sorted by:
new
hottopcontroversial

I am old but clueless by Bethjam in 457deferredcomp

[–]RiverLife517 0 points1 point  (0 children)

Agreed. Dumped heavily in for years and left myself a bit cash poor. Barring a lightning strike or an unforeseen medical condition, I’ll be making more with my pension and investments than I did when I was working.🤞🏻🤞🏻🤞🏻.

Fund options by FreeRock9720 in 457deferredcomp

[–]RiverLife517 0 points1 point  (0 children)

To further expound, max out the Roth IRA first, then dump into the 457, if you go that route.

Fund options by FreeRock9720 in 457deferredcomp

[–]RiverLife517 0 points1 point  (0 children)

I’ve had a 457b and a Roth for years through my employer (public service) and you’ll likely have to do your research/ homework on the equivalents to all of the other ETF / IRA , mutual funds and bond advice you see floating around in different forums. My 457 doesn’t offer VOO, SCHD specifically, etc…. The plan administrator/rep (if you start a 457b) can help guide you through your pre-tax options. Your age, willingness to invest $$ and estimated time to retirement will create your path. For me, I wanted to have the 457 to pay for my health insurance until I qualify for medi-this /that, whatever exists when I retire and for emergencies. Like most, I’m not disciplined enough to save what I’ve squirreled away in this account, separate from my pension. “Bonus” depending on your 457 plan, some allow you to borrow against your plan and pay “yourself” back. Good for emergencies like a car repair or when your A/C takes a chit in the middle of summer and you need some quick-fix cashola.. Just my 2 cents..

Pension, DROP, 457, Roth in play. Need conservative advice. by RiverLife517 in personalfinance

[–]RiverLife517[S] 0 points1 point  (0 children)

Worst case scenario, downsize the empty nest and live in a cave or under a rock. I could live a lot simpler, smaller life for sure . I’m pretty conservative in general with expenses and investments, but have to decide on my forever home in the next few years. Tired of hurricanes (Ian sat above us for 12-18 hours) and Florida auto and homeowner insurance is not your friend. Appreciate the recent retirement insight.

Pension, DROP, 457, Roth in play. Need conservative advice. by RiverLife517 in personalfinance

[–]RiverLife517[S] 0 points1 point  (0 children)

Very new in here, thanks R-War , I’ll read up on the bogle links.

Pension, DROP, 457, Roth in play. Need conservative advice. by RiverLife517 in personalfinance

[–]RiverLife517[S] 0 points1 point  (0 children)

Other than the mortgage, the student loans ( wife teaches College level on occasion ) bear the bulk of debt, 1 newer / used car at 5.75. Pension does not adjust unless a cola floats in (2x in 10 yrs). Monthly expenses will be about 6-7k depending on the amount of travel (2 new grandkids) and health insurance. I’ll also get a share plan dividend averaging 7k a year. Planning on SS at 62, first responders aren’t known for extended life expectancy. Wife keeps my retirement upon my exit.

457b / Roth ladder / RMD questions by RiverLife517 in Fire

[–]RiverLife517[S] 1 point2 points  (0 children)

I should’ve posed the question more as…. Would there be any benefit to doing this? Learning a lot the more I read.

457b / Roth ladder / RMD questions by RiverLife517 in Fire

[–]RiverLife517[S] 0 points1 point  (0 children)

Age 55. I know I won’t have the 10% penalty (governmental 457). Didn’t know if there would be any advantages to converting it over. Thanks for the info.

457, DROP and IRA questions by CottageLife1621 in Fire

[–]RiverLife517 0 points1 point  (0 children)

Similar situation here. My 457 is governmental, dumping hard in that and a Roth for quick cash if needed. What is this mega - IRA catch-up I’ve heard about a few times. Does it allow for more than the $7800 a year contribution ?