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Retirement thread
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<blockquote data-quote="civicmindedex79" data-source="post: 404879" data-attributes="member: 2024"><p>This thread I will be watching. I know alot of people says to me.....No kids no wife you got all the money in the world. Truth is like probably 90% of the rest of us I struggle to make it to all the races and have the buggy ready to go with big breakdowns. But like what was said this is about retirement.</p><p></p><p></p><p>I invest into my 401k. I am ashamed to say that once I started racing I had to reduce my 401k contributions to be able to afford this and be comfortable. I am not ashamed to say that 3 years ago when I started this I was putting 25% in to my 401k plus the 4% company matches. Yes it is quite a bit of money but this is how I got there. I started a new job back in 2003. When I started the job I was at $12/hr and for my profession that is chump change. We all knew that figure would have to come up greatly. Well lets just say between the next 3 years we ended up with over $10/hr in raises. Everytime I got a raise instead of putting it in my pocket I would up my contribution to 401k until I reached the company max of 25%. My thoughts was if anything ever happen I could reduce this and "give myself a raise" if I ever needed the money. Our retirement is with Vanguard services and I do pay them to manage my account.</p><p></p><p>I am not stupid I know 401k is not guaranteed, look back to 2008 I lost almost $80k in my account. I feel like I have a pretty good hold on retirement (might be kidding myself) but I am in the reduce debt stage now. Just a few of my thoughts about how i am planning to reach retirement myself.</p></blockquote><p></p>
[QUOTE="civicmindedex79, post: 404879, member: 2024"] This thread I will be watching. I know alot of people says to me.....No kids no wife you got all the money in the world. Truth is like probably 90% of the rest of us I struggle to make it to all the races and have the buggy ready to go with big breakdowns. But like what was said this is about retirement. I invest into my 401k. I am ashamed to say that once I started racing I had to reduce my 401k contributions to be able to afford this and be comfortable. I am not ashamed to say that 3 years ago when I started this I was putting 25% in to my 401k plus the 4% company matches. Yes it is quite a bit of money but this is how I got there. I started a new job back in 2003. When I started the job I was at $12/hr and for my profession that is chump change. We all knew that figure would have to come up greatly. Well lets just say between the next 3 years we ended up with over $10/hr in raises. Everytime I got a raise instead of putting it in my pocket I would up my contribution to 401k until I reached the company max of 25%. My thoughts was if anything ever happen I could reduce this and "give myself a raise" if I ever needed the money. Our retirement is with Vanguard services and I do pay them to manage my account. I am not stupid I know 401k is not guaranteed, look back to 2008 I lost almost $80k in my account. I feel like I have a pretty good hold on retirement (might be kidding myself) but I am in the reduce debt stage now. Just a few of my thoughts about how i am planning to reach retirement myself. [/QUOTE]
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