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 Expert
Posts: 1432
  
Location: Never in one place long | I'm really curious about this... What do you save and how? What is your retirement goal?
Right now I currently have a Roth IRA that I save the max amount allowed ($5,500) per year and my husband has a 401-k that he puts 10k plus in a year... We're hoping that he can put in his 20yrs to get a pension from Airforce someday as well but not sure.
What do you aim to save for the future and how do you calculate what you'll need? Are there other ways you're investing? Real estate etc?? |
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Extreme Veteran
Posts: 338
Location: Michigan | We save 18% of every paycheck. We mix it up between a Roth, Pre tax & after tax 401K's |
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Good Ole Boys just Fine with Me
Posts: 2869
 
Location: SE Missouri | I think it is so hard to find the right mix.. I don't know what we need BUT I want to be debt free before retirement.. That is our main driver right now.
I'm lucky to work where they match 50% of what we put in 401K. I'm contributing 8% of paycheck. We would like to do more but we are focused on getting some other items paid for!
We are SOOOO close on getting house and truck paid off.. We contemplated keep the house as a rental BUT we are in the process of designing/building our barn/apartment/office combo that we will be able to almost pay off when we sell the house in the spring.
We don't owe anything on multiple items which has been great these we own free and clear horse trailer, tractor, hay equipment, four wheeler, welding trailer, several finished horses, we have a ton of tack and items that we are starting to go through to sell. I'm also deciding which other horses we will offer for sale in the near future (be looking for that on BHW, lol) We have sold 3 nice horses in the past year which has helped knock out some items also.
So it's a lot of moving pieces to get where we want to be which is debt free on EVERYTHING (40 acres and building) in 10 years.
The trade off is we aren't putting alot into savings. It's a little goofy b/c we keep little cash available. Horses and hay are fairly easy to move if we needed to liquidate something b/c of an emergency.
Edited by abrooks 2015-08-14 3:38 PM
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Elite Veteran
Posts: 629
| Just for some info, in case you didn't know, but you can contribute up to $18,000/year if you are under 50. If you are over 50, you can contribute an additional $6,000. Plus you can contribute the $5500 to a ROTH.
My husband and I each contribute 6% to our retirements, and our companys match 100%. So essentially 24% of our pay per year is put in. Right now, we don't do anything else, but we should.
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Expert
Posts: 1432
Location: Never in one place long | abrooks - 2015-08-14 3:36 PM
I think it is so hard to find the right mix.. I don't know what we need BUT I want to be debt free before retirement.. That is our main driver right now.
I'm lucky to work where they match 50% of what we put in 401K. I'm contributing 8% of paycheck. We would like to do more but we are focused on getting some other items paid for!
We are SOOOO close on getting house and truck paid off.. We contemplated keep the house as a rental BUT we are in the process of designing/building our barn/apartment/office combo that we will be able to almost pay off when we sell the house in the spring.
We don't owe anything on multiple items which has been great these we own free and clear horse trailer, tractor, hay equipment, four wheeler, welding trailer, several finished horses, we have a ton of tack and items that we are starting to go through to sell. I'm also deciding which other horses we will offer for sale in the near future (be looking for that on BHW, lol) We have sold 3 nice horses in the past year which has helped knock out some items also.
So it's a lot of moving pieces to get where we want to be which is debt free on EVERYTHING (40 acres and building) in 10 years.
The trade off is we aren't putting alot into savings. It's a little goofy b/c we keep little cash available. Horses and hay are fairly easy to move if we needed to liquidate something b/c of an emergency.
This is kind of where we are... 2 years ago we paid of $45,000 in students loans so we don't have those anymore and have the trailer, horse and everything else paid for but we do have a truck and house payment which we will have for some time. We debate saving more or paying off the truck early or extra on the house.. I guess all are good choices it's just hard to know if saving or paying off the house is a better idea. We're refinancing our house from a 30yr loan to a 15 year which will knock off 10 yrs because we've already pd 5 and we've been sticking TONS of money into our house and barn to remodel them all by ourself hoping with the good housing market here that it'll really pay us off in the future. I always wonder if we're doing enough though. |
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Expert
Posts: 1432
Location: Never in one place long | OutlawsLastDance - 2015-08-14 3:40 PM
Just for some info, in case you didn't know, but you can contribute up to $18,000/year if you are under 50. If you are over 50, you can contribute an additional $6,000. Plus you can contribute the $5500 to a ROTH.
My husband and I each contribute 6% to our retirements, and our companys match 100%. So essentially 24% of our pay per year is put in. Right now, we don't do anything else, but we should.
