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#63438 - 03/15/06 06:59 PM Retirement?  
Trumpy  Offline


Member
Joined: Jul 2002
Posts: 8,223
SI,New Zealand
Hi guys,
I don't mean to be prying, but is anyone here saving for thier retirement or have a Company superannuation scheme at work?.
Another thing I wanted to ask was, is there a set retiring age in your area/country?.
Reason I bring this up is the policy-makers here are looking to raise the retirement age again from it's current 62, to what I'm not sure. [Linked Image]
I have no need to worry, the way I'm going I'm going to be working until I'm about 90 anyway!. [Linked Image]


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#63439 - 03/15/06 07:20 PM Re: Retirement?  
LK  Offline
Member
Joined: Jan 2003
Posts: 1,429
New Jersey
Mike,

We have a plan, without it, why operate a business, if i worked for another company, i would have a 401K, or other retirement benifits, just one more thing that adds to our overhead.


#63440 - 03/15/06 07:46 PM Re: Retirement?  
HotLine1  Offline


Member
Joined: Apr 2002
Posts: 6,872
Brick, NJ USA
Trumpy:
'Evenin my friend....

Like Les said, self employed guys have to fend for themselves as to pensions. The US has Social Security, contributions (tax) from paychecks. I can collect SS when I hit 66, as with my wife.

Guys that are 'in' pension plans thru work (additionally to SS; some are 'co-pay' with employee contribs; some are company funded. Some are in BAD SHAPE.

John


John

#63441 - 03/15/06 09:14 PM Re: Retirement?  
Trumpy  Offline


Member
Joined: Jul 2002
Posts: 8,223
SI,New Zealand
Les,
Could you please define a "401K"?.
Sounds like a new exercise plan. [Linked Image]


#63442 - 03/15/06 09:33 PM Re: Retirement?  
luckyshadow  Offline
Member
Joined: Jan 2005
Posts: 307
Maryland USA
Mike-
Yes we have Social Security (if it's still around by then) I will able to collect full benefits at age 67. That's 26 years away, but coming fast. I also am putting money into a retirement fund . I have been lucky and have been in a position to stash away quite a bit every year. With out putting anything away how could anyone expect to retire?
I constantly am telling my two kids ages 21 and 16 to put away a minimum of 15% of every dollar they recieve.


#63443 - 03/23/06 02:20 PM Re: Retirement?  
Zog  Offline
Member
Joined: Sep 2005
Posts: 120
Charlotte, NC
A 401k is usually a mutual fund (A blend of stocks and bonds) that you pay into every month and your company matches some amount (.25 or .50 is typical, my company matches dollar for dollar with a cap). Your fund usually goes up and down in value when the DJIA goes up or down.

I started planning my retirement when I was 18, I dont plan on working past 60 unless it is on a boat or golf course. I wouldnt count on social security being around after the baby boomers use it all.

Sites like fidelity or Janus have a lot of good tools that help you plan your retirement, I would start there.


MV/HV Testing Specialist, "BKRMAN"

#63444 - 03/23/06 03:22 PM Re: Retirement?  
gfretwell  Online Content


Member
Joined: Jul 2004
Posts: 9,123
Estero,Fl,usa
There will probably always be social security but expect them to tax the hell out of it, if you take it and have other income.
I think the break even date is around age 74-78 if you start collecting at 62. From then on you are losing money.
I have retired twice so far (at 49 and 58)
I may take another gig if it is attractive.
My wife works so I can't afford the taxes if I start collecting SS before she retires.

Trumpy a 401K is a tax deferred savings plan. You can't start tapping it until you are 59½. Employers may match contributions but this is usually in lieu of a real retirement plan. Again, I bet you anything that the government is going to tax the hell out of this if you make much over the poverty level in retirement. One problem with the 401k is that it is pre-tax money and the government is not obligated to treat the withdrawls kindly.
I really think they will strongly discourage massive withdrawals and the negative impact on the stock market by using abusive taxes.


Greg Fretwell

#63445 - 03/23/06 05:41 PM Re: Retirement?  
Dnkldorf  Offline
Member
Joined: Dec 2004
Posts: 1,064
nowhere usa
Zog, dollar for dollar is free money.

I hope you are maxing this out, it is hard to find an employer matching buck for buck these days...

Dnk...



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