Retirement

Retirement, the thing you look forward to all your life.  This is something I am pretty passionate about.  My place of employment contributes 4% of my wages automatically.  If I put 3% of my wages in, they will match that 3%.  For the first two years of my career, I didn’t put the 3% in.  My thought behind this was I would use the money to pay down debt.  Looking back now, I realize that was one of the dumbest things I have ever done financially.  I was basically turning away free money.

I have since changed my ways, and have been contributing to my retirement for the last 2 years.  Also starting two years ago, I started self managing it.  The first year had its ups and downs as I was learning about the stock market.  It is a lot more complex than I ever thought it would be.  This year has been a lot better.  Currently I am up 12.6% in my 401 for the year.  I have a goal of reaching at least 50%.  A lot of people might think that is unrealistic, but I am not one of those people.  I probably should clarify I am not currently a long-term investor.  I am more of a swing-trader/day-trader.  I would like to actually invest longer term but not when the market is this high.

For now, my only retirement account that is funded is my 401.  I also have a Roth IRA but have not yet contributed anything to it.  Although it is in my plans to fund it, it will not be until after my debt is gone (other than my mortgage). I plan on being able to fully fund it next year.

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7 responses to “Retirement

  • Michelle

    I think 50% is very possible with the current state of the market.

    • debtntaxes

      To a point yes, but I also think that this market is overinflated. We have run up so quick with basically no pullback which isn’t healthy. This is also where I am best at making money, on down days in the market. I trade a lot of bear ETF’s. Thanks for the comment.

  • Alice

    You’re right when you say that not contributing is a big mistake when the company has a match. My employer contributes 13.84 percent and the employee contribution is 6.16 percent. It is a state retirement, so I know better than to count solely on that for income when I do retire. However, I have a mound of debt to get over before I can actively start saving for retirement in other types of accounts like a Roth.

  • Drew @ Epicfinances.com

    Anytime your employer offers a match — you need to take it, period.

    If you are in a bad situation you should talk to your employer about a hardship distribution from your 401k.

    I understand its a lot of hassle and work, but otherwise you are literally throwing money away!

  • Tory

    i’m glad you have your talking points down (like everyone else) but this is a little bit more serious than talking to people, our world is ending as we know it at the hands of unbelievable sick and psychotic people. yes were are being inticdronated, obviously someone watching this video know that, you need to be creative if your going to beat these savages running this country

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