Originally Posted by Lagniappe
I completely followed you until the last part. Are you stopping your 403b contributions now, and saving the money post tax? The money gets added to your net worth now, and it will get added if you save it post tax.
If you meant that you will no longer be funding this after retirement, I don't understand how this relates to your income. Everything you shared was net of taxes and contributions. So how will you have more money after retirement to make up that $200 per month shortfall?
First of all... the last 2 lines of my post... starting with Basi... should have been omitted. I apologize for that... shouldn't have hit submit without deleting that from my original post.
Allow me to attempt to clarify the last part.
I am not stopping my 403b contributions now. My net income per month right now is $3500.
When I retire... I will be stopping all 403b contributions (about $900 per month off of my gross income) That... by itself... should increase my retirement net income by well over $200 per month.
To summarize (and sorry if this is confusing... I'm an amateur at explaining this... and I might even be totally wrong).... My pension is based on 45% of my gross income. I get that I'll still have taxes that get taken out of my check. That said, my current net income is much lower than it would be if I didn't contribute to a 403b... so my retirement net income will be... in reality... more than 45% of my current net income.
Does that make sense?