Retirement Planning - Lessons Learned

[Fuddy1952]

Never have had a penny in stocks or an IRA. Being a builder, I have stuck to what I know; building. I buy a house, restore it to better than new and sell it. Buy a more expensive house, ditto... and sell it. My current project will net me mid six figures profit. When I am done and ready to retire, I will keep my last house (already under contract), be debt free and big $$$ in the bank. Not everyone needs a financial advisor... Just skin in the game.

Years ago I was telling a good contractor friend about mutual funds. He listened then invested some money he had saved. A month later he showed me his statement..."I made $600 and didn't even have to drive a nail" he said. But it's long term, and up and down I told him. Eventually you'll do ok.

 

[Torvy]

With the decline of Defined Benefits retirement plans and the transient nature of jobs today, one must take any opportunities to increase personal wealth. I never felt comfortable dabbling in the stock market but I wish I had. I did it the hard way and worked that 30+ years to earn that pension.

I had a job with a pension. I didn't want to depend on any one company remaining solvent to ensure my retirement. I wish I had put money in stocks earlier, too. I worked 30+ years, but not for the same company.

 

[NorTracNY]

Years ago I was telling a good contractor friend about mutual funds. He listened then invested some money he had saved. A month later he showed me his statement..."I made $600 and didn't even have to drive a nail" he said. But it's long term, and up and down I told him. Eventually you'll do ok.

I'm waiting to get to that point where I realized that my investments are regularly making more than I do.

 

[Larry Caldwell]

You'd be astonished to learn what many skilled blue collar workers work for in the Southeast.

I'm starting to realize why an extra $300/week in unemployment benefits was such a big deal in some areas. Employers think it's horrible that they can't lock somebody in at slave wages. At 40 hours a week, that's $7.50/hour, an absurdly low wage. Federal minimum wage is only $7.25, and some states are worse than that.

They have suckered a lot of people into being poor and proud of it, while the bosses laugh all the way to the bank. Now they're weeping great crocodile tears because nobody will work for them.

 

[fiddlearound]

So you are happy for the taxpayers to make up the difference?

 

[MossRoad]

I'm waiting to get to that point where I realized that my investments are regularly making more than I do.

Right after being debt free, that was our next goal.
After that, the next goal is finding affordable health insurance after retirement.

 

[ultrarunner]

15 an hour can’t compete with CA combined benefits...

I know several that probably will never go back... not if they can help it as they learned to make do with less and like it.

 

[arto98607]

Right after being debt free, that was our next goal.
After that, the next goal is finding affordable health insurance after retirement.

That's a good plan!

After age of 65 you qualify for Medicare and can shop around for supplementary ins. available in your state.

That should not be too hard to find?

 

[Macinnis]

Be frugal during those working years and if you live long enough, you can afford those toys.

Never Co-Sign for anyone and never loan money you expect to be repaid.

Stop buying crap on credit. Save for large purchases and refrain from impulse purchases.

Be kind, help others and support causes you are passionate about.

Why stop buying on credit? I think this is horrible advice.

the stock market has averaged 10% returns for the last 140 years.

why would I pay cash for a tractor, when the bank is willing to give me a loan for say 6%. By taking out a loan and making monthly payments, my say 40K is still invested and making money, and all I have to do is make a monthly payment.

i Will only pay cash if the interest on a loan is over 10%, which is never.

 

[Steppenwolfe]

So you are happy for the taxpayers to make up the difference?

Taxpayers have been making up the difference for decades... as in corporate welfare; as in Walmart, et al.