Do You Have A Retirement Plan?

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Forum -> Household Management -> Finances

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Do you have a retirement plan?

Yes - will explain

60%

[ 21 ]

No - will explain

25%

[ 9 ]

Uhhh...

14%

[ 5 ]

Total Votes : 35

mamma llama

Sun, Nov 22 2020, 10:36 am

If yes, is it a pension, 401k, something else, or a combination? If not, what do you plan to do?

amother

Amber

Sun, Nov 22 2020, 10:44 am

I’ve been putting away money for retirement since I started working at 21. It’s never too early - speak to a financial advisor.

amother

Jetblack

Sun, Nov 22 2020, 10:47 am

I only have a Roth IRA. Im trying to convince my boss for the last year to set up a 401k. He hasnt.

Dh has a 401k and Roth ira. We max out every year. Its worth alot by now.

amother

Apricot

Sun, Nov 22 2020, 10:47 am

No we don't and I worry about it!
My husband doesn't worry be cause his emuna level is way higher than mine! Wink

amother

Indigo

Sun, Nov 22 2020, 10:48 am

Pension, deferred comp savings plan

amother

Copper

Sun, Nov 22 2020, 10:51 am

I have a bad plan-living with my children and/or selling my house, moving to a cheap apartment and living off the equity in my home.

With life's expenses (Yeshiva tuition) I don't have $ to put away.

amother

Lavender

Sun, Nov 22 2020, 10:53 am

401 and Roth. We started in our 30s and try to max them.

amother

Rose

Sun, Nov 22 2020, 11:29 am

401k and pensions for both of us.
We also own a large house in a very desirable area where property values have been rising every year, we plan to downsize when the kids all move out and have the extra money for retirement as well.

amother

Jetblack

Sun, Nov 22 2020, 1:02 pm

[quote="amother [ Copper ]"]I have a bad plan-living with my children and/or selling my house, moving to a cheap apartment and living off the equity in my home.

With life's expenses (Yeshiva tuition) I don't have $ to put away.[/quote

We started young and saved $100 per paycheck. Now we max out. We struggle financially because of this. Dh insists that the struggle is short term, for about 20 years when tuition is alot. Yet savings is long term. We don't want to rely on anyone for as long as possible.

We live in a small house. Have only 1 car when we should have 3. I spent all morning in the house because dh was in shul davening and Learning. I work full-time, I need to shop on sundays. We can totally afford another car, but we wouldn't be able to save.

amother

Silver

Sun, Nov 22 2020, 3:20 pm

Very much so B"H. I knew that social security, or as dh calls it, social insecurity, would never be enough to live on. We opened IRAs not long after they were invented. We live frugally and sock away as much as we can manage.

amother

Bisque

Sun, Nov 22 2020, 3:31 pm

Roth IRA that we max out- it’s only 12k a year
My house 🤷🏼‍♀️

amother

Beige

Sun, Nov 22 2020, 3:35 pm

A 401k from my employer. I put away approx 10k a year between my contribution and boss match BH.
Not maximizing your match is throwing money away. Even if you need the money and take a withdrawal, if you are getting an employer match put away whatever it is to be eligible for max match.

amother

Mint

Sun, Nov 22 2020, 3:45 pm

City worker here. We will iy'h get a pension. And I'm hoping to put something away in my 401(k). Plus we have home equity.

amother

Babypink

Sun, Nov 22 2020, 4:02 pm

No real plan.

I guess I'll have to sell my house and downsize.

My husband is self employed so he hopes to have workers keeping the business open when he is (semi) retired but that is just hope..

When I was a teenager I worried about how will I possibly pay the bills when I reach this stage in life. I was sure that I would either be on some Tzedoka list or still be supported by my parents. B'H that didn't happen so since I have little realistic way of putting aside retirement money anyway (if I could I would) I'll just hope for the best now as well...

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