Many of us will rely on 401k withdrawls to extend social security income. If you’re lucky enough to have an employer-sponsored plan – especially if your employer matches any part of your contributions – you should really be putting money in it. I’m bummed that the IRS sets a limit on how much you can contribute every year ($26k if you’re over 50) but it’s held in a tax-free account and you can often choose how to invest so still a good deal.
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In my last post I talked about how to manage your 401k. But, when the time comes, what’s the formula for withdrawing?Â
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Clearly there’s a LOT to think about with your 401k. There’s managing it prior to retirement. There’s planning out how much to withdraw every year. This post on 401ks is about managing the 401k AFTER you retire.
I hadn’t really thought about it but, unless you’re planning to just take everything out of your 401k on day one of your retirement (pro tip: don’t do that) then you’ll need to manage it for the rest of your life*. How you do that will be like any other investment: what do you need – growth or stability, or some kind of mix? Like I keep saying, that’s up to you to sort. But here’s what I think.
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I feel pretty confident that, between Social Security and 401k and other income sources, we’ll be ok for retirement. But that’s based on my limited comprehension of what it means to replace a paycheck with savings. And I like the security of a regular paycheck. So maybe I keep working even in retirement – at least in a limited capacity.
Mental health may be an even bigger benefit of the side hustle. I’ve seen many folks hit retirement only to find themselves lost and bored. Don’t find yourself at 67 wondering “ok, now what am I gonna do?”
Continue reading →While a bit alarmist I think this article makes a case for caution when it comes to assuming the costs of things won’t change much over time.
These two were not concerned with retirement. Not then at least. If there’s no time like the present I guess, some three decades later, we might want to think about it. A little. Probably.
Like most people we know our “retirement plan” was very much a casual thing. We’ve been putting money into work-sponsored 401ks because it’s a thing you do. We knew social security will be a part of it but didn’t know how much (or how little). In essence we had a retirement HOPE and not a retirement PLAN.
As we dug into the details Tina suggested we capture our findings to a Facebook page and, now, this blog. We don’t pretend to know what we’re doing so take this all with the biggest grain of salt you can muster. Still, we hope our discoveries can give you something from which to start your own journey.July 24, 2021
There are two problems with this question.
This article breaks down promised revenue versus reality. It shouldn’t surprise anyone to learn all presidents promise more in sales than what actually is sold but this analysis lays out how international deals really work. Neither should it surprise that Trump is exaggerating on an epic scale.
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