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Need advice to plan for retirement

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Money Talk > Retirement Planning

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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.
Post 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)
Post 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.
Post 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)
Post 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.
Post 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.
Post Thu Jun 04, 2015 2:26 pm
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littleroc02us
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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)
Post Thu Jun 04, 2015 7:31 pm
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louiefrias
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This is the sad result.  Reply with quote  

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.
Post Wed Oct 05, 2016 8:49 pm
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