ChuckS1
US Veteran
I'll second this recommendation of Ric Edelman and his firm. He's got a new book out on retirement planning that would be a good read. I think it's about $15 on Amazon.
To those that are retired... advice wanted!
- Thread starter Hunter8282
- Start date
I'll second this recommendation of Ric Edelman and his firm. He's got a new book out on retirement planning that would be a good read. I think it's about $15 on Amazon.
jdh
US Veteran
- Joined
- Sep 20, 2006
- Messages
- 1,703
- Reaction score
- 1,180
Insurance:
Life. You do not get to choose when you go. And don't make the mistake many make and just get coverage on You. Take out a policy on her
Property Yes it is paid for. You don't want to have to go in debt to rebuild when, not if, something happens. Update your coverages as your values increase or you add to your stuff. Check coverages and buy additional riders for high value items that may have coverage limits like jewelry, computers, cameras, and firearms.
Health Great your are young and healthy. So was my brother in law when he got hit with melanoma out of the blue and is now almost $1,000,000 in debt to the health care industry. He didn't need health insurance either.
Liability not just on your car. Get an umbrella policy that covers at minimum 150% of you assets.
Prepaid legal can be an asset saver also.
If only I had listened to myself.
Life. You do not get to choose when you go. And don't make the mistake many make and just get coverage on You. Take out a policy on her
Property Yes it is paid for. You don't want to have to go in debt to rebuild when, not if, something happens. Update your coverages as your values increase or you add to your stuff. Check coverages and buy additional riders for high value items that may have coverage limits like jewelry, computers, cameras, and firearms.
Health Great your are young and healthy. So was my brother in law when he got hit with melanoma out of the blue and is now almost $1,000,000 in debt to the health care industry. He didn't need health insurance either.
Liability not just on your car. Get an umbrella policy that covers at minimum 150% of you assets.
Prepaid legal can be an asset saver also.
If only I had listened to myself.
Seems as if.....
Seems that you are doing very well.
Seems that you are doing very well.
If you are interested in adopting a son, Jimmy is available.
Jeff423
US Veteran
I will second the advice about getting an investment adviser. I used several "retirement calculators" and they all told me I already had way more money than I needed.
I went to an adviser and he was much more conservative (and believable). I still have enough money to retire but I'm not going to be buying any mansions.
Getting LTC insurance is excellent advice.
I went to an adviser and he was much more conservative (and believable). I still have enough money to retire but I'm not going to be buying any mansions.
Getting LTC insurance is excellent advice.
feralmerril
Absent Comrade
At 38 YO you already are in better shape than 99% of other kids your age! The way I read it retirement is like a three legged milk stool. One leg is your IRA`s, one leg is your company monthly retirement checks you draw and the third leg is whatever else you have in savings or investments.
As I said, you need to max out all IRA type accounts that you can. If your company is matching some of your 401K contributions it`s stupid not getting that match! Thats free money you are throwing away!
A man, being a man, must consider not just himself but his wife. Usually they outlive us. In my case I was single when I retired and didnt think I would remarry. When I croak my wife doesn't get a nickle from my company retirement and she is 17 years younger than me!
As on my earlier reply, you need a living trust to save on taxs and probate time. You need LTC insurance or if you get a stroke, Alzheimer's or whatever else puts you in a convalescence hospital the monthly bill will eat up whatever life savings you have if you linger.
The short of it all though is few people evaporate into thin air when we retire, it`s about what quality of existence we will have.
I dont agree with the thinking that social security wont be there. Mathematically, yes, it looks hopeless. The fact is, were it to stop overnight thats the one thing that would put this country in 100% revolt. Every politician would be strung up after being tar and feathered were they to let that happen and they know it.
If and when it does happen it will be Armageddon.
As I said, you need to max out all IRA type accounts that you can. If your company is matching some of your 401K contributions it`s stupid not getting that match! Thats free money you are throwing away!
A man, being a man, must consider not just himself but his wife. Usually they outlive us. In my case I was single when I retired and didnt think I would remarry. When I croak my wife doesn't get a nickle from my company retirement and she is 17 years younger than me!
As on my earlier reply, you need a living trust to save on taxs and probate time. You need LTC insurance or if you get a stroke, Alzheimer's or whatever else puts you in a convalescence hospital the monthly bill will eat up whatever life savings you have if you linger.
The short of it all though is few people evaporate into thin air when we retire, it`s about what quality of existence we will have.
I dont agree with the thinking that social security wont be there. Mathematically, yes, it looks hopeless. The fact is, were it to stop overnight thats the one thing that would put this country in 100% revolt. Every politician would be strung up after being tar and feathered were they to let that happen and they know it.
If and when it does happen it will be Armageddon.
