Has anyone reevaluated their retirement methods after a life-altering experience? I used to invest a lot more ($5k or so a month), but after losing one of my parents last year (mid-50s), I’ve wondered if it’s better to just enjoy life as we are living it. So, I started investing a lot less. But I always see people on here talking about all of these retirement schemes (backdoor Roth, mega-backdoor Roth, etc.) and I’m wondering if there’s a happy middle ground somewhere.

like
Posting as :
works at
You are currently posting as works at

You need to find a balance. You need to have enough to live now and enough to live when you are retired. Not having any money in either stage doesn’t seem fun to me

like

It is for everyone to figure out for themselves. I have no idea what anyone else values. You can live like a rockstar now and live in a cardboard box later, you can be a miser now and be the richest person in the retirement home, or you can live comfortably now and when you are retired. I like option 3.

like

I have a coworker that found out she had cancer and died six months after retiring. She amassed all the $$ and did all the right things for a wonderful long life then 💥 BAM!

Now, while I’m lucky to have had my parents and grandparents live to be almost 100, I take into consideration that anything can happen. I refuse to work with toxic people, and found a company where I deeply care for my coworkers. I am fortunate financially that I can max out my 401k and make the max IRA contributions, and still go on at least one major and two minor holidays per year. And overall I hold my mental health and happiness at the highest level of priority.

like

I would look at your leftover income you have at the end of every month. Let’s say 5k. Say you continue to invest 3.5k of it. With the leftover 1.5k I would advise you be incredibly Intentional with how you spend it. Thank about what would bring you the most joy and spend it there.

That way you get the best of both worlds.

like

First, sorry for your loss. I hope you’ve been able to spend time with family and friends.

As someone who always saved a ton and invested in 401k’s (the basics), I think it’s important to consider diversifying to the degree you feel comfortable. The market is terrible right now, but many people are “buying the dip” for long term rewards.

Try doing one of those online calculators to determine how much you need to live (basics = rent, utilities, food - home food, not fun food, transportation). Take a look at your prior year bank statements to see how much beyond that you spent (and on what). Then think ahead on any big adventures you may want to take (or expenditures you want to make) and how that factors into the picture. Then make some savings/spending decisions based on actual trips/purchases.

Alternatively, you can take the number you can live on comfortably for one year and divide by 0.04 and that’s what some people call “FU money”… that 4% assumes any money you’re not spending will have 4% annualized growth through investments. That could help give you an idea of what retirement number you’re working toward…

Seems like a very basic approach, but sometimes putting these questions in context of your current life and be helpful to plan what’s next. Good luck!

like

The podcast, radical personal finance, touches on this a lot. Maybe take a listen. He is balance in joy of life and preparing for your future. Host is Joshua Sheets

Also, I’m very sorry for your loss.

Related Posts

Looking for suggestions on stocks to invest for beginners? Any suggestions on YouTube channels or articles/people to follow to read and stay updated on these things?

like

Anyone have fee based fiduciary financial advisors they’d recommend? TIA!

like

What's a good balance between types of investments for an average risk person (e.g. % real estate, % stocks/market, %government bonds, etc)?

like

Where are you guys at Deloitte buying options for GME/AMC/NOK, etc..
Now? Td ameritrade blocked them.

like

What are the best ways to increase my assets and decrease my liabilities? Specifically for the age range: 21–30, paying down my student debt, need to pick my next investment targets

like

Is QEF inclusion dividend or not? Sometimes, I see QEF inclusion reported on Line 11i and sometimes on Line 6a. I think we can rely on Sec. 1293(c) but I think it’s not foolproof. My hunch is since QEF regime is tailored to treat the PFIC similar to domestic mutual funds, we should not treat the QEF inclusion as dividends. Any help is appreciated.

like

Anyone from the tax group here? A friend is looking for recommendations on someone familiar with international tax laws (US, Singapore). Any suggestions?

like

What are your favorite personal finance books? I just read Rich Habits and really liked it. I am also reading the Psychology of Money. Looking to read some more!

like

Sad that I missed out on this deal 😭 brand new & tax free

Post Photo
like

Planning to file tax return in India. What are the considerations? I used to upload firm 16, add investments and file it until last year before I moved here. Anything else I need to think about?

Recent college grad with ~$25k in student loan debt and no investments. I have about $10k I want to invest but I have no idea where to start. Please help

Hi everyone.

Any day trader guru here? Suggest me where I can learn trading methods and knowledge. I won't start trading now until I feel my techniques good.

TIA

likesmart

Best cashback credit cards in the UAE?

like

Interested in investing in a rental property in the next couple of years but don't know where to start. Any tips or recommendations for resources would be greatly appreciated. TIA!

like

Any suggestions for books to read about any guide for buying house in Canada or on real estate in Canada ?

Thanks

like

How much rent should I be paying?

Finding a house-share with enough working space for wfh seems expensive since I first moved to London 4 years ago - £900+ pcm and still competing for the room! Is it worth just trying to rent solo a little further out for ~£1,300pcm? Big issue is I’m only earning ~£45k with 4yoe.

like

If I’m quoted 5.5 rate is it unwise to buy down to 5%? I plan on holding the home even if i move into a rental eventually. I guess I’m asking if you all think any chance rates go down because of a recessionary period…any folks have anecdotes of past recession and rates? It’s a good area and the home I’m looking at is 4/2.5 2000 sqft in an area w good schools so I’m less afraid of value drops in short term (listed 270k in tx)

like

Has anyone used Gideon Strategic Partner for investing? What was your experience?

like

Has anyone bought a house in pre foreclosure for investments? How do you assume possession of their loan? Do you have to go to the bank and qualify for it or just sign? Also, is there a way to see how much in fees and backed mortgage they owe?

like

Hello folks,

How does everyone save tax
I'm aware about 80C, nps and home loan interest.

