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Old 02-14-15, 03:44 PM   #41
wtbfishin
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Sounds like someone needs to fire their investment adviser!

Stocks are always going to be the best place to invest your retirement money. Set it and forget it! If you start young, contribute religiously to your IRA / 401K, and stay the course through the ups and downs, there is no reason you cannot retire with $1.0M or more when you hit 65. Think about it: $1.0M investment account earning a reasonable 5% annual return is generating $50K a year in income. That plus social security will most likely pay the bills and by beer for your average Joe until they die without them ever having to touch their principal.

PS: Savings accounts and money market accounts are a joke! You might as well bury your cash in the back yard.
only if Joe is ok w/fishin' local water and he owns his house !
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Old 02-14-15, 04:53 PM   #42
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Yes...,now is the time to be in the stock market. I had one fund that had a 13% return last year.

I guess the million dollar question is when to get out of the market.
You never want to get out. Although the older you get, the more conservative you get with your mutual funds.

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Old 02-14-15, 05:11 PM   #43
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only if Joe is ok w/fishin' local water and he owns his house !
He does.
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Old 02-14-15, 06:09 PM   #44
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He does.
Haha! Owns his house, 1 mil in the bank makin' 5% + SS, WAY TO GO JOE. That's the American dream isn't it?! Sounds like Joe did a little better than the average Joe to me.
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Old 02-14-15, 07:03 PM   #45
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Haha! Owns his house, 1 mil in the bank makin' 5% + SS, WAY TO GO JOE. That's the American dream isn't it?! Sounds like Joe did a little better than the average Joe to me.
That's because the average Joe didn't start saving until he was 45, bought a new house when he was 55, and took out a HELOC to add a big garage when he was 60.

It's not hard to retire right, it just takes a little discipline and sacrifice.
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Old 02-14-15, 09:10 PM   #46
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Haha! Owns his house, 1 mil in the bank makin' 5% + SS, WAY TO GO JOE. That's the American dream isn't it?! Sounds like Joe did a little better than the average Joe to me.
The preferred way, IMHO, to go into retirement is:
House paid for,
Cars fairly young and paid for,
All major appliances recently updated/replaced in house,
and monthly income higher than monthly out flows.

You need to be saving something every month.

BTW it is a bit of a bitch when you find out you have to pay income taxes on your SS checks.
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Old 02-15-15, 10:54 AM   #47
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^^^ This ^^^

One "tradition" my wife and I started when we were first married and in a house...was to put any income tax return toward the principal on our mortgage....no exceptions. So every year we would pay at least 1K ....sometimes 3 or 4K on the principal. At a certain point we were able to re-financed to a 15-year mortgage. Then continued paying on the principal each year. We paid off the mortgage 10 years before retiring.

So to you young folks....pay on that principal.
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Old 02-15-15, 11:33 AM   #48
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Here is what that bunch over at Motley says about the average Joe saver, also says millions of Americans have NO saving at all !

"The median account value for Americans aged 35 to 44 is just $42,700, while the median value for Americans aged 55 to 64 years old is $103,000. If you're within one of those age groups and you're outsaving your peers, then congratulations".

W/103k at 64 to retire Joe is going to need to find a 73% return on his cash to live comfy, fish local and have a few beers, good luck!

Average SS check is somewhere around 1200/mth which will cover a rabbit and rice diet and some wild berries. So keep that 22 clean.
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Old 02-15-15, 05:37 PM   #49
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Here is what that bunch over at Motley says about the average Joe saver, also says millions of Americans have NO saving at all !

"The median account value for Americans aged 35 to 44 is just $42,700, while the median value for Americans aged 55 to 64 years old is $103,000. If you're within one of those age groups and you're outsaving your peers, then congratulations".

W/103k at 64 to retire Joe is going to need to find a 73% return on his cash to live comfy, fish local and have a few beers, good luck!

Average SS check is somewhere around 1200/mth which will cover a rabbit and rice diet and some wild berries. So keep that 22 clean.
I have way outsaved both age groups. Saving is easy........... get rid of those stupid credit cards, pay with cash, and saving needs to be budgeted monthly like any other line item in your budget.

Kurt

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Old 02-15-15, 06:24 PM   #50
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^^^ This ^^^

One "tradition" my wife and I started when we were first married and in a house...was to put any income tax return toward the principal on our mortgage....no exceptions. So every year we would pay at least 1K ....sometimes 3 or 4K on the principal. At a certain point we were able to re-financed to a 15-year mortgage. Then continued paying on the principal each year. We paid off the mortgage 10 years before retiring.

So to you young folks....pay on that principal.
Good tradition Drifter! Another method to accelerate mortgage pay down is to simply add an extra $100 (or more) to each monthly mortgage payment and designate the extra money is to go towards the principal. Over the life of the loan, this extra $100 a month will have a significant impact on the amount of interest you end up paying the bank.

Best financial advice I think anyone can hear is learn to live within your means. If you are using credit cards to fund a life you really cannot afford otherwise, then you are headed down a dark path.
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