1) A Profit Plan where Publix gives me stock
2) A 401k Smart Plan where I can contribute 1-30% of my eligible pay on a pretax basis up to the annual IRS limit into 12 investment fund options. For every dollar I save Publix matches up to 3% of my eliglble pay and may contribute up to a maximum of $750 per year. The maximum percent that I can invest in Publix stock is 25%. Voya handles the plan.
3) An Employee Stock Purchase Plan where I can purchase stock during four time periods each. Publix does not contribute to this plan.
I don't see myself making more than $20/ hour since I don't think I want to be a manager and I don't feel like I'm smart enough to have a better job so I'm thinking about sticking with Publix for as long as I can-- I have no idea when a good age to retire will be. I remember reading that I have to wait to be 59 1/2 so I can't be taxed but then again won't I be getting social security at age 62? So maybe that is a good age to retire from Publix?
I'm not sure how much money I'll have in my retirement... any ideas what I can expect to have?
I began working at Publix at age 26 and am now 33. So far I have roughly $13,900 in the profit plan, $9,600 in the 401k plan, and $3,000 that I spent on buying Publix stock via the Employee Stock Purchase Plan.
I am currently investing 6% (Roughly $36 a week) of my paycheck and plan on upping it by 1% every 6 months (Raise time). I don't think I'll invest more than 10%.
In addition to my retirement with Publix I have $28,000 invested with Raymond James. My investor has total control of what to buy.
Here are my options for the 401k Smart Plan:
1) Invesco Stable Value Trust Fund Class A3 (total annual expense ratio 0.39%)
2) Baird Aggregate Bond Fund (expense ratio 0.30% for insitutional shares and 0.55% for investor shares)
3) T. Rowe Price Value Fund I Class (expense information 0.64% (gross) and 0.63% (net) )
4) State Street S&P 500 Index Fund
5) T. Rowe Price Blue Chip Growth T2 Class (Annual Operating Expense ratio 0.45%)
6) State Street S&P MidCap Index
7) DFA US Small Cap I (Total Operating Expense Ratio 0.37%)
8) American EuroPacific Growth R6 (Fund expense ratio 0.49%)
9) Publix Stock
10) State Street Conservative Strategic Balance Fund -Class 1
11) State Street Moderate Strategic Balanced Fund -Class 1
12) State Street Aggressive Strategic Balance Fund -Class 1
I saw this piece of advice. Should I follow it? I can't save 15% of my salary though.
Of the 12 investment options I have no idea which is a 1) A US total stock market index fund 2) An international total stock market index fund and 3) A US total bond market index fundStart by saving 15% of your salary into three different mutual funds
1) A US total stock market index fund
2) An international total stock market index fund
3) A US total bond market index fund
Over time the three funds will grow at different rates, so once per year you'll adjust their amounts so that they're again equal.
Any advice is appreciated, would be preferable if you specifically say which of the 12 investment fund options that I mentioned you think I should invest in and what %. THANKS SO MUCH!
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UPDATE 4/24
I was confused on these but here is the info about those funds:Do you know what the expenses are for those five State Street funds?
State Street S&P 500 Index Fund- https://publix401k.voya.com/static/epwe ... s/CHWZ.PDF
State Street S&P MidCap Index- https://publix401k.voya.com/static/epwe ... s/CHXH.PDF
State Street Conservative Strateg Bal -https://publix401k.voya.com/static/epwe ... s/CH5S.PDF
State Street Moderate Strateg Bal-
https://publix401k.voya.com/static/epwe ... s/CH5T.PDF
State Street Aggressive Strateg Bal-
https://publix401k.voya.com/static/epwe ... s/CH5U.PDF
I have had the account since 2014. I began with an initial investment of $25,000 and over time have added $4,000 (So 29k not 28k). I don't have a specified time when I add money to the account. I told my advisor that I want to save money for retirement. I don't know where I can find what type of account it is.What is your advisor at Raymond James investing in? What type of account is this? A traditional IRA, Roth IRA, individual brokerage account? How much do you pay them for a management fee?
Pictures of my portfolio:
https://i.imgur.com/JgbB2W1.jpg
https://i.imgur.com/Dsr4Hf4.jpg
https://i.imgur.com/nTmnyRS.jpg
https://i.imgur.com/qyDRdby.jpg
Fees for 12 months:
https://i.imgur.com/y7LH4sC.jpg
NoDo you have any debt? If so what types, amounts and interest rates?
