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Post by Foggy on Feb 16, 2019 23:18:46 GMT -6
I have read every post in this thread and it's all over my head. I teach fourth graders, I'm too dumb for all of this money talk! Is there something a 30 year old teacher should be looking out for? Lol You should have a pension which is good. Contribute to a retirement account (401k or similar) as much as you can and if it's not the max amount allowed add 1% per year until you are at the max. Avoid debt particularly if the asset depreciates. Hire a financial planner that talks to you about your goals and reset your goals at least 1 per year. Compounding is your friend and the sooner you invest the better. Dollar cost averaging is a good thing so don't sweat the reasonable market swings. Learn enough to know what to avoid. Vote for pro market, capitalist politicians. ^. Great Advice. I was once told to "buy things of lasting value". That means avoid things like RV's, New Pick up trucks, expensive vacations to Jamaica, Women, booze, concerts, gambling, sports events, Women's wrestling nigh outs, hunting trips, fishing trips, expensive restaurants, and many more things where you can find "fun". OTOH....if you can max out your retirement savings....then by all mean enjoy all the above.....and have a great life. . Grin FORE!
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Post by Tooln on Feb 17, 2019 1:06:55 GMT -6
Pensions can suck. I'm a 40 year teamster. Currently they say the fund will be broke by 2025. I'm 61 and currently looking to hang it up so to speak. Because of reemployment guidelines there are only certain jobs I can do and still draw my pension. In my current job I can't. But I have an another one that I'm a candidate for but waiting to hear back from the union to see if this place would allow me to draw and still work. Time will tell.
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Post by MoBuckChaser on Feb 17, 2019 3:07:20 GMT -6
They make this shit so fucking complicated you need a 8 year CPA degree just to buy a fucking condom now! GEEZ! I have read every post in this thread and it's all over my head. I teach fourth graders, I'm too dumb for all of this money talk! Is there something a 30 year old teacher should be looking out for? Lol You need to plan for the future my friend. It takes a lot of cash to retire. Tough on 4th grade teacher money. JMO
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Post by Sandbur on Feb 17, 2019 5:05:37 GMT -6
I have read every post in this thread and it's all over my head. I teach fourth graders, I'm too dumb for all of this money talk! Is there something a 30 year old teacher should be looking out for? Lol You need to plan for the future my friend. It takes a lot of cash to retire. Tough on 4th grade teacher money. JMO Small chunk, you can still make retirement. Start saving for it right away. Be conservative, but enjoy life along the way. I have to say that the numbers in the above posts scare me. I am very, very short on the dollars mentioned above. I hope my planner knows what he is doing. Either way, I can’t keep doing what I’m doing. Back pain says it has to end. I have teacher friends that retired 7 or 8 years younger than me. Paid health insurance is a big plus.
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Post by MoBuckChaser on Feb 17, 2019 5:20:05 GMT -6
You need to plan for the future my friend. It takes a lot of cash to retire. Tough on 4th grade teacher money. JMO Small chunk, you can still make retirement. Start saving for it right away. Be conservative, but enjoy life along the way. I have to say that the numbers in the above posts scare me. I am very, very short on the dollars mentioned above. I hope my planner knows what he is doing.Either way, I can’t keep doing what I’m doing. Back pain says it has to end. I have teacher friends that retired 7 or 8 years younger than me. Paid health insurance is a big plus. The numbers should scare everyone. Health care is a scam on the tax payers. No reason us idiots should pay these high premiums and deductibles when all the others low lives get access to the same treatments without paying. I have a few teacher friends that are retired. They are not living high on the hog. They survive but don't do many extra things. But will admit, they never worked any extra jobs to get ahead for their retirement. Average work days for teachers in a classroom is 170-180. That leaves 185-195 days to better themselves for the future. No one to blame but them selves if they sit around 195 days a year. I don,t think that is small chunks style.
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Post by MoBuckChaser on Feb 17, 2019 5:42:48 GMT -6
In between all the customers yesterday I started reading up on what you need for retirement. With all the different info out there, some say 75% of your wages, some say 85% some say 90%. I think I will need 100% of my yearly income or more, unless I make some major changes in my lifestyle. Expenses right now are about $60K per year with everything from health care to gas for the vehicles and everything in between for us. So I need at least $85K per year pre tax just to survive before inflation. If true inflation is 5-7% per year right now I don't want to figure what I will need in 10 years to live. How about 20 years? Maybe I need to rethink my 2 year plan to sell out and retire. Am I looking at this wrong?
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Post by Tooln on Feb 17, 2019 5:54:20 GMT -6
I would have to say MO that you're probably better off than a lot of us.
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Post by MoBuckChaser on Feb 17, 2019 5:57:34 GMT -6
I would have to say MO that you're probably better off than a lot of us. I would not bet on it. With health care costs at what they are, deductibles at $6,000-$10,000, and 70% they pay, 30% I pay for the scam health care plans. It only takes one thing out of a guys control and its over in a few years.
