Jimmyj
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 02 Oct 2006
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| Ready for Retirement |
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My wife and I both work, Annual income of $150,000. We have almost $1,000,000 in two seperate 401K's. Two daughters in college on full scholarships. One about to graduate and enter Med school, the other is a Freshman. My wife saves about 11% into her 401K. I have a rollover($287,000) and am not contributing to it. I currently have it in some 18 month CD's at 5.75 %. I will be 59 1/2 in 20 months. I am working in state government and will be vested in a retirement in 2 more years. I will have 8 years if I stay until 66. My wife can retire at 55 in 6 years with her company. As you can see I am 10 years older and we can retire about the same time. My wife will not be able to draw Social Security or access her 401K(currently $700,000) for about 5-7 years after retirement. Her monthly retirement will be around $2,000.00. I draw a retirement check of $700.00 monthly which is included in the $150,000. If I work until 66 I will draw another $500 from the state plus full Social Security assuming it is still around. Our debt is about $75,000 which includes mortage and car payments. No major credit card debt. My question is should I refinance the house and pay off all debt, pocket the $25,000 for any emergencies, and then use some 401K money to pay off everything in 10 years or just let things rock along. The daughter's Med school will not be a major problem because of state loan and grant programs. We will have to assist with living expenses, but we don't know how much. The other daughter will probably go to grad school and we will help at that point. Assuming our continued health and inheritance from elderly parents there is the possibility of an additional $250,000 and 150-200 acres of timber/farm land. I suppose what I am looking for is some financial advise for the next ten years as a kind of long range strategy. I feel I am in an enviable situation but do not have a long range strategy. Thanks for any suggestions or options
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Mon Oct 02, 2006 1:29 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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Given the complexity of your situation, I would suggest locating a fee-only financial planner to work with. You can find these folks at www.napfa.org , or www.garrettplanningnetwork.com . Both sites have a "find-a-planner" feature which should help with your search.
Hope this helps -
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
Last edited by BlankenshipFP on Tue Oct 03, 2006 1:48 pm; edited 1 time in total |
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Mon Oct 02, 2006 2:09 pm |
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montyauto
Full Member
Cash: $ 3.20
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Joined: 04 Apr 2006
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"The richest people in the world look for and build networks, everyone else just looks for work." - Robert Kiyosaki
"Big people have big dreams and small people have small dreams. If you want to change who you are, begin by changing the size of your dreams." - Robert Kiyosaki
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Mon Oct 09, 2006 9:36 am |
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LottomagicZ4941
Senior Member
Cash: $ 1.66
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Joined: 02 Dec 2004
Location: Earth
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quote:
Originally posted by montyauto
"The richest people in the world look for and build networks, everyone else just looks for work." - Robert Kiyosaki
"Big people have big dreams and small people have small dreams. If you want to change who you are, begin by changing the size of your dreams." - Robert Kiyosaki
Who is Robert Kiyosaki?
"If wishes were horses dreamers would ride" John Butcher Axis(sp?) song lyrics but he is probably not the orginal
But you gotta do more then dream.
So perhaps if wishes wewe horses then dreamers would get trampled.
Had a supervisor who always said "A goal without a plan is just a dream"
Non promotional Facebook Jail regular forum inquiry
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Sat Oct 14, 2006 4:19 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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quote:
Originally posted by LottomagicZ4941
Who is Robert Kiyosaki?
He's the "Rich Dad, Poor Dad" dude. I haven't read any of his recent books, there seems to be another one coming out every month. I'm assuming he hasn't yet gotten to the part about how his schemes are mostly nonsense and the real way to make it rich is to sell tons of "Rich Dad, Poor Dad" books... 
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Mon Oct 16, 2006 2:09 pm |
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linda_lee2010
First Time Poster
Cash: $ 0.20
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Joined: 12 Jan 2011
Location: California
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there are lots of retirement package plans that are available when you search the net
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Wed Jan 12, 2011 7:35 am |
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robmejia
Contributing Member
Cash: $ 9.80
Posts: 49
Joined: 04 Nov 2011
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I guess you do need professional advice for this. And while you're at it, have you considered alloting money for you and your wife's health care already? If not, then please do so. That's equally important as the other money concerns you have mentioned.
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Sat Dec 17, 2011 3:00 am |
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FiNQ
Member
Cash: $ 2.65
Posts: 13
Joined: 16 Mar 2012
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Again, people on this forum can give great advice but you really need to seek an Advisor to assist you.
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Fri Mar 16, 2012 3:08 pm |
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Alstonbirks
New Member
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Joined: 19 Mar 2012
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| hi |
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How can I get ready for retirement?
I am 25 years old and I want to invest some money in to a CD or an IRA account. My job does not offer a 401k and I want to make sure that I start preparing for my future. What would be the best option for me right now?
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Mon Mar 19, 2012 7:00 am |
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oldguy
Senior Member
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Joined: 21 May 2006
Location: arizona
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quote:
in to a CD or an IRA account. My job does not offer a 401k
To build wealth you must invest in appreciating assets.
CDs and savings accounts are designed to store wealth safely, no risk - the interest is the same as inflation so they cannot grow. Use CDs after you become wealthy as a way to preserve wealth.
Risk and return are directly proportional.
If you invest $5000/yr into an 11%/yr fund it will be a million when you are age 55. And if you put $5000/yr into a 1% CD it will be only about $150,000 (and worth less due to inflation). As you can see there sio a world of difference between 'saving' money and 'investing' money. And age 25 is the perfect time to know that - you can put away $2 or $3 million without spending a lot of money. 
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Mon Mar 19, 2012 1:35 pm |
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dustinedan2
New Member
Cash: $ 2.00
Posts: 9
Joined: 09 Mar 2013
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It is complicated and challenging enough to think about retirement for ourselves, but it is even more challenging for couples to plan for ...
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Sat Mar 09, 2013 7:02 am |
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No-Brainer
Senior Member
Cash: $ 83.45
Posts: 986
Joined: 29 Dec 2005
Location: Oregon USA
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Now I think I've seen it all, a Millionaire posting on a public forum asking for financial advice!
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Sat Mar 09, 2013 5:42 pm |
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