One thing is a certainty.... watch and follow what the 0.1 percenter's are doing. Not what the politians are saying.
For example -- I noticed they were sending money out of the USA like it was a sinking ship. Making big investments overseas etc. They should know - as they were sinking it and hidding/protecting profits made. So I got nervous and had to choose -- politicans saying everything was just fine or clever financial crooks with lots of money to protect/hide? I took all my money out of the bank and stocks and parked it. Sure enough the economy crashed but I didnt loose a dime and neither did the 0.1 percenters. Watch those guys closely to protect yourself and your retirement funds. IMO of course... it worked well for me.
THx-RNMarsh
For example -- I noticed they were sending money out of the USA like it was a sinking ship. Making big investments overseas etc. They should know - as they were sinking it and hidding/protecting profits made. So I got nervous and had to choose -- politicans saying everything was just fine or clever financial crooks with lots of money to protect/hide? I took all my money out of the bank and stocks and parked it. Sure enough the economy crashed but I didnt loose a dime and neither did the 0.1 percenters. Watch those guys closely to protect yourself and your retirement funds. IMO of course... it worked well for me.
THx-RNMarsh
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That trend started when you were at the beginning of your career.
CEO total compensation, expressed in number of times the average worker pay, has shown a linear increase over the last four decades.
(doubled every 10 years)
Bit late to start complaining, when it turned out that the free market mechanism didn't work out, and the vessel is sinking.
But that's a Political issue, which is a direct violation of Starfleet's general order no 9.
Bunny, ball ball !
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Yeah... We thought about doing that a couple of years ago. Instead, I kept reinvesting during market down drafts, and now have a post retirement income stream more than adequate and a sizeable nest egg of high quality equities and cash socked away for future use, that continues to grow by double digit percentages.
Does that make me in th .1% ?. No, but it's working so far. Health issues, however can throw a serious wrench into any plan, especially if you don't make serious plans for their inevitability.
I have a lot of hobbies, stereo, woodworking, rockhoundding, gem cutting, landscaping, metallurgy, electrochemistry, etc. They keep me in the game, until I fully heal and can travel for extended time periods. I'm keeping my fingers crossed, but financing is no longer a retirement issue due to astute planning.
HavIng several options at your disposal, one of them being a worst case scenario, is about the best one can do.
John L
Thought about selling off in the run-up to the big recession. But too busy working to really pay attention to it.. On the other hand, if I had cashed out, I would have bought in again about six months later when I figured it had bottomed out. So I would still have shared in the misfortune.
Intelligently watching over the nest egg is a useful additional hobby for me in the run-up to leaving the work force. Joined the American Association of Individual Investors and read everything I can understand. The industry is a lot like Hi-Fi used to be: Lots of insight to be had along with lots and lots of ignorant but confident hand-waving.
Intelligently watching over the nest egg is a useful additional hobby for me in the run-up to leaving the work force. Joined the American Association of Individual Investors and read everything I can understand. The industry is a lot like Hi-Fi used to be: Lots of insight to be had along with lots and lots of ignorant but confident hand-waving.
A couple years ago is well past the crash. I too put the money back to work a few years ago to catch the ride on the up side. I get dividends now that adds to my retirement income. And, I still have my nest egg fully in tack. Mostly in stable blue chip stock/bonds. But I have a group of financial advisors now to help me. They get a few percent which is well worth it to me. If they dont make me money, they dont make any money either is the deal. Financial estate planning is a Must Do before retiring.
Good to hear of another successful retirement!
-Richard
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But I have a group of financial advisors now to help me. They get a few percent which is well worth it to me. If they dont make me money, they dont make any money either is the deal.
And that extremely rational arrangement is a surprisingly rare one. Most financial advisors are paid a percentage of the amount invested, win, lose or draw.
And that extremely rational arrangement is a surprisingly rare one. Most financial advisors are paid a percentage of the amount invested, win, lose or draw.
Actually we rode out the down draft as well, since we still were working and had 6 years to go till we quit, hence no need to panic Did the same thing in 2000.
2008 was not for the faint of heart. I used to relate how far down my portfolio was by the number of trackhoes i could've bought b4 the loss. Paid off big time in the long run though.
John L.
My 401k just took a quarter-million dollar hit. I'll be lucky to make up half of that before retirement.
That said, the hit was accompanied by the release of a major financial burden which leaves me much more able to take are of myself.
At least now (1) I have no one but myself to blame or credit for my financial situation, and (2) I can better prepare for the future.
That said, the hit was accompanied by the release of a major financial burden which leaves me much more able to take are of myself.
At least now (1) I have no one but myself to blame or credit for my financial situation, and (2) I can better prepare for the future.
My partner's brother in law had 'a guy' to invest part of his 401K balance.
Comes 2008, Oops, he lost a major chunk.
So, he takes the rest of the 401K reservation, and has 'his guy' put it in new stock.
Comes 2010, Oops.
So, by then 'his guy' had left the building.
Hang on, 'the wife' has her own physical therapy company.
Own building, parking lot, couple of physiotherapists employed and all.
Sure, 'the wifey' had never made substantial 401K contributions on her own, only did her company president thing twenty hours a week.
