| Need advice to plan for retirement |
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becky21
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That's a good idea. But there might be 6 months interest penalty for early withdrawal. I will check from the bank.
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Thu Jun 04, 2015 1:34 am |
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littleroc02us
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quote:
Originally posted by becky21
Those CDs are the EF. With the loans, one needs to have some cushion right!
I got out of debt by following the Dave Ramsey plan and it worked great. Keep $2000 of those funds for an EF fund and then use the 8k to pay towards the car loan, that is unless you want to keep the debt around to full term?????
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu Jun 04, 2015 1:23 pm |
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becky21
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I closed all CDs except $4k for EF. I will use it to pay the loan.
Thanks.
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Thu Jun 04, 2015 1:34 pm |
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littleroc02us
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IMO, I believe that to be a very wise decision.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu Jun 04, 2015 1:43 pm |
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oldguy
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quote:
I will use it to pay the loan.
I dunno - never in my 76-year life would I prepay 2% amortized capital. lol It's no wonder the young folks today have money issues.
I hope you won't need to re-borrow that same money back at 4% or 5% for a house in a couple years - altho, in a round-about way, that's the end effect.
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Thu Jun 04, 2015 1:49 pm |
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becky21
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Agree Sir. Actually, the 401k loan is divided into 2 loans, one is $4,300 at 4.25%. I might either pay this loan (goes back to retirement) or invest it in VFINX or VTSMX.
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Thu Jun 04, 2015 2:26 pm |
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littleroc02us
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Cash: $ 384.35
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quote:
Originally posted by oldguy
quote:
I will use it to pay the loan.
I dunno - never in my 76-year life would I prepay 2% amortized capital. lol It's no wonder the young folks today have money issues.
No disrespect, but your wrong. Since I have no debt, except a small mortgage that is only 25% of my net income, lots of retirement savings, assets such as rental property that cash flows heavily and am not leveraged out of my mind, I actually have money to do as I please. It doesn't waste it's time going to payments. We're cut from two different cloths and I would never in all my life take the risks you happen to be succesful with, therefore since I'm speaking from experience as you are, we have different opinions and I happen to believe by experience that 9 times out of 10 my strategy will win out.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu Jun 04, 2015 7:31 pm |
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louiefrias
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Location: Las Vegas, NV
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| This is the sad result. |
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Meaning only that we as Americans, in our education system, are sorely, inadequately taught about finances. In high school and college.
So, we are left to fend for ourselves and the advisors we select.
Typical advisor make money regardless of you making or losing.
So, two things...
1. Educate yourself.
2. Educate your children for their benefit and that of your grandchildren.
Lastly, your first investment to start this is, purchase the book "Tax free retirement" by Patrick Kelly.
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Wed Oct 05, 2016 8:49 pm |
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rvalmeeki
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Move your funds to FUSVX, it is the correct option for you in this scenario.
Marketing Specialist, Money Saver
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Thu Nov 15, 2018 11:38 am |
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AdviceOnly
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Location: united states
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Planning for retirement can be a daunting task, but it's important to start early in order to make the most of your savings. One way to get started is by creating a budget and tracking your expenses. This will help you identify where you could reduce costs or increase income sources.
Another helpful strategy is investing in diversified assets across different sectors so that you have some protection from market volatility. And finally, consider implementing a 401(k) plan or other workplace retirement saving program.
This may offer modest upfront contributions with matching funds available on earnings over time. By taking these steps, you can ensure that when the time comes for retirement planning, everything will fall into place smoothly!
Looking for the best retirement planner feel free to contact us-Advice Only retirement planner
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Fri Nov 11, 2022 6:05 am |
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