Anything else?

like

More Posts

Hi! I’m new to consulting & new to luxury fashion.
Would some of you share your favorite places for inspiration and ideas on new and vintage style?
And feel free to sprinkle in some favorite places you shop, entry level pieces for women, or advice in general!

like

Hi everyone, I’m actively searching for a Sales Analyst or Operations Analyst or Support roles. Please let me know if you know of any opportunities. Thank you.

like

Please like 11 to open dms.

likehelpful

And the rest is history 😅

Post Photo
funnylike

Mid-senior level transactional folks: how do you originate deals? The only deals I originate come from when one of my corporate clients randomly decides to sell a business. There has to be another way to land more deals, right?

like

Hi Guys, Can anyone please let me know howz the M4 band in LTI and what are the responsibilities mainly.

like

Hi shark please help me I have 2 offers EY 22+2(variable) location Bangalore;
Wns 23+4.6(variable) location Gurgaon. , which one to choose ?

Any California freelancers/ self employed know what’s up with the CARES Act being implemented? When can we expect to apply?

like

How to maximum save taxes for 20LPA?

like

I am interested in speaking with FAs approaching retirement. Many have no continuity/succession plan. I want to help develop that plan and find them a successor. Do you know anyone I can assist?

like

I’m hiring for a director of patient accounts! PM me for details!

like

Why did I just listen to that Jeffrey Bezos song. Stuck in my head. 🤦‍♂️

likefunny

For advisory folks at KPMG, what's your meal limit for breakfast, lunch and dinner?

likehelpful

Can anyone provide some guidance to taking the CFE? As in which membership option to choose from followed by when exactly can we take the exam, if the entire amount is reimbursed or not? Just a generic timeline and additional required info. Don’t want to sign up yet if the exam dates are not flexible. Thank you.

like

EY Transaction Forensics folks are you aligned to the Assurance practice or SaT? Also how does someone at another Big4 get on?

like

Anyone else having trouble finding free fraud based CPE trainings? My job does not pay for these things so I wasnt sure if anyone else had a solution or source. I need 4 more hours of fraud based CPE and havent found much on ACFE or AICPA that I can use. Ive joined a local CFE chapter but not much is going on with it.

like

I’m feeling drained. Unmotivated, uninspired, & bored. My job takes all of my mental energy, but I can’t start looking for anything new yet. Any advice on how to handle a job that makes you miserable?

like
like

Any book recommendations for philosophy, psychology, and business? Or any book you read last year changed your values? Going to fly international, gonna read it on flight. 😍

like

Additional Posts in Personal Investment Chatter

Any recommendations for RPA stocks?

like

Thinking of moving $10,000 out of savings into a Vanguard mutual fund. Any recommendations for allocations? This $10,000 would most likely be used as part of a house down payment in the next 5-6 years

like

I currently have both of my retirement IRAs in SPY (Roth & Traditional). I rarely ever see anyone here invested in SPY, it's usually a vanguard fund like VOO, VTI, VXX etc. What's you're reasoning behind that, and alternatively if you're in SPY, why?

like

How do folks feel about I bonds right now? They’re earning 9+% at the moment.

likesmart

Can someone clarify under Biden's new proposed capital gains tax, LT capital gains are now income? Meaning if I sold above $1m worth of stock, I'd be taxed at 40% regardless of annual income?

like
like

I have 200k in HYS. Currently have 1k in BTC. Id like to start DCA to diversify my investments. How do you recommend this? Should I buy a bunch outright and then start investing 5-10% of each paycheck?

like
likeupliftingfunny

Thought on the I bond? Thinking to move some money out of HYSA

like

As a US resident, (how) can you buy stocks on international exchanges (like Hong Kong, Bombay)?

like

My rent is increasing about 10% and the parking is going up even higher. Lease is up in October. Is it too late to look into condos or coops? It’d be right around the same price

like

Dumb question but anyone know what’s going on with KO in 2021? End of 2020 had stock approaching $60/share but then it crashed below $50 in 2021.

likefunny

180k base in CA: Is 1500/month net saving goal too aggressive?

likesmart

Anyone buck the traditional advice to Max out 401k? I've been making out but see little value in it for me. Who knows what my health will be like when I'm 65

like

Pre-approved for a home but the rate lock expired and now we have to re apply. My husband lets me know his credit score dropped 111 points because of credit card utilization. Even if we get it below 30% ( which we can) not sure it will quickly reflect. I also added him as an authorized user on a high limit credit card I have. Any other suggestions besides trading him in lbs

like

GME and AMC are not doing well today 😂

like

Hi everyone! I’m a young professional right out of college getting into investing and personal finance management. Trying to better understand and educate myself on personal finance and investment strategies. Can someone recommend some recourses (books, podcasts, experts to follow, etc.) where it’s clearly explained for beginners? Trying to make sense of 401Ks, Roth IRAs, emergency funds etc.
Like I’m looking for someone like Dave Ramsey but for investment and money management advice.

like

Want to buy a house in bay area? Is this a good time? Thoughts?

like

Looks like stocks are back on sale

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal