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some_math_guy
Tar Sands
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Joined: Feb 01, 2006
Posts: 56
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 Posted: Wed Oct 15, 2008 12:14 pm Post subject: Retirement: Fuh'ged about 'it |
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The stock market had an average of 8.5% annual growth since 1930. Assuming you owned the DOW this time last year, you have now lost about 37% of the value of your portfolio.
Let's assume things get back on track and it's business as usual (not likely). It will take until 2015 (more than 7 years) at 8.5% annual growth to get your portfolio back to where it was this time last year!
Something like 50% of the people I work with in government are due to retire within the next 7 years, and they all expected to be growing their retirement fund by 7-10% for the next 7 years. Instead it will probably be less than it was last year!
What are all these people going to do? Keep working another 10 years? |
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Specop_007
Expert
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Joined: Aug 12, 2004
Posts: 6265
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| Posted: Wed Oct 15, 2008 1:24 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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1) Retire with less
2) Work longer
3) Pressure the .gov to make up the difference and vote in the candidate who promises to do just that
_________________
"Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
كا&# |
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Zardoz
Expert
Joined: Dec 02, 2005
Posts: 6660
Location: Oil-addicted Southern Californucopia
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| Posted: Wed Oct 15, 2008 1:34 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| Specop_007 wrote: |
2) Work longer
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Check.
That's what I'll be doing. I'll probably be working until I physically can't anymore. Of course, I'm assuming there will be work available, for me or anybody else.
That may be an invalid assumption.
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"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen |
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Hawkcreek
Expert
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Joined: Aug 15, 2004
Posts: 1000
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| Posted: Wed Oct 15, 2008 2:05 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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What many of the boomers don't understand that the best retirement plan is to cut your expenses, instead of trying to have enough income to maintain your existing outgo.
Like-
Have a paid for home
Have a big garden
Have no utilities - go off-grid
Then you only have to come up with property taxes and a few other small expenses.
If they would have invested all of that 401 money in this kind of stuff, they would not be worrying now.
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"It don't make no sense that common sense don't make no sense no more"
John Prine
Last edited by Hawkcreek on Wed Oct 15, 2008 2:08 pm; edited 1 time in total |
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Cornelian
Heavy Crude
Joined: Nov 20, 2006
Posts: 123
Location: Tasmania
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| Posted: Wed Oct 15, 2008 2:07 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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Or assume that you're smart enough to be running your own retirement fund, you knew almost certainly that the markets would slide, you got out of the stock markets about November last year, right at the height of the boom, you walked away with 15 years of profit-taking, and ever since then you've been raking in the money via more conservative but safer investment options. Retirement has just come a little closer, thank you, God. 
I know a number of people who have done just that, and everyone was laughing at us a year ago. |
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Hawkcreek
Expert
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Joined: Aug 15, 2004
Posts: 1000
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| Posted: Wed Oct 15, 2008 2:10 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| Quote: | Retirement has just come a little closer, thank you, God.
I know a number of people who have done just that, and everyone was laughing at us a year ago. |
Ok, now take some of that money and buy the house, off-grid system, etc.--- while the money is still worth something.
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"It don't make no sense that common sense don't make no sense no more"
John Prine |
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vtsnowedin
Intermediate Crude
Joined: Jul 11, 2008
Posts: 509
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| Posted: Wed Oct 15, 2008 4:01 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| Hawkcreek wrote: | What many of the boomers don't understand that the best retirement plan is to cut your expenses, instead of trying to have enough income to maintain your existing outgo.
Like-
Have a paid for home
Have a big garden
Have no utilities - go off-grid
Then you only have to come up with property taxes and a few other small expenses.
If they would have invested all of that 401 money in this kind of stuff, they would not be worrying now. |
Have a paid for home. Check
have a big garden. Check
Have no utilities - go off grid. Not on your life. at .17 per kwh it is the bargain of a lifetime and the first 150 kwh are half that. Be prepared to live without it but enjoy it while it lasts.
If fifty odd million people take a fifty percent cut in their retirement income won't the price of golf in Florida just go down by half. ?? If most everybody is in the same boat what they are able and willing to pay sets the prices. Except KSA no country's retirees will have any more than ours. Another benifit of globalization, we all swim in the same cess pool.
