I had a long discussion with my father last night. One of those strongly needed chances that you get to express everything that is nesescary to run a family and a company. Topics ranged from airplanes and racing motorcycles to site selections of Portrait Avenue and how to run a company.
These conversations are good, although very taxing on my logic and emotions. One of the tidbits I walked away from is that MFC (my employer) matches SIMPLE IRA donations up to 3% of your Salary.
What does that mean? What is a SIMPLE IRA? These are all questions that I had answered last night. Rather than bore you with the details of taxable income, a SIMPLE IRA is a retirement packaged with benifits sponsored by the government.
How does that affect Ben? Well quite frankly, I am investing in one as we speak. About 4% of my total income (certainly not enormous wealth). What is getting me to write this, however, is that a SIMPLE IRA is not meant (and penalized otherwise) to be emptied until the age of 59 1/2. So that is right, I am investing for my late retirement.
The advantage, and the reason I am doing it, is that I plan to donate about $1,200 a year to this fund, but what I will have going into it will be $2,250 because MFC matches 3%. Even if I have to wait an enormous ammount of time, it seams rather stupid to pass off the chance to almost double your investment, no matter how small it is.
So therefore, I feel old, Smart; but old none-the-less.
I think I'll have to go buy a skateboard now then... Or perhaps something just as recklass