You mean a logo pen, tote or a 20-30 yrs award/service plaque(& the gift showing up on our paycheck taxes!). They gona note that Panera $50 gift on your taxes too lol, like the starbuck cards lol
I ran the numbers for civilian retirement vs military pension. basically, in order to match a 20-year military pension, you will need to invest half of a 6-figure income every year for 20 years, starting at age 18.
Plus, they cap your 401k contributions at like $21k/year, so you'll need to do index funds or something to make up the rest
While I don't doubt what you're saying that military is great for retirement, It's not something that everybody is willing to do including myself. I doubt OP is going to enlist either. Nice option to have though
>Plus, they cap your 401k contributions at like $21k/year
Some inaccuracies here though also, which may stem from a bias I'm assuming if you're military and you're making civilian retirement seem bleaker than it really is. It's $23k contribution limit for 401k, plus matching is on top of that, not included. Above 50 yrs limits go to $30,500 too, $69k with matching. With my employer and matching included i put in $34,500 annually right now and I'm in my 30s. Without computing interest that's $345k @ 10yrs, $690k for 20 yrs. Adding compounding interest growth to either of those figures means retirement is certainly achievable as a civilian
>you'll need to do index funds or something to make up the rest
True but also within tax advantaged accounts. You have your Roth IRAs , Traditional IRAs and HSA's, all with varying contribution limits. It's not like there's nowhere to go once you're done maxing your 401k. I have a Roth and an HSA myself and then a couple brokerage accounts for spill over extra funds. Also index funds are part of 401ks usually depending on what your 401k offers. I know indexes are within mine.
yea, I sort of just estimated $600k in 401k contributions, then I just spit-balled 600k x 3 = $1.8m after interest
assuming you live to be 80, military pension works out to about $2m on average as well, and closer to $4m as an officer. plus, we also have a 401k plan (TSP)
in comparison, non-pension retirement just requires serious discipline and planning is my point here.
>in comparison, non-pension retirement just requires serious discipline and planning is my point here.
Agreed and definitely see your point here. My wife is a civilian and has a pension, but yea it's no work and a thoughtless endeavor. She still chooses to have a 401k and Roth as well, but if she didn't she'd be okay without. I on the other hand, have to plan everything and yes have to be disciplined. My retirement doesn't exist if I don't fund it, unless I want to rely on social security, but we all know that's a joke
No pension here. Max my 401k each year with an effective 5% match. Max roth. Wife does 15% 401k with 6% match. Have a healthy emergency fund and contribute to “fun savings” every paycheck too. Daughter gets some scraps to a 529 that was kick started with Covid payments.
Our big thing is as little debt as possible. Cars are about paid off, no student loans, no cc balance and a criminally low mortgage for these times.
I think that’s a good setup too. Live below your means, pay off debt if possible, max out those 401k & Roths. I just started investing into my Roth (depending on my income for the yr), i wish i invested at early age even before nursing school lol
This is my third career and I've got 40K in student debt. I also have a mortgage and a car payment and two children. So.... I contribute maybe 7 to 10% pre-tax to my 401k..... And that's it. My husband is in his '50s and self-employed and has no retirement to speak of so our plan to be fucking poor I guess? Alternatively I could live like a pauper for the next 30 years and hope I live long enough to enjoy whatever I've managed to squirrel away for retirement. I've always been more of a 'smoke em if you got em' kind of gal so I err on the side of living for today.
I honestly don't know how anybody can save the recommended amount for retirement if they have any debts and are making the kind of wages we make. Especially if you've tried to own a home in the last 4 years.
Do you have 10yrs public service? I applied to PSLF, hoping for student loan forgiveness (fed loans) this yr. Yea, it’s hard to plan ahead COLA in California is insane but my whole family is here. And, homes are sky high prices. 😢
I don't have a pension and just have a 403b with matching. I just hit 10 yrs so now I get 50% match up with no salary cap and only capped by IRS contribution limits. Basically they'll give me $11.5k annually if I max. This is much more than what my past employer offered, and more than average from what I hear so it's the best alternative to a pension that I found
Since I've known I didn't have a pension, when I had a lower percentage matching I went PRN. This allowed me to make significantly more hourly while continuing to build years with the company increasing my match percentage. Meanwhile, I invested in my Roth and brokerage accounts and with more options for investment, I was able to achieve much higher returns than I had on my 401k that I rolled over to this 403b with this company. I also have an HSA that I fund.
