Hi all, I am having fun diving into so many posts. Thanks for tons on info.
I have a few things to ponder, I am a newb to investing and managing retirement funds.
My company is outsourcing my job. Last day is Jan 3. I turned 62 as of October. I have a 401k, pension and working younger wife. She is 56 will work another 4 to 6 years. Medical is covered via her work. Going back to work means in office and commuting for about the same amount I could make off of retirement and PT as a school bus driver.
Severance 30k after taxes will pay off Credit cards and dump rest to savings for emergency funds leaving about 8k a month in expenses, wife brings home $4400 a month so I need to generate $4000 ish
So bunch a newb questions:
I have a 401k at Trow price with 400k ish. Move it to an IRA? I also have a pension worth 198k as a lump or $1131 a month for me till gone and 100% survivor to wife. Should I take the lump and add to 401k/new IRA? it would be about 600k in funds.
I am strictly on autopilot for investing and know a small amount to nothing. My 401k has earned an average 6.82 over 18 years but I have used the default investment packages.
Move to MetLife. Vanguard, Fidelity or who ? I will dump it to a 60/40 type package and not ever mess with it more than likely and take 3 to 4% as needed.
I also plan to work PT driving a school bus. This will pay me about 20 to 22 k a year. This will also give a medical and small pension option.
401k is 25k with lump at 4%. School bus PT work is 20K. SS at 63 is 26k. So 70 k before taxes. As I way off or is this doable?
Some generic questions and opinions are very welcome as I value input from many places
I have a few things to ponder, I am a newb to investing and managing retirement funds.
My company is outsourcing my job. Last day is Jan 3. I turned 62 as of October. I have a 401k, pension and working younger wife. She is 56 will work another 4 to 6 years. Medical is covered via her work. Going back to work means in office and commuting for about the same amount I could make off of retirement and PT as a school bus driver.
Severance 30k after taxes will pay off Credit cards and dump rest to savings for emergency funds leaving about 8k a month in expenses, wife brings home $4400 a month so I need to generate $4000 ish
So bunch a newb questions:
I have a 401k at Trow price with 400k ish. Move it to an IRA? I also have a pension worth 198k as a lump or $1131 a month for me till gone and 100% survivor to wife. Should I take the lump and add to 401k/new IRA? it would be about 600k in funds.
I am strictly on autopilot for investing and know a small amount to nothing. My 401k has earned an average 6.82 over 18 years but I have used the default investment packages.
Move to MetLife. Vanguard, Fidelity or who ? I will dump it to a 60/40 type package and not ever mess with it more than likely and take 3 to 4% as needed.
I also plan to work PT driving a school bus. This will pay me about 20 to 22 k a year. This will also give a medical and small pension option.
401k is 25k with lump at 4%. School bus PT work is 20K. SS at 63 is 26k. So 70 k before taxes. As I way off or is this doable?
Some generic questions and opinions are very welcome as I value input from many places
Statistics: Posted by Jake Elwood — Wed Dec 04, 2024 6:49 am — Replies 6 — Views 380