I found this site a couple of weeks ago and have been lurking around to the great amusement of some of my friends and family when I send them a link to a thread here that I find useful :-)
I'm currently 30... I'll be 31 in May. I've been working for Mega-Corp (<= already picking up the lingo) since graduating college in 1999. I'm lucky enough to feel almost retired some days as I get to work from home, but I'm continually more frustrated with Mega-Corp's hypocrisy and lack of professionalism. I'm still happier than most people that I know and as long as I get to continue working from home I'll be just fine :-)
This is what my accounts look like in percentage form:
Figures are % of current gross salary
401k = 160%
Roth = 30% - max out every year
Efund = 6%
Post-Tax Portfolio = 12%
House - owe 179k with a value of 230k - looking at refinancing soon if the interest rates keep up their downward spiral. My rate is 6.25% I'm considering both 15 year and 30 year, but would rather go 30 year to keep some flexibility... especially given the current interest rates. I may be able to get a rate < my high yield savings account returns when I include the interest deduction.
I was maxing out my 401k each year, but I recently realized that if I never make another deposit to it, it should still grow to be plenty big by the time I'm 59 1/2, so I cut it back to 8% (company match) and started putting the extra cash into my post-tax brokerage account. This year the Roth 401k became available to Mega-Corp employees, so my 8% contributions are going to that while the 8% company match goes to the traditional 401k. I also have a pension worth about 40% of my current salary. Mega-Corp shifted pension deposits to the 401k this year so they will no longer add to the pension, it will just sit there and grow at 2-5% per year or so. I'm not really sure if I'm doing everything the best way for me, but I figured until my Roth IRA + Roth 401k = Traditional 401k, I'd continue with the Roth investments.
I live on about 50-55% of my gross salary, so I guess that is a good rough number to shoot for in retirement income.
OK, that was a mouthful and a half. I didn't mean to carry on so long, but I'm all hopped up on coffee and deprived of human interaction so far this morning. Hopefully I haven't just confused everyone by using %s... it makes sense to me though :-)
Glad to meet a fellow 30-year-old. Very impressive numbers for a young'on! Your work situation sounds great, too, and even if it changes in the future, you will still have a good stack to fall back on.
Welcome to the board!
Hundt, good job on getting your financial house in order at such a young age. I wish I'd been as savvy at your age, but I proved that hard work and persistence can overcome ignorance and poor judgment. ^-^
Thanks guys. I seem to flip back and forth between being happy at how far I've come and overwhelmed at how far I still have to go. I'm really glad I found this site. There is so much great information here and lot's of inspiration and support within the community.
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