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Old 07-13-2007, 12:22 PM
 
Location: Sacramento, CA
788 posts, read 3,771,208 times
Reputation: 708

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How much does it cost to consult with a financial advisor?


I would get a good book on investing and saving for retirement and then start doing it. I am sure people on this forum have some great book recommenations on this subject.

It is wonderful that you are already thinking about this--that tells me you are going to be just fine.
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Old 07-13-2007, 12:57 PM
_yb
 
Location: Central New Mexico
1,120 posts, read 4,763,043 times
Reputation: 800
I think the advice of planning your retirement as if there were no SS available is great advice. My wife and I do not include it in our portfolio at all and we are in our early 30's. It is doubtful it will even be around for another 20 years anyway.

An older book you can read is "The Wealthy Barber" by David Chilton. It may help get you going in the right direction.
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Old 07-13-2007, 01:21 PM
 
548 posts, read 2,434,544 times
Reputation: 357
Even if social security is still around, it's not enough to live off. No one should ever plan to live off social security. Security and retirement comes not just from having a good job, but from keeping credit card debt to zero, to investing in IRAs, 401K, brokerage accounts, having adequate disability and life insurance (if there is family who depends on you), on saving, and owning your own home, on not overspending. This probably sounds really obvious but is an extremely LOW percentage of Americans who do it.

See a financial advisor, invest early. Pay yourself first (meaning--you don't need that new dress if you're IRA isn't fully funded for the year).
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Old 07-13-2007, 01:21 PM
 
2,356 posts, read 2,644,884 times
Reputation: 864
People my age don't consider retirement an issue. Forget that, I'm 23 and I've got about $370/month going into a Roth 401k. You just have to start drinking cheap beer, and change your lifestyle a little bit. I spend my free time at the beach, so my recreation is almost free.

I expect Social Security to be defunct by the time I retire.
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Old 07-13-2007, 02:38 PM
 
5,642 posts, read 17,321,350 times
Reputation: 3979
Yes, you can keep up a good lifestyle. Just have to know how to shop and get the bargains. Shop ebay. You don't have to get all the latest and greatest electronics every year either. Go to carmax and get a used car - or get a new gas-thrifty vehicle and you can save lots of $$ there (also on insurance).
There are lots of free things to do too. Staying away from the clubs and drinking is a definite good way to save $$.
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Old 07-14-2007, 12:37 PM
 
Location: Los Angeles, Ca
2,884 posts, read 5,182,915 times
Reputation: 2731
I wouldn't rely on the government for any type of retirement money.

These are the same people that run the passport office, that run the DMV. That responded after Katrina. And they're responsible for retirement money?!?

Everything else here is solid advice.
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Old 07-14-2007, 12:49 PM
 
Location: Palm Beach Gardens, Fla
1,888 posts, read 7,151,755 times
Reputation: 1527
Default Agreed!

Quote:
Originally Posted by yayoi View Post
Save like there isn't going to be any social security. I'm 29 and I honestly don't think it will be there for me to use by the time I retire.
I'm also 29 and the savings started years ago (even before I had a 'real job') I have NO confidence in the system and I'm going about it as if I have to save for my own retirement (which, technically, i have to).
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Old 07-14-2007, 12:53 PM
 
Location: Palm Beach Gardens, Fla
1,888 posts, read 7,151,755 times
Reputation: 1527
Also, not to say anything bad about Florida but this is retirement capital and I see first hand what happens when you DON'T plan well for retirement. I don't think all of those senior citizens are bagging groceries for sheer hell of it. It's sad and scary at the same time. I don't want to spend my last days like that.
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