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Post Info TOPIC: Planning


Member

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Planning
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Why is it that many of us seem to not worry about retirement during our younger years? 

Could it be we are not cognizant enough of the changes taking place from generation to generation?  The almost complete disappearance of defined benefit pension plans?  Longer life spans?  Education?

Failure to plan, is planning for failure.  Or something akin to that.



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AMAC Ambassador

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Why don't we worry about retirement when were younger? Simple-- it's called life-- it's a new experience and we find out very soon that it takes money and time to enjoy it.
Retirements is for old people--and when we're young we don't think about getting old, therefore we don't think about retirement. I'm old, and I don't think about getting old. Luckily my grandparents and parents started us kids out with the right attitude, work hard, live life well within your means, put away a few dollars for a rainy day, and - save - save - save. In the early 1960s when I entered the workforce I made 75¢ an hour, it was hard to save money back then. I remember asking a local businessman who I had great respect for, how much would I have to save to live well in retirement. He said, a couple $100,000 should do the trick? By the mid seventies, I had a family and responsibilities money was tight. Although I had put away some money it was never going to be enough to retire on. I did't really start my retirement savings/investing until the late seventies, at which time my wife and I dedicated 25% of our income to retirement, good investment vehicles, a few good years of growth in the market and life started to look better, like everyone 911 wiped out a good portion of our retirement. By late 2007 things were looking good--and the financial crisis, the housing bubble of a long recession. Today political turmoil, economic uncertainty, a bad world economy. We have retired, we have worked hard and saved but the figure that I was given all those years ago was so wrong! Retirement planning is an art unfortunately the picture, is more like a Van Gogh too much going on--it takes a whole life of looking at it-to figure it out!

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R. Smith Sr.

lj


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The best advice my mother ever gave me was start an IRA with the first paycheck of my first job, the second best piece of advise- Onis in , LEAVE IT!!!!, don't touch it, don;t take it out, DON"T PANIC- when the stock market crashed , I saw my IRA plummet . I secretely panicked but left it alone-- sure enough, it recovered.

third best advise- DIVERSIFY.

If anyone gets invitations to attend a retirement seminar I highly suggest it- they will NOT sell you a product nor guide you in to choosing one of their products: I atteneded a seminar recently: information is general but it was about the economy, how people are living longer(don't know if the statistics are correct, but they saisthe majority of retirees live until they are 100!!) so long term planning is really important ! Start an IRA for your grandkids...!

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