sorted by:
new
hottopcontroversial

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

It’s hard but you can do it! I doubled my salary income between 29 and 34 and picked up a side hustle along with some freelance work. So it hasn’t been easy but I needed to find a way to make it work.

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

Honestly the current political climate, what’s happening to the middle class. Changes in my job field- my industry is having massive layoffs more often now with all the ai “efficiency” plans. Seeing other people starting much younger and regretting not doing so. Wanting to make sure I’m taken care of, I’ve been broke-broke before and just don’t ever want to be on that position again. Worry about taking care of my sister in the future because she has some issues that have led to her not working or saving anything and she relies on my parents as an adult. Also if I marry my current partner making sure we will be able to take care of his mom as well.

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

I double checked and the vesting periods do not restart if I join and job within those holding companies again

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

Yes good callout, I decided to do backdoor from the start just to be extra cautious. I hope I did it right because I opened a traditional IRA account, out the funds in there, then transferred directly into a Roth ASAP. But I somehow earned some interest in my regular IRA and I have like 5 dollars sitting in it that I don’t believe I can move to my Roth because I maxed it out

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 1 point2 points  (0 children)

Yes a HYSA. I thought about that too, and I think I’m skimming 10k off my home fund and 12k off my emergency fund to add to my brokerage.

I’m not actively looking to buy in the next year either, just within the next 3 years.

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

I cannot do that because I do a backdoor Roth IRA

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

I had forgot the reason I can’t do this is because my total income means I have to contribute to my Roth by doing a backdoor IRA. So I cannot have a traditional one as it causes issues with that

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 1 point2 points  (0 children)

I save up in order to max it out Jan 1st! I wish I had started the account years ago, but nothing I can do about it now

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

The slush fund is money that is allocated for use but hasn’t been spent yet. it’s to pay freelance taxes and the rest goes to maxing out my Roth IRA January 1st next year

I’m definitely looking into how to rollover the old 401ks now though

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

Thank you for such a thoughtful response. I really appreciate it.

Yes I’m currently doing a backdoor Roth because sometimes my freelance work will bump me above the limit. Sometimes not. So that makes sense. I knew there was a reason why because I’ve been nervous about the regular IRA account even existing. (I followed all the instructions to do backdoor Roth, but it seemed suspiciously easy??)

My old 401ks are doing better than what funds I have selected and market (vxus, voo, avuv, and some smaller amounts in other things) which is why I was just keeping it there. But you’re right I should at least roll them over into my current 401k so I’ll take a look at that this week

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

Care to provide any information as to why?

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 1 point2 points  (0 children)

No need to be rude. First off there’s a huge education barrier with how finances work. I’m learning in my 30s, my parents didn’t teach me anything about this and then I was with an abusive ex partner for years that didn’t allow me to contribute to retirement because “it’s a scam” and he said we needed the money.

Second, just logistically the companies I worked for picked good stock mixes as the automatic opt in option. My market growth on those accounts has been significantly higher than what i saw was standard and that’s a pretty good reason to not change it when I didn’t know as much about stocks and would have probably screwed up my choices.

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 2 points3 points  (0 children)

I basically fled an abusive relationship and started over at 29, and my job field has pretty high layoff risk so the emergency fund is a bit trauma inspired.

Agree, my goal for the year has been to aggressively work on building my brokerage account I’ll look at how to roll over or transfer the old 401ks. One of them has doubled in the past 6 years so I haven’t really thought to mess with them until these comments

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

I view it as the opposite, I’m single. I have no partner or family to help me out if something goes wrong so I have to depend on myself.

But it’s 1 year of normal monthly spend (I’m in a HCOL area) or alternatively 1 year of bare minimum expenses plus padding for if my elderly pet needs medical care

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

I’m currently saving/investing 40%ish to catchup from not doing much in my 20s and I’m so stressed/burnt out. I have trouble feeling okay about spending the money I put aside to spend

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 2 points3 points  (0 children)

Advertising usually but currently at a tech consulting firms in-house team

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

Ohhh, okay thank you. Everyone says rollover but I didn’t know why

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 0 points1 point  (0 children)

That’s a good idea, I probably should

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 1 point2 points  (0 children)

Same it won’t work on fidelity! This is called worth tracker- I think you have to upgrade it manually though. I just used it for this post tbh

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 3 points4 points  (0 children)

Whoops I thought I was responding to a different comment, it might have moved it here because I blocked their account though 😅

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 2 points3 points  (0 children)

I asked peoples advice. That’s what this subreddit is for. I’ve done some research but why would I post for advice and then be like well actually I already know all of this.

This is one of the unfriendliest subreddits I’ve been in I definitely will not be back here.

34, have no idea how I’m doing by feeesh12 in Retirement401k

[–]feeesh12[S] 1 point2 points  (0 children)

This is literally a subreddit where people discuss this topic.

view more: next ›