Retirement

[Augie]

1 hour ago, ExiledInIllinois said:

Same... Worth more dead now.  BUT I am leaving at the earliest age that I can get maximum benefits. 

 

My BIL basically maxed out his pension as a teacher in Rhode Island. It was as good as it was going to get, so he went to Massachusetts for 5+ years and got a second pension. Nice move!  RI is so small it was no farther to drive to MA than the school he had been working at! 

52 minutes ago, T&C said:

Good thread topic. Some of it has differing idea's for sure... one is SS and when to collect. I'm not there yet but it won't be too long... and the (not that I've seen here) debate I've had with a lot of people is this: say you claim SS at 62... $1,500 a month. But, if you wait until 65 it will be $1,800 a month. 

 

The debate is that the money evens itself out because that was 3 years you weren't receiving anything at all. I'm in the camp that will take it at 62.

 

Also there is the fact that none of us know how long we will live.

 

I thought the difference was more dramatic than that after our last meeting with a financial planner. He shocked me with how large the difference was between taking at 62 vs 65. I guess it’s a gamble on how long you think you’ll live. 

Edited November 12, 2021 by Augie

[Poleshifter]

18 hours ago, Dr Krentist said:

Anyone have a retirement fund? I'm 40 and am finally thinking about opening a Roth IRA. All I have is profit sharing with my job. What company do you invest with? Likes/Dislikes? Any tips would be greatly appreciated.

Take any spare funds you have in savings and buy precious metals today.

 

Go to JMBullion.com for fast reliable service. Silver bars and rounds are easy to buy. Very soon, the Quantum Financial System will be in place, and will be backed by gold, silver, etc. This will make their value increase - greatly!

 

I would avoid the stock market, where the little guy never makes much profit because the big guys manipulate it so much. I believe it will soon crash.

 

[T&C]

10 minutes ago, Augie said:

 

My BIL basically maxed out his pension as a teacher in Rhode Island. It was as good as it was going to get, so he went to Massachusetts for 5+ years and got a second pension. Nice move! 

 

I thought the difference was more dramatic than that after our last meeting with a financial planner. He shocked me with how large the difference was between taking at 62 vs 65. I guess it’s a gamble on how long you think you’ll live. 

It will certainly vary person to person but the difference between having been paid for 3-4 years against nothing at all really seems to even out overall. Also, you have a financial planner. Have you ever made an account on the SS website? Well worth it if you haven't... here is the secure link to get where you currently stand (or anyone here no matter your age):

 

https://secure.ssa.gov/RIL/SiView.action?URL=%2Fmyssa%2Fbec-plan-prep-ui%2Fbec-home

[ICanSleepWhenI'mDead]

1 hour ago, Poleshifter said:

Take any spare funds you have in savings and buy precious metals today.

 

Go to JMBullion.com for fast reliable service. Silver bars and rounds are easy to buy. Very soon, the Quantum Financial System will be in place, and will be backed by gold, silver, etc. This will make their value increase - greatly!

 

I would avoid the stock market, where the little guy never makes much profit because the big guys manipulate it so much. I believe it will soon crash.

 

 

You can buy stock index funds that don't require much vigilance.  If inflation spikes, you might do better in precious metals in the short term, but check out the long term chart of S&P 500 and Dow Jones index funds vs. gold or silver.  Be sure to look at the "total return" graph including dividends (gold and silver bars don't pay dividends), which includes periods of both high and low inflation:

 

https://www.longtermtrends.net/stocks-vs-gold-comparison/

[unbillievable]

1 hour ago, Poleshifter said:

Take any spare funds you have in savings and buy precious metals today.

 

Go to JMBullion.com for fast reliable service. Silver bars and rounds are easy to buy. Very soon, the Quantum Financial System will be in place, and will be backed by gold, silver, etc. This will make their value increase - greatly!

 

I would avoid the stock market, where the little guy never makes much profit because the big guys manipulate it so much. I believe it will soon crash.

 

 

I was looking into buying gold/silver but it felt like a scam. Worse than stocks.

