I am 28, have a $60,000 a year job in Accounting and expect to be making close to $100,000 in seven years (after that, raises more uncertain). I want to retire some time in my early to mid 40s. I have a wife who is 34 and works as a retail manager (making about $40,000 a year). I am planning on living off of 20% of our after tax income (excluding mortgage payments). We currently do not have a mortgage but are planning on a house soon.
We would like to travel at will and have the (option) of not working ever again. We also do not mind retiring in a cheaper location (Costa Rica, etc) to save on costs.
What investment vehicles should I be considering given that I am retiring early? What kind of jobs that are part time could a retiree easily perform? How much money should be going in employee 401k type programs vs. individual investment options and IRA contributions.
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posted by locussst
on May 4, 2013 -
12 answers
I'm taking a new job with a very small company that doesn't offer a 401k. My spouse's job does offer a 401k. Based on what I see
on this page, with our income, we would not be able to deduct any contributions I make to an IRA, and we're not eligible for a Roth IRA. So what is my best retirement investment strategy?
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posted by primethyme
on Apr 25, 2013 -
10 answers
Hello! I'm in my early 30s and am finally financially stable enough to start socking away some cash in a Roth IRA (my employer does not offer any retirement plans). However, I'm a little worried that, with the market being at such a high, that something will happen due to all the current BS going on with Congress and the market will crash again, and I will lose a good chunk of money. Is this fear totally unfounded? Should I just start my Roth and hope for the best?
posted by emily37
on Apr 2, 2013 -
20 answers
I recently rolled over my old 401K and Roth accounts through an old employer and held by ADP. Throughout the process, I was told the only fee would be the $50 "account transfer fee". But when the checks arrived half of my money was missing!
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posted by iheijoushin
on Mar 11, 2013 -
8 answers
I have a chunk of money just sitting in an account that doesn't even earn interest. I'd like to park it into an IRA, but would like to avoid spending many hours researching them. I'd love to just pick a place, transfer the money over, and be done with it. What bank/financial institution currently offers the lowest fees for the best results? Do you have one that you adore, and offers a good deal?
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posted by chowflap
on Jan 28, 2013 -
18 answers
Need to pay off upcoming credit card bill. Can I use any of my retirement accounts to pay them off without incurring any fees?
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posted by AngryTypingGuy
on Jun 11, 2012 -
5 answers
I have $1000 in a 401k from a job at which I no longer work. The Personal Rate of Return right now is at -40%. Should I still roll this out into an IRA account or is there a benefit to keeping it in that 401k account?
posted by elif
on Nov 1, 2011 -
6 answers
I'm looking for recommendations on where to open a new Roth IRA. Looking for something with low fees and index funds. I could put in a chunk of cash if need be, but it would be great to find one with no minimum if I commit to a certain amount per month. Who have you all been happy with when it comes to customer service and ease-of-use?
posted by emily37
on Jul 5, 2011 -
14 answers
You are not my CPA but I need advice! I make too much money to contribute to a Roth IRA but I hear the rules are changing. How can I take advantage of this in 2010?
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posted by anonymous
on Dec 28, 2009 -
3 answers
Is it worth it for a student who makes less than $10,000/year to invest outside of a tax-sheltered account?
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posted by mahoganyslide
on Nov 25, 2009 -
7 answers
PARS distribution questions -- I taught part-time for 10 years. Recently I realized that life is too short for doing that and so I've stopped. The school notified the PARS retirement and they want to distribute to me.
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posted by notned
on May 19, 2009 -
1 answer
I need to know what my options are for moving this thing, given that I have a negative net worth. Can I roll it into another brokerage-style Rollover IRA at a brokerage firm, not a bank, and avoid the money laundering law stuff? Or am I relegated to Bank IRAs until I'm out of school debt? Do I suck it up and take the $75/month hit until I can start depositing money again (I don't know when that will be), and hope that the investments make up the difference in the long run? I haven't lost as much as most in my portfolio, and I know I have time to make up the losses, the monthly fee just seems like an unnecessary loss I should be able to avoid.
