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Thread: Retirement plan?

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    Default Retirement plan?

    I'm curious if any of you ladies or gentlemen have a retirement plan? 5 yr retirement plan, 10 yr retirement plan, etc. I figured I would come here first & hear what steps you guys have taken, what your plan looks like, what your end goal looks like? Thanks for any input! Hope to start a conversation with you guys!

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    Default Re: Retirement plan?

    Quote Originally Posted by Sdfkhsarah View Post
    I'm curious if any of you ladies or gentlemen have a retirement plan? 5 yr retirement plan, 10 yr retirement plan, etc. I figured I would come here first & hear what steps you guys have taken, what your plan looks like, what your end goal looks like? Thanks for any input! Hope to start a conversation with you guys!
    bump..

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    Featured Member Zofia's Avatar
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    Default Re: Retirement plan?

    Dancing is a very short term career. Take as much money as you can from your dancing earnings and invest it. Save 30% of your nightly take home for taxes and you'll be happy on every April 15. Live on as little as possible. Save as much as possible.

    There are lots of investment guides and strategies. Don't buy individual company shares unless you do your research. That said, my personally managed portfolio has almost always out performed the market. But, that's because I love learning about the businesses I invest in and I have a buy and hold strategy. I am 37, I'm long retired from dancing, though not from work. I own my own business. I have investments and I have enough money in my daughter's 529 fund to pay for the full ride at a good college for her. I put money in my company 401(k) every year and I invest that money in a low cost no load Fortune 500 mutual fund, for the most part. A small percentage I usually keep in a federal bond fund. But, it seems like every year when I do re-allocations I end up moving the money from the federal income fund to the mutual fund. The rest of my "retirement" is invested either in my own business or my personal fund. The personal portfolio only has three issue in it. Like I say, I've out-performed teh market for years. But, I know those three companies better than anyone but their top management.

    HTH
    Z

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    Featured Member Cashmere Star's Avatar
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    Default Re: Retirement plan?

    I invest in a roth IRA, self employed 401k, buy mutual funds/ETFs, diversify portfolio, and my health. Health because preventing problems will save me a lot of $$$ in the long run.


    Weekly earning target: $1000
    Saving for: school, traveling, rainy day fund

    Quote Originally Posted by charlie61 View Post
    What would "future you" want you to do right now?




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    Member LolaCandy's Avatar
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    Default Re: Retirement plan?

    Bump! Can anyone recommend a good website for dummies to learn about investing and such? I have no clue what Questions I should ask at the bank about an IRA fund, or what any of that actually is. My shortterm goal in the next 5 years is to buy a house and I want to be as prepared as possible. I only say this because I've made pretty god money at my club, but due to recent bumps in the road I've haf to reach into my stash. I counted it the other day and was really disappointed in myself. So I'm looking into an acct. I can deposit and not touch. But first I need to educate myself on the options available to me.
    Lola

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    Featured Member Zofia's Avatar
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    Default Re: Retirement plan?

    I don't agree with everything on this site, but it's a good place to start learning: http://www.dummies.com/personal-fina...s-cheat-sheet/.

    I also like the "for dummies" books. I'm a book reader, so I like books better than websites anyway. :-)

    My advice is, in order is:

    1. Save. At least six months of expenses, better twelve,

    2. Take advantage of a 401k or the like if you have it at work,

    3. In your 401k, do not buy your employer's stock! A paycheck is enough risk for one company.

    4. In your 401k buy the lowest cost funds they offer. Fees will kill investment returns and too many 401k administrators only offer expensive funds. If that's the case, move your money out of the 401k as quickly as possible.

    5. Once you have taken full advantage of your 401k at work (if you have one) invest as much as you can in a Roth IRA.

    6. Once you max out your Roth contribution, invest in solid low cost mutual funds that track the Fortune 500.

    7. If you have the tolerance for it, invest in individual companies, but do so with a buy and hold strategy. This means do your research.

    8. Take advantage of taxes where you can, but never buy anything soley because of its tax advantages. (Those are scams at the best of times.)

    9. Invest in your kids college savings, but only after you are maxed out on your savings, 401k and IRA.

    HTH

    Z

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    Featured Member Zofia's Avatar
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    Default Re: Retirement plan?

    P.S., IRAs are a device to hold investments. They are not investments themselves. You can have a simple savings account in a IRA, a Certificate of Deposit, mutual funds, bond funds, real estate (under certain conditions) even individual stocks.

    There are two types of IRA: the original IRA into which you may pre-taxed dollar contributions and pay taxes at your ordinary income tax rate later, and Roth IRAs into which you contribute taxed dollars and the returns are withdrawn tax free at a later date. Both have their uses. I have both because when I worked for someone else, I had to use the IRA to receive my 401K rollover. (I got much better returns in the IRA than from the 401k, but I had to use the 401k to obtain the employer match.)

    Z

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    Default Re: Retirement plan?

    Minimize the amount you pay your investment advisor. Whether your investment is tax sheltered or not, it is important to find a low cost option. My father-in-law retired and moved all of his investments to a big insurance company who put his money into Mutual funds. The charged him a 2% fee on his total assets. If you are getting 3% in this market, almost all of your increase in value is paying the advisor. I moved him to Schwab that charges 0.5% of invested assets and 0% on cash. The have actually done well for him.

    I personally use Schwab and manage my own assets a mix of stocks and ETFs that are very low cost. The stocks I buy are primarily dividend stocks or preferred stocks.
    Zofia has very good advice. It is worth following.

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