August 31, 20179 yr 8 years to retire. I would say it depends on what kind of retirement and nest you currently have. If you have a nice nest egg, you can be conservative with any 401K funds. If you don't have much to speak of, I'd recommend being more aggressive, because you'll want to grow your investments as much as possible in a short time-frame.
August 31, 20179 yr You need over 6 figures in one to have a decent retirement. Invest now friends. Make this over 7 figures for most folks.......yes, the earlier the start the better!!
August 31, 20179 yr Author You need over 6 figures in one to have a decent retirement. Invest now friends. How much a month for the next 6 years? In your opinion to have around 50-75 G
August 31, 20179 yr How much a month for the next 6 years? In your opinion to have around 50-75 G If I did my math correctly... Quick calculation based on a 12% return gets you to the middle of that by investing around $600-$650 a month for 6 years... But again, it all depends on your investment structure....If you invest in more conservative investments, you're going to need to contribute more.
August 31, 20179 yr We have the option of a Roth 401K. Is that typically a better choice than a traditional? Do you know how it works if you roll a traditional over to a roth? A lot of factors need to be considered when comparing traditional 401k to Roth 401k - your age, income, tax bracket, amount you have accumulated in retirement accounts to date, how much you have in Investments outside your retirement account, etc. You probably should talk to a CPA or financial advisor to make that decision
August 31, 20179 yr 8 years to retire. I'm in about the same situation. My guy told me to be more aggressive than I had expected. I moved more into international funds and have hardly any in fixed. He advised me in 8 years, historically, the market will cycle again before I retire. A recession and a recovery.
August 31, 20179 yr Make this over 7 figures for most folks.......yes, the earlier the start the better!! 7 figures would be winning the game of retirement.
August 31, 20179 yr How much a month for the next 6 years? In your opinion to have around 50-75 G It's a formula. Save every dollar you can to parlay with social security if you're within a decade of retirement.
August 31, 20179 yr 7 figures would be winning the game of retirement. Depends on how long you live and what level of living you want to do.
August 31, 20179 yr If your company offers one, participate in it. What ever they match put in at least that amount. Every year you get a raise, add another % or more. You will never miss the money and will end up with a nice little nest egg. Start early. Fantastic advice.
August 31, 20179 yr Depends on how long you live and what level of living you want to do. I'm afraid to see cost of living around 2050.
August 31, 20179 yr How much a month for the next 6 years? In your opinion to have around 50-75 G Meet with a Certified Financial Planner you can trust and / or comes highly recommended by people you trust. They'll show you everything under the sun in terms of projections based on your net worth today, how / when you hope to retire, and what you need to save per month between now and then in terms of hitting your mark. While there is great information in this thread, and absolutes in this area (like have a 401k, save money, etc.), you need to sit down face to face with someone, share specifics as it relates to your life (that you absolutely shouldn't share with a bunch of anonymous posters on this board), and get sound advice you can act upon.
August 31, 20179 yr Meet with a Certified Financial Planner you can trust and / or comes highly recommended by people you trust. They'll show you everything under the sun in terms of projections based on your net worth today, how / when you hope to retire, and what you need to save per month between now and then in terms of hitting your mark. While there is great information in this thread, and absolutes in this area (like have a 401k, save money, etc.), you need to sit down face to face with someone, share specifics as it relates to your life (that you absolutely shouldn't share with a bunch of anonymous posters on this board), and get sound advice you can act upon. This x 1000. You are at a very crucial point in your life in terms of getting it right with not much time left. You need to see someone who specializes in this field.
August 31, 20179 yr I'm not a Certified Financial Planner...........but I did stay at a Holiday Inn Express. :lol2:
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