Mickey_Fx
Veteran Member
Have just returned from a long road trip and what do I find, this discussion, something I've been hearing on the radio for a couple days. Pretty popular thread, an important discussion IMO and see the comments have stayed pretty clear from politics. :thumbsup: TBN members.
There was a lot more in the annual report that got this topic rolling. All in all not a pretty picture of the financial position of many/most here in the states. Part of the report said >50% of the typ person would have a hard time coming up with $2k to cover an unexpected expense. Not good IMO. Lot of other data in the report.
I've been retired almost 15 yrs, retired at 58, and have been living a modest lifestyle and saving/investing for ~30 yrs. Uncle Sam has rewarded me for living this way in the form of higher taxes. I've also been rewarded by the ability to retire early and feel secure in our financial position. Planing on ones retirement yrs take a lot of planning and effort. You need to be as free of debt as one can, save/invest as much as you can and try to get insurance to cover a lot of things that can come your way in life that comes with a BIG price. Get going, time is your friend. Compounding is wonderful.
There have been a few comments made in this discussion about investing, especially in ones later yrs. I can't agree with what has been said. I'm still investing money. It's all about how that money is invested one should be concerned about. Done properly one can be invested in the market today and still earn a reward on that investment. I have about a doz different investments and when looking at them in a scatter-gram, risk Vs reward with the DJ avg as the benchmark, all but 2 of my investments fall into the quadrant of higher rewards with lower risk than the benchmark. Those couple investments that aren't in that quadrant are very close to it. I do have a very good advisor that charges on a fee for service basis. His income only rises when my income rises. He has an incentive to do well for me.
I do know that now that we have to take annual withdrawals from our IRA and the profit we're making on our investments, our SS benefits are fully taxed. Another little reward from Uncle Sam for being financially responsible. Our largest income tax bills have come since my retirement.
Have been debt free for many yrs which has helped. Have always tired to live by the thought if I can't afford the cash price, I can't afford the differed price that includes interest on the loan. That includes the purchase of a newer home a couple yrs back.
Oh, someone asked, how much does one need to retire. I attended a presentation the company offered, those that were 55 or over. During that presentation the speaker mentioned a couple figures. One a Million in assets and the other ~70% of your working income. Have heard those figures from several other sources as well. All I can say is I couldn't envision some of todays cost back then. Energy and medical costs have gone through the roof and something back then one wouldn't have believed.
All I can say is, be debt free at retirement, save/invest wisely beginning at least 20 yrs before you plan on retiring, pay yourself first! And it doesn't hurt to pay real attention to who you vote for and what policies they believe in. That can and does impact your daily life.
There was a lot more in the annual report that got this topic rolling. All in all not a pretty picture of the financial position of many/most here in the states. Part of the report said >50% of the typ person would have a hard time coming up with $2k to cover an unexpected expense. Not good IMO. Lot of other data in the report.
I've been retired almost 15 yrs, retired at 58, and have been living a modest lifestyle and saving/investing for ~30 yrs. Uncle Sam has rewarded me for living this way in the form of higher taxes. I've also been rewarded by the ability to retire early and feel secure in our financial position. Planing on ones retirement yrs take a lot of planning and effort. You need to be as free of debt as one can, save/invest as much as you can and try to get insurance to cover a lot of things that can come your way in life that comes with a BIG price. Get going, time is your friend. Compounding is wonderful.
There have been a few comments made in this discussion about investing, especially in ones later yrs. I can't agree with what has been said. I'm still investing money. It's all about how that money is invested one should be concerned about. Done properly one can be invested in the market today and still earn a reward on that investment. I have about a doz different investments and when looking at them in a scatter-gram, risk Vs reward with the DJ avg as the benchmark, all but 2 of my investments fall into the quadrant of higher rewards with lower risk than the benchmark. Those couple investments that aren't in that quadrant are very close to it. I do have a very good advisor that charges on a fee for service basis. His income only rises when my income rises. He has an incentive to do well for me.
I do know that now that we have to take annual withdrawals from our IRA and the profit we're making on our investments, our SS benefits are fully taxed. Another little reward from Uncle Sam for being financially responsible. Our largest income tax bills have come since my retirement.
Have been debt free for many yrs which has helped. Have always tired to live by the thought if I can't afford the cash price, I can't afford the differed price that includes interest on the loan. That includes the purchase of a newer home a couple yrs back.
Oh, someone asked, how much does one need to retire. I attended a presentation the company offered, those that were 55 or over. During that presentation the speaker mentioned a couple figures. One a Million in assets and the other ~70% of your working income. Have heard those figures from several other sources as well. All I can say is I couldn't envision some of todays cost back then. Energy and medical costs have gone through the roof and something back then one wouldn't have believed.
All I can say is, be debt free at retirement, save/invest wisely beginning at least 20 yrs before you plan on retiring, pay yourself first! And it doesn't hurt to pay real attention to who you vote for and what policies they believe in. That can and does impact your daily life.
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