I'm curious how many of the smaller ECs like me are funding a retirement plan.

Dave

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

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.
Pat

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

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!!!!

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).]

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!

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

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

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

I already have my cardboard box and a location under a bridge picked out.

Tom

Dave,
Yes, you can contribute 25% of compensation or $40,000---Whichever is smaller. I think you are required to make contributions to all elegible employees too though.

Pat

Hi,
I have several retirement accounts...AMERITRADE

private: http://www.ameritrade.com/offer/ira.html

self directed: http://www.ameritradeinstitutional.com/bpa-b2-1-overview.html

rollover: http://www.ameritradeinstitutional.com/bpa-b3-1-rollovers.html is about the best thing going...you can open one online with no money to start...fund it anytime with as much as you want..nice interest rates and you can use some of it to trade..

even if you put only 5% in a week...it is a good idea...myself I put everything extra in there i can..when i retire in a few years i want something beside ssi..

i have been fortunate that i worked for some generous companies who matched a large percentage of my contributions..

just try and leave it alone when the tough times hit about january!

regards

greg


[This message has been edited by mustangelectric (edited 03-17-2005).]