During retirement most source(s) of income will be...... (UH-OH?)

[mjp28]

It's a good idea to be diversified, positions in silver and gold are fine.

Personally I am just a bit reserved about sponsored stories and links no matter what they are, it may come true, might not, either way most of them make money....just like stockbrokers make money on buy/sell commissions.

......By the time this fraud is exposed fully, and by the time a mere 1% of people or money in America starts buying silver, such as only about $180 billion in the banking system, the silver price will exceed $500/oz......

If that happens you might be very well off.

The underlying thing that concerns me is the $15T debt and ongoing yearly budget deficit, I guess we'll see what happens. I'll be 62 in 5 months, I'm retired now.

[geds]

Remember the Hunt brothers attempt to corner the silver market? Didn't fare too well for most of the folks caught up in it....

[raven818]

Originally Posted by mjp28

(remember you can annuitize it and NOT pay the 10% regardless of age)

That's the direction I went with about 80%. Guaranteed monthly check for longer than I will live. My wife is set up to either continue the checks, or close it out. Her choice.

My advice to her has been to close it out, and put the balance into hers ( medium or low risk ).

It goes both up and down. As long as I can cover their fees, I'm happy. Could be happier, but...

BTW, Golds down $20 from last close.

[gvw3]

mjp28 I was a Stock Broker in the 80's (pre elec. trading). I have never seen a market like this one. Old rules like a sell off will bring the market down to low and a Bull market will bring it to high. I don't think these rules apply anymore.

I worry about the young generation. They won't have social security as it looks now. I no longer trust the stock market. Gold has been so pumped up it may be the next bubble.

I couldn't give anyone advise on what to do other than good quality guns and ammo.

[mjp28]

Originally Posted by gvw3

mjp28 I was a Stock Broker in the 80's (pre elec. trading). I have never seen a market like this one. Old rules like a sell off will bring the market down to low and a Bull market will bring it to high. I don't think these rules apply anymore.

I worry about the young generation. They won't have social security as it looks now. I no longer trust the stock market. Gold has been so pumped up it may be the next bubble.

I couldn't give anyone advise on what to do other than good quality guns and ammo.

A lot of the old rules from the 70s I learned about P/E ratios and investing for the long haul in stock and insurance products are not rock solid anymore to say the least.

You have to save but the how and where are getting really tricky, they should teach the basics of saving and simple investing in high school! I've felt that way for a long time.

And yes, never sell your guns and ammo! That's a definite BUY.

[76Highboy]

My wife and I are following Dave Ramsey and are doing excellent.

[mjp28]

Originally Posted by 76Highboy

My wife and I are following Dave Ramsey and are doing excellent.

I just quickly checked out his website, not bad!

BASICS! So many people don't even know how to do basic budgeting, without that forget investing.

Also I used to watch Suze Orman (who's deeply in love with herself) just to more or less compare notes with my ideas, but not a bad advisor.

[mogunner]

I retired in 2007 on a Federal disability annuity that'll run until I reach whatever the "official" retirement age is, if they don't keep moving it up, then I'll go on Social Insecurity if it still exists. The wife just got her disability a couple of months ago, had to "retire" due to a workplace injury, the lawsuits been going on for years now but is in settlement talks now. She should get a sizeable amount, we are looking at buying some land away from everyone where we can go off grid as much as possible, we were both raised poor, my family grew, shot and fished what we ate for the most part so I know a bit about it. Neither of us are fancy people, a big night out is usually a movie and a decent steak dinner ever three or four months. We look at what states have the best tax breaks, or lack of taxes, as well as vehicle registration and other concerns. So far Arizona is ahead...

[76Highboy]

Along with the budgeting is self control. We don't have car payments and live lean. I credit my wife with the excellent detail to our budgeting. She is fabulous.

How you doin mjp?

[CampingJosh]

Originally Posted by 76Highboy

My wife and I are following Dave Ramsey and are doing excellent.

Same here. I don't know of too many couples in their mid-twenties with multiple college degrees and no debt of any kind. But I'm very glad to be in that small number.

[mjp28]

Originally Posted by 76Highboy

Along with the budgeting is self control. We don't have car payments and live lean. I credit my wife with the excellent detail to our budgeting. She is fabulous.

How you doin mjp?

Eh, all things considered OK.

[76Highboy]

Originally Posted by mjp28

Eh, all things considered OK.

I will be picking your brain later this year. Once my student loan is paid off all we will have left is the house so I will have questions.

[geds]

I've run the numbers backwards and forwards and determined with a 10yr note and the low interest rates we have now, it is a better investment to put the additional monies into savings rather than against the principle of the mortgage. We figured we would basically be getting close a dollar for dollar reduction in the mortgage and lose the interest deduction. Whereas, investing it we are averaging better than 7%.

So, check your situation and run the numbers to decide what makes the most sense for you.

[graehaven]

Originally Posted by gvw3

mjp28 I was a Stock Broker in the 80's (pre elec. trading). I have never seen a market like this one. Old rules like a sell off will bring the market down to low and a Bull market will bring it to high. I don't think these rules apply anymore.

I worry about the young generation. They won't have social security as it looks now. I no longer trust the stock market. Gold has been so pumped up it may be the next bubble.

I couldn't give anyone advise on what to do other than good quality guns and ammo.

Neither gold, nor silver, are anywhere near what they should be in inflation adjusted dollars. The banks are purposely manipulating the price down, with the blessing of the FED and the US Gov, to prop up the dollar.

