Hey guys. I had a couple questions about the current "road" I am taking and my alternatives.
Currently I work for a union job and if I stay here 30 years I would get a pension of about $2200/month. I am not sure if that increases to keep up with inflation? I am sure it probably does, but I need to find that out. Also I have pretty much free health insurance for me and my family. Very good benefits with Kaiser.
I just started my 401k last year, and have about $4k in it. I put 15% of my weekly check in which comes out to about $120/week, so $6240/year. I would really like to increase it to $200/week.
I am also going to school to become a physical therapist, but that is going to cost around $100,000 total. So I would accumulate more debt but I would also make more. But I would also probably have to pay for health benefits depending on where I worked, so I am not in a rush to do that.
My questions are:
1) Should I count on SS benefits when Im older?
2) My union job is pretty boring, but it looks like I would be set there if I got the pension. The pension is part of the Western Conference of Teamsters and I think it is a 90 billion dollar fund so would it be better to stay there financially because of the pension?
3) My wife and I hardly go out or do things because we are paying debt and saving money, and we have 2 kids and we like to stay home with them. So the only unnecessary expense I want is a new car. Not brand new but it nice so as long as Im still saving in my 401k, my wifes 401k, and my pension, can I justify getting a new car payment?
Thanks guys, I'm excited to learn a lot here and gain wisdom
Currently I work for a union job and if I stay here 30 years I would get a pension of about $2200/month. I am not sure if that increases to keep up with inflation? I am sure it probably does, but I need to find that out. Also I have pretty much free health insurance for me and my family. Very good benefits with Kaiser.
I just started my 401k last year, and have about $4k in it. I put 15% of my weekly check in which comes out to about $120/week, so $6240/year. I would really like to increase it to $200/week.
I am also going to school to become a physical therapist, but that is going to cost around $100,000 total. So I would accumulate more debt but I would also make more. But I would also probably have to pay for health benefits depending on where I worked, so I am not in a rush to do that.
My questions are:
1) Should I count on SS benefits when Im older?
2) My union job is pretty boring, but it looks like I would be set there if I got the pension. The pension is part of the Western Conference of Teamsters and I think it is a 90 billion dollar fund so would it be better to stay there financially because of the pension?
3) My wife and I hardly go out or do things because we are paying debt and saving money, and we have 2 kids and we like to stay home with them. So the only unnecessary expense I want is a new car. Not brand new but it nice so as long as Im still saving in my 401k, my wifes 401k, and my pension, can I justify getting a new car payment?
Thanks guys, I'm excited to learn a lot here and gain wisdom