Live Your Best Life With Rewards for Good. Start Earning Reward Points Now. Get Started Now!

Reply
Social Butterfly

Re: lead 'em to the water trough

1,825 Views
Message 21 of 135

@c341535l, 1882 was a deeper recession than 2009 which was not caused by 9/11 but because the bond market collapsed.  There were too many toxic bonds on the market that all went bust.  What does you big fish relitive do?  Puts his saving in his mattress?  Well that may be the safest place for your savings.  I stay well informed financially and have a very savvy person tending my money.  He has a history of knowing when to bail the market.  That is more valuable than knowing what to buy.  Cash in a bank is not completely safe.  If our economy goes to ruin our debt will kill us so we will need to devalue the dollar a great deal.  Then stocks and realestate are the safe places. 

 

There is no such thing as a sure safe bet.

Report Inappropriate Content
Conversationalist

Re: Retiring early - share your experience! Please!

1,697 Views
Message 22 of 135

Balance.  You can have more money working longer, but you never know how much time you have left.



 

Report Inappropriate Content
Info Seeker

Re: Retiring early - share your experience! Please!

1,612 Views
Message 23 of 135

Couldn’t agree more, what an eye opener!!!!!!

good luck,

Tim S

Report Inappropriate Content
Social Butterfly

Re: Retiring early - share your experience! Please!

1,238 Views
Message 24 of 135

@smetro, you should have figured that out long ago.  Not so much when you can retire in time but when can you exist on what you have.  Finding a job at your age will likely be impossible.  Trust me, I have first had experiances there.  You need to have a list of what your assets and liabilites are including a dollar amount.  You need to list and total up your different incomes and your expected expenditures. 

With family maybe you don't want to move but many retirees sell their home and buy something in a cheaper place to live.  Then you need to visit the areas to see if you could actually live there. 

 

What are your finances?  Unless you have CDs, these will not be stable.Stocks could go any which way while bonds will likely lose a lot of value.  If your funds manager hasn't warned you about bonds you have you need to find someone competent.  The tax cuts will eventually raise interest rates which will lower the value of your bonds. Because interest rates are near a record low, any bond is a terrible investment.  

Report Inappropriate Content
Silver Conversationalist

Re: Retiring early - share your experience! Please!

982 Views
Message 25 of 135

We retired to live at Lake Chapala in the Mexican state of Jalisco, about 4-5 hours by car/bus inland from Puerto Vallarta. We are an hour south of Guadalajara, Mexico's 2nd largest city and about 35-40 minutes from the Guadalajara airport. Amazing year-round climate and reasonable cost of living. Go to YouTube and search Expatsinmexico/ajijic and view my 12 minute video (David Huff) on retirement here. It will answer maybe some questions. Leave a YouTube comment & I'll respond.

Report Inappropriate Content
Info Seeker

Re: Retiring early - share your experience! Please!

942 Views
Message 26 of 135
Suggest you create an Excel spreadsheet with 2 columns: first one:incoming;second oneSmiley Surprisedutgoing).
Incoming will consist of your individual month income like: net pay,social security,pensions,dividends,interest.
outgoing will consist of your individual month
expenses like rent,food,utilities,auto expenses.
Incoming minus outgoing should show you if you are operating at a plus of minus for a month. Then you need to increase incoming and decrease outgoing so you can use the balance to invest..
Report Inappropriate Content
Bronze Conversationalist

Re: Retiring early - share your experience! Please!

927 Views
Message 27 of 135

My suggestion, probably wil be reiterated by others, is to find a hobby or some organization for which you can volunteer.  Take up a skill you may have wanted to explore but for which you did not have the time (i.e. painting, writing, playing a musical instrument, singing).  Do you like working with kids (not necessarily your own grandkids) or older people?  The homeless?  Habitat or another organization that volunteers to help people with housing, etc. would put you to "work."  These places will often work with you if you wish to give them time.  Your best bet is to find one that fulfills your needs as well, perhaps in a way that full-time employment never, ever did.  I am, right now, working on a long-sought-after hobby-perhaps second career, although not yet retired!  This is just a start...!

Report Inappropriate Content
Bronze Conversationalist

Re: Retiring early - share your experience! Please!

868 Views
Message 28 of 135

Am 70 this year-still trying to figure out just how to (and if I can?!?) retire...must do so, however, before more of my life slips by!!!  Am a widow, have many grandchildren - but have plans for things that both do and do NOT include family (i.e. the go-to babysitter for everyone).  Any suggestions?  Will have Soc. Sec. and a pension, but debt, taxes and health insurance are major concerns...! P.S.  Know I must consult with a retirement counselor here at work, and plan to do that.

Report Inappropriate Content
Conversationalist

Re: Retiring early - share your experience! Please!

850 Views
Message 29 of 135

I will likely not voluntarily prepay income tax. The first year, I'll bank at least as much as I expect my tax to be, to be on the safe side, tehn go ahead and cut them a check. The next year, I'll tighten the numbers a bit. 

Report Inappropriate Content
Conversationalist

Re: lead 'em to the water trough

780 Views
Message 30 of 135

I wasn’t too impressed with calling people who prefer their income in retirement safe vs being invested in the markets etc. I have a distant relative who is a Very Big Fish in the Markets and he oversees all the traders for one of the largest banks in the US and he says it’s a Crap Shoot in a Giant Casino! Perhaps your very well off abut many aren’t and I and millions of others lost our nest eggs in the 9/11 tragedy. I lost over 1 million dollars in one **bleep** day and the rest of it with the last meltdown causing the largest recession in history. I was a Victim for others folly and nearly lost my home twice!  I know you have every right to your opinion but I feel quite different from you because I paid into it all for years and now get nothing. 

Report Inappropriate Content
Announcements
Prepare to Care: A Resource Guide for Families download this free guide developed by AARP to help make caregiving more manageable. It includes information on how to have vital conversations with older family members, organize important documents, assess your loved one's needs and locate important resources.
Top Kudoed Authors