Are You Saving Towards Retirement?

how very blue of you

 

Besides looking only at the lowest available interest rates (two decimal places away from available rates), you also miss the point that IRAs are not restricted to just interest bearing savings accounts. They can be placed in a wide variety of investment vehicles.

People said similar things about the Y2K / Dot Com / Telecomm bust of 2000-2001. And the Asian Flu of 1997. And Black Monday of 1987. And probably more disturbances predating my investment memory.

But by staying in the game, my nestegg is now at 99.5% of the numeric target for 2020 that I set back in the mid-1990s. That is despite not taking any more work contracts for the past couple years, and inflation being a bit lower than I allowed for.

Yes, numerous large players practice considerable impropriety and criminality. But that alone is not sufficient reason to stay out of the market.

 

Do you have a "red" or Roth IRA? I don't.

 

retirement?

Although I continue with my contributions towards some planned-for "retirement," I doubt it will be much more than some kind of stepped down employment - maybe volunteer work.

I think everyone needs a reason, other than honing your golf swing or perfecting your beach tan, to get up every morning. For me, that will probably be some type of committment, that will probably feel a lot like work at the end of every day. My hope is that it involves something that I find meaningful.

 

Retirement doesn't mean you have to sit at home and watch game shows all day (but sometimes that's all someone can do if they retire at the normal age). Its more the flexibility to not have to work. One could "retire" by having plenty of money to live off of and still go to work, the difference is they don't need the job, which can work to their advantage.

 

You've got the right idea. You work, because you want to, NOT, because you HAVE to.

 

So... If I want to work there is little reason to save for retirement ?

 

There will come a time that you will NOT be able to work, even if you want to.

There's where savings come in handy. Lest, you starve.


The WORST thing is to be OLD and POOR.

 

^ You may not always want to work, and indeed may not always be able to due to economic realities and or health issues.

Icarus

 

The aged can't even get a job as Walmart greeter, anymore.

They eliminated them several years, ago, as a cost cutting move.

Elderly car is very very expensive.

Those who think that they can go on welfare or Medicaid should think again. The elderly population keeps on growing, and there will be less and less to go around.

 

Maybe the american native-indians "...got it right..." when the elderly simply walk off into the wilderness, alone, and sit down and wait for death to come to them?

 

People recycling?

 

I recall clearly, in 1963, when I was only 13 years old, my 14 year old brother and I visited the home of Roy Bumgartner one day at dinner time.

We looked at the can he was spooning from into the frying pan. The label said, Kennel Ration.

They invited us to eat with them. We thanked them for their sacrifice and kindly declined.

Sad, and really NOT FUNNY! It just scares the HELL out of me. I wouldn' t WANT to be there in retirement.

 

Don't be blue about ING only paying .4% on your 6-month CD or .7% on your savings (since Crapital One acquired them). Check out a MetLife Annuity with zero risk paying a guaranteed 4% and last year paid 9%.

 

I know

I was just poking a little fun at Mike's unqualified statement that led to a funny conclusion.
I'm pretty sure he meant that once retirement is secured by savings, work becomes a hobby.

Social Security is an interesting 'savings.' I have estimated that by ~ 2030 or so, the current treasury IOU will be depleted and contributions will cover about 70% of anticipated obligations. Of course politics will insure that the haircut will not be even.

 

Eating dog food to survive is no joke.

You'd be surprised on how much dog food is sold for human consumption.

The problem is how very few admit it.

 

is very nutritious tho.

 

Dog Food = different kind of SPAM.

 

Eat hardy, mate!