 

1) you pay a premium. (You start out in a hole)

2) the market is flooded with fakes. Have to find a reputable dealer

3) Storing the stuff is a pain. Need home security. or pay a bank.

4) You have to find a buyer (easier to sell stocks)

5) you have to authenticate that your gold is real.

 

Am I missing something?

 

 

3 minutes ago, ICanSleepWhenI'mDead said:

 

You can buy stock index funds that don't require much vigilance.  If inflation spikes, you might do better in precious metals in the short term, but check out the long term chart of S&P 500 and Dow Jones index funds vs. gold or silver.  Be sure to look at the "total return" graph including dividends (gold and silver bars don't pay dividends), which includes periods of both high and low inflation:

 

https://www.longtermtrends.net/stocks-vs-gold-comparison/

 

I find it funny that you can buy stocks in precious metals..

[RaoulDuke79]

 

I'm always curious about people's strategies and lifestyle. I'm not a keeping up with a Benjamin's guy and live fairly conservatively. I've been matching my employers 401K for the last 18 years and my wife and I Make a decent living. We carry zero debt aside from the mortgage,  but have 2 kids that will most likely go to college. 

 

I have a lot of acquaintances that have single earner incomes have great houses and fancy cars. It just makes me wonder if we're doing something wrong or just not carrying a load of debt. One thing we really need to look into is financial planning for the future and alternative sources of income. 

 

The stupid Dolphins took $45 out of my life savings last night too.

Edited November 13, 2021 by RaoulDuke79

[Chef Jim]

20 hours ago, Dr Krentist said:

Anyone have a retirement fund? I'm 40 and am finally thinking about opening a Roth IRA. All I have is profit sharing with my job. What company do you invest with? Likes/Dislikes? Any tips would be greatly appreciated.

 

I have a really good planner.  Dude is amazing!!  

 

BTW it was threads like this that prompted me to start my "Thanks for the advice but I don't need any advice" campaign.  😂

Edited November 13, 2021 by Chef Jim

[TBBills]

20 hours ago, Dr Krentist said:

Anyone have a retirement fund? I'm 40 and am finally thinking about opening a Roth IRA. All I have is profit sharing with my job. What company do you invest with? Likes/Dislikes? Any tips would be greatly appreciated.

Invest in crypto for long term. If you really are thinking about your future. You can stake crypto to earn money long term.

 

[Augie]

13 minutes ago, Chef Jim said:

 

I have a really good planner.  Dude is amazing!!  

 

BTW it was threads like this that prompted me to start my "Thanks for the advice but I don't need any advice" campaign.  😂

 

I heard your guy is kinda sketchy…..but he has mad knife skills! 

 

My wife is in wealth management. We’ve always been conservative and avoid debt other than a mortgage because money is so cheap. I get a kick out of all the get rich quick and easy ideas. Start saving early, save as much as you can afford even if it means some sacrifices and  live well within your means. Too many people live their lives according to the “we’ll be fine if everything goes right” method. Things inevitably go wrong at times. Be ready for that. 

[Chef Jim]

2 minutes ago, Augie said:

 

I heard your guy is kinda sketchy…..but he has mad knife skills! 

 

My wife is in wealth management. We’ve always been conservative and avoid debt other than a mortgage because money is so cheap. I get a kick out of all the get rich quick and easy ideas. Start saving early, save as much as you can afford even if it means some sacrifices and  live well within your means. Too many people live their lives according to the “we’ll be fine if everything goes right” method. Things inevitably go wrong at times. Be ready for that. 

 

I have so much to add to this thread but even my mad knife skills won't help me out of compliance hell

 

Carry on...........

[Augie]

6 minutes ago, Chef Jim said:

 

I have so much to add to this thread but even my mad knife skills won't help me out of compliance hell

 

Carry on...........

 

Come on! Make the world a better place! This is an anonymous message board, and you should be able to afford the blackmail!  

 

 

Compliance is a growing nightmare as I understand it. 

[Chef Jim]

2 minutes ago, Augie said:

 

Come on! Make the world a better place! This is an anonymous message board, and you should be able to afford the blackmail!  

 

 

Compliance is a growing nightmare as I understand it. 

