emblem boy posted...ChrisHanson24 posted...
Giant_Aspirin posted...
- be fortunate enough to have my college education paid for by a rich great aunt i never met so i graduated debt free
- get an engineering degree
- started putting 10% of my salary towards retirement (401k) immediately
- got an additional 9% from my employer after 2 years (for a total of 19% of my salary contributed to my 401k)
- get roommate to reduce monthly expenses
- started maxing out Roth IRA every year at age 28 (i should have done this years earlier, whoops).
- live well within my means so I'm able to save between $2k - $3k every month
- put all of the savings from the step above into an index fund every ~6 months
- keep doing this until i'm 50
- retire
lol u aint retiring at 50 if ur doing that u cant take the money out til ur 59 without being penalized
There are ways to get money out of your 401k before 59 without the penalty.
Has to do with transferring it to IRA and then taking out the same amount annually. I forgot what the method is called. But ya there are ways.
You cant take out money unless its a Roth IRA. And when you convert to a Roth from a regular 401k they tax it. Havent heard of a way to take out money with out getting penalized before 59.