Yes, they both work for financial/tech firm that offer backdoor Roth, we also cover the Income tax on the contribution. I figure if we continue to contribute until when each of them turn 40, they should be good for life. With the stock market in the last 10 years, the balance is significant for both.
Same here. We are ready to retire any time. We got great pensions and social security, plus our employers will pay for anything that is not covered by medicare. My two kids are 33 and 29 with good jobs. We have no debt house or car. Our most expensive items is 3k every 2 weeks that fund the kids Roth 401k since the started working after college. I think that the best financial decision we made.
I will be 65 in October. I have been thinking about retirement in last 2-3 years, my biggest problem is I do not know what I want to do. So, I think it is great if there is something in life that you want to do now or in the future. Maybe I should just retire and do nothing.
I have so many bad experiences with BMW dealerships, that I would not go there again.
1/ Got a brand-new BMW, the tires pressure keeps dropping I have to refill every two weeks, dealership said that is normal (?) and refuse to do anything (for a 75K car 10 years ago). The problem finally went away when i put on 4 new tires at Costco.
2/ I lost one of my key, the service advisor said the key would cost $550 plus $200 for programming. While waiting for an oil change, I stop at the part department, gave them the VIN, they order the replacement, no $200 programming.
3/ They said my oil is leak during the oil change, cost $3000 plus to fix, that was 2 years ago, the car still running no issue.
4/ I purchased 6 years/100K maintenance and extended warranty, about 1 month left on the policy, I took the car to the dealer for oil change and final check before the policy is expired, the dealer refused to do it because since the last oil change, it is only 8K miles instead of 10K.
5/ Will never by another BMW, by the way, I did not have any issue with Infinity dealer. So, I guess it is depended on the location.
6/ In general, it is hard to defend the tactic of car salesman with so many people with so many bad experiences.
That would be a reason to buy a Tesla. Buying a car even using Costco is still a nightmare when dealing with finance manager after the sale. I remembered helping my son, there is a fancy screen cover the whole table, he started the conversation as "We have 3,5,7 years service plan and/or extended warranty, this is the new model for this year, so there will be issues, should we go with 7 years? that would be the best one." so the assumption is you have to chose one of those plan while you do not need to.
The worse is now even on the EV, BMW still want to sale you service and extended warranty plans.
I would like to add another aspect to this discussion. Should we pay for our grandkids to go to the best school (not just college, but from elementary to high school), there is another answer, we have to remember that our parent is not rich and could not afford the best school for us, but our grandkids parent and grandparent are much richer. I also believe for certain careers, going to best school would certainly give you a best jump start to move to the next level. Surrounding yourself with the best classmates, sometime give your more chance to success. Many of the best company still only recruit from a selected number of best schools. Best professors would most likely accept the position of the best schools.
I would look at it as a financial decision, for me it would be how much the 4 years would cost as a percentage of my net worth. I would contribute if it is less than 5-6%. Also if you have enough money to live comfortably and your savings now is just keep increasing very year, why not. That is what the money for. (for what it worth, we both went to a small no name university, both my kids graduated from best public university in the state). There is no grandkid so far, but I would pay for any of them to go to best university they can get into, but that would be another 20-25 years. Hard to predict.
Both me and my wife retired from State. My wife retired more than 12 years ago from State with a pension of 60K/year for life plus full medical benefit. She took another job with the county (define contribution plan) and qualify for another retirement check from the county when she choose to retire. I got a check from State when I turn 60 more than 4 years ago for working with the state first 13 years after college. (State also will pay for my secondary medical insurance when I am qualify for Medicare.) When I first work with the State we only contribute 3% of our salary, now it is almost 10% (mandatory). Even we are the beneficial of define benefit plan, I do not think it is feasible for the future of the country. The insurance cost by itself almost more than 1K/month per retiree. (I remembered back in 1985, insurance are so cheap that most employer cover 100% premium, co-pay for doctor is $5, brand name $10). I do not remember the exact number, but I think my retirement account balance is less than 35K when I left, but I get a check for 1.6K for life when I turned 60. That make no financial sense.
There should be an option for you to purchase guarantee income only if you live longer than 95 years old. About 10% of people retire at 65 would live pass 95, so if you worry about running out of money if you live that long, you should be able to purchase that future guarantee for a smaller premium. (from one of the investment advisor firm)
Comments
Yes, they both work for financial/tech firm that offer backdoor Roth, we also cover the Income tax on the contribution. I figure if we continue to contribute until when each of them turn 40, they should be good for life. With the stock market in the last 10 years, the balance is significant for both.
Post: Helping Adult Children
Link to comment from February 8, 2026
Same here. We are ready to retire any time. We got great pensions and social security, plus our employers will pay for anything that is not covered by medicare. My two kids are 33 and 29 with good jobs. We have no debt house or car. Our most expensive items is 3k every 2 weeks that fund the kids Roth 401k since the started working after college. I think that the best financial decision we made.
