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Old 09-19-2013, 05:09 PM
 
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Quote:
Originally Posted by mathjak107 View Post
not everyone needs to live off of their savings to supplement ss. some folks have nice pensions and need very little. other folks have so little they live hand to mouth on ss.

then you have another group which has some savings but does not live off it , they use it for the extras in life.

but then you have a big group who need to live off whatever they have saved and ss.

that is who needs to learn to develop a pensionized income off their savings that is safe , consistant and reliable and will be there for life. that does not happen by the seat of ones pants.


those who do not have a clue as to how to develop this either run out of money before they run out of time or they run out of time and left to much unspent on the table.

you need to find that balance between the 2 and there are ways to do it and thats what we discuss.
I just have a very quick question ... forgive my ignorance. I've only skimmed over what you have written in the past so far. Need to go back and reread, but I keep wondering if what you mean by "developing a pensionized income off their savings that is safe, consistent, and reliable" pertains to an IRA with a" lifetime guarantee payout?" I know I will probably live mostly off my SS with some from a 401K, and thought this type of IRA would offer some extra security later without worry about a possible downturn in the market (still about 10 years before retirement).
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Old 09-19-2013, 05:20 PM
 
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Many of us who have no pension just have a pile of dough we saved that we want to draw an income off for life.

It can be a big pile or a small pile,but no matter what size it is we want it to spin off income for our life.

In effect we want to create our own pension from savings. We want our income from savings to be consistant in amount and we want it to be reliable.

Bad markets and extended down turns over a 30 year plus time frame are a fact of life. Throw in inflation changing and you have alot of variables to deal with if we are trying to find an income level that we can count on.

There are lots of methods and ways to invest to come up with at least a ball park for developing that income stream.

Ideally what you want is the income to never vary except to be adjusted upward for inflation. You want the residual pile of money left over at the end to vary with markets.

If you have no money left in that pile before 30-35 years you would have had a failure.

There are charts and calculators that can analyze all the retirement time frames to date. There are 111 of them since 1926.

Some included the worst of times like the great depression or the raging inflation in the 1970's.

They can take what you want to do and tell you how many times your plan would have gone broke.

The less your plan failed in the past the better its success rate..

Last edited by mathjak107; 09-19-2013 at 05:38 PM..
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Old 09-19-2013, 05:47 PM
 
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Quote:
Originally Posted by in_newengland View Post
Thank you. Yes, things have changed for a lot of people. I had rolled over my 401K, my cousin had an excellent paying job at Tufts before her illness, and other friends were still married--happily, so they thought. Things are different and many people do not have money to grow more money, just money to get by on.
Many of us went through it together in City Data. We agreed and disagreed what to do etc. We had a lot of uncertainty and learned a lot from the crash along with previous ones. Folks had a lot of decisions to make who were on here and our normal life. There was a pattern to which ones worked for many and I think people are just trying to share their experiences and perspectives to help others in future crisis times. Yes it may be late in the retirement game for some but not many others.
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Old 09-19-2013, 05:48 PM
 
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Mathjak: Yes, I remember the discussions on here about the charts and calculators from earlier. I will look into that more, and actually compile some of these discussions to take to my CFP when I see him next so I can discuss with him in more detail my situation. Thanks so much.
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Old 09-19-2013, 05:51 PM
 
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Most cfp's know very little about this stuff,it really is not what they do or are even skilled in.

Most are good at the first half of the game which is growing your money.

Most out there really are weak in spending down theory and skills.
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Old 09-19-2013, 05:53 PM
 
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Oh really? That confuses me. Why wouldn't they know about that? Just curious.

Ok, just read the last part of your message. Guess, I need to do that work on my own then, but will ask him about that too ... known him for many years. Thanks again.
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Old 09-19-2013, 05:54 PM
 
Location: Near a river
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Quote:
Originally Posted by mathjak107 View Post
Most cfp's know very little about this stuff,it really is not what they do or are even skilled in
Specific links and product options would be helpful, though I know what you post cannot be seen as advertising. Books are out of date the moment they are printed.
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Old 09-19-2013, 05:56 PM
 
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There is alot of different aspects to retirement planning that make it very specialized.

To see why i suggest go to youtube and catch ed slotts videos.

You will see how tax planning ,retirement planning and estate planning all mesh together .

Most cfps are not well versed in this stuff since the bulk of their clients are much younger and more concerned with investing ,college tuitions and tax planning while working.
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Old 09-19-2013, 06:06 PM
 
Location: Near a river
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Quote:
Originally Posted by mathjak107 View Post
There is alot of different aspects to retirement planning that make it very specialized.

To see why i suggest go to youtube and catch ed slotts videos.
I've read his book Retirement Time Bomb and tried to wade through one of his videos a few years back, however he seems to be all about preserving the wealth of the already wealthy, which is fine, but not for the average person. For ex, an irrevocable trust is not for everyone but has certain advantages to a certain financial class of people.
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Old 09-19-2013, 06:11 PM
 
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Does someone with also CLU and ChFC after their name give them more retirement areas of expertise? I know mine deals with a large group of retired folks. He is semi-retired now, also teaching a couple classes at the local community college.

He lists his specialties as:

Budget & Debt Management
Comprehensive Financial Planning
Attending College
Charitable & Planned Giving
Estate Planning
Investment Management
Employee Benefits
Insurance
Retirement
Stocks & Bonds
Long-term Care
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