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Old 12-13-2018, 05:26 AM
 
122 posts, read 59,519 times
Reputation: 269

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Be careful about your investments. Paper assets are on very shaky right now. If you don't hold it in your hand...you don't own it. You have to diversify and buy precious metals put some money offshore if possible. Invest in "tangible" assets. Your retirement may not be around for you to enjoy it regardless of meticulous planning. Gold and silver prices are rather low right now but they will skyrocket within the next year. Now is the time to buy. Don't leave all your cash in the banks either in case of a bail-in. You may balk at what I'm writing; however, it's best to be "safe than sorry."...Good Luck!
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Old 12-13-2018, 05:29 AM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
Quote:
Originally Posted by Propop View Post
Be careful about your investments. Paper assets are on very shaky right now. If you don't hold it in your hand...you don't own it. You have to diversify and buy precious metals put some money offshore if possible. Invest in "tangible" assets. Your retirement may not be around for you to enjoy it regardless of meticulous planning. Gold and silver prices are rather low right now but they will skyrocket within the next year. Now is the time to buy. Don't leave all your cash in the banks either in case of a bail-in. You may balk at what I'm writing; however, it's best to be "safe than sorry."...Good Luck!
Thanks for the advice. I am heading to the bank to withdraw all my money, cashing out of retirement funds, listing the house with a realtor. I am taking all my cash and I going to live in a van down by the river. I will need to get a trailer to pull behind the van that will hold all the gold and silver I am buying. Will be short-term though as now that I know prices will skyrocket in a year, I am going to make a killing.

Man, I am glad I checked this forum today.

Last edited by jasperhobbs; 12-13-2018 at 05:38 AM..
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Old 12-13-2018, 05:44 AM
 
Location: Buckeye, Arizona
268 posts, read 106,558 times
Reputation: 282
We probably saved 25% over the years, now in our 60s. Also, had two pensions as well as social security above the savings.
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Old 12-13-2018, 05:48 AM
 
122 posts, read 59,519 times
Reputation: 269
Quote:
Originally Posted by jasperhobbs View Post
Thanks for the advice. I am heading to the bank to withdraw all my money, cashing out of retirement funds, listing the house with a realtor. I am taking all my cash and I going to live in a van down by the river. I will need to get a trailer to pull behind the van that will hold all the gold and silver I am buying. Will be short-term though as now that I know prices will skyrocket in a year, I am going to make a killing.

Man, I am glad I checked this forum today.
You can be sarcastic if you wish but some people are actually doing some or even all of the things you wrote in your post. Don't be a fool and not heed a warning. You will be one of the first to complain. What's coming will be worse than 2008 and apparently you aren't remotely prepared. Unfortunately, you and many others will be caught off guard. You think it can't happen in America? Well, just wait and see. The game is over so you'd better protect yourself. Anyway, I'm not going back-and-forth with you. You're not my responsibility. Ciao....!
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Old 12-13-2018, 07:30 AM
 
673 posts, read 2,028,463 times
Reputation: 875
Quote:
Originally Posted by Propop View Post
Be careful about your investments. Paper assets are on very shaky right now. If you don't hold it in your hand...you don't own it. You have to diversify and buy precious metals put some money offshore if possible. Invest in "tangible" assets. Your retirement may not be around for you to enjoy it regardless of meticulous planning. Gold and silver prices are rather low right now but they will skyrocket within the next year. Now is the time to buy. Don't leave all your cash in the banks either in case of a bail-in. You may balk at what I'm writing; however, it's best to be "safe than sorry."...Good Luck!
Hi Mitt: Thanks for the advice. I've just booked my ticket to the Cayman Islands - I'll see you there for Christmas.
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Old 12-13-2018, 07:57 AM
 
723 posts, read 481,965 times
Reputation: 1819
Age 52 and here is our breakdown on savings:

7% into 401K
8% into Roths
5% into mutual funds
7% into Savings
-----------------------------
27% total saving

Starting in January we plan to increase the mutual funds to 10% for a total of 32% savings. Only debt we have is the house and it will be paid off in about 12 years if we only do the payments.
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Old 12-13-2018, 08:46 AM
 
Location: Paranoid State
13,047 posts, read 10,434,659 times
Reputation: 15678
Quote:
Originally Posted by ChessieMom View Post
LOL. I wasn't advertising. I am in a longstanding relationship. But not married, and financially responsible for myself only.
Yeah, but some day you might want to trade him in on a new model. Say, an underwear model.
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Old 12-13-2018, 08:50 AM
 
Location: Paranoid State
13,047 posts, read 10,434,659 times
Reputation: 15678
Quote:
Originally Posted by jasperhobbs View Post
Thanks for the advice. I am heading to the bank to withdraw all my money, cashing out of retirement funds, listing the house with a realtor. I am taking all my cash and I going to live in a van down by the river. I will need to get a trailer to pull behind the van that will hold all the gold and silver I am buying. Will be short-term though as now that I know prices will skyrocket in a year, I am going to make a killing.

Man, I am glad I checked this forum today.
LOL! I nearly spewed hot coffee out my nose. I can't rep you without being more promiscuous with my reps - so I'll just say nicely done.
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Old 12-13-2018, 09:00 AM
 
Location: Paranoid State
13,047 posts, read 10,434,659 times
Reputation: 15678
For the last decade or so of our prime earning years, we both had jobs were about 2/3 to 3/4 of annual cash compensation came in the form of an annual performance bonus payout. We saved every penny of the annual performance bonus. We maxed company-matched 401Ks, of course. We had a deferred compensation plan where we could defer up to $X of that year's total cash compensation and receive it paid out over many years after retiring, which in turn allowed us to recognize that compensation once we had relocated to a no-state-income-tax state. I don't recall how much X was, but a lot. On top of that, we always had large numbers of expiring stock option grants (typically 10 years) for which we did same-day-sales (exercise & sell), and we always saved every penny of that.

Now many years into retirement but with no pension and with no SS (we're waiting until 70), we have quite a lot of passive income and cap gains generated each year, plus payouts on deferred comp from prior years (which have grown with the market) and we still save about 3/4 of it all for the benefit of our future beneficiaries and for charitable gifting.
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Old 12-13-2018, 11:25 AM
 
Location: Denver, CO
1,700 posts, read 4,062,672 times
Reputation: 1260
Quote:
Originally Posted by Nae5150 View Post
Thanks everyone! I am mid 30s and have lowered my contribution temporarily because Im doing part time with a young family. I guess I need to ramp it back up when possible. Spouse is doing 10% now, and Im doing 5%. Many of my peers have less than what weve set aside. Perhaps we have time to catch up in a few years too. But a bit scary for many when its our time to retire.

Unless you are chasing FIRE, don't worry too much, just ramp back up when you can. We've only maxxed out 401k/Roth/HSA/529s for 10 years now and it's a huge difference compared to the previous 10. Once we hit 50 and don't have to worry about mortgage and kids education, the savings will ramp up even more.
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