Best Retirement/Money Information Source Out There

[Hunter8282]

What you found to be the best source of retirement / money information that you can get your hands on. I'm 41.5 and would like to retire when I am 50 and need to start consuming the best information on how to make this happen regarding all aspects of retirement.

Is there a particular magazine or website or paper that you just can't live without?

 

[6518John]

The Daily Racing Form. Daily Racing Form | Home

 

[URIT]

Retirement at age fifty involves more than money management today, then, and beyond. It would be near impossible to advise you how to proceed without knowing what you envisioned for your life at age 50, 55, 60, 65, 70...

I had managed my mother-in-law's investments using Vanguard Funds. However, I kept my wife's and my investment monies in a joint trading account and self-managed IRAs with TD Ameritrade. I also read numerous books on retirement and the most memorable was "Where to Retire" by John Howells.

I did some retirement counseling with our department personnel as part of my job in the EAP.

Retirement on a health - physical level has four stages: active, semi-active, inactive, and special care. Answering the five Ws on each stage will help you come up with a great retirement plan.

We moved to Costa Rica for a ten-year adventure we are thankful for having enjoyed.

The Five Ps - prior proper planning prevents poor performance - are important to consider when looking forward to retirement.

 

[Inusuit]

I'd look for a qualified financial planner. I work some good people at Morgan Stanley. Not many websites, magazines, or books will cover all aspects of money management. Unless you already have substantial investments, 401K, savings, or a vested pension plan I doubt there is much you can do in 10 years to retire on your schedule and still have enough money to live on for the following 40 years.

 

[pawngal]

The book "Retired Inspired" should be an excellent source. Part of the
Dave Ramsey program. Can be purchased on Amazon.

Website to check out
Chris Hogan

 

[THE PILGRIM]

You probably shouldn’t rely on one particular site or source.
There are any number of online sites,
I recommend you just start googling and reading.
IMO, It’s better to do what you can now to improve your financial future.
That will certainly be better than doing nothing.
I’m a big fan of low management fee ETFs.

 

[DWalt]

My advice? Stay away from those guys who want to sell you annuities.
I have always trusted my own instincts a lot more than any investment advisor. But then I also have an MBA in Finance.

 

[oneounceload]

NOT from places like here. Unless you are already well-versed and schooled in economics, finance, etc., your best bet is to HIRE someone. These guys have access to historical data, computer algorithms, and vast resources spread out over the world to give you the best advice.

Before you hire one (and I did years ago), you need to determine things you will want/need in the future. Level of spendable yearly income; where you want to live; things (like travel) you will want to do; planning on working after you "retire" - perhaps P/T at something you always wanted to do; what about spouse, kids, parents (yes, parents - being saddled with one as they enter those last stages financially unprepared can drain yours); your own health issues, especially if you have to provide your own insurance....................and on and on.

Do you want to live here in the US or are you willing to live somewhere else that is less expensive - but not have quite all of the things you're currently used to?

Depending on your current income and retirement fund, an aggressive approach to make it in nine years can be risky. How averse to risk are you?

These, and a LOT more, were what encompassed my first few meetings with my guy, so start doing your homework.

 

[oneounceload]

My advice? Stay away from those guys who want to sell you annuities.
I have always trusted my own instincts a lot more than any investment advisor. But then I also have an MBA in Finance.

Seems OJ is doing well with his untouchable annuities.......

 

[johngalt]

While retiring at 50 is a good goal, here is the reality

Unless you are fortunate enough to work someplace that offers retiree healthcare (and those are very rare), you need a few $million set aside so that you can pay cash for your future health care needs. The health insurance plans available to the individual, at ANY price, are terrible and won't let you go to the top hospitals.

Retiring at a young age is a thing of the past in this country, living here is akin to being a galley slave.

At your age, I would be trying to find a way to get citizenship someplace else.

 

[oneounceload]

I don't believe you need a different citizenship, just a different residence - like France, Spain, England or similar where their healthcare programs are available to non-citizens (and in some cases just tourists). Some of the better central and south American countries have such programs available.

 

[BigBill]

Get with a investment group and get a 401k going. I did it at 35yo. I'm retired not rich but above the dollar menu at mcDonalds. Lol

 

[ChuckS1]

Here's a place to start. Lots of good information there about the basics of retirement planning. But, you need to have a good idea of how much money you're going to need in retirement. In my case, I just planned for the same amount in retirement that I spent when I was working. You need to develop your retirement goals, make a plan to achieve those goals, and then execute the plan. You should find a fee-based (not commissioned-based, aka an insurance salesman) certified financial planner to help you figure this out. Even though I can read all day long about how to do a root canal, I still go to a dentist to get it done. Same advice applies to financial planning. You only get one shot at this and you need to get it right.

I would no more pay attention to some of the posts above mine than I would watch CNN for accurate information about guns.

 

[kwselke]

I'll also point out that unless you are disabled, you are not eligible for Social Security payments and until you reach the age of 59 1/2 IRA and 401(k) type plan withdrawals carry an additional 10% early withdrawal penalty tax.

 

[oneounceload]

Unless you have income producing investments like real estate

 

[Golddollar]

I ended up retiring a little earlier than I figured. Good think I had substantial preparation. Two things you can start on right now: 1) Get your debts paid off, including your mortgage. It's amazing how your income needs diminish when your income stops passing through your hands on its way to somebody else and 2) Start researching income tax burdens for various states and cities where you might want to live. Pennsylvania does not tax retirement income, adjoining states NY, NJ and Maryland tax anything that moves. Makes a big difference in how much of your retirement income you really get to keep.

 

[Faulkner]

I'd look for a qualified financial planner. . .

^^ That's good advise. I hired a financial adviser when I was about 26 years old. Mine has served me well for the past 25+ years.

 

[Farmer17]

I'm 58 and have an MBA and know a little bit about investing the problem is hardly none of my investment companies have worked out that well. I've used Merrill Lynch, American Fidelity, Shearson Lehman, and a few others and none had a good rate of return averaged out over the years. The experts tell you to just leave it in the stock market and mutual funds and don't touch it and it will average out to 10% per year. Well, that might have worked for some people but it never did for me, not even close. I was talking to my banker the other day and he said if he had a million bucks he wouldn't invest any of it in the stock market, he would buy rent houses.

 

[Hunter8282]

So I guess my OP was a little vague.

I am married/never had kids. No debt at all. Primary residence paid off. Own another 40 acres of vacant land about an hour a way. My investment portfolio is approximately $455K, my property portfolio is about $210K (home, land, and cars), and cash is about $40K. So net worth is about $705K.

It's not so much that I want to retire and never work again, it's that I would like to get out off a full time corporate job and have more flexibility to work/play/volunteer. My financial planner says I can do this easily at 55 yo, but I am always looking for ways to make that happen sooner.

 

[vytoland]

i have followed the advice of an investment newsletter that offered portfolio models with different levels of risk....aggressive; growth; growth & income; income.....i retired in 2002.....