Anonymous
Post 12/20/2012 15:13     Subject: I am X years old and have X saved in a retirement fund
Anonymous wrote:
Anonymous wrote:27, no retirement, I net $2700/month, and have about $1800 in monthly expenses (including rent, phone, utilities, car payments, car/health insurance, credit card).
I have zero idea where to begin. I need to start saving, NOW. Should I just start building up savings and once I get to a decent amount ($5-$10k), figure out where to invest/allocate it?
(I have no 401k through work).

Someone just tell me what to do.


Step 1: Build approx 6 months of cash reserves just in case you loose your job
Step 2: Place said 6 months of cash into ING or Ally or some other simple low-interest fund
Step 3: Begin saving more cash, get to $5,000 and put that into an IRA every year.
Step 4: Save more than that, and start putting the cash into a series of mutual funds
Step 5: Save even more and begin buying real estate and renting it out
Step 6: Retire on the income streams


www.daveramsey.com
Anonymous
Post 12/20/2012 14:36     Subject: I am X years old and have X saved in a retirement fund
Anonymous wrote:27, no retirement, I net $2700/month, and have about $1800 in monthly expenses (including rent, phone, utilities, car payments, car/health insurance, credit card).
I have zero idea where to begin. I need to start saving, NOW. Should I just start building up savings and once I get to a decent amount ($5-$10k), figure out where to invest/allocate it?
(I have no 401k through work).

Someone just tell me what to do.


Step 1: Build approx 6 months of cash reserves just in case you loose your job
Step 2: Place said 6 months of cash into ING or Ally or some other simple low-interest fund
Step 3: Begin saving more cash, get to $5,000 and put that into an IRA every year.
Step 4: Save more than that, and start putting the cash into a series of mutual funds
Step 5: Save even more and begin buying real estate and renting it out
Step 6: Retire on the income streams
Anonymous
Post 12/20/2012 12:12     Subject: I am X years old and have X saved in a retirement fund
27, no retirement, I net $2700/month, and have about $1800 in monthly expenses (including rent, phone, utilities, car payments, car/health insurance, credit card).
I have zero idea where to begin. I need to start saving, NOW. Should I just start building up savings and once I get to a decent amount ($5-$10k), figure out where to invest/allocate it?
(I have no 401k through work).

Someone just tell me what to do.
Anonymous
Post 12/19/2012 18:53     Subject: I am X years old and have X saved in a retirement fund
Or to SESers. Usually people at that level in the Feds could be making aLOT more in private sector. I'm sure they're not two admin assistants with 20 years of service.
Anonymous
Post 12/19/2012 08:52     Subject: I am X years old and have X saved in a retirement fund
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:HHI; 320K
Me: 37, 320K (in TSP and 401k combined)
DH: 38, 300K (TSP)

college savings for 5 yo and 1 yo: 47K


What government agency pays that much


320 is combined for both of us. Two different agencies.


crazy


Huh? That's not crazy, that's two GS-15s making $155 each plus bonus.
Anonymous
Post 12/18/2012 16:43     Subject: I am X years old and have X saved in a retirement fund
43yo. HHI: $375k
My IRA & 410k: $510k
Spouse TSP: $225K (plus FERS)
Home (net of mortgage): $500k
Other savings: $300k
529s (8 & 6 yo): $85k
Anonymous
Post 12/16/2012 10:07     Subject: I am X years old and have X saved in a retirement fund
33 yo

HHI: 250k dual income
Primary Real estate (net of mortgage): 550k
401k/stocks/savings: ~500k
529 plans: $50k two kids < 4 yo


Anonymous
Post 12/12/2012 18:19     Subject: I am X years old and have X saved in a retirement fund
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:HHI; 320K
Me: 37, 320K (in TSP and 401k combined)
DH: 38, 300K (TSP)

college savings for 5 yo and 1 yo: 47K


What government agency pays that much


320 is combined for both of us. Two different agencies.


crazy


This is not crazy for fed gov't legal jobs.
Anonymous
Post 12/12/2012 16:22     Subject: I am X years old and have X saved in a retirement fund
44
$510k in 401(k) and other savings
Small pension of about $22k a year
Plus whatever's left of Social Security!
Anonymous
Post 12/12/2012 11:23     Subject: I am X years old and have X saved in a retirement fund
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:HHI; 320K
Me: 37, 320K (in TSP and 401k combined)
DH: 38, 300K (TSP)

college savings for 5 yo and 1 yo: 47K


What government agency pays that much


320 is combined for both of us. Two different agencies.


crazy
Anonymous
Post 12/12/2012 11:10     Subject: I am X years old and have X saved in a retirement fund
Anonymous wrote:
Anonymous wrote:HHI; 320K
Me: 37, 320K (in TSP and 401k combined)
DH: 38, 300K (TSP)

college savings for 5 yo and 1 yo: 47K


What government agency pays that much


320 is combined for both of us. Two different agencies.
Anonymous
Post 12/11/2012 22:22     Subject: I am X years old and have X saved in a retirement fund
55. 500k.
Anonymous
Post 12/11/2012 20:37     Subject: I am X years old and have X saved in a retirement fund
Anonymous wrote:HHI; 320K
Me: 37, 320K (in TSP and 401k combined)
DH: 38, 300K (TSP)

college savings for 5 yo and 1 yo: 47K


What government agency pays that much
Anonymous
Post 12/11/2012 13:51     Subject: I am X years old and have X saved in a retirement fund
HHI; 320K
Me: 37, 320K (in TSP and 401k combined)
DH: 38, 300K (TSP)

college savings for 5 yo and 1 yo: 47K
Anonymous
Post 12/11/2012 10:51     Subject: I am X years old and have X saved in a retirement fund
me: 33, $62k (majority in TSP; about 15 leftover from former employer 401k, and 2.5 in a ROTH)
DH: 36, $90k (401k)

college savings for 2 yo: 4k