50+ & No Retirement Savings? Some info that might help.

The ClubHouse: General Archives: June - July Archives: 50+ & No Retirement Savings? Some info that might help.

Zeb

Tuesday, June 26, 2001 - 05:02 pm Click here to edit this post
Please don't take offense as this info is only posted here as reference for those that want the info.

Info

Tksoard

Tuesday, June 26, 2001 - 06:24 pm Click here to edit this post
And do you REALLY think anyone is going to respond? oops, I did

Grooch

Tuesday, June 26, 2001 - 06:34 pm Click here to edit this post
((TK))

Twiggyish

Tuesday, June 26, 2001 - 06:45 pm Click here to edit this post
((TK))

Tksoard

Tuesday, June 26, 2001 - 09:12 pm Click here to edit this post
What?
What?

Zeb

Tuesday, June 26, 2001 - 09:33 pm Click here to edit this post
Well, it wasn't placed here for response exactly but for information.

Zeb

Wednesday, June 27, 2001 - 06:51 am Click here to edit this post
So, check it out before it bottoms out on the list.

Whit4you

Wednesday, June 27, 2001 - 10:11 am Click here to edit this post
Thanks Zeb - it's definately good for folks to start planning at least 10 to 15 years prior to retiring. Funny thing about this is the retirement age just keeps going up and up and up. By the time most of US hit retirement age - it'll probably be 79. :)

Zeb

Wednesday, June 27, 2001 - 05:36 pm Click here to edit this post
Actually, it's NOT good to procrastinate 10 or 15 years before retiring but this is one solution to no retirement.

Look up the Rule of 72 and you'll see why you should start saving something as early as possible.

Zeb

Wednesday, June 27, 2001 - 05:38 pm Click here to edit this post
Unless one is relying on a pension or a piddley amount from social security, a person needs a nestegg in which they can live off 8-10% of that a year...minimum. People retiring with $20,000 to $100,000 are just going to wind up working again when the money runs out. Most people don't even have $20,000 saved at retirement let alone $1000 due to either not being informed or procrastinating. Make sense?

Wcv63

Wednesday, June 27, 2001 - 08:47 pm Click here to edit this post
Zeb: Most people don't even have $20,000 saved at retirement let alone $1000 due to either not being informed or procrastinating.

Sometimes circumstances over which we have no control can eat up savings (unexpected illness, injury etc.). Also some people are wary of investments simply because they involve some risk. I'm not much of a risk taker when it comes to money. I hate to gamble and even the safest stocks or funds are still a gamble.

I'm hoping I win the lottery or the Publisher's Clearing House so I don't need to worry about retirement. In the meantime I'll just keep socking it away and hope that I can make it to those golden years unscathed.

Zeb

Wednesday, June 27, 2001 - 09:53 pm Click here to edit this post
Well, a bank savings account at 2% is guaranteed and a bank CD at 5% is guaranteed and those who usually play it safe by sticking with "guaranteed" are pretty much guaranteed to go broke quickly at retirement. It's a harsh, ugly thought but a fact.

Mutual funds are not as risky as individual stocks since they are made up of multiple stocks that determines its performance. By reviewing the 15-20 year history of a particular mutual fund, you can usually find one yielding 10% or better on the average. I'm not here to debate what everyone believes is right or wrong. I just hate to see anyone get to retirement and say, "damn, he was right" when their money runs out.

(I would insert an LOL after that, but it's truly not a funny situation. Anyway, I can really get going on all this...)

Wcv63

Wednesday, June 27, 2001 - 10:00 pm Click here to edit this post
Zeb I'm sure you're right. "Extra" money is so hard to come by and I get nauseated at the thought of putting it at risk. However, that's not to say that I don't see the logic behind your arguments. One day I'll pop a dramamine, close my eyes and take the plunge. I've been trying to talk myself into it for some time.

Zeb

Wednesday, June 27, 2001 - 10:04 pm Click here to edit this post
If a person sat down and truly figured out what they waste money on everyday in comparison with being broke at retirement, they could usually find some to set aside.

Seriously...get a notebook and write down everything you purchase per day for 30 days right down to the soda you get out of the Coke machines. A friend had me do the same. It's eye opening what can be saved per month by eliminating just a few unneccessities.

Zeb

Thursday, June 28, 2001 - 01:52 pm Click here to edit this post
Here's another wonderful site with information:

Retirement Info