No NAD. Putting retirement money first?

[Milo Spleen]

You'll never regret saving for your retirement, especially when you get there.

Unfortunately, I was a musician too long but got a "real job" when I was about 46. My boss talked me into contributing to a 401k that the company matched, Sure glad that I did. Even though it wasn't much, I still retired at 65 and can get by fairly well.

 

[dbsfgyd1]

Thank you for your post! That is wonderful news! Way to leverage your connections with your bandmate.

You're right. One semester is a start, but at least one year would be ideal.

I tried my best not to break the rules about political content!

I had to be beaten in to submission..LOL!!!

 

[five7]

50 years in the music biz for me. No pension and not much social security.
Best bet for OP, keep your day job.

 

[Major Seven]

You'll never regret saving for your retirement, especially when you get there.

I sprinted towards the end and put %25 in a deferred 401k. By retirement time, class D amps came about so I got one then.

 

[BowserGriff]

There's an ashdown lb-30 2n on a huge discount here. And a 410 cab. . . Really testing my metal with this!

 

[Major Seven]

By the time you can afford it, your fingers and ears will have figured out how to get "punch" out of any amp. And a smaller amp is related to both the cost of housing and transportation.

Ha! PJB d4

 

[Major Seven]

Amen to that. I'm a few months away from 65 and unemployed (thanks private equity for buying the company I worked at for almost 20 years Grr.). I'm planning on giving up the job search when I'm 65 because nobody is gonna hire me in my field at retirement age. Our house and cars are paid off and we don't have any appreciable debt. We socked away a decent amount of money, We still have some non utility bills, but not too many.

I found it amusing when I saw NASA was looking for Fortran programmers for the voyager probes.

 

[Major Seven]

Oh Man what I wouldn't give to have 38 back and be able to put away more than I did. Listen to me; It's never too late to start.

I retired from public service last year. I started working in it when I was 18, took two years off to play music in my mid-20's and went right back in. I was eligible to draw a pension at age 55 with more than 30 years of service. In addition to that, the utility I worked for allowed me to deposit in a 457 plan (this is a pre-tax deferred compensation plan, much like a 401-K) and they matched 100% up to $30 per pay period. Basically free money. I did that for the last 23 years. (I'd have put more of my own in it too... but I did something else... wait for it) Upon retirement, I had literally hundreds of hours in unused paid leave, sick leave, holiday pay, time that I simply did not have time to use up when working. I was able to roll every bit of that into my 457, rather than take a ca$h payout and eat the taxes. It was a huge bump.

So all these years, what did I do with what I should have invested? Well... I paid off a 30-year mortgage in 20 years. The money I spent on gear... this past year I made some hard decisions about what really meant more to me, and I put a bunch for sale. I converted those assets back to cash and deposited that too. Now am I just retired and watching grass grow, and keeping up with Jeannie's honey-do list...? Hail no. I get up in the morning and work on guitars... repair and setup work, right here in my own shop. Make decent money doing it too. I can live very comfortably (albeit simply) on my pension. My little part-time job fixin' guitars keeps some cash in my pockets and one day when I need to take a dispensation, that 457 is still there. Or I may move it to something more advantageous.

So get started saving for your retirement. Amps and gear will come and go.

View attachment 7463672View attachment 7463673

Her name really is Jeannie?

 

[EdwardofHuncote]

Her name really is Jeannie?

And mine's not Ed. Well, not really. (pseudonymous...)

 

[bherman]

70 yr old retired guy here, save first. Now that I’m retired and I’ve done pretty well over the years and saved plenty of money, I can afford to buy what I want. Had I spent freely on Bass gear when I was your age instead of putting away to take care of myself and my wife, I would be struggling right now. Get by with minimal bass gear, just what you need, and you’ll be fine.

 

[iqi616]

I found it amusing when I saw NASA was looking for Fortran programmers for the voyager probes.

About 10 years ago I was looking for work and the first question the agencies would ask after seeing my grey hair was whether I knew COBOL (i.e. Mainframe) and when I answered that I didn't, did I know anyone who did. I did actually know someone but he wasn't interested in going back to that even though he could have made a fortune.

 

[Major Seven]

About 10 years ago I was looking for work and the first question the agencies would ask after seeing my grey hair was whether I knew COBOL (i.e. Mainframe) and when I answered that I didn't, did I know anyone who did. I did actually know someone but he wasn't interested in going back to that even though he could have made a fortune.

I knew someone who in 1990 said sure, $500/hr. She got it and they paid.


It was a spaghetti mess 40 years ago. Imagine now!

 

[Major Seven]

I started a (custodial) Roth IRA at 15 and have max out my 401(k) every year since I had real jobs. My retirement is set, if I live that long … no more motorcycles or single engine airplanes in my future.

Now I spend my fun money on pedals and amps

single engine airplanes are lots of fun.