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Reply to "Middle-class, reasonable, not extravagant retirement plans"
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[quote=Anonymous]I have a teacher pension that I pay 7.5% of salary into. Should get about 50% of yearly salary when I retire plus Social security. Wife has no benefits so we save at least $1k a month in her 403b. My parents are transferring there Roth IRA over to my brother and I to avoid a future tax hit, but I don’t really count that money since it is the last money I plan to touch in retirement and will probably Lu get passed on to my heirs. We have about $350k total in retirement at ages 45 and 50. Ever since daughter was born we have saved about $200 a month in a 529. In Maryland that is free from state taxes so basically a free 3% plus growth She is 13 with about $45k so far. Most middle class people should put up to the match in a 401k/403b/457b. (Which ever spouse has the best low fee plan.). Then try to max out a Roth IRA. Low income people are eligible for the savers credit on taxes so they should really focus saving any way possible![/quote]
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