Retirement

[chas]

Baller's aren't eligible for Roth IRA's

 

[JoelF]

Originally Posted by edinatlanta

It is compounding interest. so you put away 1k, You get 8% interest (or whatever it is) per annum (yearly). That means at year two you've know got $1080. At the end of that year it is 2080 plus 8 percent of that, so on and so on. You won't see much your first few years but just having it there continuing to grow is redonkulous.

8% return wtf are you investing in??

 

[Manton]

Originally Posted by Connemara

I'd like to get some advice on this: https://www.nrsservicecenter.com/iAp...About%20nysdcp

I'm eligible for this deferred comp plan. It looks pretty good...monies I earmark for the plan are taken out of my pre-tax earnings, and the first $20K you draw on is tax-free.

But I feel like I should focus on either something like this or the Roth IRA. I'm leaning towards my Roth, but maybe you guys have different opinions.

Always max out deferred comp if you can afford to. The only upside benefit to a Roth at your age is that you can choose your investment. DC probably gives you a menu with limited options. However, it is in other respects a better deal.

 

[Hombre Secreto]

Originally Posted by JoelF

8% return wtf are you investing in??

Was gonna say Bernie Madoff. Heh heh.

That's a sweet return.

 

[Geoff Gander]

Good thread.

I'm approaching the midpoint of my career (14 years in, 18 to go until I can retire with full pension), and right now I have to make decisions as to what track to take. Basically my options are go executive or specialist.

Exec has its benefits (performance bonuses, etc.) but this is the public sector and the compensation package (relative to responsibility and stress) seems much lower than equivalent jobs in the private sector. I know a fair number of executives - most are running on a treadmill, and a disturbing number (to me) have family issues because of the stress. One of them advised me, "Whatever you decide, don't do it for the money!" But, I did the calculations and the pension would be sweeeeet.

Specialists/special advisors/etc get paid the same as low-level execs ($110K+), but they usually don't have to put up with the BS. But, it's very hard to move once you're at that level. Those jobs are also damned near impossible to get. Pension would be good.

Decisions, decisions. I'll keep checking this thread out.

 

[Connemara]

Originally Posted by Geoff Gander

Good thread. I'm approaching the midpoint of my career (14 years in, 18 to go until I can retire with full pension), and right now I have to make decisions as to what track to take. Basically my options are go executive or specialist. Exec has its benefits (performance bonuses, etc.) but this is the public sector and the compensation package (relative to responsibility and stress) seems much lower than equivalent jobs in the private sector. I know a fair number of executives - most are running on a treadmill, and a disturbing number (to me) have family issues because of the stress. One of them advised me, "Whatever you decide, don't do it for the money!" But, I did the calculations and the pension would be sweeeeet. Specialists/special advisors/etc get paid the same as low-level execs ($110K+), but they usually don't have to put up with the BS. But, it's very hard to move once you're at that level. Those jobs are also damned near impossible to get. Pension would be good. Decisions, decisions. I'll keep checking this thread out.
Option B sounds good to me. Lower stress, still six figures and the ability to fatten your pension. I don't know how the Canadian pension system works but in my state, you can easily retire at 55 with a six-figure pension if you're making $110K for 18 years. That is pretty sweet.

 

[CouttsClient]

I'm a few years shy of 30yrs old and I've managed to build a number of successful businesses. I spend pretty much everyday available for work but I rarely go to my office. I LOVE working and sometimes do for 18hrs per day for weeks. This is by choice and I find myself getting restless when I don't have things to do. Depending on the time of year I usually spend my days out on the boat, developing recipes in the kitchen or traveling to visit friends. I arranged my office so that most of my work is done via web conferencing, etc and I could very well "retire" now but what would I do? Just what I'm doing now. For a young kid from the country who used to be homeless I've done alright and I feel lucky to have the life I have now. No need to retire to enjoy it. Edit: A mentor of mine gave me some advice that I think about everyday: "If you want more money you need to earn more money. Saving your way to wealth is usually unsuccessful." He was right but I acknowledge that I had goals which went far beyond what most of my friends were aiming for.

 

[edinatlanta]

Originally Posted by JoelF

8% return wtf are you investing in??

I'm glad you noticed the next three words of that sentence.