Saving for Retirement!

  • Posted by a hidden member.
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    Jul 26, 2010 4:22 AM GMT
    Saving for Retirement!

    Hey guys, are any of you strategically planning for your retirement despite the market's volatile activity or are you in a state of constant doubt?
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    Jul 26, 2010 4:23 AM GMT
    I'm investing for retirement, in my own residual-income business.
  • Posted by a hidden member.
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    Jul 26, 2010 4:25 AM GMT
    paulflexes saidI'm investing for retirement, in my own residual-income business.


    Care to share Paul?icon_razz.gif
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    Jul 26, 2010 4:29 AM GMT
    Hermes63 said
    paulflexes saidI'm investing for retirement, in my own residual-income business.


    Care to share Paul?icon_razz.gif
    Nah...don't wanna spoil it. icon_wink.gif
  • Posted by a hidden member.
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    Jul 26, 2010 4:32 AM GMT
    paulflexes said
    Hermes63 said
    paulflexes saidI'm investing for retirement, in my own residual-income business.


    Care to share Paul?icon_razz.gif
    Nah...don't wanna spoil it. icon_wink.gif


    Is it....is it PORN?icon_eek.gif
  • Posted by a hidden member.
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    Jul 26, 2010 4:41 AM GMT
    Hermes63 said
    paulflexes said
    Hermes63 said
    paulflexes saidI'm investing for retirement, in my own residual-income business.


    Care to share Paul?icon_razz.gif
    Nah...don't wanna spoil it. icon_wink.gif


    Is it....is it PORN?icon_eek.gif
    Of course not. Porn is nasty and disgusting and will send you to hell and stuff.
  • Posted by a hidden member.
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    Jul 26, 2010 4:44 AM GMT
    paulflexes said
    Hermes63 said
    paulflexes said
    Hermes63 said
    paulflexes saidI'm investing for retirement, in my own residual-income business.


    Care to share Paul?icon_razz.gif
    Nah...don't wanna spoil it. icon_wink.gif


    Is it....is it PORN?icon_eek.gif
    Of course not. Porn is nasty and disgusting and will send you to hell and stuff.


    Yikes.....in that case...I'll just go ahead and trash my huge collection and isolate myself in a monastery.
  • Posted by a hidden member.
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    Jul 26, 2010 5:19 AM GMT
    Retirement is a foreign word to me. At every turn, when I am starting to save and look ahead, the proverbial shoe always drops in one way or all of them. icon_cry.gif
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    Jul 26, 2010 5:21 AM GMT
    Hermes63 said
    paulflexes said
    Hermes63 said
    paulflexes said
    Hermes63 said
    paulflexes saidI'm investing for retirement, in my own residual-income business.


    Care to share Paul?icon_razz.gif
    Nah...don't wanna spoil it. icon_wink.gif


    Is it....is it PORN?icon_eek.gif
    Of course not. Porn is nasty and disgusting and will send you to hell and stuff.


    Yikes.....in that case...I'll just go ahead and trash my huge collection and isolate myself in a monastery.
    Can I visit your monastery?
  • Posted by a hidden member.
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    Jul 26, 2010 5:27 AM GMT
    paulflexes said
    Hermes63 said
    paulflexes said
    Hermes63 said
    paulflexes said
    Hermes63 said
    paulflexes saidI'm investing for retirement, in my own residual-income business.


    Care to share Paul?icon_razz.gif
    Nah...don't wanna spoil it. icon_wink.gif


    Is it....is it PORN?icon_eek.gif
    Of course not. Porn is nasty and disgusting and will send you to hell and stuff.


    Yikes.....in that case...I'll just go ahead and trash my huge collection and isolate myself in a monastery.
    Can I visit your monastery?


    Don't know Paul...will have to ask...most of us men are celibate and have those huge morning hardonsicon_twisted.gif
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    Jul 26, 2010 6:18 AM GMT
    ErikTaurean saidRetirement is a foreign word to me. At every turn, when I am starting to save and look ahead, the proverbial shoe always drops in one way or all of them. icon_cry.gif


    It's never too late...you can start by going to Yahoo Finance or Google Finance for some of the articles listed there. For me, I have a preference for Yahoo Finance. icon_razz.gif
  • Webster666

    Posts: 9217

    Jul 26, 2010 8:14 AM GMT
    Ha ! Thanks to the George W. Bush Great Depression, I'm LIVING off my retirement fund, right now. Luckily, I saved a lot when I was working. And, I'm living in my nest egg. If necessary, I could sell my condo and make a very tidy profit.
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    Jul 26, 2010 10:47 AM GMT
    Hermes63 said
    ErikTaurean saidRetirement is a foreign word to me. At every turn, when I am starting to save and look ahead, the proverbial shoe always drops in one way or all of them. icon_cry.gif


    It's never too late...you can start by going to Yahoo Finance or Google Finance for some of the articles listed there. For me, I have a preference for Yahoo Finance. icon_razz.gif


    I get it Hermes, but you have to have money to start saving. That is something I don't have, at least not at the moment. The only thing that is planned right now is working until I can not longer work. Suze Orman would have a field day with me, but sadly, I am the exception to the gay monetary rule: I have no disposable income, I don't own my place (no foreclosure here). The job I have today for the first 3 weeks of training pays $10 bucks an hour. If I pass the state test, I get bumped to 12.75 an hour and once that training is done, I get bumped to 13.75 + commission. Bright side? Waiting to hear back about the Pell Grant to see if I qualify to get my masters which will go along way in boosting my pay in the industry.
  • fitdude62

    Posts: 294

    Jul 26, 2010 11:08 AM GMT
    Mentioning residual income.... it is one of the best ways to start earning for retirement. There are many companies that offer this kind of income rather than the linier income we are used to. Always check the company out before you join to find out what monthly fees and what you need to do before you can really earn.