Post: Helping Adult Children
Link to comment from February 8, 2026
" stability of our current financial system" that is so important to retirement.
Post: Laid Off
Link to comment from February 6, 2026
I will be 65 in October. I have been thinking about retirement in last 2-3 years, my biggest problem is I do not know what I want to do. So, I think it is great if there is something in life that you want to do now or in the future. Maybe I should just retire and do nothing.
Post: Carpe diem – especially in retirement
Link to comment from February 4, 2026
I have so many bad experiences with BMW dealerships, that I would not go there again. 1/ Got a brand-new BMW, the tires pressure keeps dropping I have to refill every two weeks, dealership said that is normal (?) and refuse to do anything (for a 75K car 10 years ago). The problem finally went away when i put on 4 new tires at Costco. 2/ I lost one of my key, the service advisor said the key would cost $550 plus $200 for programming. While waiting for an oil change, I stop at the part department, gave them the VIN, they order the replacement, no $200 programming. 3/ They said my oil is leak during the oil change, cost $3000 plus to fix, that was 2 years ago, the car still running no issue. 4/ I purchased 6 years/100K maintenance and extended warranty, about 1 month left on the policy, I took the car to the dealer for oil change and final check before the policy is expired, the dealer refused to do it because since the last oil change, it is only 8K miles instead of 10K. 5/ Will never by another BMW, by the way, I did not have any issue with Infinity dealer. So, I guess it is depended on the location. 6/ In general, it is hard to defend the tactic of car salesman with so many people with so many bad experiences.
Post: In defense of car dealerships
Link to comment from December 24, 2025
That would be a reason to buy a Tesla. Buying a car even using Costco is still a nightmare when dealing with finance manager after the sale. I remembered helping my son, there is a fancy screen cover the whole table, he started the conversation as "We have 3,5,7 years service plan and/or extended warranty, this is the new model for this year, so there will be issues, should we go with 7 years? that would be the best one." so the assumption is you have to chose one of those plan while you do not need to. The worse is now even on the EV, BMW still want to sale you service and extended warranty plans.
Post: The Monthly Payment Trap: How Car Dealerships Hide the Real Cost
Link to comment from December 15, 2025
I would like to add another aspect to this discussion. Should we pay for our grandkids to go to the best school (not just college, but from elementary to high school), there is another answer, we have to remember that our parent is not rich and could not afford the best school for us, but our grandkids parent and grandparent are much richer. I also believe for certain careers, going to best school would certainly give you a best jump start to move to the next level. Surrounding yourself with the best classmates, sometime give your more chance to success. Many of the best company still only recruit from a selected number of best schools. Best professors would most likely accept the position of the best schools.
Post: $92,000 a year is quite an investment. The ROI is real, but maybe not.
Link to comment from December 12, 2025
I would look at it as a financial decision, for me it would be how much the 4 years would cost as a percentage of my net worth. I would contribute if it is less than 5-6%. Also if you have enough money to live comfortably and your savings now is just keep increasing very year, why not. That is what the money for. (for what it worth, we both went to a small no name university, both my kids graduated from best public university in the state). There is no grandkid so far, but I would pay for any of them to go to best university they can get into, but that would be another 20-25 years. Hard to predict.
Post: $92,000 a year is quite an investment. The ROI is real, but maybe not.
Link to comment from December 11, 2025
Both me and my wife retired from State. My wife retired more than 12 years ago from State with a pension of 60K/year for life plus full medical benefit. She took another job with the county (define contribution plan) and qualify for another retirement check from the county when she choose to retire. I got a check from State when I turn 60 more than 4 years ago for working with the state first 13 years after college. (State also will pay for my secondary medical insurance when I am qualify for Medicare.) When I first work with the State we only contribute 3% of our salary, now it is almost 10% (mandatory). Even we are the beneficial of define benefit plan, I do not think it is feasible for the future of the country. The insurance cost by itself almost more than 1K/month per retiree. (I remembered back in 1985, insurance are so cheap that most employer cover 100% premium, co-pay for doctor is $5, brand name $10). I do not remember the exact number, but I think my retirement account balance is less than 35K when I left, but I get a check for 1.6K for life when I turned 60. That make no financial sense.
Post: I CAN SOLVE THE SOCIAL SECURITY AND RETIREMENT CRISIS IN AMERICA
Link to comment from December 8, 2025
There should be an option for you to purchase guarantee income only if you live longer than 95 years old. About 10% of people retire at 65 would live pass 95, so if you worry about running out of money if you live that long, you should be able to purchase that future guarantee for a smaller premium. (from one of the investment advisor firm)
Post: The annuities are coming, the annuities are coming‼️
Link to comment from December 8, 2025