Big F'n Dave Posted January 25, 2006 Share Posted January 25, 2006 http://money.cnn.com/2006/01/24/pf/worst_s...dex.htm?cnn=yes This struck me as unfortunate, but there are going to be a lot of people in 20, 30, 40 who will be in deep sh*t when it comes to retirement. 1287553[/snapback] Unless you're within 15 years or so of retirement right now, I wouldn't worry much about it. Quote Link to comment Share on other sites More sharing options...
muck Posted January 25, 2006 Share Posted January 25, 2006 I could be wrong, but, I believe there is an option (somehow) for a self employed person to quit paying into SS after ____ quarters of paying in as an employee of someone else. I want to say that after paying into SS for 40 quarters, you can elect to quit paying in, but only if you're self employed. My CPA was prattling on about something like that, but he didn't explain it well enough for me to really get it, and I don't have the time to research it. Any of you guys know anything about what I'm talking about? Quote Link to comment Share on other sites More sharing options...
Beaumont Posted January 25, 2006 Share Posted January 25, 2006 My wife and I have maxed out our 401k's for years. We also max out our Roth IRA's. We also save money on the side for our kids education. And we put back a little each month in our money market that we use to buy large ticket items. We also have a rainy day fund that wil cover all of our expenses for about 8 months or so. We have no car payments. We pay off all of our credit cards at the end of every month. I am terrified of owing people money and I just wont do it. Growing up we lived hand to mouth and always had to buy stuff on lay-away. Do they even still have that? The only thing we owe money on is our mortgage. We pay it twice a month so we actually pay an extra months worth of payments each year. 1287897[/snapback] Smart man (not conceding anything on future debates). Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 26, 2006 Author Share Posted January 26, 2006 Unless you're within 15 years or so of retirement right now, I wouldn't worry much about it. 1288449[/snapback] You'll be at an advantage for you and your family if you worry about it and do something about it as soon as you realize it. 15 years or 40 years of retirement, it's never too early to start saving at least a little IMO. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 26, 2006 Share Posted January 26, 2006 You'll be at an advantage for you and your family if you worry about it and do something about it as soon as you realize it. 15 years or 40 years of retirement, it's never too early to start saving at least a little IMO. 1288945[/snapback] Big F'n Dave hooked ya...... Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 26, 2006 Author Share Posted January 26, 2006 Big F'n Dave hooked ya...... 1288949[/snapback] If that's the case, I feel a lot better. Quote Link to comment Share on other sites More sharing options...
Chavez Posted January 26, 2006 Share Posted January 26, 2006 We're in the process of speeding up our debt reduction - we have a simple-interest biweekly mortgage that we rolled some CC and a car payment up into; with our overpay and another couple wrinkles, we'll be debt free in 12 yrs, NOT paying anything extra on the mortgage (which I'm gonna be trying to slam that down under 10 with bonus checks and such). Other than that, with the money freed up by the refi, we're going to nuke my wife's school loans; hopefully concurrently with starting a Roth IRA. Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 26, 2006 Author Share Posted January 26, 2006 We're in the process of speeding up our debt reduction - we have a simple-interest biweekly mortgage that we rolled some CC and a car payment up into; with our overpay and another couple wrinkles, we'll be debt free in 12 yrs, NOT paying anything extra on the mortgage (which I'm gonna be trying to slam that down under 10 with bonus checks and such). Other than that, with the money freed up by the refi, we're going to nuke my wife's school loans; hopefully concurrently with starting a Roth IRA. 1290553[/snapback] Sounds good. Just make sure you take care of the credit card debt BEFORE you start plowing extra money (over the minimum payments) into your wife's school loans. Quote Link to comment Share on other sites More sharing options...
Chavez Posted January 27, 2006 Share Posted January 27, 2006 CC debt is rolled up in the refi - it's gone from about 13% to a tidy 7.5%; The bonus part of my refi is it's a simple interest loan, not scheduled. Doesn't make a tremendous difference on a week-to-week basis, but it gets significant in the long run. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.