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Hi, I'm Chris and looking to retire in 20 years.
Old 02-16-2013, 11:46 AM   #1
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Hi, I'm Chris and looking to retire in 20 years.

I am fairly new to this website but not to saving. In the late 90's early 2000's I played the stock market and lost most all of it, what remained I used as a down payment on my first house. Now my retirement savings lie entirely in my 401k...about $115k. It's not alot but I add about $15k a year.

The wife is in the NYS teachers union and will get a pension when she finishes. In her case we'll do 20 and done (or whatever the minimum is, sadly I don't know much about the NYS pension system for teachers except what she pays in, which makes it hard for me to figure out what we'll get out).

I did 6 years in the military, 4 as a nuke on a Sub in Hawaii. Which is the place I would like to retire. Still need to get the wife intersted in moving back though.
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Old 02-16-2013, 12:29 PM   #2
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Great that you got your ship righted in time to start saving again after a turbulent couple of decades. Salute you for your service! Hope all works out for you and the wifey. 20 years is a nice long time to build up a sweet nest egg!
GD
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Old 02-16-2013, 01:58 PM   #3
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Quote:
Originally Posted by christrong View Post
I am fairly new to this website but not to saving. In the late 90's early 2000's I played the stock market and lost most all of it, what remained I used as a down payment on my first house. Now my retirement savings lie entirely in my 401k...about $115k. It's not alot but I add about $15k a year.
One key is chosing the right investments in a 401K.

I believe in index funds.

Bogleheads
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Old 02-16-2013, 10:30 PM   #4
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Welcome aboard, Chris.

Nords (another poster here) was a nuke, too.

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Old 02-17-2013, 08:54 AM   #5
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Welcome Chris ! You have a long time to save. 20 years is a long time so you're definitely on the right track. Keep your tastes humble and you'll do fine.
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Old 02-18-2013, 05:51 PM   #6
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Welcome to the forum, Chris.
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Old 02-19-2013, 11:44 AM   #7
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Thanks...In the tech bubble I was all indivisual stocks...learned that lesson. But now that I have started setting money aside again, I have a lot to learn. Can anyone recommend some site that really makes learning the basics easy? As an example I get what an index fund is, but I don't get the difference between a short term bond fund and an intermediate one. Or even how they make money. One in my 401k says it went up 10% last year, but the price never changed (I'm guessing reinvested dividends, but IDRK).
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Old 02-19-2013, 11:48 AM   #8
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Quote:
Originally Posted by christrong View Post
Can anyone recommend some site that really makes learning the basics easy? As an example I get what an index fund is, but I don't get the difference between a short term bond fund and an intermediate one. Or even how they make money. One in my 401k says it went up 10% last year, but the price never changed (I'm guessing reinvested dividends, but IDRK).
Welcome aboard.

As for a good place to 'learn the basics easy,' the Bogleheads wiki link above in post #3 is about as good as it gets for a solid place to start. I'd recommend it too...
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Old 02-19-2013, 05:06 PM   #9
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Hi,Chris!
Saving & investing over 20yrs should serve you well.
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