Good advice.
Yes, I do a roth and max it out every year at $5,500. This is only my 3rd year however but I'll have about 18,000+ after the 3 years so far. When I calculated it out, is was almost exactly 18% of my paycheck, my employer matches up to 5% of my total payroll for the year so it only comes out to about $1,500 but it's something. |
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Good Ole Boys just Fine with Me
Posts: 2869
Location: SE Missouri | DLV - 2015-08-14 3:44 PM
abrooks - 2015-08-14 3:36 PM
I think it is so hard to find the right mix.. I don't know what we need BUT I want to be debt free before retirement.. That is our main driver right now.
I'm lucky to work where they match 50% of what we put in 401K. I'm contributing 8% of paycheck. We would like to do more but we are focused on getting some other items paid for!
We are SOOOO close on getting house and truck paid off.. We contemplated keep the house as a rental BUT we are in the process of designing/building our barn/apartment/office combo that we will be able to almost pay off when we sell the house in the spring.
We don't owe anything on multiple items which has been great these we own free and clear horse trailer, tractor, hay equipment, four wheeler, welding trailer, several finished horses, we have a ton of tack and items that we are starting to go through to sell. I'm also deciding which other horses we will offer for sale in the near future (be looking for that on BHW, lol) We have sold 3 nice horses in the past year which has helped knock out some items also.
So it's a lot of moving pieces to get where we want to be which is debt free on EVERYTHING (40 acres and building) in 10 years.
The trade off is we aren't putting alot into savings. It's a little goofy b/c we keep little cash available. Horses and hay are fairly easy to move if we needed to liquidate something b/c of an emergency.
This is kind of where we are... 2 years ago we paid of $45,000 in students loans so we don't have those anymore and have the trailer, horse and everything else paid for but we do have a truck and house payment which we will have for some time. We debate saving more or paying off the truck early or extra on the house.. I guess all are good choices it's just hard to know if saving or paying off the house is a better idea. We're refinancing our house from a 30yr loan to a 15 year which will knock off 10 yrs because we've already pd 5 and we've been sticking TONS of money into our house and barn to remodel them all by ourself hoping with the good housing market here that it'll really pay us off in the future. I always wonder if we're doing enough though.
We would have typically opted to pay off the truck first b/c frankly you never make money on them.. We decided house first b/c we are wanting to get it freed up b/c of the new construction and want to take the entire amount when we sell to put on the barn and land (which we have been paying on for four years already).. During the time from house pay off to barn payment kicking in we will apply the house payment to the truck.. It will help some and it's a fairly small loan also.
The next two cuttings of hay will go towards the truck pay off also. it won't make a huge difference but it all helps. The goal is for one of the horses we sell to pay off the truck and cover the ET on another mare I'm really wanting bred. So we are just juggling in the right direction, lol. If we really got focused and quit doing any extra stuff (eating out as much, NFR in december, barrel clinic, sent a horse to trainer for a refresher for the first time, two big barrel races this fall, etc) we could be done even sooner. |
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 Take a Picture
Posts: 12842
| Read the book, THE WEALTHY BARBER |
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Good Ole Boys just Fine with Me
Posts: 2869
Location: SE Missouri | streakysox - 2015-08-14 10:49 PM
Read the book, THE WEALTHY BARBER
sounds interesting. |
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 Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | We are doing the Dave Ramsey thing where you pay off debt before saving for retirement. I hope to be debt free in 4 years. Crossing Fingers. |
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Expert
Posts: 1280
Location: Texas | I know that this was a serious question, but all I can think is,
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10D Crack Champion
| Not enough unfortunately......... trying to keep enough to live on each month too. |
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 Three in a Bikini
Posts: 2035
| I put back 5% of each paycheck and my employer matches the same amount.
I have no idea if this is enough, but I have been at it since I was 21 so I feel like I am at least on the right track over here. |
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 Worst.Housekeeper.EVER.
Location: Missouri | hammer_time - 2015-08-15 3:30 AM We are doing the Dave Ramsey thing where you pay off debt before saving for retirement. I hope to be debt free in 4 years. Crossing Fingers.
Wow. We would die very poor...  |
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Take a Picture
Posts: 12842
| abrooks - 2015-08-14 10:55 PM
streakysox - 2015-08-14 10:49 PM
Read the book, THE WEALTHY BARBER
sounds interesting.
It is interesting. Focuses on saving regularly not necessarily large amounts. Pleasant read too. Not all %'s. I bought a copy for a kid that was in the drug rehab where I taught. All nonreaders. The kid stole my darn book. I guess at least he thought it was an interesting read. |
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