Chorlton

I was just reading the pension thread...so how many of us are going to stay in the US forever? Do you even plan that far ahead?

Schnorbitz

I have no intentions of returning to the UK. But who knows what the future holds?

I also believe that, at 31, by the time I get to retire there will be no state pension.

BigDavyG

Nope, but given that i have paid no attention to pension arrangements so far in my life i find it interesting.
Personally I think I'll be here for 2/3 years. If I stay any longer it'll be because i'm doing extremely well career wise and simply wouldn't be able to find a similar position back home. At the minute though nothing has happened to make me think that i'll be here for more than 2/3 years

BigDavyG

Hello old boy
Think you should maybe give the skiing a miss and stick to carpet bowls instead

Schnorbitz

LOL. Off topic - BTW managed to successfully graduate from ski school and make it down some greens and a blue on Monday . Limbs intact

ukmancoll

I would be interested to know if anyone here is taking advantage of their companys 401k scheme (if your company does indeed have one).

I am only 27, but I know that I don't want to be working until I am 65, so I have started contributing to our scheme at 14% of each pay check... which is a fair chunk. The good thing is, my company will then match it up to 6%.

If you are planning on being in the US for any decent amount of time, I am pretty sure in the future you will thank yourself for setting up this kind of long term investment.

cutina

that reminds me of my first day on the the green and blue, when i accidentally crossed onto a red and went down the rest of the way on my arse!! Luckily with time i improved!

Enjoy!

BigDavyG

Nice work, just don't be getting too cocky

BigDavyG

Yep, I do.
Again I haven't lloked into this in too much detail but I contribute the max allowable to avoid being taxed. From what I understand this is 6% of your salary, so you'll be liable to tax on over half of your contributions.
It would be stupid not to buy in as many employers also contribute to the scheme if you do.
From what I understand the 401k is almost like a savings scheme. Not sure what happens if you want to withdraw funds from it before retirement, but I know my company will let you take out a loan against your 401k balance.
I'll prob just keep contributing and research more when i come to switch jobs or leave the country.

Jabba1

Sounds like you just invented a new sport- arse skiing. Who knows, could catch on in a few centuries.

BritGuyTN

putting that much in is actually probably not that great of an idea. Infact, the money after the 6% is generally better put in a roth IRA (until that allowance is used up and if you qualify for a roth IRA - its income based) and then back into the 401k

I have a great detailed explanation of the 4 main retirement options in the USA (pros + cons) if you want me to email it to you - PM me if required

I'm also 27 BTW. our 401ks are crap and we don't contribute, and a Roth IRA is out for us, so I am in the process of building a property portfolio for a retirement fund

Elsie The Maid

I'm here for good. Although I'm still in my 30's, I already have a nice amount stashed away in my 401k. I don't plan on counting on social security or anyone else to supplement my retirement.

Schnorbitz

Don't you worry m'lad. I know my limitations!

ukmancoll

Hey, I'll PM you. Thanks for the message. I did consider the 14% being too much, and the tax implications, but I wanted to put to work our expendable income right now.

The good thing is that I can change my contribution month to month if I want to. So it's not exactly like I had to make any life changing decisions.

M

BritGuyTN

great - with things like retirement I always want me options as open as possible