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Retirement #155966
03/01/05 05:58 PM
03/01/05 05:58 PM
D
Dave55  Offline OP
Member
Joined: May 2004
Posts: 697
Crystal Lake, Illinois, USA
I'm curious how many of the smaller ECs like me are funding a retirement plan.

Dave

Business, Office, Estimating, Legal:
Re: Retirement #155967
03/02/05 11:26 PM
03/02/05 11:26 PM
N
nesparky  Offline
Member
Joined: Jun 2001
Posts: 642
omaha,ne
I for one will never be able to retire. Had a lot of bad luck a few years ago and now am starting over at age 54


ed
Re: Retirement #155968
03/03/05 07:08 AM
03/03/05 07:08 AM
P
Pat@Amber  Offline
Member
Joined: Aug 2004
Posts: 106
Gaithersburg, MD USA
I haven't done a darn thing yet. Keep saying I'll do it next week and never seem to have the money to set aside. After my last vacation, I'm not sure I want to retire anyway. I kept wandering around the resort looking at all the crappy wiring and wishing I had my tools with me. [Linked Image]
Pat

[This message has been edited by Pat@Amber (edited 03-03-2005).]


Power to the people
Re: Retirement #155969
03/05/05 03:54 PM
03/05/05 03:54 PM
W
WhiteRook  Offline
Member
Joined: Feb 2004
Posts: 48
Republic of Texas
NESPARKY, I know what you mean. I am fast approaching the double nickle and no retirement set up. I worked for some years in the IBEW and had a retirement plan going there but when I moved to Texas, I couldn't wait the approximate two years to move up on the books...so I started my own company. IBEW won't give me my retirement unless I have worked on a Union job within the 3 years before I retire...all that money down the tubes...well life sucks and then you die. I guess I will be working until that day happens. Hope sometime in the near future I will be able to sock away some money for my rocking chair...ha ha!!!!

Re: Retirement #155970
03/05/05 05:45 PM
03/05/05 05:45 PM
D
Dnkldorf  Offline
Member
Joined: Dec 2004
Posts: 1,064
nowhere usa
My business is my retirement plan.

I am working to build it up and sell it.

That's my plan.....

Dnk...

ps. Whitebrook, sorry to hear the Union screwed you. There should be something you could do about it, ie.. "legal avenues".

Although this is not the first time I have heard of guys get hosed after puttting in many years,sometimes 20+ just to see their pensions were spent or lost...

[This message has been edited by Dnkldorf (edited 03-05-2005).]

[This message has been edited by Dnkldorf (edited 03-05-2005).]

Re: Retirement #155971
03/05/05 08:10 PM
03/05/05 08:10 PM
S
Steve McKinney  Offline
Member
Joined: Apr 2004
Posts: 79
Marion, Illinois
Hey White, that really bites about the union "formalities" or should I say "out". Same thing happened to my Dad and Mom. Dad died unexpectedly with a heart attack at the age of 51. All I heard growing up was "get in the Teamsters son, they will take care of you". I did go Teamsters for a few years............long enough for them to take a job away from me because I got it on my own. Back to my Dad, because one of his employers failed to pay into the pension fund for a couple of months, that gave the union a "break in service" out and denied my Mom of any pension benefits. All the Teamsters did for him, after paying union dues for 28 years, was bury him. It has made me more determined through all of it. You guys and I are not ones to sit around and wait to be taken care of!

Re: Retirement #155972
03/07/05 06:19 AM
03/07/05 06:19 AM
P
Pat@Amber  Offline
Member
Joined: Aug 2004
Posts: 106
Gaithersburg, MD USA
Has anyone looked into startng a SEP (simplified employee pension) IRA? If you have the extra money, you can contribute up to $40,000 per year instead of the usual $2,000 per year. It could help some of us older guys stash a few more dollars away quicker--- and tax deferred. Pat


Power to the people
Re: Retirement #155973
03/07/05 08:37 AM
03/07/05 08:37 AM
D
Dave55  Offline OP
Member
Joined: May 2004
Posts: 697
Crystal Lake, Illinois, USA
I've been doing SEP-IRAs for years Pat. My understanding is that you can now invest up to 25% of your annual earnings. Previously it was 15%.

Dave

Re: Retirement #155974
03/07/05 12:12 PM
03/07/05 12:12 PM
W
WhiteRook  Offline
Member
Joined: Feb 2004
Posts: 48
Republic of Texas
SEP...didn't think of that...guess I will be able to retire...the day before I die...ha ha
Seriously, great idea! I definitly will look into them. Rook

Re: Retirement #155975
03/08/05 10:04 PM
03/08/05 10:04 PM
A
Active 1  Offline
Member
Joined: Feb 2003
Posts: 687
Grayslake IL, USA
I already have my cardboard box and a location under a bridge picked out.

Tom

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