HOUSTON RICK
Member
Dividend reinvestment plans (DRIPS), low or no fees, pick them if you are confident or get help, 30 years ago I invested in 35 stocks and had the dividends reinvested and watched them only quarterly and made few sales or changes. Original my then girlfriend now my wife laughed at my efforts - she no longer laughs. Picked blue chip leaders in energy, computers, automotive, metals, defense, finance, aerospace, restaurants, entertainment and food production. Including dividend reinvestment it is worth many multiples of what I put in and I did not buy a yacht for a broker. Don't expect to hear about those from any advisor. There are many helpful books out there on how to start and how to pick equities to buy. I wish that I had as much experience with hand loading! Good luck!
PS-The duty of a "financial advisor" is to turn your money into their money, any benefit that you accrue is an unintended side effect.
PS-The duty of a "financial advisor" is to turn your money into their money, any benefit that you accrue is an unintended side effect.
Last edited:
My Smith and Wesson stock made 30 percent of my whole portfolio last year if that tells you anything. My Ruger stock sucked. The best thing one can have is good health. If you have that money doesn't matter all that much. Sell out and move South.
Like my Daddy used to say "If it ain't broke, don't fix it." You sound like you ain't broke. Don't fix it.
I agree, sounds like you need nothing more. Sure wish I'd a been that prepared at retirement.
Retire as soon as you can. Take Social Security at age 62. Move to a warmer climate (2013-14 extended winter, anyone?). Find a 'significant other' who is not always looking to spend your money. Do whatever pleases you. Works for me.
P.S. I would be reluctant to rely on firearms as an investment alternative.
P.S. I would be reluctant to rely on firearms as an investment alternative.
Last edited:
HoustonRick,
I disagree with your condemnation of financial advisors. Yes, there are bad, lazy ones as is true with most professions. A good one works for you and your benefit. Do they expect to make money doing it? Heck yes! Nobody works for free.
If you do your own investing you can do fine. But it takes attention and knowledge. It's a full time job. If you miss a market or sector change, it could cost a lot down the road. That's what you're paying them to monitor.
Just be smart and find a good one that's not being paid to churn or sell their companys' product.
Going it alone usually works out if you invest in conservative mutual type funds and leave it alone, but your returns will usually be conservative also.
Talk to an advisor and see if you get a warm fuzzy, if not, move on.
Just like buying on line, history and ratings means a lot.
I disagree with your condemnation of financial advisors. Yes, there are bad, lazy ones as is true with most professions. A good one works for you and your benefit. Do they expect to make money doing it? Heck yes! Nobody works for free.
If you do your own investing you can do fine. But it takes attention and knowledge. It's a full time job. If you miss a market or sector change, it could cost a lot down the road. That's what you're paying them to monitor.
Just be smart and find a good one that's not being paid to churn or sell their companys' product.
Going it alone usually works out if you invest in conservative mutual type funds and leave it alone, but your returns will usually be conservative also.
Talk to an advisor and see if you get a warm fuzzy, if not, move on.
Just like buying on line, history and ratings means a lot.
retirement savings
Time is money and you are young enough to save and grow your money.
At about your age, I started using an investment advisor. And I saved all that I could including 100% of my bonus money. We paid our home off when we were in our 40s and did not try to have the biggest/best house of all our friends. We paid cash for everything.
With this advisor we invested in stocks, bonds, mutual funds and tax free munies. He developed a balanced portfolio.
We never tried to chase the hot stocks or tried to time the market and sell ahead of declines and visa versa. You will lose your butt some days, weeks and maybe years, but in the long run this has worked well for us.
It is important that you choose an advisor that understands your goals and is not trying to hose you on fees and commission.
So while you are on the right track, get a financial advisor who can do your investments for you.
Time is money and you are young enough to save and grow your money.
At about your age, I started using an investment advisor. And I saved all that I could including 100% of my bonus money. We paid our home off when we were in our 40s and did not try to have the biggest/best house of all our friends. We paid cash for everything.
With this advisor we invested in stocks, bonds, mutual funds and tax free munies. He developed a balanced portfolio.
We never tried to chase the hot stocks or tried to time the market and sell ahead of declines and visa versa. You will lose your butt some days, weeks and maybe years, but in the long run this has worked well for us.
It is important that you choose an advisor that understands your goals and is not trying to hose you on fees and commission.
So while you are on the right track, get a financial advisor who can do your investments for you.
Harkrader
Member
Make yourself debt-free, create a trust.
HOUSTON RICK
Member
Jessie, I have never met a financial advisor who was helpful. My father was swindled by one (perhaps much to with my attitude) with a national firm that partially reimbursed my father, but kept their "advisor" to victimize others. Thank you for your respectful disagreement, but my experience with so -called financial advisors is that they are well meaning kids looking for any job recruited into collapsible companies or subsidiaries given a veneer of terminology selling pre-planned investments on commission the way that Avon sells cosmetics, paying bonuses through captive tiers of recruiter/supervisors and pushing what compensates them most without regard to actual client needs. I am glad that your experience was different. Good luck, Rick
