Quote:
Originally Posted by old guy
The further away from retirement the better off you are, so you young guys should be fine.
1. Don’t count on your 401k as your sole source of income in retirement, as a down turn is always a possibility, we’ve seen it in 09 and now.
2. Diversify, real estate, precious metals, art, pensions, even classic cars. A junk 240z is worth 3-4K and that’s what they cost new !
3. As you near retirement go conservative with your 401 meaning more toward interest only
4. Don’t go into retirement with debt. Have your house and any needed major improvements paid for. Have a good car ( cars ) paid for. And don’t bring any high interest credit card into retirement.
This is a simple plan that works! We started to plan in our mid thirties, my wife retired at 55 and me at 63
People who are dependent on there 401k are now going to be in poor shape as compared to just 3 weeks ago. What dissolved in three weeks could take years to recover
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Great advice and youngsters need to pay attention. I have a pension and will be debt free when I am done. Pretty much there now. Life happens and my divorce pretty much ruled out paying off my house or owning rental property. Put two kids through college and raised them to be self sufficient was a priority and it worked. The 401k is my get out jail bail money to pay off mortgage or at least make the payments. We will see which is the best financial especially if intrest rates get below 2. I'm not really worried because I have enough to be okay, I just don't want to adjust my lifestyle dramatically! Got to keep that money tree from becoming a money twig!!!
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