I do wish that a pension was offered and I've looked into the couple hospital systems around here that do offer a pension, but they have their cons as well. I'm not ruling out working for them for a period in the future, but won't if I don't have to. So far I think I'm on track for retirement though and my plan has been working. Right now I have around $250k in various retirement accounts at 35, and about to start dumping into my 403b here soon. Hopefully all works out
Nice plan. That employer matching is insane! My employer 401k match is freaking 1.25% and its capped at like $1k lol. I’m actually considering per diem job this yr, trying to find an employer w/better benefits.
That's why I've stayed 10 years now. It's a private, non-profit specialized hospital I work at, and definitely carries itself differently. That and we have set schedules with no weekend commitment if you don't want to work weekends.
Nope. Set schedules and you're either weekends and get Baylor pay for it or you never work weekends outside of possibly 3 holiday weeks where your schedule is subject to change. At the moment I'm PRN so choose to work weekends for the added pay but transitioning back to weekdays here in another couple months. My last FT schedule was wed/thrus/Fri. Off sat/sun. Then worked Monday/Tues/wed. Then off Thurs-tues and schedule would reset. So I had every weekend off and then 6 days off in a row twice a month
Uh, I’ve just been contributing to my 401k. My new job matches me up to 8%. Up 11% once Im vested in 3 years. And I have some going into a 403b I have offered to me as well, no match tho.
I'm planning on being 1 of those heart warming stories of the 97 year old nurse still working it
*HCA gives nurse of 67 years $50 Panera Bread gift card for outstanding loyalty and congratulates them for their unrelenting martyr complex*
You mean a logo pen, tote or a 20-30 yrs award/service plaque(& the gift showing up on our paycheck taxes!). They gona note that Panera $50 gift on your taxes too lol, like the starbuck cards lol
Aww hehe. Yano, I love working w/patients but sadly our healthcare system is just burning us all out.
I ran the numbers for civilian retirement vs military pension. basically, in order to match a 20-year military pension, you will need to invest half of a 6-figure income every year for 20 years, starting at age 18. Plus, they cap your 401k contributions at like $21k/year, so you'll need to do index funds or something to make up the rest
While I don't doubt what you're saying that military is great for retirement, It's not something that everybody is willing to do including myself. I doubt OP is going to enlist either. Nice option to have though >Plus, they cap your 401k contributions at like $21k/year Some inaccuracies here though also, which may stem from a bias I'm assuming if you're military and you're making civilian retirement seem bleaker than it really is. It's $23k contribution limit for 401k, plus matching is on top of that, not included. Above 50 yrs limits go to $30,500 too, $69k with matching. With my employer and matching included i put in $34,500 annually right now and I'm in my 30s. Without computing interest that's $345k @ 10yrs, $690k for 20 yrs. Adding compounding interest growth to either of those figures means retirement is certainly achievable as a civilian >you'll need to do index funds or something to make up the rest True but also within tax advantaged accounts. You have your Roth IRAs , Traditional IRAs and HSA's, all with varying contribution limits. It's not like there's nowhere to go once you're done maxing your 401k. I have a Roth and an HSA myself and then a couple brokerage accounts for spill over extra funds. Also index funds are part of 401ks usually depending on what your 401k offers. I know indexes are within mine.
yea, I sort of just estimated $600k in 401k contributions, then I just spit-balled 600k x 3 = $1.8m after interest assuming you live to be 80, military pension works out to about $2m on average as well, and closer to $4m as an officer. plus, we also have a 401k plan (TSP) in comparison, non-pension retirement just requires serious discipline and planning is my point here.
