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Discussion in 'Forum for Polls' started by SaggyWoman, Nov 17, 2007.
and your answer is?
Nope. 1) I can have more fun with money now, & 2) I'm a fat taxi driver, who says I'm going to live long enough to retire? :laugh:
I am already semi-pseudo-quasi retired, and so am drawing my Social Security and my Guidestone pension. But since I am still working part-time, I have been putting the max into IRA's and have been investing in two equity-indexed annuities.
When I was a full-time pastor, the church contributed an amount equal to 10% of my salary to my retirement via Guidestone, and I matched it with a voluntary salary reduction of 5% (and thus took a tax benefit on that portion).
It is not good, of course, to obsess with financial security in the senior years, but it is wise to prepare realistically. The barn-builder in Jesus' parable had obsessed and did not seem to understand that life is short. But he would not have been prudent to do nothing and become a drain on his family or his government.
In Sweden we have this ATP system. I do not know really how it works, but part of it that the governement steals part of my paycheck and promises to pay back when I am old and retired. I hope it will work out OK:
I have no choice but to contribute to Social Security, and have 2 IRA's, and a 401K with only a 20% match (I didn't check employer match because that's worded as meaning full match).
Guidestone of the Southern Baptist Convention
Self established deposits
One hefty retirement check in the future
and I have some south Louisiana swamp land for sale, too!!!!:laugh:
There are very few pension plans today (unless you work for the government) and who knows how social security will work in the future or if it will even be here. We have a 401k plan & our company matches up to a certain percentage. It's amazing to me that we have employees who still do not contribute a penny.
Here are four scary stats that should encourage everyone to save ----
1. At age 65 in the US today --
2% are financially free
23% are still working
30% are dependent upon charity
45% are dependent upon family
2. 11 out ot 12 women in the US will be a widow at some point in their lives.
3. Most individuals reach their peak earnings in their late 40s. After age 54, earnings begin to drop off dramatically.
4. Currently, 80% of Americans owe more than the own.
I heard this some time ago, but it still rings true. At age 65, one should have
savings & investments
social security income
a free & clear home (no mortgage)
retirement income or pension
I'm self-employed and have my own private pension plan into which I pay monthly; I consider it folly to rely on the continuing exsitence of the State Pension (Social Security to most of you here) in the UK by the time I retire given the inevitable effect of demographics. In addition, we have kept Mrs B's apartment which she owned before we were married and rent it out - the rent pays off the mortgage so that should be a nice little nest-egg in the future. We also try to save the maximum ISA (tax-free savings scheme) allowance each year if we can.
As a federal employee, I contribute $15,500 per year to the Thrift Savings Plan (401(k)), the government matches up to 5 percent, and I also contribute the maximum each year to my Roth IRA. Also my wages are subject to Social Security and Medicare tax. My home should be paid for by the time I am 54.