Singer who runs a smidge
The "Penguin" daily threads were originally conceived to emphasize that all members of the community have a place on the boards. Encouragement, motivation, a little love nip (you will love one, give it a try!) or even a little kick in the pants when needed -- it can happen here. Basically, we celebrate just getting out there and moving our tails! What is "slow"? "Slow" is a perception but one of the common benchmarks is the 10:00/mi pace; but there's no firm line. In fact, there are many of us that have slipped past this, and just hope that no one notices and revokes their "igloo privileges." And some penguins don't run at all, we just hang out for the company! It can be confusing for the forum newbies, but we're not one of the teams in any of the fine games. It's a totally open group, so stop lurking, post an introduction of yourself dive in and join the fun! No application necessary! There might even be a lovely picture for Scotty (we love pics!)
When it's all said and done, no one remembers how far we have run. The only thing that matters is how we have loved.
So we met with a financial planner this morning, because that's what you do when you're an adult, right? We discovered that although my retirement plan is pretty solid, there are some gaps I hadn't thought of (basically, what happens to DH if I die unexpectedly, because he won't get any of my pension). Our financial planner can have us both or either sitting in gravy through retirement for $600/month, but where on earth am I supposed to find that kind of money? It's possible I could find $100, but not sure where the rest would come from. And I'm a little nervous funding a sweet retirement at the risk of being prepared for things happening prior to retirement, like needing a new car or a new heat pump. Until we get the house paid off (still 9 years out), we just don't have a ton of disposable cash.
Sigh. All this life planning stuff.
Should call a lawyer regarding wills, powers of attorney, etc also.
Sigh.
So we met with a financial planner this morning, because that's what you do when you're an adult, right? We discovered that although my retirement plan is pretty solid, there are some gaps I hadn't thought of (basically, what happens to DH if I die unexpectedly, because he won't get any of my pension). Our financial planner can have us both or either sitting in gravy through retirement for $600/month, but where on earth am I supposed to find that kind of money? It's possible I could find $100, but not sure where the rest would come from. And I'm a little nervous funding a sweet retirement at the risk of being prepared for things happening prior to retirement, like needing a new car or a new heat pump. Until we get the house paid off (still 9 years out), we just don't have a ton of disposable cash. Sigh. All this life planning stuff. Should call a lawyer regarding wills, powers of attorney, etc also. Sigh.
I don't put that much away per month and I'm not even sure I would anymore, not to one fund anyway. After losing a million dollars in 2008 (not literally ), I chose to take a percentage of my retirement and keep it in paper form. If you really want to see someone's head explode, try telling your financial planner that you have five figures saved and you're not getting interest on it. POOF. lol
Afternoon! I twisted my knee running outside yesterday but still will try 6 or 10 on the TM later. Pilates tonight.
HopesMom, I have an MBA so I approve of you meeting with one. If I ever do, I'll probably question the guy or girl to death. Hubby now wants to open a corporation for his MD practice and I get to question the CPA this weekend. Makes my day!
Damaris
As part of the 2024 London Marathon, I am fundraising for VICTA, a charity that helps blind and visually impaired children. My mentor while in law school, Jim K (a blind attorney), has been a huge inspiration and an example of courage and perseverance. Please consider donating.
Fundraising Page
I assume that's in lieu of a 401K? We have a government 401K and I put around that every pay period for retirement. Otherwise, it would poof, disappear.
I do have an IRA with (low) 5 figures, and it's earning 0.3% APR. The guy's head did explode!
Well, I get money taken out of my paycheck automatically for retirement. This would be in addition to that. I suspect we'll go somewhere between zero and gravy train, just to cover the gaps. As soon as I get an explanation for his math, of course -- I can't quite duplicate some of the numbers. Like the difference between my calculations and theirs is maybe $3k over 15 years, but I want to know exactly how they got their numbers.
HM - good luck with the financial planner.
D - sorry about the twisted knee. Did you fall? I hope it feels better tonight.
I had a chilly 5.7 miles. I was simultaneously cold and sweating. I think I'd rather err on the side of too warm, as long as I keep moving. Wind makes it harder to figure out.
Penguin Power!
Hahaha, that's an astoundingly bad rate of return :-(
Why not roll it over into a vanguard index fund? The market definitely tends to return higher than that, though it is definitely a bit riskier.
How does this guy think you should deploy your money? What percentage is he going to skim off the top for advising you? Honestly, you can go for a vanguard target retirement fund or just the index fund. The fees are super low for it.
Today we did our IRA contributions and funded the 529 (college savings plan) for the year.
We should do some more adulting - like look into term life insurance for DH now that there's a kid on the way. My little sister asked who would be guardian if DH and I both died. I think she's thought more about this baby than I have.
Today it is super cold outside, I should go put on some clothes and at least walk on the treadmill at the gym but I am tired and feeling lazy.
Upcoming Races: Run as One 4M (4/24) * Japan Run 4M (5/8) * Brooklyn Half (5/21)
The IRA is basically for tax purposes (traditional, not ROTH), and not much more than that. But we're looking into rolling it into something better.
Dude says my retirement is pretty much on track. He's advising more insurance, for disability, long-term care, and life. Basically DH doesn't get much if I die, besides one life insurance policy. If I get hit by a bus tomorrow, he'll get enough to clear our debts and have maybe $50k, but no retirement at all. So we're looking at more insurance which would cover his retirement if I go first.
Good question about his fees ... I will ask that.
Those might be fees, admin expenses, etc., maybe?
I don't even bother with disability or life insurance. Meh. I think it's a waste of money.
Ginny, I didn't but I twisted my foot at some point (it was dark and it was a corner and an intersection) when I was almost run over by an asshole so there is that. Nice job on the cold and sweaty run.
The IRA is basically for tax purposes (traditional, not ROTH), and not much more than that. But we're looking into rolling it into something better. Dude says my retirement is pretty much on track. He's advising more insurance, for disability, long-term care, and life. Basically DH doesn't get much if I die, besides one life insurance policy. If I get hit by a bus tomorrow, he'll get enough to clear our debts and have maybe $50k, but no retirement at all. So we're looking at more insurance which would cover his retirement if I go first. Good question about his fees ... I will ask that.
Interesting. Are you the primary earner? That's the reason we're looking into term life insurance for DH. He doesn't have a pension but I'm the beneficiary on his 401k etc and he's the beneficiary on my taxable investment accounts. I guess we should do wills, but the state rules for intestate people means that the money would all go to me at this point anyway.
If you are carrying interest bearing debt (other than a mortgage or car loan) the math works out that you should just pay that off before you deploy any money into accounts that aren't tax advantaged.
You all know way more about this than I do! We are fumbling along with a Roth and a 403b account, plus some insurance policies. I theoretically will have some state retirement benefits too, but they could take all of that before I retire.
We mostly figure that the best thing we can do is get as close as we can to paying off our house before either of us has to retire. We just refinanced for 20 more years, but hopefully will be able to get a bit ahead of that, especially after the kid is done with college.