Don't let other people hold your money!
Easier said than done...
Don't let other people hold your money!
As a 33 year old, I think that there needs to be a serious discussion about retirement age. Using retirement ages based on 1940s and 1950s life expectancies in 2019 is unrealistic.
There is NO mandatory retirement age. Social Security sets a "Full Retirement Age" at which you can collect your full benefit amount. But there's nothing to stop you from working until the day you die if you wanted to.
I was once 33 years old and full of p1ss and vinegar. Eventually your body will wear out and your mind will fail - nobody leaves this planet alive. The questions are 1. When do you want to retire? and 2. When can you afford to retire?
Don't let other people hold your money!
As a 33 year old, I think that there needs to be a serious discussion about retirement age. Using retirement ages based on 1940s and 1950s life expectancies in 2019 is unrealistic.
Once upon a time, I used to talk to clients about it over and over again, but I realized I was wasting my breath. So, I mention it once or twice early on in the relationship, and then I leave it be.
Of course, if Americans in mass decided to start saving for a rainy day before buying something new and shiny, the economy might come to a screeching halt with the loss of all that consumer spending.
Then, all that money is being held by somebody else. Yes, I can ask for it back, but what the heck happens if one day somebody tells me it is gone. Poof!!!!!!!!! I'd be like, "Poof? POof? POOF?"
Or you see the writing on the wall and you're too old to learn to ride on the latest roller coaster. Then you retire at 55 and call it a carrier.
Proper planning...
...I'll be able to retire at the end of 2020, at 58. It'll be modest, if not Spartan, but we'll be comfortable... and should outlive our money (and leave a good chunk for the grandkids).
People forget there is a difference between something promised in a contract versus fulfilment of the promise.
The future is never garraunteed!
My father learned that with Bethlehem Steel, and he was one of the lucky ones that got a livable retirement income.
New England colonies for example struggled with inflation through the 1700s. Partly because of wars, partly because of bad fiscal and monetary policy
Speaking of Argentina, inflation is over 50% right now. The previous administration added about 3 million people to the state rolls who had not paid in. Unfunded pension, welfare, and entitlement benefits a re huge driver of inflation in Latin America.
Government jobs really don't take into account age, just years of service. That's why they can retire in their early 50's and draw that check for 30 years. Meanwhile, before too ling, you'll have to be pushing 80 to start to draw Social Security (if anything is left of it)
There's talk about the laziness of the American worker, but look at the number of hours other country's workers put in. I was a liaison for my company and a Switzerland company. I found out that they each get a month off plus their vacation time. This was mandated by their government.
I was once 33 years old and full of p1ss and vinegar. Eventually your body will wear out and your mind will fail - nobody leaves this planet alive. The questions are 1. When do you want to retire? and 2. When can you afford to retire?
Even for gold, a lot of people actually hold "certificates" stored somewhere else, not actual piles of bars.
Even if you physically have gold, what is it actually worth? In a SHTF situation, can you eat it? It is only of value if someone else wants it, and at what rate.
I prefer to stockpile .22 LR. Small increments (one round) and usable in most any situation.
And if not, I can shoot it myself.
Even if you physically have gold, what is it actually worth? In a SHTF situation, can you eat it? It is only of value if someone else wants it, and at what rate.
I prefer to stockpile .22 LR. Small increments (one round) and usable in most any situation.
And if not, I can shoot it myself.
American workers work the longest work week (in hours) and have the least time off of any first world country.
A friend worked for a Swiss company, in Switzerland. They opened the gates and 9AM, they closed them at 5PM, and NO ONE was allowed to work outside those hours.
He was an IT type, and it drove him NUTS, as he was the type to show up at 3PM and work until 3AM.
Government jobs really don't take into account age, just years of service. That's why they can retire in their early 50's and draw that check for 30 years. Meanwhile, before too ling, you'll have to be pushing 80 to start to draw Social Security (if anything is left of it)
First rule of investing is diversity, don't put all your eggs in a single basket.