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Hi, I am... Jesse
Old 07-22-2008, 05:12 PM   #1
Confused about dryer sheets
Join Date: Jul 2008
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Hi, I am... Jesse

I'm divorced with two kids in their twenties. I'm about ten years out from being officially eligible for my 401k. In five years, my house will be paid for. I guess that's the extent of my portfolio, that and my checking account. I've been thinking a lot about that 401k lately as I watch some of the funds within it take a plunge. In ten years time, when I'll definitely be ready to retire, what do I do if the economy is in some crisis like this current one. I really don't want to get stuck waiting out the market.

I don't have any expectations for a quick fix to usher in an early retirement. I merely want to develop saving/investing habits that will help me keep control of my own destiny—so that I can retire when I say so. I want a diversified retirement, I guess, one not entirely depending on SSI and 401k. Where should I start?
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Old 07-22-2008, 05:33 PM   #2
Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,183
Know your expenses 1st off. Once the home is paid off, invest that payment money. It is not how big the nest egg is, rather how much you need from it and for how long. The how long is not (realistically) within your control. Once you can live on a sustainable withdrawal rate with a modest cushion then you can feel confident in retirement.

First things first. Study and learn, then plan and work towards the goal. Execute when ready.

Also, many here have had drops in excess of 15% as of late. For the most part it is time to be patient and KEEP INVESTING. What you are getting right now is more shares per dollar. When it goes up it will look a lot better!

I forgot to say welcome Jesse. It's a great group of folks here and it is good to welcome you aboard!
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Old 07-22-2008, 06:14 PM   #3
Thinks s/he gets paid by the post
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Location: Colorado, USA
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Jesse, welcome to the forum!

A good starting point is spending some time with FIRECalc (there's a link at the bottom of every page). It's great for doing some what-ifing, and might help you somewhat in your thinking.

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