If I get into firefighting, which pays 30 thousand a year give or take, and stay in until I'm in my fifties, I should have close to a half a million dollars when I retire from it, plus I've started a 401k program at my current place of employment.
Does that sound like enough to retire on, because that's going to decide whether or not I go ahead with my gunsmithing career. Not that I wouldn't enjoy it, but I'm really looking forward to retirement.
Are you a going to continue to put money into your 401K and what are you going to do with the half mill to make it last?
I read an article somewhere about this exact subject on MSN money. It gave around 750,000 as a fairly ideal figure to fall back on for your retirement.
Personally, I'd put 1/4 of my investment in high-risk, high-yield (hopefully) stock, then I'd take some other money and put them in a series of CDs (i.e, buy one 6-month one at a low interest rate, a 12 month one with a higher return, and a 24-month one, then take the six month one and use it to buy another one, and do the same with the 12 month one...etc, then put the rest in some kind of IRA or 401.
Quote:Are you a going to continue to put money into your 401K and what are you going to do with the half mill to make it last?
Once I get into firefighting, I'm going to join the Firefighter's Retirement Fund, so yes I'll continue to put money in a 401k. As for the half a million, I'm probably going to invest it as well (a couple of my co-workers say land is a good investment).
And if any of you guys are experts at investing in the stock market and can put it in words I can understand, I would be most grateful for your help.
I'm not a stock person, my uncle is surprisingly but well I'm not exactly talkative with most of my family but if I chat with him and remember I'll ask a couple of pointers, but with the way the oil costs are going I'd say alternative forms of energy are a VERY good idea for investment. Because no matter what it will turn a profit eventually, fossil fuels aren't unlimited and when we switch over you'll be happy. But you can't hunt me down and kill me if it doesn't work, this is just an observation and a guess.
Why worry about retirement? That's one of the perks of being a firefighter. The stress, not having a full night's sleep because you hear that bell, the smoke inhalation... all of those delightful factors combine into you not having to worry about retirement.
What I would give for you to stay out of my topics. :roll:
Oh come on, he's just having fun. He's that bitter ray of sunshine.
(where did I hear that before?)
Yeah, well his dry sense of humor is getting monotonous.
I like Wise's cold, dry sense of humor. Makes topics more interesting.