Quote:
Originally Posted by Monomer
A very depressing topic right now.
We had our annual 401 meeting at work. Here's the situation: I'm 21, I've been in this industry for the past four year (tool&die/composites) I dont plan on staying at this job all to long (a year, MAYBE)
My gross income is just under 21k/year. The company will match upto 6%. We use Principal financial for planning.
I have yet to decide what I want to do. A riskier long-term plan sounds about me. I plan on putting in more than 8%
thoughts?
|
Definitely take advantage of your company's match and put in whatever extra you can afford to and feel comfortable with. You're definitely looking long-term at your stage and theorhetically there's lots of buying opportunities out there. At 38 I'm sticking with my higher risk (80/20) but will become increasingly conservative as I close in on retirement. In a year or two I'm going to sit down with a financial advisor and see if I'm on track for where I want to be. I'm currently down about $75K but it's only a paper loss. For now. I hope.
My father is the first family member in our company to even consider partial retirement in his mid-60's (great-great-grandfather was 89, great-granfather was 92, great-uncle was 93 when they took their cars away from them to keep them from coming in, and grandfather died at 87 and still active to that point) so it's somewhat of a novelty. He had planned on it 2 years ago but we had an off-year so he stuck around to reach his target number. It's too late for me to knock 30 years off his retirement age but I'd like to have that option in my early 60's.