Best Retirement/Money Information Source Out There

[richardw]

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

No, there is not, and anyone claiming there is can readily be called ignorant of facts.

I retired from a 30 year career in the Marine Corps in September of 1989. I took it easy for a year and then started a small photography business that I shut down in 2012 at the age of 70. I am 75 now and financially I dependent, while not wealthy.

I receive a pension for military service. I receive Social Security. I have Medicare and VA benefits. Those things alone would not let me be driving my Caddy SUV or living in my $400,000 paid off house.

I have never inherited a penny. When my wife died I gave the $500,000 in benefit to my two adult children. I did not need it.

When I retired the first time I did a lot of reading about financing retirement. All reliable sources said the same thing: diversify investment. Put 1/3 in guaranteed return items like government bonds and CDs. Put 1/ into the stock market because it always gains over the long term. Put 1/6 into your residence by owning because the RE maret always grows over time. Us the last 1/6 tp try some high risk investment. If you win, you win big. If you lose, you lose small. Re the stock market unless you want to be trader, pick three mutual funds based upon ten year performance. Select funds that are diversified like technology, real estate, and blue chip or other different but major economic sectors funds.

It worked. But I stared to invest in 1990 and did so until 2102. That is 22 years not 10. You might need to consider the end date of your plan.

 

[TheHobbyist]

Just my $ 0.02...find a reputable accountant, perhaps the one that does your taxes and ask for a referral to a financial advisor. Accountants typically are highly conservative. Figure out your personal balance sheet first. Determine your lifestyle needs. Increase your income, now. Increase savings now, but budget for fun (travel, purchases, etc.). Read many different sources on the philosophy of investing. Determine what risk you are comfortable with. Income producing investments, that is, dividends, rental properties, land to an extent, can be a good option.

Fact is with healthcare costs, most people of means go through a tremendous amount of money towards the end of their lives for care. Consider a trust for any benefactors. Consider other employment options even as retired, should you retire so early. Health care is the primary reason many who on paper that could retire, continue to work to some degree and to address their fixed/variable costs.

There is no magic answer and you have to find the solution that fits right for you. In most basic terms, determine your balance sheet, lifestyle, and keep working and saving for a rainy day.

Perhaps you can leave the high-stress job at $80K+ per year and find something in semi-retirement at $40K that doesn't feel as much like work. Do something you like. We can't work forever, but we shouldn't probably stop altogether at a young age now, unless you are inheriting or have considerable wealth.

 

[TheHobbyist]

Additional note to say that if you are blessed/lucky and made the right choices/sacrifices to get to a comfortable point, ensure you have a will that clearly states your wishes as well. Consider bequeathing to organizations (charities, etc.) that you believe in and wish to make a difference.

If you go the rental property route, ensure you have it under a LLC to protect you and your personal finances. There are also tax advantages to owning a business. Diversify and consider investments in emerging markets.

 

[Farmer17]

To the original poster: you have no debt, no kids, lots of cash and near 3/4 of a million net worth and your asking us for advice? ....Most of us would love to have your problems.

 

[Jeff423]

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.

Make another $1,300K in the next 9 yrs and you should have a pretty good start.

 

[johngalt]

This is an interesting retirement calculator. It runs lots of models factoring in inflation and actual historical stock returns. It does a lot more than the typical punch in a number and assume a specific rate of return.

FIRECalc: A different kind of retirement calculator

 

[johngalt]

I will also point out, as have others, that you need to have investments outside the traditional 401k because you can't withdraw until 59.5 without penalty.