Additional retirement

[hully1029]

thanks for all the input.. im going to talk to our hr lady today and see if the city has anything set up that i could get on board with. after doing what little research i have, i seen the 457 is a great option for me.

[hully1029]

Max it out. Hurt a little now so you can enjoy a retirement with no financial worries. It’s worth the sacrifice.


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my TMRS is maxed out percentage with at 6% with the city matching 2:1. In october we're going up to the TMRS max at 7% with city matching 2:1.. but over the course of time, that wont be enough.

[SabreKiller]

I'm pretty sure your city sets how much you can allocate to TMRS. If your wanting to put more money away look into a 457 or 457 roth account. I'm putting 7% in TMRS and an additional 3% into a 457 and 3% in a 457 roth. Ive only got 14 years in TMRS and plan on doing another 20-21 years before the numbers add up. Your city will have ICMA, Nationwide or something similar for the 457 accounts.

^^^^This. My employer takes 7% out of my check and match it with 230%. I'm also dumping close to 1K in a John Hancock 457 every month through Edward Jones. Your HR department should have a contact for you to reach out to that can help.

[TheHammer]

31 is still better than a lot of people! Start hammering on it.

[wsteffen]

The hardest for me was to first learn to live below my income. We would make double and sometimes triple monthly payments on our house and vehicle. We paid our house off in 7 1/2 years. After that we both contributed the max into our retirement accounts. Retired at 60 and we are doing quite well.

[Merc]

As much as you can, as well as a big portion of every raise.

Sent from somewhere

[rockyraider]

I too am in TMRS. I believe TMRS sets the max contribution at 7% per member and the city can match as much as 2:1. Each city has the ability to choose what they want to do so most are a little different. Are you sure you can up your TMRS contribution to 10%? I'd check on that as I'm pretty sure that's not allowed.

The deal is this, you should obviously be going all in on your TMRS contribution. I've never seen a TMRS city that would allow you to contribute more or less than what their plan is. Maybe it exists, but I've never seen or heard of that. Either way, max it out. Secondly, take advantage of the deferred comp. plan that your city offers. Put in as much as you can afford. You are behind the curve a little, but it is still plenty doable in your early 30's.

Lastly, as others have stated, say away from your retirement contributions. Set it and forget it. It may take some serious financial sacrifice on your behalf to make up for some lost time, but you're plenty capable of getting it done.

[hully1029]

I too am in TMRS. I believe TMRS sets the max contribution at 7% per member and the city can match as much as 2:1. Each city has the ability to choose what they want to do so most are a little different. Are you sure you can up your TMRS contribution to 10%? I'd check on that as I'm pretty sure that's not allowed.

The deal is this, you should obviously be going all in on your TMRS contribution. I've never seen a TMRS city that would allow you to contribute more or less than what their plan is. Maybe it exists, but I've never seen or heard of that. Either way, max it out. Secondly, take advantage of the deferred comp. plan that your city offers. Put in as much as you can afford. You are behind the curve a little, but it is still plenty doable in your early 30's.

Lastly, as others have stated, say away from your retirement contributions. Set it and forget it. It may take some serious financial sacrifice on your behalf to make up for some lost time, but you're plenty capable of getting it done.

Yea, the max for TMRS is 7%. Our city matches 2:1. My previous dept maxed at 7% but matched at 2.05:1. But, that was TCDRS..

I was looking at a 457 to offset the percentage and make it an equal 10%. and when the bump from my now 6% goes to 7%, i wont touch it and itll automatically up my percentage going into the 457.

[hully1029]

Well, got it done today. The Nationwide rep i talked to said the couldn't do a percentage. I just calculated what the percentage would be and started there. They did offer an automatic every year increase, which I can agree to the predetermined amount or change whenever. Only took about 5 minutes to complete. 5 minutes and less a couple starbucks trips a month for a small, but noteworthy star on the horizon? every time.

thanks for the advice yall..

[Hunter_Man]

i add 1% to my retirement every single time i get a raise. been doing it for 10 years. i'm 38 and am putting 17% in. almost maxing out my 401k contribution. never cash out, and every year increase by 1%

[Acameron52]

Well, got it done today. The Nationwide rep i talked to said the couldn't do a percentage. I just calculated what the percentage would be and started there. They did offer an automatic every year increase, which I can agree to the predetermined amount or change whenever. Only took about 5 minutes to complete. 5 minutes and less a couple starbucks trips a month for a small, but noteworthy star on the horizon? every time.

thanks for the advice yall..

Good stuff brotha. I did the same thing. Started it within my first few months and set it up to increase $50 a year. Didn’t take long and I was maxing that bad boy out without noticing.


I’ve seen what some of the older guys in my department have in their 457s and it’s impressive.

[glen]

It will pay off when you are my age. Make sure you split all your raises with your account. Promotional and step increases. Also don’t chase the market. If you are not a stock market follower I would pick an aggressive fund for next 15-20 years and then back off into something more stable: closer to fixed funds that are more heavy in bonds etc

[lovemylegacy]

I currently have 6% of my check taken out for TMRS retirement. This coming October it will be moved up to 7%.

Long story short, I've had to cash out my retirement a couple times and only have about 18 months on it now.. would it be recommended to take out an additional 4% to make it an even 10%?.

I'm 31 and have next to nothing in retirement.. and its fuggin scary.

What's yalls thoughts?

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Take out the max and leave it alone

[RR 314]

TMRS is put in by the city. Most have an another retirement option. Deferred Comp type plan. City I work for hold out 8% for retirement. I hold out an additional 12% to my Deferred Comp.

Don’t ever touch it. Go work An EJ if you can’t afford the xtra in retirement. Work 3 EJs a week if you have to. I am going to retire in either 1 or 2 years and I’ll be 51 or 52. I’m not concerned financially at all. I do have 20% of my wages put into some sort of retirement or investment

Great advice. Very close to what I was going to add. Sacrifices have to be made. Just getting started saving (again) at 31 is rough. I agree with picking up extra work and everything you make goes into savings. Penalties for early withdrawal are there for two reasons---as a deterrent for withdrawal and to enrich the Feds. Don't do it again!

[Jon B]

I have retirement money in TMRS and TRS (tried the college cop thing). I was told that TMRS is caps at 7% and you can't put in more. I got really serious about saving a few years ago. Opened a tax deferred account to invest extra retirement funds. Like some of the others...each time I got a raise, half went to me and half to retirement. Still felt the raise but built a nice little portfolio on the side. Not as impressive as some but it will help.