We are nowhere near done with the "bull" market in precious metals. The reason? They are destroying the dollar. If you're in dollar denominated assets (paper) it will go to zero.

[Gun Geezer]

I have been retired for 14 yrs. I have enjoyed life more during that time than all that came before. If the SHTF , I will remember the past 14 yrs. and be grateful for having had them. Even if the money holds out, health problems threaten to make the next 14 less than ideal. It's not quantity, but quality.

[mjp28]

Originally Posted by 76Highboy

I will be picking your brain later this year. Once my student loan is paid off all we will have left is the house so I will have questions.

OK, I had to go last night, early day today. Well for anyone out there:

Traditional 1950s, 1960s view - pay off the house! Make double, triple payments like my parents did.

2012 view - 30 year mortgages at ~3.90% and tax deductible interest
15 year mortgages hit a new low at 3.11%. Almost too good to be true!

Maybe refi if you haven't already, nearly everyone has, and put the rest away for emergency or other funds? Of course a paid off house, car and those credit cards is a comforting thing!

You have to work the numbers and see what comes up good for you. Taxes and interest will only go UP in the upcoming years! CDs aren't paying much now but picture saving enough to someday being able to pay off your house....if you want to, hmmmm.

[graehaven]

I looked into a refi. Too expensive. I'm better off paying extra principal every month, so that's what we'll try to do.

Actually, I'm probably better off taking that money and purchasing items that we use and need, as they continue to skyrocket in price.

At this point, there is no investing available, for me anyway, only a means to protect what I already have.

[whymememe]

If I told you, I'd have to kill you. LOL. I'm living on residuals.

[time2shoot]

retierment? Who can do that now a days.

[mjp28]

Originally Posted by time2shoot

retierment? Who can do that now a days.

Plus I love when "they" say oh just postpone it to 66 or 68 or 70+, well what if you don't have some cushy job OR you're health doesn't permit you to work past 62-65? Then what?

I guess you need a job just writing opinions on when to retire.

Start your financial plan as early as possible....whenever that is in your life.

[tuckerd1]

I'm 60 and retiring at the end of this year. Will receive 75% of my annual salary as long as things don't go BUST! I have decent savings if inflation don't eat it up. Nothing is guaranteed.

I live on 84 acres with turkey, deer, squirrels, rabbits and fish in the crik. 10's of thousands of acres sitting empty around me. Maybe I won't have to eat grass to survive. But, anything is possible.

My question is... If gold, silver, etc is such a good place to put your investment, why are so many companies willing to take the US $ in exchange for the metals? If silver is $500/oz now, if things go tits up, maybe you can get a rack of beef for the oz of silver. Hope so, you can't eat the silver.

Why have a mortgage payment as a tax write off? if you pay $10,000 in interest you may save $2,500 in taxes. $7,500 goes to the mortgage company as interest. Why not put the $7,500 on the principal and just pay the taxes. Sure, some of your income may be in a higher tax bracket, but not all of it.

[mjp28]

Originally Posted by tuckerd1

Why have a mortgage payment as a tax write off? if you pay $10,000 in interest you may save $2,500 in taxes. $7,500 goes to the mortgage company as interest. Why not put the $7,500 on the principal and just pay the taxes. Sure, some of your income may be in a higher tax bracket, but not all of it.

(edit add NOTE: after reading your comment again I'm not sure about it. If you owe $10k (which is a huge amout of interest) that goes to the bank for lending you $xxx,xxx of their money so you can buy and live in the house. The IRS just gives you a bit of a tax break, that's it.)

You don't buy a house just to "possibly" (if you can itemize vs the standard deduction) get a tax write off on on the interest, you buy a house to live in and build equity over time.

NOTE: there is talk about eliminating the mortgage deduction, that will be a fight.

I bought my first house when I was 24, ten years later I used the equity in that house to buy my next house. In time a paid off house will have some equity for your retirement, heirs or maybe a reverse mortgage and a monthly check to live on.

[tuckerd1]

Originally Posted by mjp28

You don't buy a house just to "possibly" (if you can itemize vs the standard deduction) get a tax write off on on the interest, you buy a house to live in and build equity over time.

NOTE: there is talk about eliminating the mortgage deduction, that will be a fight.

I agree, you buy it to live in. But so many think the opposite and use the tax savings as an excuse not to pay it off. Pay it off as soon as you can.

Live debt free as soon as you can. Or forever if you can. Live by a budget, with savings for retirement, and an emergency fund when that BIG thing breaks. Life sure has been easier since I learned that principal.

[tuckerd1]

BTW, mjp28, there will be a huge battle when they start eliminating the mortgsge deduction.

[mjp28]

Originally Posted by tuckerd1

I agree, you buy it to live in. But so many think the opposite and use the tax savings as an excuse not to pay it off. Pay it off as soon as you can.

Live debt free as soon as you can. Or forever if you can. Live by a budget, with savings for retirement, and an emergency fund when that BIG thing breaks. Life sure has been easier since I learned that principal.

Having a mortgage JUST for any tax break is a bad idea...and a money losing proposition. You're only getting money back starting with you're highest tax bracket and working down.

AND after 2012 the Bush Tax Cuts expire if Congress does nothing and all of us will be paying higher taxes! The 10% goes back to 15%, 25% goes back to 28% and so on.

I have not heard yet if it will be extended because the government needs mo' money!