I'm going to chime in on Social Security, with the understanding that none of us knows exactly when we are going to leave this earth, so it is a matter of playing the odds. However, take a hard look at longevity in your family before you decide on taking early benefits at 62, or postponing until 70. Going back two hundred years the members of my family routinely lived into their 90s, and the same with my wife's family. We are a tough bunch. For us it made sense to delay taking retirement benefits until 70 in order to maximize the eventual payout. I started at age 70, and my wife got spousal benefits at 65, but when she turned 70 she switched to her own account to maximize the payout. Together we get about $51,600 in yearly Social Security (less the Medicare payments, of course). And I'm still working.
On the other hand, if your family members seldom make it to 70, then by all means get it while you can.
Bruce Small, post: 376989, member: 1201 wrote: I
On the other hand, if your family members seldom make it to 70, then by all means get it while you can.
Men on my Father's side have not made it to 70. My goal is to be the first and raise the bar significantly. I think I am happier looking forward than thinking that I may have less than five years left. Fate will one day catch up with me, but it is going to have to catch me.
[USER=197]@Brad Ott[/USER]
You should have at least $100k in liquid or semi-liquid retirement funds.
Below is a link to a retirement calculator:
https://www.calcxml.com/calculators/retirement-calculator
B-)
[USER=379]@FL/GA PLS.[/USER] I like that calculator
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Results
To provide the inflation-adjusted retirement income you desire, you may need to save 0% of your yearly income (less any employer match, if applicable). This year, for example, the amount would be $0 or $0 a month. The total amount needed for retirement, including amounts already saved, is $5,000
Reconsider paying your kids college over your retirement. The kids need something in the game. This is what my adviser told me. As far as the stock market, Ive been in for 20 years and it seems like a dud and waste, no real increase. Real estate has been good to me over the years. Going to buy a couple more properties, they cant go to zero.
dsgroi, post: 377015, member: 11203 wrote: Reconsider paying your kids college over your retirement. The kids need something in the game. This is what my adviser told me. As far as the stock market, Ive been in for 20 years and it seems like a dud and waste, no real increase. Real estate has been good to me over the years. Going to buy a couple more properties, they cant go to zero.
Wow - you need a new investment advisor! You should have done far better than that...
Bruce Small, post: 376989, member: 1201 wrote: I'm going to chime in on Social Security, with the understanding that none of us knows exactly when we are going to leave this earth, so it is a matter of playing the odds. However, take a hard look at longevity in your family before you decide on taking early benefits at 62, or postponing until 70. Going back two hundred years the members of my family routinely lived into their 90s, and the same with my wife's family. We are a tough bunch. For us it made sense to delay taking retirement benefits until 70 in order to maximize the eventual payout. I started at age 70, and my wife got spousal benefits at 65, but when she turned 70 she switched to her own account to maximize the payout. Together we get about $51,600 in yearly Social Security (less the Medicare payments, of course). And I'm still working.
On the other hand, if your family members seldom make it to 70, then by all means get it while you can.
I met with my investment advisor several weeks ago. One of the topics I wanted to discuss was whetehr it was time to start moving into less aggresive investments. When he pointed out how long I statistically have left i damn near fainted.
About 10 years ago I was discussing retirement with a friend who sells insurance. He showed me an insurance study that pointed out that if one retired around 2005 they would need $250,000 in savings to cover medical costs. Can you imagine what it is now?
Jim in AZ, post: 377030, member: 249 wrote: Wow - you need a new investment advisor! You should have done far better than that...
I agree unless there was zero diversification in the portfolio and the stock tanked. Otherwise the investment should have at least doubled or even tripled.
I have some good friends and neighbors who will turn 70 later this year. They both worked themselves silly for decades and invested in ways they believed to be sound so they could cease working at roughly age 62 (they are only a few weeks apart in birthdays). That would have been in late 2008. Something went terribly wrong somewhere. They finally both retired at age 68 and are still here. By here I mean not at a swanky resort home on Grand Lake in Oklahoma. That was to be their destiny with all they had put away. They do have a tiny little place that they go to maybe once per month instead.
I have been in stock market since 2000 and yes its gown but not at the rate claimed by the experts. They use to tell you that your money should double every 7 years , not true. Sure anything put in after 09 saw some really great returns but really its all relative to were you retire if the market is up or down. So money put in in 2000 would not have doubled , if you retired in 2013 you were back even. I am not talking about individual stocks, mutual funds 401k type. My point is real estate has been much better investment for me. I dont trust the market its over inflated. Look at say the S & P 500 graph after 09 then before 09. Then look at the current economy it does not add up. Stocks are getting ready to slide in my opinion. Its bouncing around at the top of the hill.The money printing press was the support under the curve. Thats coming to an end. I am 15 years from retirement and for me its going to be real estate.
I don't disagree @dsgrol, real estate is good, but there are lots of possibilities. If you hold real estate free and clear, yes... it is somewhat liquid, but only if there are people around that have Cash. Leveraged property with "paper equity" not so much, not nearly so much.
On the other hand I experienced an average of 9% annual increase in my portfolio during the last two decades, more than inflation. However, there is no gan unless you sell...
In times of stress Cash is king... under the mattress cash that is.
