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Finances for retirement
- Thread starter fast306stang
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- Dec 11, 2013
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I am not smart enough so I interviewed 6 certified financial planners/advisors and picked one. Even though I am playing catch up after a divorce when I retire I will have a good life. Live as debt free as possible now and after you retire. Not having a mortgage when you retire is a big plus.
make sure all your debts are paid,house, car, credit cards whatever - no outstanding debt.
you never know how long after you retire you will live
my grandfather had 6 months to live for 15 years died at 101,my cousin passed at 40 after retiring from the A.F he had been out 6 months
you never know how long after you retire you will live
my grandfather had 6 months to live for 15 years died at 101,my cousin passed at 40 after retiring from the A.F he had been out 6 months
I believe that debts are the biggest threat to one's finances for retirement. I haven't met a single person that would disagree with me on that. The comparison might not be the best, but for me having debts is similar to having a relative living in another country. It is a problem, and the only thing you can do is to accept the situation and wait for better times. Having control over your finances when you are young is extremely important if you want to avoid having debts when you retire. You can also hire a financial coach because the financial coach fees nowadays are affordable, and anyone has the opportunity to have his personal financial coach.
Here's my $ .02...
1) the TSP is your best friend!!
a. Convert it to TSP ROTH now while early. Yes you'll pay some tax on the conversion, but time will be good to you with no tax at the end of it.
b. Dump as much as possible to the C fund and FORGET ABOUT IT. Markets up, markets down DOESN'T MATTER.
c. There is NO reason to go conservative (move to income) even near retirement, you do not HAVE to withdraw it, or annuitize it, upon retirement.
2. All the market return indicators are scewed...they are ALL golden because the 1/3/5/10 year returns are all post 08.
1) the TSP is your best friend!!
a. Convert it to TSP ROTH now while early. Yes you'll pay some tax on the conversion, but time will be good to you with no tax at the end of it.
b. Dump as much as possible to the C fund and FORGET ABOUT IT. Markets up, markets down DOESN'T MATTER.
c. There is NO reason to go conservative (move to income) even near retirement, you do not HAVE to withdraw it, or annuitize it, upon retirement.
2. All the market return indicators are scewed...they are ALL golden because the 1/3/5/10 year returns are all post 08.
3+ yr old thread.....
take all money, put into scratch away lotto tickets
its fool proof
its fool proof
America’s most popular plan judging from the average family’s savings.
