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educate me 401-k

  1. #1451
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k


    I've been investing in race tires aggressively this year.

    Sent from my SM-G930V using Tapatalk

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  2. #1452
    Lifer Not Sure's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by gumby View Post
    So that's why you came out of retirement!
    That, and craft beers have also been a gut-punch to the retirement funds!

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  3. #1453
    Lifer ZX-12R's Avatar
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    Re: educate me 401-k

    For 2020, 401K contribution limits are increasing by $500 from $19,000 to $19,500 (over 50 catch-up contribution limit increases to $6,500) so change your withholdings accordingly.

    No change to the IRA contribution limit which is $6,000

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    "...i would seriously bite somebody right in the balls..." -bump909

  4. #1454
    Lifer Chippertheripper's Avatar
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    Re: educate me 401-k

    I thought 19.5k started this year?

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  5. #1455
    Member jimmycapp's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by Chippertheripper View Post
    I thought 19.5k started this year?
    The amount you can contribute to your 401(k) or similar workplace retirement plan goes up from $18,500 in 2018 to $19,000 in 2019

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  6. #1456
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Does anyone know if it will continue to increase every year, or is it done changing after 2020 for the foreseeable future?

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  7. #1457
    Member jimmycapp's Avatar
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    Re: educate me 401-k

    Year Employee Contribution Limit Total Contribution Limit
    2019 $19,000.00 $56,000.00 $6,000.00
    2018 $18,500.00 $55,000.00 $6,000.00
    2017 $18,000.00 $54,000.00 $6,000.00
    2016 $18,000.00 $53,000.00 $6,000.00
    2015 $18,000.00 $53,000.00 $6,000.00
    2014 $17,500.00 $52,000.00 $5,500.00
    2013 $17,500.00 $51,000.00 $5,500.00
    2012 $17,000.00 $50,000.00 $5,500.00
    2011 $16,500.00 $49,000.00 $5,500.00
    2010 $16,500.00 $49,000.00 $5,500.00
    2009 $16,500.00 $49,000.00 $5,500.00
    2008 $15,500.00 $46,000.00 $5,000.00
    2007 $15,500.00 $45,000.00 $5,000.00
    2006 $15,000.00 $44,000.00 $5,000.00
    https://dqydj.com/historical-401k-contribution-limit/

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  8. #1458
    Lifer Chippertheripper's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by jimmycapp View Post
    The amount you can contribute to your 401(k) or similar workplace retirement plan goes up from $18,500 in 2018 to $19,000 in 2019
    I stand corrected.

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  9. #1459
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    Does anyone know if it will continue to increase every year, or is it done changing after 2020 for the foreseeable future?
    It is tied to inflation somehow. So theoretically yes, will continue to increase. Although maybe not every year.

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  10. #1460
    Lifer ZX-12R's Avatar
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    Re: educate me 401-k

    HSA limits are getting a minor increase for 2020. Individual limits are up $50 to $3,550 and family limits are up $100 to $7,100. The over 55 catch-up contribution limit stays the same at $1,000.

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  11. #1461
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    How are you fellow savers doin this year?
    Status quo as always - maxing out the options available to me plus additional brokerage and cash savings accounts.

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  12. #1462
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k

    Jeezus, you guys are going to be rich old bastards!

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  13. #1463
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by Paul_E_D View Post
    Jeezus, you guys are going to be rich old bastards!
    That's the point!

    52-54 is my targeted window of peace'ing the fuck OUT.


    Of course, rich is objective. I'll be rich in free time to do what I want, when I want, with the same income I have now. I will not be "rich" as many people consider it.

    The only thing you can't make more of in this life is time.

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    Last edited by TheIglu; 11-05-19 at 08:43 AM.
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  14. #1464
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    That's the point!

    52-54 is my targeted window of peace'ing the fuck OUT.
    55 is my goal. Still a long ways until then.

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  15. #1465
    Lifer Chippertheripper's Avatar
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    Re: educate me 401-k

    I’m done at 55 as well.
    I can go and do something else if I feel, for shits and giggles until mama retires, but I’m walking at 55.

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  16. #1466
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by Chippertheripper View Post
    I’m done at 55 as well.
    I can go and do something else if I feel, for shits and giggles until mama retires, but I’m walking at 55.
    We should totally have a picnic when we retire.

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  17. #1467
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    I'll say it now. If I'm still doing this bullshit full-time on my 51st b-day I'm going to be disappointed in myself.

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  18. #1468
    Lifer Chippertheripper's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    We should totally have a picnic when we retire.
    I’ll bring the weed. Lots of it.

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    Cliff's Cycles KTM
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  19. #1469
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    Just ran the tool. On my employer provided plan alone (not counting IRA's or wife's pension), forecast to roll into the 7 figures between 52 and 53 years old assume 5% rate of return on average and no contribution increases.

    Not sure if that's good or not compared to most who save and plan well, but nice to know I could very well be a millionaire in my early 50's in straight retirement savings alone.
    Did a few straight investment return calculators just now. Apparently that retirement one is way off.

    With current balance, assuming continue contribution of $19,500 until end date, plus my company match, at a 6.5% rate of return, I'll be at somewhere around $1.6m at age 55. I think I'll be good with that.

    With the IRA's, puts me over the $2m mark. Once again, assuming only until 55, and 6.5%, at current contribution levels.

    Lot of assumptions though. Also doesn't factor in raises or inflation, but oddly enough, my raises (or lack thereof) seem to always match inflation exactly. Funny how that works......


    Starting to see that light at the end of the tunnel. Living like a broke dick might end up paying off in the end.

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    Last edited by TheIglu; 11-05-19 at 04:27 PM.
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  20. #1470
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k

    Interesting article here: https://www.nytimes.com/2019/11/06/y...lbCrMssLqNxz40

    You guys who are really socking it away are definitely breaking ranks with the middle class.

    "And about 20 percent of the top earners’ expenditures go to personal insurance and pensions — an annual average of $32,500 in 2014 — compared with just under $4,000 or about 8 percent for the middle class.“The change in spending patterns among the rich are probably the biggest signifier of class divide in America today,” she said.

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  21. #1471
    Lifer Chippertheripper's Avatar
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    Re: educate me 401-k

    Paywalled. I assume acknowledging that puts me in the lower bracket.

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  22. #1472
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by Chippertheripper View Post
    Paywalled. I assume acknowledging that puts me in the lower bracket.
    Doh!

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  23. #1473
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k

    In a nutshell, the article asks the all too common question: "How do they afford that?" It's definitely a question that crosses my lips often, and I'm sure people ask it about me at times. There are 2 answers given like income brackets: Debt and family wealth. The debt part is simple and we have all read about it. The family wealth part was interesting. Most people keep it a secret because there is a high social value placed on working hard for what you have. When was the last time you heard someone say, well, I had/have help getting that? This leaves everyone asking the central question of the article. Bottom line is comparisons are not really fair to yourself and almost always make you feel like a failure.

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  24. #1474
    Lifer Chippertheripper's Avatar
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    Re: educate me 401-k

    Actually, to answer that question I heard one of my bffs wives talking about how much she inherited from her dads sudden passing while they were house shopping (over the summer). It gave me the douche chills.

    I may be abrasive in my truthiness at times, but that type of shit is over the line for me.

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  25. #1475
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k

    What's over the line? Sharing how much you inherited?

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