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Post by chummer16 on Feb 17, 2019 6:44:18 GMT -6
SD thanks for the in-depth breakdown, I will talk to our guy about it. The employer match probably keeps us locked in if I understand your plan. Wife gets 6% match plus a lump sum of profit sharing on top of her 19k and I get 3% match on mine. Mo I am with you on health care costs I think it is the biggest wild card most of use are facing. The kicker is my wife works in health care and we still have a shitty plan with high deductibles. Obama fucked up health insurance for ever but made health insurance companies more profitable, bet he didn’t count on that. I don’t complain too much because my wife’s salary has gone up a lot over the last 5 years because her company is raking it in. Luckily she works for a company that included their employees in the profits.
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Post by MoBuckChaser on Feb 17, 2019 6:48:49 GMT -6
SD thanks for the in-depth breakdown, I will talk to our guy about it. The employer match probably keeps us locked in if I understand your plan. Wife gets 6% match plus a lump sum of profit sharing on top of her 19k and I get 3% match on mine. Mo I am with you on health care costs I think it is the biggest wild card most of use are facing. The kicker is my wife works in health care and we still have a shitty plan with high deductibles. Obama fucked up health insurance for ever but made health insurance companies more profitable, bet he didn’t count on that. I don’t complain too much because my wife’s salary has gone up a lot over the last 5 years because her company is raking it in. Luckily she works for a company that included their employees in the profits. I learned from Foggy a while ago. If the health care business is going to try and fuck me the rest of my life, and make big money off of me, only one thing to do, buy into the companies that are making the money. At least I can get some of my money back that way.....
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Post by chummer16 on Feb 17, 2019 6:56:19 GMT -6
You should have a pension which is good. Contribute to a retirement account (401k or similar) as much as you can and if it's not the max amount allowed add 1% per year until you are at the max. Avoid debt particularly if the asset depreciates. Hire a financial planner that talks to you about your goals and reset your goals at least 1 per year. Compounding is your friend and the sooner you invest the better. Dollar cost averaging is a good thing so don't sweat the reasonable market swings. Learn enough to know what to avoid. Vote for pro market, capitalist politicians. ^. Great Advice. I was once told to "buy things of lasting value". That means avoid things like RV's, New Pick up trucks, expensive vacations to Jamaica, Women, booze, concerts, gambling, sports events, Women's wrestling nigh outs, hunting trips, fishing trips, expensive restaurants, and many more things where you can find "fun". OTOH....if you can max out your retirement savings....then by all mean enjoy all the above.....and have a great life. . Grin FORE! Great advice Foggy. If you have a handle on retirement spend away and enjoy life. No guarantee I make it to retirement so I am going to enjoy the now. Heading to Turcs & Caicos this week. Going to drink a lot, stare at pretty women, eat in fancy restaurants, do some fishing, and take in an island ritual of women wrestling where you can gamble on the winners.
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Post by sd51555 on Feb 17, 2019 7:03:07 GMT -6
^. Great Advice. I was once told to "buy things of lasting value". That means avoid things like RV's, New Pick up trucks, expensive vacations to Jamaica, Women, booze, concerts, gambling, sports events, Women's wrestling nigh outs, hunting trips, fishing trips, expensive restaurants, and many more things where you can find "fun". OTOH....if you can max out your retirement savings....then by all mean enjoy all the above.....and have a great life. . Grin FORE! Great advice Foggy. If you have a handle on retirement spend away and enjoy life. No guarantee I make it to retirement so I am going to enjoy the now. Heading to Turcs & Caicos this week. Going to drink a lot, stare at pretty women, eat in fancy restaurants, do some fishing, and take in an island ritual of women wrestling where you can gamble on the winners. Nice! And don't wait to get a cat either. I should have never waited as long as I did.
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Post by sd51555 on Feb 17, 2019 7:05:10 GMT -6
I would have to say MO that you're probably better off than a lot of us. I would not bet on it. With health care costs at what they are, deductibles at $6,000-$10,000, and 70% they pay, 30% I pay for the scam health care plans. It only takes one thing out of a guys control and its over in a few years. It would be interesting to shop health insurance based on location. I don't know if this bullshit of companies only participating in certain counties still goes on or not, but might not be a bad idea to check out. I think in South Dakota, we're down to two open market insurers, and they are both the hospital systems. It's Denny Sanford vs the Catholics. I'm allied with the Catholics. They most recently quit accepting each other's insurance. Complete vertical integration out here I guess.
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Post by chummer16 on Feb 17, 2019 7:06:56 GMT -6
SD thanks for the in-depth breakdown, I will talk to our guy about it. The employer match probably keeps us locked in if I understand your plan. Wife gets 6% match plus a lump sum of profit sharing on top of her 19k and I get 3% match on mine. Mo I am with you on health care costs I think it is the biggest wild card most of use are facing. The kicker is my wife works in health care and we still have a shitty plan with high deductibles. Obama fucked up health insurance for ever but made health insurance companies more profitable, bet he didn’t count on that. I don’t complain too much because my wife’s salary has gone up a lot over the last 5 years because her company is raking it in. Luckily she works for a company that included their employees in the profits. I learned from Foggy a while ago. If the health care business is going to try and fuck me the rest of my life, and make big money off of me, only one thing to do, buy into the companies that are making the money. At least I can get some of my money back that way..... I have 30% of my 401k in health care funds, same thought. The only pitfall I see is Medicare for all, if that ever passes in the next 15 years I will have some serious losses and the wife’s industry will be gone. That will be a bad day.
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Post by sd51555 on Feb 17, 2019 7:10:10 GMT -6
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