That's what my advisor and brother said as well. Our accounts seem to be on track so I'm just keep on doing what I'm doing until we get closer to retirement. Once that happens I'll definitely keep a closer eye on things.
That's what my advisor and brother said as well. Our accounts seem to be on track so I'm just keep on doing what I'm doing until we get closer to retirement. Once that happens I'll definitely keep a closer eye on things.If you are young you don't need to keep checking on something like that. It's investing, not trading.
is it a pension?I don't really look at what my savings are doing but as I retire in a couple of years I probably should move them to less risky endeavors.
However I have a fully funded retirement from my employer so its just side cash.
This is true.Listen to old people. If I would have listened to my father and not pissed away my money on car stereos, booze, women, motorcycles, computers, and general tomfoolery I could retire at 55. Instead I'm a guy in his mid 50's struggling to catch up by putting half my current income in retirement. Half my income in my 20's would have gotten me a lot farther, but then I guess my 20's would have been a lot different.
Try to get a heart transplant in your state to extend your life.56. My retirement is my house and social security . I'll reverse mortgage my house when I cant work anymore .
Congestive heart failure . 50/50 chance of living 5 years .
The key is to balance current wants and future needs. What's the point of saving up tons of money at the expense of being miserable today because you don't spend anything on yourself? Also, disability can lurk in the future, killing tons of ideas for retirement trips and fun, so good to sprinkle those things in when you're able-bodied.Listen to old people. If I would have listened to my father and not pissed away my money on car stereos, booze, women, motorcycles, computers, and general tomfoolery I could retire at 55. Instead I'm a guy in his mid 50's struggling to catch up by putting half my current income in retirement. Half my income in my 20's would have gotten me a lot farther, but then I guess my 20's would have been a lot different.
I have my HSA set to keep in savings the max out of pocket in a year, then anything over that automatically goes into my specified fund. I would think most HSAs have that feature.I'm over 20% for 2023 with both my 401k and Roth. I'm also thinking about building up my HSA more and sacrificing the 401k contributions a bit. My HSA is sitting at just over 10k, and I can invest it in mutual funds, but have not yet. I just put my emergency fund in a 7 month CD because I was sick of seeing that sit there and earn basically nothing. I am also sick of seeing my HSA money doing nothing. I should be using that as more of a retirement vehicle also since I don't plan to have to use more than enough to cover a max out of pocket or an emergency.
Plenty of HYSAs out there these days paying >4%. No reason not to have one.I'm over 20% for 2023 with both my 401k and Roth. I'm also thinking about building up my HSA more and sacrificing the 401k contributions a bit. My HSA is sitting at just over 10k, and I can invest it in mutual funds, but have not yet. I just put my emergency fund in a 7 month CD because I was sick of seeing that sit there and earn basically nothing. I am also sick of seeing my HSA money doing nothing. I should be using that as more of a retirement vehicle also since I don't plan to have to use more than enough to cover a max out of pocket or an emergency.
As others have said there is a balance to be achieved and I think the average person would be very happy if they made even very modest retirement contributions in their 20’s.Some old people will tell you to save when you're young and plan for retirement and other old people will tell you go live your life. I went with the second one and I don't regret it. I pissed away all sorts of retirement money buying avgas when it was less than two bucks a gallon.
Speaking of living we’ve had great luck with traveling using Escape Houston. The site aggregates all the local cheap flights. They now have other cities as well.As others have said there is a balance to be achieved and I think the average person would be very happy if they made even very modest retirement contributions in their 20’s.
I broadly agree with you though. Life is for living and when you’re young you can do a lot more.
Exactly.The key is to balance current wants and future needs. What's the point of saving up tons of money at the expense of being miserable today because you don't spend anything on yourself? Also, disability can lurk in the future, killing tons of ideas for retirement trips and fun, so good to sprinkle those things in when you're able-bodied.
There are more worthy people out there. I'm not one of them. TYTry to get a heart transplant in your state to extend your life.
HSAs are triple taxed advantaged. (1) No tax on money that goes in. (2) No tax on money as it grows. (3) No tax on money as you withdraw it as long as it is spent on medical purposes that start at ANY point after you first opened any HSA account*. With triple tax advantages, the HSA should be the first place to put any retirement funds beyond your 401k minimum to get a match if you have the option to invest in your HSA.I'm over 20% for 2023 with both my 401k and Roth. I'm also thinking about building up my HSA more and sacrificing the 401k contributions a bit. My HSA is sitting at just over 10k, and I can invest it in mutual funds, but have not yet. I just put my emergency fund in a 7 month CD because I was sick of seeing that sit there and earn basically nothing. I am also sick of seeing my HSA money doing nothing. I should be using that as more of a retirement vehicle also since I don't plan to have to use more than enough to cover a max out of pocket or an emergency.
HSAs are triple taxed advantaged. (1) No tax on money that goes in. (2) No tax on money as it grows. (3) No tax on money as you withdraw it as long as it is spent on medical purposes that start at ANY point after you first opened any HSA account*. With triple tax advantages, the HSA should be the first place to put any retirement funds beyond your 401k minimum to get a match if you have the option to invest in your HSA.
* Meaning if you opened that HSA in lets say 2019, then any medical bill from 2019 until the day you die counts as medical spending that you can reimburse yourself untaxed at any moment that you need cash.