    One that I am using, with great success, is by adding a paid internet portal to everything I do online. It adds about 15 minutes to what I do everyday online but I get paid for it. It's free to use with no start up cost and no monthly fees. Just an extra few minutes a day and you are earning. I started slow, first 3 months didnt really earn anything, but now I've earned over a thousand dollars and it is growing every month.

    I dont want to spam the forums so, if you are interested, send me a note and I'll give you the link to join.

    BTW, if you are a online gamer, you really must check this out. You can get paid to play!

    In Peace,
    David
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    Jul 26, 2010 2:53 PM GMT
    Thanks to my education background I was wise enough to start saving immediately after graduation with my first job. Throughout the working years in my twenties, I've been save on average 8% a year. I have savings plan by decade:

    30's 15% savings a year.
    40's 25% savings a year.
    50's 35% savings a year.
    60's 45% savings a year.

    I have multiple types of investments, 401k's, a few bonds, and luckily I work for a company that offers a Pension, so that is extra savings also!

    I look at my parents who have saved barely anything and it makes me sad for them. I want to retire and enjoy life.....sadly that is like 40 years away! AHHHHHH
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    Jul 26, 2010 3:01 PM GMT
    Hermes63 saidSaving for Retirement!

    Hey guys, are any of you strategically planning for your retirement despite the market's volatile activity or are you in a state of constant doubt?


    Yes, of course. Just not as much in stocks unless solid companies. Also some in gold as it should hold value in a deflationary and certainly in an inflationary environment.
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    Jul 26, 2010 3:03 PM GMT
    Im just waiting for the people who work at the lotto to take pity on me and decide to let my numbers win. lol
  • rnch

    Posts: 11524

    Jul 26, 2010 3:10 PM GMT
    a couple of "smart" financial friends of mine made cheap shots at my federal civil service job over the years..now they express envy of the retirement & investment package i will start enjoying in a couple of years.
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    Jul 26, 2010 3:12 PM GMT
    rnch saida couple of "smart" financial friends of mine made cheap shots at my federal civil service job over the years..now they express envy of the retirement & investment package i will start enjoying in a couple of years.


    No one should ever berate the federal pension system... although it may not continue to be as good as it once was given the govt debt situation.
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    Jul 26, 2010 3:12 PM GMT
    We all need to face this fact, guys--no matter how young or old you are and no matter how much or how little there is in your take-home, 10% of it does not belong to you. That portion belongs to the retired you. This takes some painful belt tightening, It may mean driving an older car or no car. It may mean rooming with somebody or staying with parents instead of having your own place. It may mean relying on a partner or parent for some of life's essentials, if that person is able to help and wants to help.

    There is no reason to fear market volatility. Just take that 10% and invest it as soon as you receive it. This is called dollar cost averaging. If the market is up, yay for you. If the market is down, your money is buying more shares because they cost less. You win either way. A diversified mutual fund, such as a fund that is indexed to the Standard & Poors 500, is a safe long-term bet. This index includes 500 of the largest publically-held companies in America.

    Do this in a tax-defered account. If your employer offers a 401K, do it that way. If not, open an IRA. Don't count on this money for rainy-day emergencies because, with a few exceptions, you won't be able to get it back out before retirement unless you are willing to pay huge penalties.

    If you don't understand some of this, take one of those short adult-ed investing classes at a local community college. Print out this message and take it with you when you go.

    I did all this. It's not impossible, even if you find yourself eating Ramen noodles, which I did plently of times. At 61 I am more than grateful to the young me--it turns out he was a pretty generous and selfless guy!
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    Jul 26, 2010 3:34 PM GMT
    Right now I put 3% of my salary in my employer's 401k plan, and they put 10% to match. So that's 13%. I also have my own Roth IRA that I put my tax refunds in each year.
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    Jul 26, 2010 3:36 PM GMT
    Ohhh, I thought that said "SHAVING" for retirement... I got a little warm fuzzy fetish going for a second there.
  • HndsmKansan

    Posts: 16311

    Jul 26, 2010 3:37 PM GMT

    Recognize savings goals!


    I'm a financial planner and run my own business firm... one of my major goals is to work with individuals (and businesses) in planning for retirement purposes.

    Yes, I invest a chunk each month into a nonqualified investment plan and also fully fund my SEP when filing taxes.

    Very important to make long term investment planning a major goal and it can be very difficult in these times.
  • Midas426

    Posts: 965

    Jul 26, 2010 3:47 PM GMT
    fitdude62 said

    BTW, if you are a online gamer, you really must check this out. You can get paid to play!

    In Peace,
    David
    Oooh that sounds fun. icon_biggrin.gif
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    Jul 26, 2010 3:59 PM GMT
    I'm very grateful for TIAA-CREF.... It weathered the economic downturn really nicely, I think.