Additional retirement

[hully1029]

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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[Shane]

Yes, and don't cash it in again.

[hully1029]

Yes, and don't cash it in again.

Definitely and absolutely not going to cash it in again..

What's the best way to go about that? I'm a novice when it comes to this. Would it be a 457? Who would i set it up with?

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[BTLowry]

Put as much as you legally or financially can

can't hurt if you can afford it

[WTucker]

If you can afford to contribute the 10% then definitely do it.

Here is what I did to get my contribution built up. Every year at raise time, I put an extra percent in. So if I get a 3% raise, I keep 2% of it and the other 1% goes in my 401k. This way you don’t really feel it when you bump it up over time.

[Roman AB]

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.

[coy-ote]

Go talk to a financial planner and let him go over your goals and expectations, I did the 457 for my 30 years as a Leo and it did good but had someone been actively managing my money it would’ve grown more. You have to pay for a fiduciary but the fiduciary manages your account. Our ICMA people only came around to drum up new people, never spoke about managing til you get up into the 6 figures then they’ll ask you if they can manage for a fee. I rolled all mine over to IRA , I don’t need it I have my pension so I’m converting it into a Roth for my kids as an inheritance.


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[Acameron52]

I’m lucky enough to work for a city that doubles out 7%, so I’ve got 21% going into TMRS. On top of that I’m maxing out a Roth IRA and putting into my 457. If everything keeps going good retirement shouldn’t be a problem... but I was lucky enough to start young before kids and life happened so I got myself used to putting away. I’d say find a good financial planner and do what he says.

[dustoffer]

Yes, and don't cash it in again.

For sure---and from now on, when you get a raise, up it some more. No one else is gonna take care of you but you. Acameron52 is in the ideal situation--free money from his employer.

[Huntingfool]

Always amazes me that there are employees of companies who do not at least have enough taken out of their checks to equal the company match. If a company is matching 4% for example then your "return" on your money is immediately 100%!

As others have said here - do not save a dollar amount - rather save a percentage amount of your income. That way as your pay increases over the years so will the amount your are saving.

The day of the pension is over folks (other than teachers and municipalities) so other than social security your only retirement money has to come from your willingness to save some of your own money. If you are young (20-30) then if you start saving now and leave it alone then you will have more than you need at retirement age

[glen]

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

[coy-ote]

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

This start off strong while you can afford to do the max, even if you’re married you can find an extra job or ot ! I did 30 and would’ve stayed because I loved my job and not because I had to. Our dept’s pension and retirement is plenty. But remember to balance your debt as you get close to retirement age, that 60,000 truck or car boat or whatever won’t give you the same return that it would had you invested that same money and bought something a lil bit less.


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[Aggiebow88]

Go talk to a financial planner and let him go over your goals and expectations, I did the 457 for my 30 years as a Leo and it did good but had someone been actively managing my money it would’ve grown more. You have to pay for a fiduciary but the fiduciary manages your account. Our ICMA people only came around to drum up new people, never spoke about managing til you get up into the 6 figures then they’ll ask you if they can manage for a fee. I rolled all mine over to IRA , I don’t need it I have my pension so I’m converting it into a Roth for my kids as an inheritance.


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This!!,
I changed jobs to a small company that does not have 401k or such. Went and got a financial planner and am aggressively putting away toward retirement. the Plan is to be able to retire in the next 8 years or less. Luckily I had already started and had a good base. First thing is the easy money, make sure you maximize anything the company matches.

[tps7742]

Congratulations to taking the initiative to even think about funding your retirement. That’s the first big step. As others have stated I can’t say enough about talking to a Financial planner that you can get their trust in what’s best for your future. Save save save, live below your means but find a balance to also enjoy life. Good luck.

[bowhuntvideo]

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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