What is good retirement plan,401k or mutual fund? I have no plan and am 45 yrs old?
By Tom Dunn | January 8, 2009
I work full time, make $13 an hour, have no kids and am single. I have no retirement savings at all started and need to start with some kind of plan.
Bill
Topics: retirement planning | 5 Comments »
Retirement planning question?
By Tom Dunn | January 8, 2009
Assuming a couple saves the same amount each year for 32 years before retirement, how would I find how much they need to save in dollars each year in order to produce sufficient cash flows after retirement?
Additional information:
-They will be retired for 18 years (Their assumed year of death)
-Inflation is 3%
-Return on investment is 8%
Is there a formula I can use? This is for a finance class and I am having extreme difficulty figuring this one out. Thanks very much in advance!!
I was really just seeing if anyone knew of a formula i can use to plus in the data, not necessarily have you solve it for me. thanks for the responses though ill check out those sites
Keith
Topics: retirement planning | 2 Comments »
Should I take money out a retirement account to pay for school?
By Tom Dunn | January 7, 2009
I’m a homeschooling mom of 7. Our budget is very tight and with the recent gas prices driving up the cost of living, we’re really struggling. I’d like to get training as a medical transcriptionist so that I can work from home, around my schedule. I do have a job lined up after I get training.
In order to pay for school, we’d have to cash in my husband’s retirement plan from an old job. There’s not a lot in it, but just enough to pay for the school and buy me a new computer and desk to set up a home office away from the kids. Do you think this is a good decision? We really don’t have the money for a loan.
We usually get a ton of money back from the IRS since we have so many kids, so I’m not worried about oweing in April.
James
Topics: retirement planning | 6 Comments »
Retirement savings, fund up to employer match, then what?
By Tom Dunn | January 7, 2009
I just started a job and need some advice for retirement planning.
I know that I need to at least fund my 401k up to the employer match. But I want to save more that that, where do I put it after the match? more into the 401k? start a Roth IRA?
I have been told to fund up to the match, then max out Roth IRA, is that a good strategy? BTW Im 24 and have no current retirement plan.
Thanks!
Ashley
Topics: retirement planning | 6 Comments »
How many of you think that Teacher Retirement Pension Plans will be worth investing in the long run ?
By Tom Dunn | January 6, 2009
How many of you think that state Teacher Retirement Pension Plans will be worth investing in the long run if you start investing now?
Ron
Topics: retirement planning | 1 Comment »
What are the penalties for withdrawing your retirement funds early to buy your first home?
By Tom Dunn | January 5, 2009
Does anyone know what (if any) are the penalties for withdrawing some or all of your retirement funds to use as a down payment to purchase your first home? I have a 457 retirement plan and I am considering pulling out $10K to go towards the purchase of my first home. Normally I would be penalized 30% but I heard somewhere that there are 3 circumstances where this is allowable without penalties. Can anyone vertify this is accurate or tell me where I can get more info.
Thank you!
Adrian
Topics: retirement planning | 3 Comments »
How do you collect your retirement savings plan?
By Tom Dunn | January 3, 2009
After leaving employment, how do you collect your retirement savings plan or 401K? how long does it take to collect it?
Mildred
Topics: retirement planning | 4 Comments »
Retirement Planning?
By Tom Dunn | January 2, 2009
A couple will retire in 50 years; they plan to spend about $30,000 a year in retirement, which should last about 25 years. They believe that they can earn 8 percent interest on retirement savings.on retirement savings.
a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year.
b. How would the answer to part (a) change if the couple also realize that in 20 years, they will need to spend $60,000 on their child’s college education?
Marilyn
Topics: retirement planning | 1 Comment »
Why is my company renaming my 401k plan to a Retirement Savings Plan?
By Tom Dunn | January 2, 2009
After a recent merger, my company is renaming my 401k plan to a Retirement Savings Plan. It seems a little odd. What kinds of legal issues, protections, ect. do I need to consider?
Mitchell
Topics: retirement planning | 4 Comments »
What is the best retirement option for someone that wants to save on his own?
By Tom Dunn | January 1, 2009
I am a foster parent and I get paid by my agency through a per diem. That means the money I get paid is tax free. And since I don’t have a full time job, I don’t have a retirement plan. I want to start saving for the future. Can any one help?
Nathaniel
Topics: retirement planning | 2 Comments »