[Bill]

So this topic has been coming up around the house alot and I've got some mutual funds going already that are doing well, but now I'm thinking of some sort of retirement account. and body have some advise on 401k vs an IRA? I'll be talking with my financial planner this thursday but I figured I'd float it out there and see what you folks had to say.

Vbookie, should start a line on who says mason jar buried in the back yard first.

[cLaY]

i put 5% into a 401K account every paycheck. company matches. it is doing very well. i've got an IRA, but with money as tight as it is with the woman in school i don't have the extra cash to put into it. i'm sure once the woman starts making some money i can start setting back for college for the kid(s) and what not. start preparing, we won't have social security coming to us when we retire.

[Bill]

i put 5% into a 401K account every paycheck. company matches. it is doing very well. i've got an IRA, but with money as tight as it is with the woman in school i don't have the extra cash to put into it. i'm sure once the woman starts making some money i can start setting back for college for the kid(s) and what not. start preparing, we won't have social security coming to us when we retire.

exactly. which kind of pisses me off cause we are forced to pay into it.

[cLaY]

exactly. which kind of pisses me off cause we are forced to pay into it.

Fight the Power!

[BIRD33]

Social security isnt going anywhere.Anything on Bush's agenda will not get done.

[Odysseus]

I'm putting 8.5% into a Public Employees Retirement System where the employer matches up to 8%. In the next few years our contribution is going to go up to 10% so we can keep the boat afloat for all the fuckers that have already retired. Also I have $20 taken out of each check right now that goes to a Deferred Comp account and I can up that ammount whenever I choose.

[Bill]

Social security isnt going anywhere.Anything on Bush's agenda will not get done.

It's not just a Bush thing....hell it's not even a republican / democrat thing...the government on a whole has borrowed against our savings so much that they'll have bankrupted the whole system by the time I'm ready to withdraw from it......

[BIRD33]

It's not just a Bush thing....hell it's not even a republican / democrat thing...the government on a whole has borrowed against our savings so much that they'll have bankrupted the whole system by the time I'm ready to withdraw from it......

Its the goverments mispending and mismanagment thats bankrupted it.Not just bush but what if we didnt pour a billion a month into Iraq and instead into SS, think the problem would be as severe?

[Bill]

Its the goverments mispending and mismanagment thats bankrupted it.Not just bush but what if we didnt pour a billion a month into Iraq and instead into SS, think the problem would be as severe?

As severe? No.

But the truth be known they probly borrowed against SS to fund the war anyway..at least in part.

[BIRD33]

As severe? No.

But the truth be known they probly borrowed against SS to fund the war anyway..at least in part.

Its a fucked up system way before Iraq.Theres defintly a better way out there but look for welfare to go before SS and driving down some of the streets I have to for work tells me welfare is not going anywhere anytime soon.

[Bill]

Its a fucked up system way before Iraq.Theres defintly a better way out there but look for welfare to go before SS and driving down some of the streets I have to for work tells me welfare is not going anywhere anytime soon.

Agreed.

The welfare system is a completely seperate topic that I don't need to get started on. I for one think anybody that wants to collect welfare (our hard earned dollars) needs to do something for the community before hand. No work no pay.

[BIRD33]

Agreed.

The welfare system is a completely seperate topic that I don't need to get started on. I for one think anybody that wants to collect welfare (our hard earned dollars) needs to do something for the community before hand. No work no pay.

I somewhat agree.Its tough for single mothers though.

[Bill]

I somewhat agree.Its tough for single mothers though.

Oh I don't doubt that there should be exceptions to the rule, but I'd rather pay for governement run day cares over just handing someone a check. Implement something like that and you'd get rid of people getting a payraise just for having more kids and you'd be allowing them to get back out into the workforce.

[Anhil8tor]

I have both an IRA and a 401K. I also invest in stocks with the extra money I make on fantasy sports. Currently I have a little over 50K invested for retirement which at my age (28) should be alright.

I have about 3K in stocks from my fantasy winnings... One is doing well.. one isn't.

[cLaY]

I have both an IRA and a 401K. I also invest in stocks with the extra money I make on fantasy sports. Currently I have a little over 50K invested for retirement which at my age (28) should be alright.

I have about 3K in stocks from my fantasy winnings... One is doing well.. one isn't.

You should be able to retire a millionaire easily. Good for you.

[Anhil8tor]

You should be able to retire a millionaire easily. Good for you.

unless the spouser and I split up.. in which case i'll lose the house, kids, and money.


Nothing like incentive to keep my dick in my pants.

[cLaY]

unless the spouser and I split up.. in which case i'll lose the house, kids, and money.


Nothing like incentive to keep my dick in my pants.

I'm set to inherit a very large sum of money in the next few years from my non-birth grandfather. i'll be investing all of it more than likely...unless its more than I imagine, then I may pay off my house and start buying up rental properties and get the fuck out of the 9 to 5 bullshit.

[Anhil8tor]

All bullshit aside..

a friend of mine who was about 10 years older than me talked to me before I turned 18. He laid it out for me and explained to me about investing my income tax refund rather than blowing it on weed and alcohol. I listened and decided to do it. Low and behold things were fine except last year my 401K and IRA combined to go up a little over 8K in a year. That was nice and unexpected.

Its all relative to the stock market.. if it crashes or comes close to crashing before I retire.. then I am fucked.

[SanDog]

Bill,

401K is only an option if your company has it. I would recommend that you put at least what they match in. You are automatically doubling your investment then.
If you can afford to max it out, then by all means do so, (I think the max is around 13,500 a year now). But at a minimum put in what your company matches. It is tax deferred, which is nice.

If you have some spare change for a IRA you can lower your tax liability by puttitng $2K+ a year in. That is nice too.

At your age, I would be aggressive with 50%, moderate with 40% and bonds with 10% (that is just me, everyone is different).

[Bill]

Bill,

401K is only an option if your company has it. I would recommend that you put at least what they match in. You are automatically doubling your investment then.
If you can afford to max it out, then by all means do so, (I think the max is around 13,500 a year now). But at a minimum put in what your company matches. It is tax deferred, which is nice.

If you have some spare change for a IRA you can lower your tax liability by puttitng $2K+ a year in. That is nice too.

At your age, I would be aggressive with 50%, moderate with 40% and bonds with 10% (that is just me, everyone is different).

It's a small company I work for. If I asked for one, and did all the research/paper work for setting one up my bossman would do it.

Thanks for the imput though. I'm gonna try to look into doing both. but for right now I got to figure out which one to start first.