Investing for retirement

Discussion in 'Community Forum' started by Strutter, Jan 22, 2021.

  1. CRFmxracer

    CRFmxracer 12 pointer

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    louisville kentucky
    owning a multimillion dollar company says your legal counsel would get laughed at. But continue.

    not sure what legal counsel has to do with this anyway.
     
  2. HuntressOfLight

    HuntressOfLight 12 pointer

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    Guarding my lovely bluebirds
    I remain unimpressed, while still amused you believe "thats" an actual word.
     
  3. CRFmxracer

    CRFmxracer 12 pointer

    2,832
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    Sep 9, 2010
    louisville kentucky
    This is a forum for country folk, not one of my college exams from years past, but you wouldn’t know anything about those
     
  4. HuntressOfLight

    HuntressOfLight 12 pointer

    5,745
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    Nov 23, 2019
    Guarding my lovely bluebirds
    You will survive. Try to have a blessed day.
     
  5. Brit's and Birds

    Brit's and Birds 10 pointer

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    Oldham County
    Some of you really need to get aquainted with the ignore feature.
     
    JR PORTER, drakeshooter, hunt and 2 others like this.
  6. Drahts

    Drahts 12 pointer

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    KY
    The Roth is great, it works kinda like a checking acct in that no matter when, you can withdrawl from it penalty free up to the amount that you have invested in it previous to being 59.5yrs old. Any interest the account has made that your draw from previous to 59.5, you will be taxed and penalized. And don't forget anything you withdrawl, will be added on your taxes as additional income. Depending on how much you withdrawl, that could toss you into a much higher tax bracket! My last 3 yrs before retirement I moved the majority of my 401k $$ to interest bearing, and kept my bi-weekly payroll $$ going into high risk. That kept the majority of the total in safe $$ and about 20% in high risk. I couldn't afford another huge plunge in the 401K which is why I did that.
     
    TripleGee likes this.
  7. bgkyarcher

    bgkyarcher 12 pointer

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    BG
    We have an investment firm that manages our investments. Yes, we pay a lot for their service, but I'm not smart enough to feel comfortable handling our future..... I've been very satisfied with our returns for the last 10 years. They underperform the market when it booms, but outperform when it sucks. Our money has more than doubled in 10 years, and we've been conservative... If it wasn't for crazy insurance prices, we could retire now. I intend for the wife to retire at 62, and I'm going part time at 62, just enough to pay for insurance.....
     
    davers likes this.
  8. WildmanWilson

    WildmanWilson 12 pointer

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    Western Ky.
    I know a Roth is good but I'm not convinced its better in all cases. My traditional 401K is growing on the tax money the government would be taking. So it is lowering my tax burden and using their money to grow. I think in the long run it may be a wash. The best thing is invest as much and as early as you can. I changed some of my investments in my 401K and it jumped 100K since the first of Nov. I know that run isn't going to keep going at that pace but it is making me smile. The down side is it can fall the same way and make me puke.
     
    TripleGee likes this.
  9. bondhu

    bondhu 12 pointer

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    Battle Run
    Pretty sure all investment places have to show a profit for you before they can charge their fees. Besides transaction fees. I have Ed Jones and my money has made 24% the past 4 years. As some have suggested its probably how your invested.
     
  10. Strutter

    Strutter Cyber-Hunter

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    Dec 9, 2001
    USA.
    bondhu, evidently the EJ here is different than yours. I had an almost 10% loss in 2018. They take out their fees each month. Do you do the advisory or guided solutions plans or do it on your own? PM me if you want. Thanks
     
  11. 120+

    120+ 12 pointer

    I have some of both. My thought is to take out some of each which would lower my tax obligations each year.

    Starting at 50 you can contribute up to 26,000 so you could possibly put the extra 6,500 in a Roth.
     
  12. WildmanWilson

    WildmanWilson 12 pointer

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    That’s true but you’re paying them now or then but paying either way. You just know the tax rate now where you don’t later. I just like using their money to make me more money now.
     
  13. 120+

    120+ 12 pointer

    True, and I'm currently not doing that but the theory is that you make sure you are in a lower tax bracket later by withdrawing less taxable income. Plus the likelihood of taxes doing anything but going up is very slim.
     
  14. beauhunter41031

    beauhunter41031 12 pointer

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    Jan 1, 2018
    Cynthiana, Ky
    Anybody paying any attention to what’s going on with Bitcoin and Ethereum lately? Mr. Elon Musk just made a big move. There will be several big companies following. If you’re young enough and got some money to play with get in NOW
     
    Meatstick likes this.
  15. WildmanWilson

    WildmanWilson 12 pointer

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    Western Ky.
    I don’t know anything more volatile and dangerous than bitcoin. It can be made illegal. You can lose your password. It could be hacked. It could drop to nothing. My wife’s cousin became a millionaire with it a few years ago but he was lucky. No way I put 50K in something that I have no idea what the value will be week to week. My nerves simply couldn’t handle it.
     
    PUBLIC RAT likes this.

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