Unless you have 3 ex-wives, countless offspring and 4 mortgages to pay off.🤣

 

I let Prestige Worldwide manage my portfolio.

Here is their investor presentation. https://www.youtube.com/watch?v=ciS914MaDl8

 

Several things come to mind ............ Keep your Wife, don't spend too much time at the Casinos, don't let Financial Advisors tell you that you need a mega insurance policy, keep tabs on your checkbook better yet keep your money in a separate checking account , max out your 401K every time, don't buy more than one airplane at a time, don't buy two of anything at at a time , keep one house

 

But what about waffles?

 

To be UC, waffles are unmentionables.


*UC, def. much like the acronym PC, but stands for Union Correct.

 

stash as much cash as you can for the last couple of years. What because while we’re all planning on a retirement benefit of $130,000 per year depending on your spouses age that number will drop significantly. In my case with my wife being only a year and a half younger than me my bebifit dropped from 130K to $117k per year. I stashed cash for my last two years and am currently delaying taking my retirement for one year. My benefit will then jump back up to around 132k ( X Tiger). Got the same wife, same house, same airplane, same boat. Life’s not so bad after FedEx.

 

Look up Bogleheads. Lots of high earning professionals invest this way and there is a massive forum to ask questions and see how others are doing money wise.

 

^^^^ 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.

 

All great suggestions. As I understand it, If you let Fidelity automatically convert your after tax dollars to Roth you should have no year end tax implications since you already pay tax before it gets deposited and there will be no capital gains since it’s immediately converted. However, if you wait to convert and there is a capital gain or loss that will affect taxes.

Save early. Save often. Make hay when the sun is shining as there will be rainy days eventually.

 

Accumulate 25 times your expected spending.

The link is to a website that was free, and provided some great financial planning. Looks like a redirect when I clicked on the bookmark so no guarantee of what it will actually provide

https://maxifiplanner.com/esplanner-basic-now-maxifi

Market Watch article about a financial book that's very valuable for your planning, "The 7 Most Important Equations for Your Retirement"
Likely free at your local library

https://www.marketwatch.com/story/7-...ent-2012-06-27