Where do you stand with regard to retirement? - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
View Poll Results: Where do you stand with regard to retirement?
I haven't thought about retirement 1 5.26%
I've thought about retirement but haven't started planning for it 3 15.79%
I've started planning for retirement but don't know what to do 0 0%
I've started planning for retirement but it seems hopeless so I'm not doing anything 0 0%
I've started actively saving for retirement even though I think it is hopeless 2 10.53%
I've started actively saving for retirement and believe I can achieve financial independence by age 66 7 36.84%
I've started actively saving for retirement and believe I will be able to retire early 4 21.05%
I've already retired but I am confident that I'll run out of money before I die 0 0%
I've already retired but I am not sure if I have enough money saved up 0 0%
I've already retired and I'm living comfortably and expect to do so until I die 1 5.26%
Other: Please specify in a reply 1 5.26%
Voters: 19. You may not vote on this poll

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post #1 of 34 (permalink) Old 01-21-2013, 08:19 AM Thread Starter
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Where do you stand with regard to retirement?

I participate in a number of personal finance forums, but there you get a really biased view of how things are since everyone is clearly focusing on money issues, especially saving for retirement. I'd love to hear from a different set of people about these issue. Of course, Ford owners are another biased sample but I think I'll post this same poll on a BMW forum I belong to and see the contrast.

I apologize in advance if the set of choices I provided weren't adequate.
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post #2 of 34 (permalink) Old 01-21-2013, 09:15 AM
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I find most people aren't very financially savvy. And even for those who are, saving enough for retirement while still being able to pay the rent etc. is a challenge. Pensions are being gutted, cost are going up. Realistically, everyone should have at least $1M or equivalent in pensions or annuities when they retire at 65. Otherwise they run the risk of running out of money by age 85 or so. I really, really doubt more than a few people will manage to accumulate that much.
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post #3 of 34 (permalink) Old 01-21-2013, 04:20 PM
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I have a 401k but that alone is never going to cut it. I'll need to find a much better job if I ever want to consider retirement. Luckily I still have several decades to get things straightened out.
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post #4 of 34 (permalink) Old 01-21-2013, 05:47 PM
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I'm too young to care... I put some money in RSPs (retirement savings plans) a few years ago to help me get under a tax bracket but I'm not specifically saving for retirement. I'm saving in general but that is just me. Its probably going to go towards a house which will put me in the negatives for years to come.

Question - retirement savings is generally thought to be 'you put your money in safe stocks and wait 40 years', and the money you accumulate should be enough to let you live happily ever after.

This seems like a bit of a joke to me - since I've been old enough to remotely care about stocks its just one market crash after another, and constant uncertainty. Is that REALLY where you want your retirement savings to be?? Everyone always used to say that the stock market always goes up over time but I'm pretty sure that is no longer the case.


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post #5 of 34 (permalink) Old 01-21-2013, 06:02 PM
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i'm buying lottery tickets.

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post #6 of 34 (permalink) Old 01-21-2013, 06:28 PM
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OP, please post the link to the topic on the BMW forum. I'm curious as well.

Quote:
Originally Posted by cab0oze View Post
This seems like a bit of a joke to me - since I've been old enough to remotely care about stocks its just one market crash after another, and constant uncertainty. Is that REALLY where you want your retirement savings to be?? Everyone always used to say that the stock market always goes up over time but I'm pretty sure that is no longer the case.
You should read some books/articles by Peter Schiff and others like him. They address this issue, among others. Although Schiff's writing is US-centric, we tend to drag you Canucks along for the ride with our shenanigans. I just finished "Crash Proof 2.0" and think it's worth the read. I still want to do more research before I start moving money around though.

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post #7 of 34 (permalink) Old 01-21-2013, 06:42 PM
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Quote:
Originally Posted by cab0oze View Post
I'm too young to care... I put some money in RSPs (retirement savings plans) a few years ago to help me get under a tax bracket but I'm not specifically saving for retirement. I'm saving in general but that is just me. Its probably going to go towards a house which will put me in the negatives for years to come.

Question - retirement savings is generally thought to be 'you put your money in safe stocks and wait 40 years', and the money you accumulate should be enough to let you live happily ever after.

This seems like a bit of a joke to me - since I've been old enough to remotely care about stocks its just one market crash after another, and constant uncertainty. Is that REALLY where you want your retirement savings to be?? Everyone always used to say that the stock market always goes up over time but I'm pretty sure that is no longer the case.
if you had mistakenly taken your funds out of the market due to the 2008 crash, you would have missed out on the recovery.
it is still true that stocks are fairly safe over time, as long and your investments are properly diversified.
of course, as you get older, you should move your investments to safer funds or investments as your account would not have time to recover should something happen when you are already relying on these funds.

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post #8 of 34 (permalink) Old 01-21-2013, 06:43 PM
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CDs used to be nice when they were worth doing. When I was 18 (2006) I had a 6 month CD with over 4% interest. A few days ago I saw a 10 year one that was 1.01%. Hopefully one day they'll be worth something again.
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post #9 of 34 (permalink) Old 01-22-2013, 09:39 AM Thread Starter
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Quote:
Originally Posted by Noisy Crow View Post
Realistically, everyone should have at least $1M or equivalent in pensions or annuities when they retire at 65. Otherwise they run the risk of running out of money by age 85 or so. I really, really doubt more than a few people will manage to accumulate that much.
I agree, but do note that $1M translates into a $40k draw-down. Add that to whatever you expect to get from other sources (like SS) and ask yourself how comfortable you'll be living on that much - or really, work to make sure you'll be happy living on that much.

Quote:
Originally Posted by cab0oze View Post
I'm too young to care...
Though probably not too young to later regret that you don't care if you aren't saving.

Quote:
Originally Posted by cab0oze View Post
Question - retirement savings is generally thought to be 'you put your money in safe stocks and wait 40 years', and the money you accumulate should be enough to let you live happily ever after. This seems like a bit of a joke to me - since I've been old enough to remotely care about stocks its just one market crash after another, and constant uncertainty. Is that REALLY where you want your retirement savings to be?? Everyone always used to say that the stock market always goes up over time but I'm pretty sure that is no longer the case.
It actually is. I think a lot of people are irrationally scared due to the 2008 crash, but my portfolio has a 5% gain over the last five years, and that's despite having a bad investment strategy (see below) and of course includes the 2008 crash.

You asked about "put your money in safe stocks and wait 40 years". That's what I meant by the "bad investment strategy" I had up until recently. The reality is that the individual investor really doesn't have a chance of beating the market. The best you can do to save for retirement is share in the gains of the market. What that means is investing in a small array of index funds - typically one for domestic equities; one for bonds or bond funds and other less risky ventures; and one to provide exposure to the gains of the international marketplace. Generally, for someone your age, 80% in equities and 20% in bonds is right, and that breakdown will slide down to maybe 40%/60% when you're well into retirement. By investing in broad-based index funds, you're joining in on sharing in the gains of the market, which have been quite reliable even despite 2008.

Quote:
Originally Posted by swampbread View Post
OP, please post the link to the topic on the BMW forum. I'm curious as well.
Are you sure? Gosh I have never seen a bigger set of rude children replying to a thread on a discussion forum. I'll send you a PM, since most forums prohibit posting links to other forums.
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post #10 of 34 (permalink) Old 01-22-2013, 11:22 AM
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Where do I stand with regard to retirement?

If I'm on my own (i.e. no inheritance) then I'm fucked. So, basically, neither of my parents had better require lengthy residence in a nursing home 20 years from now.


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