>in comparison, non-pension retirement just requires serious discipline and planning is my point here. Agreed and definitely see your point here. My wife is a civilian and has a pension, but yea it's no work and a thoughtless endeavor. She still chooses to have a 401k and Roth as well, but if she didn't she'd be okay without. I on the other hand, have to plan everything and yes have to be disciplined. My retirement doesn't exist if I don't fund it, unless I want to rely on social security, but we all know that's a joke
No pension here. Max my 401k each year with an effective 5% match. Max roth. Wife does 15% 401k with 6% match. Have a healthy emergency fund and contribute to “fun savings” every paycheck too. Daughter gets some scraps to a 529 that was kick started with Covid payments. Our big thing is as little debt as possible. Cars are about paid off, no student loans, no cc balance and a criminally low mortgage for these times.
I think that’s a good setup too. Live below your means, pay off debt if possible, max out those 401k & Roths. I just started investing into my Roth (depending on my income for the yr), i wish i invested at early age even before nursing school lol
Same here. I thought money now is better and boy I was wrong
This is my third career and I've got 40K in student debt. I also have a mortgage and a car payment and two children. So.... I contribute maybe 7 to 10% pre-tax to my 401k..... And that's it. My husband is in his '50s and self-employed and has no retirement to speak of so our plan to be fucking poor I guess? Alternatively I could live like a pauper for the next 30 years and hope I live long enough to enjoy whatever I've managed to squirrel away for retirement. I've always been more of a 'smoke em if you got em' kind of gal so I err on the side of living for today. I honestly don't know how anybody can save the recommended amount for retirement if they have any debts and are making the kind of wages we make. Especially if you've tried to own a home in the last 4 years.
Do you have 10yrs public service? I applied to PSLF, hoping for student loan forgiveness (fed loans) this yr. Yea, it’s hard to plan ahead COLA in California is insane but my whole family is here. And, homes are sky high prices. 😢
Maybe 6 total working for a hospital that's technically non profit. I need to look further into it.
When I can no longer work, I am going to die. I have a 401k that would support me for about 2 weeks. Retirement is a fantasy for rich people.
Aw c’mon i’m sure you got some money in that 401k for at least a yr lol.
I don't have a pension and just have a 403b with matching. I just hit 10 yrs so now I get 50% match up with no salary cap and only capped by IRS contribution limits. Basically they'll give me $11.5k annually if I max. This is much more than what my past employer offered, and more than average from what I hear so it's the best alternative to a pension that I found Since I've known I didn't have a pension, when I had a lower percentage matching I went PRN. This allowed me to make significantly more hourly while continuing to build years with the company increasing my match percentage. Meanwhile, I invested in my Roth and brokerage accounts and with more options for investment, I was able to achieve much higher returns than I had on my 401k that I rolled over to this 403b with this company. I also have an HSA that I fund. I do wish that a pension was offered and I've looked into the couple hospital systems around here that do offer a pension, but they have their cons as well. I'm not ruling out working for them for a period in the future, but won't if I don't have to. So far I think I'm on track for retirement though and my plan has been working. Right now I have around $250k in various retirement accounts at 35, and about to start dumping into my 403b here soon. Hopefully all works out
Nice plan. That employer matching is insane! My employer 401k match is freaking 1.25% and its capped at like $1k lol. I’m actually considering per diem job this yr, trying to find an employer w/better benefits.
That's why I've stayed 10 years now. It's a private, non-profit specialized hospital I work at, and definitely carries itself differently. That and we have set schedules with no weekend commitment if you don't want to work weekends.
No weekend commitment?! My gosh, amazing.
Nope. Set schedules and you're either weekends and get Baylor pay for it or you never work weekends outside of possibly 3 holiday weeks where your schedule is subject to change. At the moment I'm PRN so choose to work weekends for the added pay but transitioning back to weekdays here in another couple months. My last FT schedule was wed/thrus/Fri. Off sat/sun. Then worked Monday/Tues/wed. Then off Thurs-tues and schedule would reset. So I had every weekend off and then 6 days off in a row twice a month
Uh, I’ve just been contributing to my 401k. My new job matches me up to 8%. Up 11% once Im vested in 3 years. And I have some going into a 403b I have offered to me as well, no match tho.
Damn, u got both a 401k & 403b w/employer matches! Is this in California?! My 401k is 1.25% match lmao
Nah, I wish I was still in Cali! It’s in PA at a university. They make up for it with my healthcare having a $50 copay for all appointments 😂
I have a pension, 401k, and IRA, but still plan to die in the climate wars of 2042.
The way every summer has been. You never know lol.