I have my taxes but I'm having trouble locating this info. My "marginal tax rate" is 12.00 and "effective tax rate" 10.68. My tax filing status is single and I live in Florida. My income is between $25,000-$30,000.What is your tax bracket, both federal and state? What is your tax filing status?
No idea, since I don't make a lot of money I want to have at least 1/2 of my portfolio invested in things that can give me the biggest potential to make the most amount of money. The other 1/2 I want to have less risk just in case I lose 1/2 of my investment in the high risk things. I am open to advice on this though.What asset allocation (stock/bond mix, and domestic/international stock mix) do you think that you want to aim for?
I forgot to add- For every dollar you save in the SMART plan, up to 3% of your eligible pay, Publix may contribute 50 cents to your account — up to a maximum of $750 a year — if you’re eligibleIf you put in 3% of your gross pay, Publix puts in 3% to match, up to $750 per year?
This is how it works based on my salary.
My weekly check is $587 (Before all taxes) and if I invest 3% into my 401k that would be $17 a week. $17 x 52 weeks = $884 invested in a year. Publix would match half of that which would be $442
Now if I invest 6% that would be $35 a week. $35 x 52 weeks = $1,820. Even though I invested more, Publix will still only give me $442 (and not half of 1,820 or the maximum $750)
Publix is a private company. Only employees can buy stock. I can sell my shares back to Publix but I think I get penalized.Publix shares are not traded on any stock market. Are you permitted to sell the shares that Publix gives to you? How would that work?
I know of 2 employees who both retired millionaires one was a manager making $60k (plus bonuses I think) and the other was a manager that stepped down (Not sure for how long but he was also making the same amount. He also bought Publix stock. The person had 1.5 million and the other who bought stock had 2.5 million). Both had 35-38 years with Publix (Started in 1978). From what I have heard Publix was a lot better company back when the founder Mr. George was alive. According to a person on reddit he said the current CEO of Publix said at a conference that, "Publix is not making millionaires out of grocery people anymore (I assume that means the position "grocery stock clerk" which tops out at $17) ."Suddenly on the loading dock several of the 50+ year olds started whooping and hollering. My friend asked the supervisor what was going on, and she told him Publix had just released the updated value of the stock, (Publix is privately held), and some more of the dock workers had just become millionaires. "Some more". This was well over 10 years ago.
Publix stock splits:
Stock Splits
Record Date Split
07/01/2006 5 for 1
07/01/1992 5 for 1
02/25/1984 10 for 1
02/25/1969 4 for 1
I was doing between 3 to 10% (Adjusted the amount many times) of my pay check each week in 100% Publix stock for a few years but in 2020 they changed it so the max amount we can do is 25%.I have known many Publix employees over the years, and not one of them has ever regretted acquiring the maximum amount of Publix stock that they could.
Not sure what you mean by "credit use" but I am debt free and I use my credit card all of the time and pay the full amount each month. From what I remember a few years ago my credit score was in the high 700s. I rent a 1 bedroom condo from someone and pay $625 a month (I was paying less but after 5 years they gave me a rent raise, so hopefully I'll be at $625 for awhile).I don't think you mentioned your credit use or housing financial situation.
I can initiate a rollover of Publix stock to a Rollover IRA.I would find a way to slowly sell the Publix stock they give you (you don’t want to wind up with a big tax bill, so spread it out over a few years) and contribute that to a Traditional or Roth IRA.
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Update 4/24(2)
My 401k consists of 83.75% Publix stock. So I think my future contributions are going to be:
60% S&P 500
20% Baird
20% American Funds Europacific Growth R6 (RERGX)
What do you think?
My 401k looks like this:
Fund Name..................................................................Amount Available
T. Rowe Price Blue Chip Growth T2 Class...............................$740.54
Publix Stock................................................................$8,063.13
Cash Component of Publix Stock.........................................$88.13
State Street Moderate Strateg Bal.........................................$735.53
Total:............................................................................$9,627.33
I have the option to reallocate the balances for the T. Rowe Price Blue Chip Growth T2 Class and State Street Moderate Strateg Bal. I also have the option to transfer balances out of the Publix Stock Fund into other investment options via a Fund Transfer.
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Update 4/24(3)
I went ahead and changed my weekly contributions from 6% to 10%. I also reallocated the balances of the T Rowe Price Blue Chip and State Street Moderate Strateg Bal and did 100% of that in the S&P 500. I don't know if doing a fund transfer for the Publix stock will give me a penalty so I left it alone.
I also set my 401k to:
60% S&P 500
20% Baird
20% American Funds Europacific Growth R6 (RERGX)
I'll be back to look at this topic in a few days because I need to chill out for a bit.