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05-18-2014, 07:14 AM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,210
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Retirement is the fix in?
Like all of us hopefully one day will receive SS along with other retirement funds.
Now bare with me because this is still formulating as a coherent consideration of current ongoing events.
I have been going to these "dinners" and seminars for what or how to do in retirement. Like long term care insurance annuities work later I could on and on. The wife could go at any time so we go.
A common thread in all of the pitches (sales??) is work longer save more. Well on the outside smart advise for sure. But like I told the wife after the last one Thursday, if we had waited until now to be planning we are late to the game. Number one be debt free, own your home or two. Have money in the bank.
The talk was about going onto SS at the earliest chance or waiting. Taking the spousal portion and leaving yours alone. That sorta thing. Their nudging was to work till 70. Others have been on annuities, long term care investment strategies ect....
That is when the eureka moment occurred!
THESE FINANCIAL ADVISERS JUST WANT MY MONEY! YEP!
They want me to keep it in a fund and not spend it. EVER! They don't want to pay it out but keep it, so they can keep making money off of it. Keep you working till your seventy if able, but if not then you go into a home that is probably in one of their investment portfolios. Not that the Government will be upset at the thought of someone dying before they can claim SS either!
They keep saying we are living longer. Yes we are but just how many of the years are good ones? No one of use have a crystal ball and know just how many active years are left.
So as most will agree the years have a value. Retire at 63 and have ten plus good years to enjoy. All the time living within your means. Or work till 70 then just sit at home because of aliments limiting your movements, but have plenty of money.
Barney
Last edited by Oerets; 05-18-2014 at 07:17 AM.
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05-18-2014, 07:25 AM
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Ready
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Join Date: Oct 2013
Posts: 19,165
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You've got it figured out, Barney. If they can't get you to commit to going to 70, a 'financial adviser' will always have reasons why you should retire next year. Never this year.
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05-18-2014, 07:34 AM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,210
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Quote:
Originally Posted by donquixote99
You've got it figured out, Barney. If they can't get you to commit to going to 70, a 'financial adviser' will always have reasons why you should retire next year. Never this year.
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I used some of my retirement funds to purchase a rental property. The adviser wanted me to borrow it instead. Pay interest to me along with paying it back.
I told him that the amount needed would earn me a couple of hundred $ a month right now over what it is earning now with them. No payment to make either and own something other then paper or in the ether.
After it was over he admitted doing the same thing too!
Barney
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05-18-2014, 07:47 AM
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Ready
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Join Date: Oct 2013
Posts: 19,165
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Quote:
Originally Posted by Oerets
I used some of my retirement funds to purchase a rental property. The adviser wanted me to borrow it instead. Pay interest to me along with paying it back.
I told him that the amount needed would earn me a couple of hundred $ a month right now over what it is earning now with them. No payment to make either and own something other then paper or in the ether.
After it was over he admitted doing the same thing too!
Barney
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I trust the last bit got him fired? Like, he admitted to giving you bad, self-serving advice, which was not what he does in his own case.
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05-18-2014, 07:52 AM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,210
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Quote:
Originally Posted by donquixote99
I trust the last bit got him fired? Like, he admitted to giving you bad, self-serving advice, which was not what he does in his own case.
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Not the guy we use anymore. He moved on to greener pastures. Went out on his own now. Tried to poach us a few months ago from our current guy. Got a free meal out of it anyway.
Barney
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05-18-2014, 10:38 AM
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Banned
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Join Date: Jan 2014
Posts: 4,454
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Quote:
Originally Posted by BlueStreak
The whole world wants you to work until you die, Barney. The government wants to spend your SS money, the bankers want to keep your 401k, Republicans hate it when ANYONE stops working (Except themselves, of course, because they "earned" it and you didn't. ), Democrats want you to keep paying taxes.....................
F**k'em all, Barney. You make up your mind when you're ready and just do it.
Dave
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Yes they all want your money and don't want to payout SSI if at all possible. You and I Dave might not get it at all unless they do some drastic revamping of SSI.
Quote:
Originally Posted by Oerets
I used some of my retirement funds to purchase a rental property. The adviser wanted me to borrow it instead. Pay interest to me along with paying it back.
I told him that the amount needed would earn me a couple of hundred $ a month right now over what it is earning now with them. No payment to make either and own something other then paper or in the ether.
After it was over he admitted doing the same thing too!
Barney
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Diversify Barney, I can't express enough about hard assets. Don't care what they are but they need to be physical. Real Property that you own hold and control without any third party risk.
You said this,
"They want me to keep it in a fund and not spend it. EVER! They don't want to pay it out but keep it, so they can keep making money off of it."
Glad you see that they will never recommend anything that they can't control and earn from. They never tell you to buy/invest in physical property like the metals. They will be more than happy to take your earning and put it in gold ETF's so that your exposed to it. They won' tell your going to be taken to the cleaners though and they get paid anyway. Metals are only one hard asset to consider in Real Property.
Too much in paper assets in this volatile economy could and I see it as will be a disaster. I also noticed you never mentioned anything about Semi-Retirement which is an avenue to look into. Collect SSI and generate minimal income for maybe 5-8 years.
I have also been thinking of relocating to a cheaper economy when I retire. Where I am is good to work because the cost of living is high and is where the money is at. Once the earnings stop I don't think the need to stay in a high cost of living environment would be the best move. All your retirement funds will go further relocating.
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05-18-2014, 10:55 AM
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Admin
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Join Date: Dec 2011
Location: Behind the Orange Curtain in California
Posts: 37,222
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Anyone surprised that the "true patriot" 'baggers want to bail on their homeland that gave them everything they have as soon as they can?
Freekin' sociopaths wrapped up in Old Glory like a rotten three day old corndog.
Good riddance, move to Belize or Somalia.
__________________
I don't know half of you half as well as I should like, and I like less than half of you half as well as you deserve.
- Mr. Underhill
Last edited by bobabode; 05-18-2014 at 11:11 AM.
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05-18-2014, 11:14 AM
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Banned
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Join Date: Jan 2014
Posts: 4,454
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Quote:
Originally Posted by bobabode
Anyone surprised that the "true patriot" 'baggers want to bail on their homeland that gave them everything they have as soon as they can?
Freekin' sociopaths wrapped up in Old Glory like a rotten three day old corndog.
Good riddance, move to Belize or Somalia.
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Your assuming again.
Bobby Stockton like where Barbara lives is far cheaper than on the SF peninsula. Hence lower cost of living.
I really wish you would stop trolling and have a decent discussion for once.
Last edited by 4-2-7; 05-18-2014 at 11:18 AM.
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05-18-2014, 08:36 PM
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Persona non grata
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Join Date: Oct 2013
Posts: 12,654
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Quote:
Originally Posted by Oerets
I used some of my retirement funds to purchase a rental property. The adviser wanted me to borrow it instead. Pay interest to me along with paying it back.
I told him that the amount needed would earn me a couple of hundred $ a month right now over what it is earning now with them. No payment to make either and own something other then paper or in the ether.
After it was over he admitted doing the same thing too!
Barney
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Be your own financial advisory.
Be your own personal trainer.
Be your own life coach.
I can't believe people actually ay other people for shit like this.
__________________
"The enemy of my enemy is my friend."
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05-18-2014, 07:30 AM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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The whole world wants you to work until you die, Barney. The government wants to spend your SS money, the bankers want to keep your 401k, Republicans hate it when ANYONE stops working (Except themselves, of course, because they "earned" it and you didn't. ), Democrats want you to keep paying taxes.....................
F**k'em all, Barney. You make up your mind when you're ready and just do it.
Dave
__________________
"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
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