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Unread 01-12-2019, 02:24 AM   #1
Confused about dryer sheets
 
Join Date: Dec 2018
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Hi I am...

tapatalk. I just picked a common user name to log in to several sites using tapatalk app.

So far I have been mostly reading forums for over an year. I am 49 and I do not have set ER goals but vague ideas about saving for retirement - early or not. I make about $100K/yr and have started contributing 70% to two retirement plans with 5% matching contribution on one plan. I might do an IRA/RIRA this year like last.

I work in healthcare field in an IT role. I feel, sometimes, I should either quit and get some more education or learn using free or paid online/remote/part-time classes.

I read/browse/scan ER and other forums on my devices to learn about retirement, credit, finances, etc.
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Unread 01-12-2019, 06:35 AM   #2
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Join Date: Mar 2015
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Quote:
Originally Posted by tapahelp View Post
I make about $100K/yr and have started contributing 70% to two retirement plans with 5% matching contribution on one plan.
You are saving $70k per year?
You can contribute to two retirement plans at the same time? How does that work?

Quote:
I work in healthcare field in an IT role. I feel, sometimes, I should either quit and get some more education or learn using free or paid online/remote/part-time classes.
I got my masters degree by attending nights and weekends.

Particularly in tech fields, I believe it pays to be a lifelong learner.
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Unread 01-12-2019, 11:07 AM   #3
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Welcome, there is a lot to learn form all of the members here. I have found it extremely valuable.

Firecalc is great for plugging in your numbers to give you more than a "vague" idea about what you will need to save/spend for retirement.
If you have only recently started saving for retirement, $70,000/year is a good start.
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Unread 01-12-2019, 11:52 AM   #4
Confused about dryer sheets
 
Join Date: Dec 2018
Posts: 8
Hi I am...

Quote:
Originally Posted by joeea View Post
You are saving $70k per year?

You can contribute to two retirement plans at the same time? How does that work?

I got my masters degree by attending nights and weekends.

Particularly in tech fields, I believe it pays to be a lifelong learner.
I should have said I did not start contributing last year until June. So, my total contribution does not equal $70K/yr in 2018. I contributed ~$18,250 and ~$12,000.

In 2019, I may be able contribute up to allowed limits $19,000 in each plan. but will have to cut it back to under 40% or stop contributing after I reach my limits.

Some government employers are allowed to have another plan like 457b in addition to 401K.

I do not have much time or energy after work some days and I am not sure I would be able to complete an MS just after work.
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Unread 01-12-2019, 03:26 PM   #5
Confused about dryer sheets
 
Join Date: Dec 2018
Posts: 8
Quote:
Originally Posted by pacergal View Post
Welcome, there is a lot to learn form all of the members here. I have found it extremely valuable.

Firecalc is great for plugging in your numbers to give you more than a "vague" idea about what you will need to save/spend for retirement.
If you have only recently started saving for retirement, $70,000/year is a good start.

Thanks pacergal. I will have to look in to FireCalc in depth some time. I did do some retirement calculations a while ago and $400K was my retirement number.
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Unread 01-12-2019, 06:55 PM   #6
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Join Date: Dec 2018
Posts: 34
Quote:
Originally Posted by tapahelp View Post
tapatalk. I just picked a common user name to log in to several sites using tapatalk app.

So far I have been mostly reading forums for over an year. I am 49 and I do not have set ER goals but vague ideas about saving for retirement - early or not. I make about $100K/yr and have started contributing 70% to two retirement plans with 5% matching contribution on one plan. I might do an IRA/RIRA this year like last.

I work in healthcare field in an IT role. I feel, sometimes, I should either quit and get some more education or learn using free or paid online/remote/part-time classes.

I read/browse/scan ER and other forums on my devices to learn about retirement, credit, finances, etc.
Congratulations. Lots of people I know that make $100K a year live the high lifestyle, show off, some heavily in debt, and don’t save a dime. If you live below your means and can live on 30k and save and invest 70k a year you are off to an excellent start.
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Unread 01-12-2019, 07:00 PM   #7
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Quote:
Originally Posted by tapahelp View Post
I do not have much time or energy after work some days and I am not sure I would be able to complete an MS just after work.
Yup, it's not for everyone.

You have to be rather motivated and willing to give up parts of your nights and weekends for a while. And it helps to have an understanding spouse. I was also able to get a decent chunk of homework done during my lunch hour.

It worked for me when I got my MBA. I understand not everyone would want to do it that way.
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Unread 01-12-2019, 08:13 PM   #8
Confused about dryer sheets
 
Join Date: Dec 2018
Posts: 8
Quote:
Originally Posted by joeea View Post
Yup, it's not for everyone.

You have to be rather motivated and willing to give up parts of your nights and weekends for a while. And it helps to have an understanding spouse. I was also able to get a decent chunk of homework done during my lunch hour.

It worked for me when I got my MBA. I understand not everyone would want to do it that way.
joeea,
I have to prep before even taking up an MS at an university. I also have some other subjects for my domain that I need to study even if I donít do the MS.

I do not have a spouse or kids. :-)
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Unread 01-13-2019, 01:14 AM   #9
Confused about dryer sheets
 
Join Date: Dec 2018
Posts: 8
Quote:
Originally Posted by Nick12 View Post
Congratulations. Lots of people I know that make $100K a year live the high lifestyle, show off, some heavily in debt, and donít save a dime. If you live below your means and can live on 30k and save and invest 70k a year you are off to an excellent start.

Thanks Nick for the encouragement. I am hoping to save and keep my expenses low this year.
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