Originally Posted by
RT1Spitfire
Trying not to recreate the wheel and I’m not looking for gimmicks, get-rich-quick, or political spin... just solid practical advice. Thanks!
Originally Posted by
SonicFlyer
Plan to live on about 4% of whatever your equities portfolio is because that is how much you'll be able to reliably draw from without touching the principle.For example:1 million = $40k/yr
2 million = $80k/yr
3 million = $120k/yr
4 million = $160k/yr
If you invest 15% of your income consistently in well diversified equities portfolio during your working years you should be ok at the end.Don't count on social insecurity to be there.
^^^^ THIS ^^^^
Maximize your DC plan every year. I elect and maximize the 401kROTH. Then using company contributions and post-tax money, I maximize a 401k up to the maximum $57,000/year for 2020 (which includes the $19,500 in the 401kROTH). CAREFUL, if you elect more than about 5% post-tax deferrals, you could hit the maximum early and cheat yourself out of free company contributions.
FDX ALPA R & I puts out a very good circular on this. CLICK HERE
If your Disability Sick account exceeds 686CH, the overage shall be deposited into the DC Plan up to the IRS limit. See CBA 14D and 14E.
Fidelity allows you to auto roll over the post-tax 401k money into your 401kROTH each month. It's called the Automatic Roth In-Plan Conversion. I do believe it might create very small tax penalties at the end of the year. Depending on your personal situation, this may/may not be the best option for you depending on what tax brackets you end up in at later life. Fidelity can help you with this decision.
Also, I recommend the Charles Swab financial review and the ALPA retirement seminar. Fidelity's is good too. So many options.