But Hey, she can easily get a corporate loan arranged, we'll call it something like a technical update investment.
Hey, you know who I am, I'm Me.
I'm 'the guy' from TV, you know, I'm 'the guy' who wrote in those newspapers.
I'm Me, I'm the communication expert the government hired so many times.
Before you know it, I'll be making 750 an hour again, no prob.
OK, I just turned 60, but I'm used to living it large, and I've got an empty 401K account.
Both the boys still have to go the states for six months, to do part of their masters, in style of course.
And there's this little matter of the 25 percent.
25 percent, you say ?
Oh Yeah, part of a 401K can be invested to accumulate, but 25 percent has to be kept as a reserve here.
You know, that's the income tax percentage, owed to the government.
No prob, I won't retire at 65, and mum's the word.
Besides, doing nothing grows old, working keeps young.
So what, plenty of fat left on the credit cards.
And hey, I'm Me, I've got lots of 'm.
Oops, I'm way over 70, and the IRS dropped by.
They were curious why I hadn't retired yet.
So, I've gone from an estate with a couple of millions mortgage, to a townhouse with one million mortgage, to a 2-bedroom rental above an underground parking.
They said I'm bankrupt, and the IRS seized my accounts, put a claim on my income, they're also reading my mail.
I'm 73, I'm Me, but I'm not eligible for a 3-5 year debt restructuring deal.
Mmm, 'the wife' ? Eeh, yes, she as well.
But you recall what we said decades ago about 'us people', we do not mingle with the commoners, still don't.
Comes 2008, Oops, he lost a major chunk.
So, he takes the rest of the 401K reservation, and has 'his guy' put it in new stock.
Comes 2010, Oops.
So, by then 'his guy' had left the building.
Hang on, 'the wife' has her own physical therapy company.
Own building, parking lot, couple of physiotherapists employed and all.
Sure, 'the wifey' had never made substantial 401K contributions on her own, only did her company president thing twenty hours a week.
But Hey, she can easily get a corporate loan arranged, we'll call it something like a technical update investment.
Hey, you know who I am, I'm Me.
I'm 'the guy' from TV, you know, I'm 'the guy' who wrote in those newspapers.
I'm Me, I'm the communication expert the government hired so many times.
Before you know it, I'll be making 750 an hour again, no prob.
OK, I just turned 60, but I'm used to living it large, and I've got an empty 401K account.
Both the boys still have to go the states for six months, to do part of their masters, in style of course.
And there's this little matter of the 25 percent.
25 percent, you say ?
Oh Yeah, part of a 401K can be invested to accumulate, but 25 percent has to be kept as a reserve here.
You know, that's the income tax percentage, owed to the government.
No prob, I won't retire at 65, and mum's the word.
Besides, doing nothing grows old, working keeps young.
So what, plenty of fat left on the credit cards.
And hey, I'm Me, I've got lots of 'm.
Oops, I'm way over 70, and the IRS dropped by.
They were curious why I hadn't retired yet.
So, I've gone from an estate with a couple of millions mortgage, to a townhouse with one million mortgage, to a 2-bedroom rental above an underground parking.
They said I'm bankrupt, and the IRS seized my accounts, put a claim on my income, they're also reading my mail.
I'm 73, I'm Me, but I'm not eligible for a 3-5 year debt restructuring deal.
Mmm, 'the wife' ? Eeh, yes, she as well.
But you recall what we said decades ago about 'us people', we do not mingle with the commoners, still don't.
Most get paid that way because the salesmen or advisors, as they like to call themselves, are not paid by profit but by number of transactions (fees and commissions). The firm I use doesnt do that because they do not do the actual stock transactions... they help me by deciding what/when to buy and sell. M.Lynch or some other institution then does the trading for them/me.
-RNM
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Richard, the key to success retirement is to have a team of trusted experts working for you.
...Would you say too?
I retired 'accidentally' over a decade ago. Had a 'potentially fatal' accident but survived pretty much intact. But was handicapped for a couple of years. It became obvious that being employed again was out of the question. Soon after that there were a series of medical issues which I survived again ! All along I kept myself VERY busy working on DIY audio projects, when I was fit. Some completed and many in half finished design stage. But it did keep me so busy that 24 hours a day is typically not enough hours available each day !
Friends ask me what I did to keep myself occupied. Really ? I can think of many additional things to do but could never because there isn't enough time ! I used to say that 'now I don't have enough time to take up employment' !
I have been lucky ! No doubt about that, and grateful for that. On looking back in time I am beginning to see the truth in the saying " everything happens for the better ", it's just that we don't see it when the things happen. This of course mostly refers to the 'difficult' parts of life ! I now feel the need to contribute to the 'system' around me and try to do things to achieve that , apart from my other activities.
Maybe the only way I can say 'thank you' to this planet ?
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I've been retired six years since I was age 56...for me and all my retired friends the question is "How did we ever manage to keep up when we were working?" If you have hobbies, interests, like to read, like to travel, then retirement is no challenge whatsoever as far as what to do with your time. Knowing what I know now both regarding the financial side and the enjoyment of being retired I would have done it sooner!