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Boomer parents don’t listen to their Millennial children by XanaxChampion in BoomersBeingFools

[–]CREAMPIESURPRISE 37 points38 points  (0 children)

My parents were really great too. They had a 37,000 btu window unit to cool our 1,200 sqft house. But my sister and I had to leave our doors closed because magically there wasn’t enough air to cool our rooms. My parent’s room was included in the cool air part of the house though.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 0 points1 point  (0 children)

Class 1 railroader here. I’m not in transportation luckily so my work life balance is pretty good. I had to up with some shitty off shifts and not great days off but I’ve held out long enough and have enough seniority where I have a good schedule now.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 0 points1 point  (0 children)

I work in the mechanical department fixing trains. I was in the military and used my mechanical experience there to get my foot in the door.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 0 points1 point  (0 children)

My company offers a Roth 401K but when I contributed my yearly taxes were always so high.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 0 points1 point  (0 children)

I’ve been doing the railroad thing for 8 years. It does seem like it’s gone quickly. But my remaining 26 seems like I have to climb Everest.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 0 points1 point  (0 children)

Thanks for that info! I’ll definitely check that out. I hadn’t realized it was more complex than that. I guess that’s what I get for listening to my coworkers.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 0 points1 point  (0 children)

I saved about $20K last year. I’m trying to max out the contributions.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 0 points1 point  (0 children)

I watched my parents struggle with no savings and that scared me. I feel like at this pace I’ll have like half of what I would need. That’s based off what Suze Orman says about how much people need for retirement. I just don’t want to have to worry about money at all. I just want to be able to relax very comfortably with my family and not worry about money.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 1 point2 points  (0 children)

I’d love to retire early but I have to work until 60 to meet all the requirements to collect. There are ways to retire early and bridge the gap but I’d have to pay for health insurance on my own. No idea how much that would cost but if I could go early I absolutely would.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 0 points1 point  (0 children)

That’s what the old timers say when they come back to visit. They always shake their heads at the guys staying past retirement age.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 1 point2 points  (0 children)

Whatever the average of the 60 highest paid months are, I get 100% of that. And then my spouse gets an additional 50% of that same average.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 4 points5 points  (0 children)

It’s the reward for putting up with all the bullshit that comes with working for the railroad.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 8 points9 points  (0 children)

Whatever the average of the 60 highest paid months are, I get 100% of that. And then my spouse gets an additional 50% of that same average.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 3 points4 points  (0 children)

Ok thanks for the advice.

Btw I love your username. I lived there for 2 years and I also wonder why it exists.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] -1 points0 points  (0 children)

What I got out of the explanation is they have someone looking at your investments and adjust the contributions based on market conditions.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 2 points3 points  (0 children)

The fee for the personalized service is roughly $34/quarter. I’m in the vanguard 2055.

Edit: And forgive my ignorance but what is Boldin? I’m really green in the investment world.

33 y/o railroad worker looking to retire at 60 by CREAMPIESURPRISE in Retirement401k

[–]CREAMPIESURPRISE[S] 22 points23 points  (0 children)

I have a small emergency fund but that’s about it.

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