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Too much chicken little stuff here. We get a whiff of stagflation and everyone is already suffering from one. And, this is from many who have part of their income stream adjusted for inflation. Talking of 25-30% decline in dollar from pre-Covid when dollar is higher than that time.
I meant to say the dollar has lost 25% of it's purchasing power, not value vs. other world currencies, which have also lost purchasing power post-Covid.
It now takes $5 for the carton of milk that cost $4 in 2019.
From a Pre-Retirement perspective working longer to get some large items prepaid as well as contributing longer and increasing benefit amounts is seen less as nice to have and more as a must do. It's not as easy to get a handle on future costs in this economic environment.
I am turning 62 in four months when the pension gets a 10% kick; the next decision point after that is to work until at least 65 when Medicare kicks in. I have coverage if I had retired at 60 or if I were to retire at 62, but, with the double coverage of adding Medicare there will be little if any out of pocket. After that, well, obviously 67 and the ability to turn on unreduced SS benefits. Numerologically speaking 2032, when I turn 70 is a year of rest. The last two years of rest the rest was forced on me with #1 knee crush in 2005 and #2 kneecap break in 12/2022 (which might as well be 2023). I need to retire well ahead of that so the longest I plan to be in my current job is 68. However, I have the cash set aside to delay SS between 67 and 70.
I may turn a skill into a part time creative outlet in retirement and may never really stop working or who knows what else. Unfortunately, I am pretty attached to the workforce (bad habit). But, it would need to be something that does not feel like work and that was done with nearly complete autonomy.
I think it might be a good idea to have some, at least, small source of additional earned income. We'll see. All you can do is preliminary planning. I mean unless you have enough to cover all scenarios (like what, at least 100 million might do it?).
I meant to say the dollar has lost 25% of it's purchasing power, not value vs. other world currencies, which have also lost purchasing power post-Covid.
It now takes $5 for the carton of milk that cost $4 in 2019.
I just checked milk at Walmart for you. 2.16/gallon
Wilie, it’s a money versus time dilemma. Since we don’t know how long we will live it’s hard to make the decision of when to retire. Realistically people’s 60’s are the last best time before health starts going downhill if it already hasn’t. I wouldn’t have wanted to work full time until 70. I do enjoy working a little bit.
Wilie, it’s a money versus time dilemma. Since we don’t know how long we will live it’s hard to make the decision of when to retire. Realistically people’s 60’s are the last best time before health starts going downhill if it already hasn’t. I wouldn’t have wanted to work full time until 70. I do enjoy working a little bit.
Yes, I understand. I was disabled by a traumatic accident when I was 43. My best time was actually up to my late 20's. I am not going to go through the laundry list of medical issues. You need to trust that I know what is best for me. I had the full life I wanted. I do not need to fulfill some kind of bucket list in old age. My life is every day, not set up for some grand finale. You're a nice lady and I do not mean to offend you; but, you do not know me or my family and we are all homebodies and enjoy the simple things in life (we are all very stoic, it's not something I invented).
Last edited by Wile E. Coyote; Yesterday at 12:27 AM..
If we are embarking on a decade of the 1970s redux stagflation, what do you plan to do about it in retirement? I can't think of doing anything differently (except that my Soc security, when I take it at 70, may be a somewhat larger component of my retirement income than I expected), but wonder if other people approach it differently. Comments?
I invest in oil and sin stocks and index funds and dividend aristocrats/dividend kings to keep up with inflation. My family's oil investments have weathered inflation really well.
I invest in oil and sin stocks and index funds and dividend aristocrats/dividend kings to keep up with inflation. My family's oil investments have weathered inflation really well.
what investments are you referring to as far as oil ? if you are referring to exxon it has lagged terribly over time.
it has averaged 4% cagr the last 10 years compared to 12% for the s&p
what investments are you referring to as far as oil ? if you are referring to exxon it has lagged terribly over time.
it has averaged 4% cagr the last 10 years compared to 12% for the s&p
My parents own lots of oil and gas wells. We also have other investments in oil and gas as a family. My mom's folks have mineral rights out of state that are producing My dad's mom owns mineral rights. That same grandmother has a boat load of Exxon stock.I have some oil company stock that I bought and my grandparents gave me.
Last edited by NewMexicoCowboy; Yesterday at 02:10 AM..
well we have no idea what that really means since owning oil itself thru uso as a commodity has lost 5% cagr the last 5 years and 12% cagr the last 10 .
a barrel of oil was 140 in 2007
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