Posted on 04/22/2016 10:01:15 AM PDT by MtnClimber
You should check these items off your to-do list by 40 if you want to retire with enough money in the bank.
A worker turning 40 today has 25 years to prepare for retirement by age 65. This may seem like a long time, but in terms of retirement preparation, it represents a swiftly closing door.
Compound interest is most powerful when it has a longer term in which to work its magic, and workers who fail to practice good financial habits early in their career may find they run out of time to correct mistakes prior to leaving the workforce. That doesn't mean you can't still retire comfortably if you start preparing later in life, says Rande Spiegelman, vice president of financial planning for the Schwab Center for Financial Research. However, those who start younger have an easier path before them. "If you start [retirement planning] right out of college, you could set it and forget it," Spiegelman says. "The longer you wait, the tougher it is."
To avoid making your savings situation any more difficult than necessary, finance experts say you should do the following 10 things prior to blowing out the candles on your 40th birthday cake.
(Excerpt) Read more at money.usnews.com ...
I like the sound of your advice. I wish I had someone like you to advise me on a more personal level. I might be in deep doo doo or I might have a chance and I am too economically stupid to know which.
God bless you and yours. Lots of wisdom in your post. When lessons are forced on you, the least you can do is learn something from them. As you get older, many will lean on God more and more because they finally see they aren’t indestructible. I like pity parties as much as the next guy, but I usually see the goodness over the bad and I have lived long enough now to know things always change sooner or later. Just as we start to count down Obama’s term, we have to realize it will just be someone else’s crap next year, but I’m tired of his crap. More and more, I see the wisdom in leaning on God and placing all my cares in His lap. I guess when you get my age, you don’t worry so much about what might happen because all of us are going to die unless Jesus comes to get us outta here. I find spiritual studies more stimulating than anything left down here. When a doctor looks you in the face and tells you you have cancer, things get real serious, real quick. Politics and work fade into fog and your family and your own future become very focused.
I’m an FPU facilitator and Ramsey Counselor and I approve of this message! :-)
I’m starting to think retirement is not really “American” or biblical.
I don’t read much of founders era folks retiring, they seemed to keep right on working in one capacity or other until truly unable to work, or death. many gave all they had during their life to fund the start of USA or colleges or such, didn’t ever think of just playing golf or such all day.
I think retiring is a man conceived desire, but I think it’s really rooted in selfishness. I know so many in”retirement” that are living in nice homes but rubbing pennies (so they say) to keep afloat. What is the point of that? Definitely able to work in some capacity.
Years ago as a teen I worked with senior citizens who worked seasonally/part time. They liked the extra income and interaction with people and were so less stressed than average workers trying to work toward retirement.
Where I live now, i see huge billboards for luxury retirement - their catch phrase:
“retire like you mean it” LOL I got news for that builder:
God doesn’t ever tell us to retire, except maybe when He calls us home.
Their daughter was an emotionally arrested bum, little more than an overgrown child. No sense of responsibility. No maturity. Really no grasp of the adult world.
Join the military at 18, put in 20 years, qualify for your pension at 38, become a teacher, and have a second pension before 60.
Or just take your military pension and retire to Philippines or Thailand. I imagine there's a bit of an expat community in both places.
The USA is different. It s a dog eat dog world here in the states. By the time you start to hit 60 and yo aren't feeling a bit burned out then you haven't really lived.
[ Hard-working, good-hearted people. ]
Sometimes monsters can come from good hearted people’s loins. For some reason parents with the best of intentions can raise up the worst monsters.
Prosperity Breeds Monsters... is a quote that comes to mind...
If you are still paying $700 a month, check out Liberty Health Share. I do not know how they deal with people who had cancer. But at least ask away.
Wow, your exes must have been pretty hot because that’s a lot of crap to put up with.
Burn out comes from wrong choices of personal responsibility or lifestyle - personal care wise (taking care of spiritual, mind and body) - lifestyle wise (money spending, bodily abuse) or such.
Look at Trump for one example - beyond retirement age and still going strong in much work/business/family responsibilities, seems to be healthy and having YUGE (LOL) fun! - no burn out.
Most people (me included) misused our younger years - calling it “really living” or “being an adult”. Beauty is we can start at any age, make some good/healthy choices personally, lifestyle, financially and such and reshape the rest of our life rather quickly.
Retirement idea - is a scheme - i’d almost say its like other current democrat plantation type schemes - keep people dependent and feeling lack, worry/fear.
If I were only a fed. I was a state of SC employee and like the majority, stood to make comical money. Assuming that I made retirement, I would get half of what I couldn’t live on.
I’m doing way better in private industry.
It’s not about “retiring,” really. It’s about becoming unable to care for yourself. I agree, why retire from work if you can still do it, or something? But people are ending up with neurodegenerative diseases at what can only be called epidemic rates. Then they can’t work. What about money for however long you live when you cannot work and possibly can’t do anything much?
And don’t say “Then it is time to check out.” No one who knew and loved my dad these last seven years would have wanted to kill him. He was like a child and then a baby, and he was very hard to care for, but you can’t kill a beautiful person just because he’s infirm. So we all need to prepare for times like that.
“Just tell ‘em you’re gay.”
I go one better. I say I am African American and disabled.
“I go one better. I say I am African American and disabled.”
Great!
You could also tell them you’re part Cherokee, that works real well in MA!
“I like the sound of your advice. I wish I had someone like you to advise me on a more personal level. I might be in deep doo doo or I might have a chance and I am too economically stupid to know which.”
If you can read and clearly you can, you can learn.
I suggest reading Rich Dad, Poor Dad as a starting point. There are a handful of concepts there that can completely change the way you think about wealth.
You can do it. I wish I knew in my 30s what I know today.
We pretty much drove our cars for years until they fell apart. One of my younger sisters would complain to me "If I had your money I'd buy a Mercedes and expensive jewelry and dangle my arm out the window!". Well, I never bought a Mercedes, I don't like jewelry or care for it, and an old truck is fine for me. That sister and her husband went broke, lost their house, and are bouncing from apartment to apartment with creditors chasing them. Oh, they were party animals, but the party has long been over for them. Meanwhile me and my wife are very comfy, house paid off and no debts (and my old cars still run, one is fifty years old).
No, I was just stupid enough to believe that doing right by them meant they would do right by me.
Nice work if you can get it.
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