After the positive responses and congratulations on my Retirement thread, the idea came to me that there should be a thread that helps everyone prepare for the eventuality of retirement.
There were many great ideas, comments and great suggestions that came out of the conversation. What I would like to do is put this here as a repository for information for anyone who is:
- Ready to retire
- Close to retirement
- Beginning to plan for retirement
One of the things I came to find out is that no matter how much I had thought I was prepared for retirement, there were still things I had not pondered or prepared for.
So this thread is for all your questions, comments, advice to help others that are close to retirement.
I mean....this board is about a year and a half away from being around for a quarter of a century, and many of us who have been around are there already.
So, please feel free to contribute!
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Originally Posted by greg63:
Thank you all for the advice. I really hadn't any clue. I work for a non profit and started a 403(b) plan about a year ago, I'll start upping the amount that goes into it each month. I have about 13,000 in KPERS that is really just sitting there. I thought about putting it into an Edward Jones account. Not trying to bring "DC" talk here but I fear the prospect of the unrealized gains tax.
Giving that I'm retired I don't follow the limit anymore, but a quick search says that the limit for a 401K or 403B in 2024 is $23K, so if you can max it out to the point of pain, that would be a good start. For 2025 it looks like the limits will be $23.5K, so see if you can budget ~$1,950 a month for all of 2025. If you can, great, if not, put as much in as you financial pain threshold will allow. Remember, 401K and 403B contributions are pre-tax, or they were, so that's a little relief for you...
Hope this helps...
[Reply]
Originally Posted by GloryDayz:
Giving that I'm retired I don't follow the limit anymore, but a quick search says that the limit for a 401K or 403B in 2024 is $23K, so if you can max it out to the point of pain, that would be a good start. For 2025 it looks like the limits will be $23.5K, so see if you can budget ~$1,950 a month for all of 2025. If you can, great, if not, put as much in as you financial pain threshold will allow. Remember, 401K and 403B contributions are pre-tax, or they were, so that's a little relief for you...
Hope this helps...
It does help. Thank you!
[Reply]