53 and looking forward.

[ckelly78z]

I just made an executive decision about my investments. I have been in my company's 401K for the 20 years I have been there, and contributed at least the 6% that they matched 50% for that time (mostly in equities). Over the last 7 years, I have bumped that up 2% each year to total 20% this year, and done very well.

This forum has gotten me thinking more about taxes in retirement, so today, I scaled my 401K back to 6%, and started a Roth IRA at 14% so I can start pulling out tax free $$ when I want to retire at either 62, or 64 (with a 30 year company pension).

As soon as we recover from my daughter's wedding year, my sons, college year, and my cancer/chemo year, I will scale up my Roth contributions to "catch up".

 

[HI Bill]

... today, I scaled my 401K back to 6%, and started a Roth IRA at 14% so I can start pulling out tax free $$ when I want to retire at either 62, or 64 (with a 30 year company pension).

As soon as we recover from my daughter's wedding year, my sons, college year, and my cancer/chemo year, I will scale up my Roth contributions to "catch up".

Roth IRA or Roth 401(k)? If it's an IRA, I believe you're limited to an annual contribution of $6K, plus catch-up of $1K, for a total of $7K.

 

[ckelly78z]

It is a Roth 401K, so still under the PRINCIPAL umbrella of investments.

 

[ckelly78z]

I think my DW is on board as far as FIRE. She has been having to go to her office (rather than working at home), and something in her office is making her fibromyalgia flare up badly every weekend. This didn't happen at all so far this year because she was working at home mostly.

We have started talking about what it will take to allow her to quit work. We are paying off small debts, starting to demand our children pay their own way, (get their own cell phone plan, and insurance), and now finally getting rent from my daughter who lives in our other house, and my son, who still lives at home (20 years old).

Having her quit, and getting kids to a self sufficient status, will make my life much easier, and happier, even though I will keep working until SS is available...I am now 54.5 years old.

 

[flyingaway]

I am glad to see that you are making progress towards your goal.