 

Always has been.  I'm on a podcast next week to talk tax planning.  I submitted my notes and was going to use a case study.  Essentially "I have clients that I did _________ for"  Completely anonymous but my compliance said "no...that constitutes a testimonial" which is verboten.   At least for now.  The SEC (but not FINRA) will be more lax on testimonials starting next year. 

[ExiledInIllinois]

The world needs ditch diggers too.  They need someone to manage their portfolio. LoL... I hope they were saving early and not living above their means because the man in the suit has just bought a new car from the profit he's made on their dreams.

 

😏 

[BringBackFergy]

40 minutes ago, Chef Jim said:

 

I have a really good planner.  Dude is amazing!!  

 

BTW it was threads like this that prompted me to start my "Thanks for the advice but I don't need any advice" campaign.  😂

Guys like this give advice to little old ladies but lock their keys in the car. Stay farrrrr away. 

[Chef Jim]

2 hours ago, Augie said:

 

 

 

I thought the difference was more dramatic than that after our last meeting with a financial planner. He shocked me with how large the difference was between taking at 62 vs 65. I guess it’s a gamble on how long you think you’ll live. 

 

Your full retirement age is 66 if born 1954 or earlier.  It goes up 2 months for every year until those born 1960 or after where it's 67.   You will get a discount if you take SS between 62 and your FRA.  From FRA to 70 the lasted you can delay there is an 8% increase in your check.  So you delay from 66-70 it's a 32% increase in  your check.  That's huge.  

 

 

6 minutes ago, BringBackFergy said:

Guys like this give advice to little old ladies but lock their keys in the car. Stay farrrrr away. 

 

Come on dude.  I'm sober when I give the advice...well usually.  

[Augie]

13 minutes ago, Chef Jim said:

 

Your full retirement age is 66 if born 1954 or earlier.  It goes up 2 months for every year until those born 1960 or after where it's 67.   You will get a discount if you take SS between 62 and your FRA.  From FRA to 70 the lasted you can delay there is an 8% increase in your check.  So you delay from 66-70 it's a 32% increase in  your check.  That's huge.  

 

 

 

Come on dude.  I'm sober when I give the advice...well usually.  

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjPhsDDl5T0AhUXRzABHeamDrQQtwJ6BAgCEAM&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DDR2CLgszaPo&usg=AOvVaw0c3Sr6Sirq56YfM5fB_DKj

 

There had to be a violation in there somewhere! 

 

Well, that didn’t go as expected……

 

 

 

.

Edited November 13, 2021 by Augie

[Chef Jim]

6 minutes ago, Augie said:

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjPhsDDl5T0AhUXRzABHeamDrQQtwJ6BAgCEAM&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DDR2CLgszaPo&usg=AOvVaw0c3Sr6Sirq56YfM5fB_DKj

 

There had to be a violation in there somewhere! 

 

Well, that didn’t go as expected……

 

 

 

.

 

No.  That was 100% education which I can do.  LOL 

[T&C]

17 minutes ago, Chef Jim said:

Your full retirement age is 66 if born 1954 or earlier.  It goes up 2 months for every year until those born 1960 or after where it's 67.   You will get a discount if you take SS between 62 and your FRA.  From FRA to 70 the lasted you can delay there is an 8% increase in your check.  So you delay from 66-70 it's a 32% increase in  your check.  That's huge.  

That's also a huge amount of years when you reach that age where you just sacrificed a lot of years just "waiting", also doesn't include the SS money you would have already had if you had claimed at 62. This is what I mentioned above. Too many moving pieces really to actually define it... health, mobility, home situation, etc on and on. 

[unbillievable]

If my dad's family dies around 60, and my mom's family dies around 90, does that mean I should plan to live until 75?

 

 

[ExiledInIllinois]

28 minutes ago, T&C said:

That's also a huge amount of years when you reach that age where you just sacrificed a lot of years just "waiting", also doesn't include the SS money you would have already had if you had claimed at 62. This is what I mentioned above. Too many moving pieces really to actually define it... health, mobility, home situation, etc on and on. 

And the pandemic lowered our life expectancy a wee bit.