They believed that GVT would take care of them.
Do you think that people with flush 401ks are going to keep them in 15 or 20 years?
Best financial thing my wife and I did was taking a Dave Ramsey course.
I know I don’t have retirement money saved up. Fortunately, I have a work at home job where no one can see me getting older. No heavy lifting, so I will just work as long as I can. Hi am grateful that I live in a time and place where I don’t have to pull a plough or shape and corn iron into horseshoes.
The ugly truth about retirement savings is that the politicians spend money they dont have by printing money. Where does that wealth come from? It comes from those retirement savings by deflating the value of the dollar.
It’s the perfect crime, it slips the retirement out of the back door of every bank, social security payment and tin can buried in the back yard silently and puts it in their hands to siphon off as temporal wealth.
This PLANdemic stole 10% of everyone’s savings, this year.
You cannot save anywhere near as fast as the Pelosi Mafia can steal it.
Dumbest thing I did WRT retirement was waiting 3 years before starting to save, although my company was offering up to 4% matching funds. If I had started saving when I started working I’d be able to retire early, or have several hundred thousand dollars more worth of accrued interest.
This is just an advert to take more of your money charging fees for investment advice.
Everybody knows what to do, most don’t do it. And most never will.
I began preparing very early in life for retirement. I retired two months after my 54th birthday. I feel very fortunate.
Half the boomers are already at retirement age. Some are more than 10 years into retirement. Someone who has been retired a decade is probably going to have less in their retirement account than they did a decade ago. (Or, given the created Wuhan Flu crisis, significantly less than they did 6 months ago).
Sooner or later, we all must spend less than we earn. The sooner you figure that out, the better. I was 30 before it dawned on me.
I have a date now: Dec 31, 2022. I’ll be 63 and a half. Might work longer, if I feel like it. But, doubtful.
First, our retirement funds were cut in half by the stock market dive in the fall of 2008. He said don't worry, the market would come back and we could regain most of what we lost. But that required us to keep working and not retire. Then his backup retirement plan for us, equities in six rental houses was destroyed when the housing market crashed after the stock market did. Most of the equities in our houses disappeared.
But life is not a dress rehearsal for the real thing so we plowed ahead with our own plan. We were ready to retire and get out of the fast lane, big city and move to a more rural area in the country. We didn't want to wait. So we did what our guts told us to do instead of what our "investment" advisor advised us to do. Both of his plans (the mutual funds in the stock market and the equities in the rental houses) had gone south and now he was telling us we couldn't retire until we started over again. Seemed to us that we couldn't do any worse than his failed advice.
So against that advice, we took our remaining funds out of the market and paid cash for some land and an old house. We had to demolish the old house first but we finally built a new house in its place on 30 acres in rural Florida. We drilled a new deep water well, and installed a new septic system. We had a place to live free and clear.
Then we sold off the rental houses in Arizona one by one and used the money to start a beef cattle operation on our property in Florida. Over time, we bought two tractors and trailers and other equipment to run the farm with. We built fences, ran water lines for stock tanks, built three barns, a cattle management set up with corrals, holding pens, a loading dock and a squeeze chute. This was all done to get an agricultural exemption on the land to cut our property taxes to the county way down.
Now ten years later, we have a new home, a cattle operation of 30 head of Angus beef cows, an orchard full of fruit trees and a big garden to grow vegetables in. We even have a couple of layer chickens for fresh eggs.
We live comfortably on our Social Security income and a small retirement check. We both get our medical care from the VA in the city 35 miles away. We are debt free and even do well enough selling calves at auction each year to add to what remains of our retirement savings account which is no longer in the stock market by the way.
If we had taken our "expert's" investment/retirement advice, we would still be working trying to get a big enough nest egg to last us until we died. Instead we have been retired for ten years and enjoying our farm in the country. Good thing too, because due to unforeseen circumstances, we have had to adopt our 3 year old granddaughter and are raising her as our own.
The important thing to remember is that the "experts" in what you should do with your life or how much money you'll need to retire on, don't really know what's best for you any more than you do yourself. Trust your own judgment and live your dream before you run out of time. We don't live forever.
On a sad note, our investment guy never did get to retire himself. He died of a heart attack in his office about 5 years ago. His wife is doing just fine though.
Chris Kissell needs to get real. Break the numbers down by race.
We're all sick of this crap - let's get real - breakdown the numbers. Tell the truth.
When a racial numbers breakdown helps 'the black community' we get the breakdown. When it doesn't we get crap studies like this. Tell the truth Chris Kissell... dump the liberal bullshit.
I think how much someone saves for retirement entirely depends upon what they want to do once they retire. For example, if someone wants to travel the world, take exotic vacations, maintain a huge home and so on, yes, they’re going to need a bunch.
On the flip side, using myself as an example, I have no debt. Zero, Notta, Nothing.
I collect SS and can pay my bills, put money in my pocket for the month and still put $525 a month in the bank.
I used my savings to buy a high end used 5th wheel and put it in a very nice rv park in Florida. For my lot rent of $805, I get internet, cable tv, 1000kw hours of electric, water and curbside 7 day a week garbage pickup.
I also paid cash for a used F350 as a tow vehicle for the 5th wheel and paid cash for a nice golf cart to tool around in. I also took a job at the campground, not because I needed it, but it gives me something to do. Everything I earn from that job goes into the bank.
I don’t want to travel. I’ve traveled the world twice in previous jobs installing and maintaining Nortel telephone switches. There is literally no place in the world I’d want to go I haven’t already been.
I get my healthcase through the VA and what I’d owe them after a major event is given to Medicare to pay. What they don’t, I pay the difference. Luckily, I’m in good health for my age with no significant health problems aside from thyroid and hbp.
I have savings and the amount goes up each month.
In short, I have far less than $144k in savings, but I’m single, live alone and am extremely comfortable.