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Debates Forum

Debates Forum

  1. 15 Aug '11 03:32 / 2 edits
    What retirement plan are you counting on?

    I was talking with a buddy of mine the other day and he told me his plan. He said that if you had purchased $1,000 of shares in Delta Airlines one year ago, you would have $49 today. If you had purchased $1,000 in AIG, you would have $33. If you had purchased $1000 of shares in Lehman Brothers, you would have nothing. If you will rely on social security, you will probably get less than nothing. However, if you had purchased $1000 worth of beer, drank all the beer, then turned in the aluminum cans for recycling, you would have $214. He then said the only answer was to dring heavily and then retire. He called it the 401 keg plan.

    So what is the best avenue to invest for retirement? What say you?
  2. 15 Aug '11 04:15
    Originally posted by whodey
    What retirement plan are you counting on?

    I was talking with a buddy of mine the other day and he told me his plan. He said that if you had purchased $1,000 of shares in Delta Airlines one year ago, you would have $49 today. If you had purchased $1,000 in AIG, you would have $33. If you had purchased $1000 of shares in Lehman Brothers, you would have no ...[text shortened]... lled it the 401 keg plan.

    So what is the best avenue to invest for retirement? What say you?
    I am retired. And I can’t really answer your question. I was fortunate enough to have some of my “deferred compensation” in defined benefit pensions. I also had some in “defined contribution” savings-type plans. I was also just plain lucky—I never deny luck, and generally do not trust people who do. My wife draws SS; I am not yet eligible.

    We also voluntarily cut our household income by about 2/3rds some years ago in order to move to the country and do some “life simplification”. We have no debt (except some transient CC debt that we carry and pay off each month in order to keep the credit line alive in case of emergencies). We are not poor, but we live fairly frugally (we have old, slow dial-up connection that does not permit us to watch youtube stuff—does that make us old, too?). Tomorrow, I will be making some of my country tomato sauce from our home-grown organic tomatoes. We drink relatively cheap wine. Except for my wife, I live as a kind of Zen hermit almost.

    Likely, my situation is not typical.
  3. 15 Aug '11 04:26 / 1 edit
    Originally posted by vistesd
    I am retired. And I can’t really answer your question. I was fortunate enough to have some of my “deferred compensation” in defined benefit pensions. I also had some in “defined contribution” savings-type plans. I was also just plain lucky—I never deny luck, and generally do not trust people who do. My wife draws SS; I am not yet eligible.

    We also ...[text shortened]... cept for my wife, I live as a kind of Zen hermit almost.

    Likely, my situation is not typical.
    So its the Zen Hermit plan, eh? It sounds much more practicle than the 401 keg plan I suppose.

    I guess I always though that I would work till I dropped or simply could not work due to physical reasons or perhaps simply can't find work. Glad to here you are making it.
  4. Subscriber Sleepyguy
    Reepy Rastardly Guy
    15 Aug '11 04:27
    Originally posted by vistesd
    I am retired. And I can’t really answer your question. I was fortunate enough to have some of my “deferred compensation” in defined benefit pensions. I also had some in “defined contribution” savings-type plans. I was also just plain lucky—I never deny luck, and generally do not trust people who do. My wife draws SS; I am not yet eligible.

    We also ...[text shortened]... cept for my wife, I live as a kind of Zen hermit almost.

    Likely, my situation is not typical.
    Sounds nice. I want to be you when I grow up. Except for the dial-up though, cuz damn.
  5. 15 Aug '11 04:32
    Originally posted by Sleepyguy
    Sounds nice. I want to be you when I grow up. Except for the dial-up though, cuz damn.
    No Youtube. :'(

    It's like living on Giligan's Island I tell ya!! I thought the progressives had legislated that everyone should have access to high quality internet.
  6. 15 Aug '11 04:46
    Originally posted by whodey
    What retirement plan are you counting on?

    I was talking with a buddy of mine the other day and he told me his plan. He said that if you had purchased $1,000 of shares in Delta Airlines one year ago, you would have $49 today. If you had purchased $1,000 in AIG, you would have $33. If you had purchased $1000 of shares in Lehman Brothers, you would have no ...[text shortened]... lled it the 401 keg plan.

    So what is the best avenue to invest for retirement? What say you?
    My advice is to plan not to retire. Plan to work into a job that your knowledge base and mental acuity make you of value, and that you enjoy. It will likely be a lesser job than you have at your peak. It only has to supplement, not provide. Also, choose as your life partner, someone with a similar plan. Talk before marrying, and marry only once. In current US dollars, aim for net assets of about 2 million, with the house paid for, the kids on their own. Adjust for inflation. Anything more is gravy.
  7. 15 Aug '11 04:49 / 2 edits
    Originally posted by JS357
    My advice is to plan not to retire. Plan to work into a job that your knowledge base and mental acuity make you of value, and that you enjoy. It will likely be a lesser job than you have at your peak. It only has to supplement, not provide. Also, choose as your life partner, someone with a similar plan. Talk before marrying, and marry only once. In current US ...[text shortened]... n, with the house paid for, the kids on their own. Adjust for inflation. Anything more is gravy.
    What will 2 million be worth by the time I retire?

    To be honest, I only look for the economy to continue to dwindle till I retire. Then once you stop working something like inflaction awaits you to gobble you up!!
  8. 15 Aug '11 05:22
    Originally posted by whodey
    What will 2 million be worth by the time I retire?

    To be honest, I only look for the economy to continue to dwindle till I retire. Then once you stop working something like inflaction awaits you to gobble you up!!
    You should talk to a local professional financial planner, and that is not someone who wants to sell you insurance, an annuity, stocks, bonds, property, etc. It is someone who you pay a pre-agreed X dollars, to look at your financial situation and give you advice; advice they will not profit from if you follow it. Some communities have a certain degree of free services available.