Fieldmouse

Make a change today if you're going in that direction.


https://www.cnbc.com/2018/03/15/bank...r-nothing.html

flags

You are "that guy" that I don't want to be. Just sayin'.

sconnyhunter

Many people, sadly, have a similar attitude to mine. I won't be able to retire. Not with the way our government is going. That isn't stopping me from utilizing what I can to save. But I know that what I have, IF I get to that age. Will primarily be for burial.

rbduck

Unfortunately I agree with this gentleman and I live in Canada.

RB

CalHunter

That is sad to hear. I hope things improve for both of you. Retirement is never a 1-size fits all so it would be impossible for me to comment further as each person has their own special set of circumstances. I wish you both the best of luck!

flags

This is one of the reasons I stayed in the Navy for the long haul. I get a navy pension check on the first of every month and am working on my second pension as a teacher. Add is social security and my personal investments and I should be OK come retirement time in 8 years.

Fieldmouse

That's unfortunate. There are over 10 million millionaires in the US. What many don't realize is most only made around 50K per year. They just had the smarts to live within their means and save for retirement. I've pointed out many times, just 1k/ year invested in a good growth mutual fund for every year a person is alive will net that person a multi-millionaire at retirement age of 65. Top profession of millionaires Engineer, lawyer, teacher. I'm not sure what the other ones were. Doctors weren't among them.

One thing I just learned but I think I found a loop hole. A person can't have a Roth IRA unless they have taxable income. So since I'm about to be a granddad, I'm thinking if the baby were used in advertising and paid as a model, that should qualify as taxable income and therefore go into a Roth. In the end, that little bit of taxes now would mean tax free millions at retirement.

Iron Condor

Given the economic reality of today I do not believe a pension and social security are going to be sufficient to retire on. In my opinion multiple cash flows will be more prudent than ever. Along with my pension and my 401K and my social security I am also building up my day/swing trading account and plan to use my home machine shop to augment my cash flows as well.

Phil from Maine

I agree with Cal on this one, not everyone wears the same size shoe. I know of some that have retired and fired up their own business to supplement their loss of income. But, I would be asking myself can I afford not to retire? While I can only speak for me I am planning on retiring at 62 which is only 4 years away for me. As some know I had a big fight with cancer and the big guy upstairs led me threw it. It was a rough battle and that one makes me think will I be able to live long enough to retire with full benefits? While I know I can't give an answer. I know that things happen quickly. My answer is I will be able to do this and work hard at making sure that I can.. Cancer did set some of my planning back but not enough to stop me from enjoying life and will continue with my plans..

olsaltydog

Depends on how much earned income the person has, for instance if they only make 2500 a year from that modeling gig then they could only contribute up to 2500 a year. There are rules regarding both making too much and making too little.