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posted by blue andrea
on Apr 20, 2009 -
5 answers
I inherited an IRA (under 50 K). Because the person who contributed all the money is dead, I am required to take annual distributions. It's currently managed at a big bank, for an annual percentage, plus fees. I'd prefer to have it local, low-cost. Who might offer this, plus managing the distribution, at very low cost?
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posted by theora55
on Mar 7, 2009 -
14 answers
Does one reduce risk by investing in mutual funds held by different groups? If I invest in an S&P 500 index fund with both Fidelity and Vanguard is that better than just going with Vanguard? Or is the SIPC protection such that I need not worry about such things?
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posted by grouse
on Feb 9, 2009 -
7 answers
My partner and I need to pay off some debt, and unfortunately we need to dip into our retirement funds. Our tax accountant is on vacation and we can't find the answer to our question. We have two sources–either sell some stock or cash out a couple of short-term IRA CDs. Which is the lesser of two evils?
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posted by al_fresco
on Dec 13, 2008 -
11 answers
I am trying to figure out how to invest money for retirement and otherwise. I am in my late 20s, earn $55,000 annually, have no debt, and about $90,000 in savings. I am currently putting 5% of my salary into a 403(b) which is the maximum amount my employer will match.
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posted by anonymous
on Dec 2, 2008 -
11 answers
Can I opt out of paying income taxes on inherited retirement benefits in the USA? I won't be filing a tax return, anyway.
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posted by xanthippe
on Jul 22, 2008 -
9 answers
Will opening a Solo 401(k) before year's end reduce my modified adjusted gross income (MAGI)? I'm a 28-year-old freelance worker with a sole proprietorship, and I'd like to be able to fully fund my Roth IRA for 2008
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posted by anonymous
on Jun 26, 2008 -
1 answer
Questions about opening a Roth IRA -- particularly, does it matter where I open it? If so, Fidelity vs. Vanguard?
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posted by salvia
on Apr 6, 2008 -
13 answers
Can I contribute to my Roth-IRA from my savings account if I don't earn an income?
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posted by ruwan
on Mar 19, 2008 -
7 answers
The new job I'm at offers a crappy 401K program--no matching at all!! Should I enroll in it or just keep my money and put it into an IRA when I have the minimum?
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posted by misanthropicsarah
on Nov 6, 2007 -
23 answers
IRAfilter: Am about to get a traditional IRA to roll some retirement funds into from an expired employer plan. Got stuck when I was asked which mutual funds to select.
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posted by ikahime
on Jul 17, 2007 -
10 answers
Health Savings Accounts (HSA's) ... Can they be used as just another tax-free retirement account after you max out your Roth IRA?
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posted by MrBCID
on May 16, 2007 -
6 answers
I'm an employee at a small business. I need retirement fund ideas beyond the Roth IRA?
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posted by cschneid
on Mar 1, 2007 -
9 answers
Does it make sense to (and what are the tax implications) of converting IRA funds into a Roth IRA account?
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posted by mintchip
on Jan 25, 2007 -
12 answers
A friend in her mid-40s is, for various reasons, only now getting a belated start on planning for retirement. Help me point her in the right direction!
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posted by fizzyliftingdrink
on Nov 3, 2006 -
13 answers
I'm confused - I want to plan for my retirement and have got as far as applications for a 401k and a Roth IRA; but then it all goes hideously wrong....
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posted by forallmankind
on Aug 13, 2006 -
19 answers
Please help with some early retirement advice: I am 35 and have a slowly progressive degenerative neurological condition. I would like to save money for the future because I'm not sure how long I will be able to work. I don't make a lot of money. I have a 401k at work, but what else would you recommend for someone in my situation.
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posted by spakto
on Mar 7, 2006 -
20 answers
InvestmentFilter: So I'm permanent
now at work, and have to pick a 401k option. I don't think i'll be there for many years, and cashed out the last time I had one. (But then again, i'm older now, and 70 is only 31 years away).What do you guys suggest for a 1-3 year timeframe, 401k-wise, given the fluctuating market?
(If I need to, I have absolutely no qualms about cashing out again, and have never had much faith in the market at all, in general.) [more inside]
posted by amberglow
on Jan 29, 2004 -
23 answers
