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Old 03-01-2003, 09:54 AM
JasonPC JasonPC is offline
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Join Date: Feb 2000
Location: Massachusetts
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Saving for retirement

I was reading an article in one of the trade mags about saving for retirement and how few of us do this. Our sales are around $240K a year and I'm able to save after all my personal bills and business expenses about $10000 - $12000 of that each year for retirement. I'm wondering if this is a reasonable amount or if it seems like the business isn't performing as well as it should be. We have two full timers and my wife and I run the operation together.

I just don't know if we could do any better working for someone else in another field. What do you all thinks? Any input would be greatly appreciated!

Jay
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Old 03-01-2003, 10:09 AM
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rodfather rodfather is offline
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Location: Clinton, NJ
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Sounds pretty good to me. Congrats!
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Old 03-01-2003, 11:15 AM
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heygrassman heygrassman is offline
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That is very respectable. Just make sure that money is working for you as well. $10K per year at nominal interest of 5-7% per year should leave you a very nice nest egg.
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Old 03-01-2003, 11:34 AM
bruces bruces is offline
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Location: Independence, MO
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Tax sheltered?

Hopefully, all or a good portion of that is in retirment accounts, (IRA, Simple IRA or something of the like) so that your retirement funds are growing tax free.

But, that sounds like a pretty good chunk. Keep that up and you should accumulate a good retirement account.
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Old 03-01-2003, 11:36 AM
KenH KenH is offline
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Location: CT
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Insurance is going to be a killer when I retire.
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  #6  
Old 03-01-2003, 09:39 PM
Daleman Daleman is offline
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Location: Lowell, Indiana
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I think it depend how old you are to say if that is a suffice amount. If you are 20 years old I'd say heck yeah you will be a millionare. If you are 62 and going to retire in 3 years you may need to save considerably more.
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Old 03-02-2003, 10:14 AM
HOMER HOMER is offline
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Your whoopin' my azz
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  #8  
Old 03-02-2003, 10:39 AM
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DLS1 DLS1 is offline
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Location: Kansas City, Mo. area
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JasonPC, I hope you get it in a Mutual fund that is making money and not loosing money. If your loosing money you might as well put it in a money market an then just keep even with inflation hopefully.

People are always looking for bargains everyday (i.e. shop at Wal-mart) but as soon as they invest in a mutual fund they forget about it and a year later check on it and they may have lost 20% of their investment.

Currently in this lousy stock market environment we got ALL our 401K in Strong Government securities (bond fund - STVSX symbol) and is making average 9.7% each year over last 3 years.
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Old 03-26-2003, 04:49 PM
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adrianvbarrera adrianvbarrera is offline
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Join Date: Mar 2003
Location: Dallas Texas
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For investments.......nothing beats annuities.

Some earn so much money that the IRS penalizes them if they earn too much in the first 7 years.

When you win the lottery....they ususally give you a cash option or double the money over a period of 20 years. They usually use an annuity to do the twenty year thing.




Adrian
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Old 03-26-2003, 07:54 PM
GraZZmaZter GraZZmaZter is offline
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Location: Flushing, Mi.
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Daleman has it right. If your 20, 30 years old your doing great!

If your almost ready for social security, you may be in trouble.
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