Last edited by vtsnowedin on Wed Oct 15, 2008 4:45 pm; edited 1 time in total |
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Windmills
Heavy Crude
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Joined: Oct 11, 2005
Posts: 415
Location: Arizona, USA
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| Posted: Wed Oct 15, 2008 4:35 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| Retirement: Don't forget consolidated households, families working together, and children willing to take care of you because you were a good mother or father to them. My parents have no worries about being cared for later in life by their children, and I hope it's the same for me. |
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vtsnowedin
Intermediate Crude
Joined: Jul 11, 2008
Posts: 509
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| Posted: Wed Oct 15, 2008 4:42 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| Windmills wrote: | | Retirement: Don't forget consolidated households, families working together, and children willing to take care of you because you were a good mother or father to them. My parents have no worries about being cared for later in life by their children, and I hope it's the same for me. |
Good point. I have often told my three college grads that we sent them to school so that one day they could support us in the manner to which we have grown accustomed.
To the check list above I would add a wood lot big enough to provide fuel for your retirement home sustainably. Check. |
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vision-master
Fusion
Joined: May 18, 2006
Posts: 4727
Location: Minneapolis, MN
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| Posted: Wed Oct 15, 2008 4:47 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| Hawkcreek wrote: | What many of the boomers don't understand that the best retirement plan is to cut your expenses, instead of trying to have enough income to maintain your existing outgo.
Like-
Have a paid for home
Have a big garden
Have no utilities - go off-grid
Then you only have to come up with property taxes and a few other small expenses.
If they would have invested all of that 401 money in this kind of stuff, they would not be worrying now. |
I'm going to a wood pellet stove next week and NO, a regular wood stove won't work for me. 2,000 lbs of pellets for $214. Enough to last the winter.
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Believe those who are seeking the truth. Doubt those who find it. |
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Pops
Moderator
Joined: Apr 03, 2004
Posts: 6942
Location: My Grandkids' Farm
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| Posted: Wed Oct 15, 2008 4:47 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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I am retired. Read how here.
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Make a plan and work it: |
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jasonraymondson
Fission
Joined: Jul 04, 2007
Posts: 2214
Location: The U.S.S.A
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| Posted: Wed Oct 15, 2008 4:51 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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Going off the grid completely cost $50,000 dollars or more.
It is not farking feasible for most people.
Water storage systems, solar, .... the costs are just prohibitive and most people are living hand to mouth. |
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Zardoz
Expert
Joined: Dec 02, 2005
Posts: 6660
Location: Oil-addicted Southern Californucopia
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| Posted: Wed Oct 15, 2008 4:56 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| vtsnowedin wrote: | | ...To the check list above I would add a wood lot big enough to provide fuel for your retirement home sustainably. |
Hmmmm. All of us doing that? There's enough available woodland for us all to exploit and build homes on? That can be "sustained"?
Doubt it.
_________________
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen |
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Hawkcreek
Expert
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Joined: Aug 15, 2004
Posts: 1000
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| Posted: Wed Oct 15, 2008 5:08 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| Quote: | Going off the grid completely cost $50,000 dollars or more.
It is not farking feasible for most people.
Water storage systems, solar, .... the costs are just prohibitive and most people are living hand to mouth. |
The thread originally started talking about large retirement funds, 401, IRA, etc, going *** up and causing retirement to be delayed.
My premise is that that type of money (250K to many millions) could have been invested in sustainable housing (50 K for an off grid system would be only a small part of it), and would reduce your outgo from then on. If people looked at an efficient house and lower utility bills as an investment that would pay them back for the rest of their lives, they might have been more ready for the problems to come. At the least they would have a comfortable home to relax in upon retirement.
_________________
"It don't make no sense that common sense don't make no sense no more"
John Prine |
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jasonraymondson
Fission
Joined: Jul 04, 2007
Posts: 2214
Location: The U.S.S.A
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| Posted: Wed Oct 15, 2008 5:08 pm Post subject: Re: Retirement: Fuh'ged about 'it |
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| Zardoz wrote: | | vtsnowedin wrote: | | ...To the check list above I would add a wood lot big enough to provide fuel for your retirement home sustainably. |
Hmmmm. All of us doing that? There's enough available woodland for us all to exploit and build homes on? That can be "sustained"?
Doubt it. |
once the riots break out, 3/4 of the people will be dead. So that gets rid of competition and if you have the freezer space, several years worth of meat  |
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