  The extra per month that you keep should already be put into something that is collecting interest.  By waiting for a refund, you've already missed out on several months of making a bit extra.

I make under 30K, so I get all the money i put in sans SS back. I normally wait because the community college by my house offers a free tax program so I can file my taxes and get my refund without having to pay for anything. I'll be checking to see if ODU has something similar to that, but if I can get all the $ I can back, then that's more beneficial in the long run rather than throwing 20-30 dollars to H&R Block. 

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12 hours ago, MDtransplant757 said:

I make under 30K, so I get all the money i put in sans SS back. I normally wait because the community college by my house offers a free tax program so I can file my taxes and get my refund without having to pay for anything. I'll be checking to see if ODU has something similar to that, but if I can get all the $ I can back, then that's more beneficial in the long run rather than throwing 20-30 dollars to H&R Block. 

Been there.  However, depending on how much is taken out of your check, you can change the number of allowances on your W-4.  I am no expert on this, but getting a $0 refund is what everyone should be shooting for.  Why give it to the gov't and get nothing in return. Just do a search on how to adjust your withholding.

Of course, this doesn't cover people who are sole proprietors.  We all get it right in the butt.

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3 hours ago, MongoBoy said:

Been there.  However, depending on how much is taken out of your check, you can change the number of allowances on your W-4.  I am no expert on this, but getting a $0 refund is what everyone should be shooting for.  Why give it to the gov't and get nothing in return. Just do a search on how to adjust your withholding.

Of course, this doesn't cover people who are sole proprietors.  We all get it right in the butt.

I'll have to check into that. I claim myself on everything deduction wise. 

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3 hours ago, MDtransplant757 said:

I'll have to check into that. I claim myself on everything deduction wise. 

As I said, I'm no expert.  But then, when it comes to taxes, no one is.

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On 1/21/2020 at 6:21 PM, MongoBoy said:

As I said, I'm no expert.  But then, when it comes to taxes, no one is.

Well, my brother was Assistant Secretary of the Treasury for Tax Policy.    Does that count?     But he tended to deal with pretty ephemeral issues.   

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On 1/17/2020 at 12:31 PM, Frobby said:

I’m very jealous of anyone who has a pension as opposed to (or in addition to) a 401 k type plan.    One of the real perks of being a government worker, for example.   I’ve made a nice living as a lawyer but what I’ve saved is what I’ve got coming to me, and nothing else.    My firm won’t be paying me a dime after I retire.   

I'm a county employee and have a 25 year retirement. I was very fortunate to start my career at 24. I can walk away at 49, fully vested, with healthcare. I've got 11 years and some change left. In addition to that, I have 17+ years of service in a volunteer fire department that offers a 25 year retirement. Seven and some change and I am fully vested in that and can start collecting at 65 along with SS. 

I've worked the streets for a long time, but hopefully I wont miss it too bad. I'll take a year or so off and find something else to do until I can start collecting on my other retirements. 

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On 3/24/2020 at 5:31 AM, Snutchy said:

I'm a county employee and have a 25 year retirement. I was very fortunate to start my career at 24. I can walk away at 49, fully vested, with healthcare. I've got 11 years and some change left. In addition to that, I have 17+ years of service in a volunteer fire department that offers a 25 year retirement. Seven and some change and I am fully vested in that and can start collecting at 65 along with SS. 

I've worked the streets for a long time, but hopefully I wont miss it too bad. I'll take a year or so off and find something else to do until I can start collecting on my other retirements. 

My dude.

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I'll "retire" when I drop dead at work or they find me at home 4 days later...

 

 

;)

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8 hours ago, scOtt said:

I'll "retire" when I drop dead at work or they find me at home 4 days later...

 

 

;)

Are we related?

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On 1/17/2020 at 12:31 PM, Frobby said:

I’m very jealous of anyone who has a pension as opposed to (or in addition to) a 401 k type plan.    One of the real perks of being a government worker, for example.   I’ve made a nice living as a lawyer but what I’ve saved is what I’ve got coming to me, and nothing else.    My firm won’t be paying me a dime after I retire.   

I consider myself pretty lucky. I've been working for the government for 24 years, and I had the luck or discipline or whatever to put 10% into my 401k from the day I was eligible.  Never touched it.  So I have a fair amount in there, although I purposely haven't looked at it in the last few months.  I probably have about 15 years to retirement, so I figure I'll be okay unless the stock market does historically badly for a very long time.

But even then I'll have my FERS pension and social security.  So for me to have real financial problems in retirement the United States government will have to collapse.  In which case, my family has a small farm in rural Virginia, so I can probably eke out a subsistence existence there.

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On 5/11/2020 at 3:46 PM, DrungoHazewood said:

I consider myself pretty lucky. I've been working for the government for 24 years, and I had the luck or discipline or whatever to put 10% into my 401k from the day I was eligible.  Never touched it.  So I have a fair amount in there, although I purposely haven't looked at it in the last few months.  I probably have about 15 years to retirement, so I figure I'll be okay unless the stock market does historically badly for a very long time.

But even then I'll have my FERS pension and social security.  So for me to have real financial problems in retirement the United States government will have to collapse.  In which case, my family has a small farm in rural Virginia, so I can probably eke out a subsistence existence there.

I'm just happy that most of the places I've worked for match 401k contributions. Some jobs up to 5%.

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