Are you planning on retirement ever?

[Bubstr]

I can't figure out how you guys didn't know, all your lives, that the little guy always eats crap. Just the way it is. In my business, larger companies crap on me all the time, its a way of life for cryin' in the beer pale. My job is to dodge the piles and dig through the others. I can't see why that is such a surprise. There is absolutely no reason why any one of us couldn't be the rich guy pullin the strings. The only hold back was ourselves. Usual excuses, don't want to move, want to play at the hobbies, need more family time and on and on and on. People that are rich, by and large worked their tails of for it and sacrificed everything else to get where they are today. Do they pull more strings and fix it s its better for them then us? Of course, and thats the same thing your wanting to do to them, only with out the lifetime of work... Shoes a little snug when its on the other foot...

One of my best friends is a millionare a few times, we travel a bit together in our racing endeavors, the guys worked 18 hrs a day up until about 7or 8 yrs ago, he's 77 now. You don't get where he got workin a union job with weekends off. He had a string of auto parts stores, he started out selling parts out of a friends warehouse and off he goes from there. No start up money, just a good line of credit and a gift of gab....

Watch all of the clip. It isn't about getting rich. It's about the pitfalls with 401k plans. It may even change some minds about the value of keeping SS working well for everyone. If nothing else, there is information in it to keep someone from stepping in one of your piles.

One thing is for sure. when your in your 20s you don't think about getting old. When your in your 30s, taking care of a family leaves little for retirement. when your 40, it's too late for most. Working until you die is not a well thought out plan. Usually the last 10 years of your life is the most costly and you are the least able to be productive.

[mudslinger47]

I didn't watch the vid, past that part of life. There are pitfalls in everyone form of savings or planning. Just the way it is. My friends advice was never rely on anyone for income when you retire, never. Not from a retirement fund, not from a job with a retirement not even from a government job. Because you can't count on it. His retirement was buildings, commercial buildings. He makes (still) about 25K a month on his buildings in good times and like now when times are a little tight they drop to 18K a month. Thats his retirement. Think you could do any better? He worked his butt off and bout property for rentals and everything he owns is paid for, so he collects the rent, pays the taxes and upkeep and has one hell of a retirement. To his point, don't rely on anyone but yourself, they can't be trusted...

[t.nie]

I was watching PBS last night and they had a program dealing with retirement. They said that the 401k fees at just 2% or less can add up to $155,000 by the time you retire. Is this a good deal for someone that pays all the money and gets all the risks? I'm retired and My 401K didn't preform anywhere near what I thought it would. It didn't even preform half as good as my sisters Index fund.

http://www.kiplinger.com/article/saving/T001-C000-S002-the-high-cost-of-401-k-fees-how-much-are-you-payin.html

Now do we really want to gut SS or Medicare?

I hear guys in their 40s or younger not even thinking they will ever be able to retire. The trouble is your body, health and employer will retire you whether you wish to or not.

I got out of truck driving and warehouse work because I could see a day coming when my body wouldn't take it any more. Got a college degree in my early 40's and now have a white collar job, but still feel the aches and pains of years of making my living with my body.

Doubt I'll retire completely until I just can't do anything any more. But after I finish up my second career in a shirt and tie job, I'll probably do free lance stuff, photography, writing, etc to keep the mind sharp and some money coming in.

I think of guys like Ray Kroc who made millions starting businesses in retirement. Retirement is just a state of mind. I can't see walking around a golf course hitting a ball. I would get bored with that real fast.