History does not always repeat
I'd have to say retirement has been the No.1 reason I've chosen not to go out on my own. A good many of the private surveyors I've known have come up a bit short on reaching 65 and have had to keep working. The union I've been with going on 9 years has some of the best retirement benefits I've come across and the pension is fully funded, a rarity these days. If all goes as planned I should have house paid off and be debt free and able to retire at 58 if I choose to do so. The big catch is medical. That's probably what'll keep me chugging along to 65. That and I enjoy what I do, most days anyway.
Peter Ehlert, post: 377150, member: 60 wrote: I don't disagree @dsgrol, real estate is good, but there are lots of possibilities. If you hold real estate free and clear, yes... it is somewhat liquid, but only if there are people around that have Cash. Leveraged property with "paper equity" not so much, not nearly so much.
On the other hand I experienced an average of 9% annual increase in my portfolio during the last two decades, more than inflation. However, there is no gan unless you sell...
In times of stress Cash is king... under the mattress cash that is.History does not always repeat
Just an FYI to Mr. Ehlert - I have discovered that if one seals up a container (Mason Jar) with United States notes inside, a desiccant should be placed in there as well. I don't know what causes it, but I've found some mold or mildew on the bills. Placing it somewhere it may 'breathe' might be an answer....but then it's susceptible to a canine's olfactory.
Like someone here on the board said, "Just because I'm paranoid doesn't mean they're not really after me...." o.O
Williwaw, post: 377228, member: 7066 wrote: I'd have to say retirement has been the No.1 reason I've chosen not to go out on my own. A good many of the private surveyors I've known have come up a bit short on reaching 65 and have had to keep working. The union I've been with going on 9 years has some of the best retirement benefits I've come across and the pension is fully funded, a rarity these days. If all goes as planned I should have house paid off and be debt free and able to retire at 58 if I choose to do so. The big catch is medical. That's probably what'll keep me chugging along to 65. That and I enjoy what I do, most days anyway.
What union? I have 20 years with Operating Engineers local 12 and I keep getting letters about how the union is in the red. I always find it entertaining when public employee unions (which I am now a part of) are crying when their retirement funds are under fire. No sure thing in this world but taxes and death. Jp
Peter Ehlert, post: 377150, member: 60 wrote: On the other hand I experienced an average of 9% annual increase in my portfolio during the last two decades, more than inflation.
That's a damn good return. Do you manage your own portfolio, or do you use a brokerage firm or fee only adviser?
[USER=20]@paden cash[/USER]
paden cash, post: 377244, member: 20 wrote: Just an FYI to Mr. Ehlert - I have discovered that if one seals up a container (Mason Jar) with United States notes inside, a desiccant should be placed in there as well. I don't know what causes it, but I've found some mold or mildew on the bills. Placing it somewhere it may 'breathe' might be an answer..
Might I suggest 'tall' baby food jars...roll the bills loosely...fill with paraffin...and bury.
Upon digging up a hot steam iron makes that ATM money feel fake and YOUR stash REAL FOLDIN' money...
DDSM
(DON'T ASK HOW I KNOW...COULDN'T ANOTHER W.P.P MOVE)
FL/GA PLS., post: 377252, member: 379 wrote: That's a damn good return. Do you manage your own portfolio, or do you use a brokerage firm or fee only adviser?
Proudly self managed, but I am mostly out now, too much work.
Takes constant vigilance, and rechecking.
Last month's Hot tip: MGT Capital Investments, Inc. (NYSE MKT: MGT)
Still looking good
Dan B. Robison, post: 377255, member: 34 wrote: [USER=20]@paden cash[/USER]
Might I suggest 'tall' baby food jars...roll the bills loosely...fill with paraffin...and bury.
Upon digging up a hot steam iron makes that ATM money feel fake and YOUR stash REAL FOLDIN' money...
DDSM
(DON'T ASK HOW I KNOW...COULDN'T ANOTHER W.P.P MOVE)
Cash needs to breathe, it needs to be turned over and moved around. 🙂
Jp7191, post: 377248, member: 1617 wrote: What union? I have 20 years with Operating Engineers local 12 and I keep getting letters about how the union is in the red. I always find it entertaining when public employee unions (which I am now a part of) are crying when their retirement funds are under fire. No sure thing in this world but taxes and death. Jp
Very true. No guarantees of anything in this life. I'm vested with two unions and lost my a$$ with a third, the Teamsters when didn't make vested. The public 52 union I'm vested in is not the strongest, especially given the states financial woes, but the IBEW is one of the better ones IMHO. I guess time will tell.
paden cash, post: 377244, member: 20 wrote: Just an FYI to Mr. Ehlert - I have discovered that if one seals up a container (Mason Jar) with United States notes inside, a desiccant should be placed in there as well. I don't know what causes it, but I've found some mold or mildew on the bills. Placing it somewhere it may 'breathe' might be an answer....but then it's susceptible to a canine's olfactory.
Like someone here on the board said, "Just because I'm paranoid doesn't mean they're not really after me...." o.O
It really should be stored where there is fresh air according to my great uncle. He used to have to leave work (usually hoeing tobacco or hauling hay) to go home and get up in his hayloft and turn his stash with a pitchfork to keep it from molding. At least that's what he said he had to leave for.
