Posted on 01/17/2021 12:03:33 PM PST by MrChips
I am not like a lot of my friends and acquaintances who worked for the government in some capacity and retired on big government pensions (with healthcare) on top of their Social Security. No, I worked all my life in the private sector, teaching in private schools and sometimes (to save money) in boarding schools. Other than the equity I have in my home, my entire retirement is in the stock market . . . in one IRA or another. I have worked hard and I have assiduously saved, investing wisely and somewhat conservatively, enjoying President Trump's transformation of the Dow from 17,000 when he was elected to nearly 31,000 today. But I am just now hitting retirement age and I am scared to death what the Biden idiots are going to do to the stock market. What do I do?
Before you listen to anything I say go here:
https://freerepublic.com/focus/news/3926065/posts?page=7#7
OK that out of the way, the advice I would have given last year is buy a rental property, rents scale with inflation, making the cash flow somewhat inflation resistant.
Since then there is a move to demonized landlords and rental property ownership.
They cut off rental income without a corresponding mortgage holiday. They destroyed mom and pop business income, but not small business expenses.
I know of no safe harbor, but I did buy a rental last year. Which probably means avoid rentals!
Still, people need a place to live, they need to eat, they need heat in the winter and cooing in the summer, and most people don’t want to spend their days in barracks eating powdered scrambled eggs, and sh!t on a shingle, so a half way decent rental (if renting is still allowed!) might be a reasonable risk. That or Tabasco for the green eggs? Perhaps invest in a taco truck?
“Are you suggesting we’re going to end up fighting in Vietnam again?”
Not at all. I’m just describing what’s likely to come to pass.
In any event, there is NO WAY BiteMe is going to take any military action against China (though he might pen a strongly-worded letter).
The thing with bonds is a guaranteed rate of return. In addition in a worst case scenario, bond holders get some security in the case of bankruptcy, where stocks can suspend dividends.
The thing about retirement is you need a steady stream in income that can be planned for.
Regarding rural land - I’m paying off the mortgage on a rural home on 3 acres this Tue. I definitely agree.
Sounds good.
I took care of mine in October like I said.
I’ve gravely mishandled money in my life I am ashamed to say.
But the only good law Congress ever passed beside Bill of Rights....the iRS is why I am not a burden on society.
But some discipline is required. Too many today have none.
God points. Thank you.
That hasn't been my experience. Through the 11 years between when I retired and when I could go on social security at age 62 a couple of years ago, I never had any income that could be planned on. Somehow the value of my financial assets still went up every year. Right now, my social security is my only steady stream of income. As of now, the value of my financial assets has roughly tripled from where it was when I retired.
When I was working, I didn't run out of money on any of the days between paydays, so I figured that needing a steady stream of income wasn't an unshakable rule. Didn't even run out of money those couple of times when I decided to take a summer off from work to take a long road trip, or just to goof off for a summer, working on a landscaping project at my house.
Thank you. You have given me plenty to think about. I appreciate it. Not sure I understood #4.
Thank you.
Age and work put us in just about the same boat. Thank you for your sound advice.
Thanks.
I think you might have taken my comment too personally.
I was trying to convey that most retirees these days have too much debt and need too much money to cover their “living” expenses.
I do t have any meaningful debt, and I own my house and cars. With a modest rate of return I could live to 110 without touching my Social Security.
But I am afraid you and I are not “normal” these days.
Be my guest.:-)
No real claim on Vietnam, more claim on Cambodia or Lagos than Nam. Nope, if the PLA goes, they will go for Taiwan and double-down on the Phillipines.
China would cordon off Taiwan and complete a facile coup, and then quickly expand it to the Phillipines.
The CCP/PLA owns the main ferry system in both countries.
Even if the PLA does/doesn't detonate an "accidental" EMP somewhere between the Spratley's and the Paracel's to degrade both countries main export$ - semi-conductors -- the takeover could proceed apace.
Think about this -- it's not like anyone has called out the CCP in any meaningful way about their 'accidental' release of COVID -- and the simp Confucian mind just does not work the same way/transmit the deep respect for life, as the Western mind : "If you didn't complain then, by taking us out to the woodshed, don't complain now! Verlly solly, KJ-500b test flight go boom."
Neither Xiden nor Karamela would lift a finger to defend either country, completely abandoning our Mutual Defense Agreement with the Republic of Taiwan. Compounding that abandonment, the US has maybe 300 military/advisors in Phillipines and barely an operational VFA agreement.
Yeah, for too many people a nickel will burn a hole in their pocket until they can spend it, and then they carry it to the next level and take out a loan so they can spend money they haven't earned yet.
Vietnam will fight, at least at first; but it is no match for China. The Philippines would capitulate if China so much as farted in its general direction. No, the South China Sea will become a Chinese lake.
“No real claim on Vietnam, more claim on Cambodia or Lagos than Nam.”
I didn’t know that China had any kind of claim on Nigeria, or any of its cities (such as Lagos). But, who knows?
Soon anyway. That’s gonna happen during the Bidung administration.
The phrase “helicopter money” came from the idea that when the Federal Government is providing stimulus it’s like throwing money out of the open door of a helicopter.
Party time for everyone on the ground.
The overspending on Covid stimulus, infrastructure, Green deals and other things is going to be unprecedented.
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