Fragile dreams

I live on half of what I make and own 4 different businesses. Don't worry about me kids. Also, I won't walk into a Wal-mart let alone work there.

Excellent article. Having spent the last 29 years preparing for retirement, I learned some tips not mentioned in this article:
1. Spend your $$ on items that are investments (cars depreciate; homes usually appreciate).
2. If you want to purchase something that costs more $1K, set up a separate savings account and wait for 6 mos - 1 year (you may find out you really didn't want the item)
3. Set some specific goals and time lines (e.g. becoming debt free was one of the greatest days in my life when we burned the mortgage paper).

I'm thankful to be prepared for my career transition as I don't believe in retirement is a time to sit on the front porch-- I'm looking forward to serving in a new capacity in the next 3 years.

Generation X wrote:

Yeah, this is going to get interesting in the next few years. The Baby Boomers, the most self-righteous, self-indulgent, self-important generation ever, has been living for decades feeling they were "entitled" to SUVs, grande lattes, and 4-bedroom houses in the 'burbs. They going to be shocked when the cold slap of reality proves they are unprepared, their houses are losing value (due to the housing bubble and higher property taxes), and younger generations remember working with those jerks in the workplace.

You sound like a very angry person. My mother shared some advice that may be of benefit -- don't worry about the others around you; focus on your own goals. Best wishes.

Jacques Meayoff wrote:

<quoted text>
It's really difficult to levy taxes from the nursing home. So who is laughing now, old fart?

Please get a new name -- this is really vulgar!

cps wrote:

<quoted text> More and more Americans are moving to other countries for their retirement. For example, American retirees are buying retirement homes in Costa Rica, which offers more affordable homes, lower taxes, better health care benefits, and lower cost of living in terms of food and other consumables. Smart people in the U.S. can take advantage of these opportunities when they retire. But only if they start saving at least 5% of their wages beginning from the age of 30-40. Just talk to a financial planner now. Start saving now. Eliminate your credit card debt now. Keep your monthly expenses to a minimum and scrutinize the expenses you incur. Managing your money is a lifelong discipline, folks. Those who work at it will have much better options when they retire.

Good comments. And note that if you retire to Puerto Rico are the US Virgin Islands, you can still get Medicare!

I have always said it is best to get out of the country asap. I look for ways every day. Soon they will be locking you in.

Yes. They saved a little each payday and saved and saved and saved. Retirement would be wonderful. Everything looked like it would be great and they could see their golden years of peace and security approaching until one day they opened their mail, and to their horror, guess what they found?

THEIR NEW PROPERTY TAX BILL.

Jacques Meayoff wrote:

<quoted text>
What planet are you from?? Boomers suck - they were spoiled brats as children, and have spent their entire lives thinking the world revolves around them simply because there are so many of them! Well, guess what? Too many old people and not enough money to support them results in old people rotting in nursing homes. Few people will care, and those that do will not be able to do anything about it. THAT is the reality. I know you Boomers do not like to hear bad news, but that is just the way it is. Get over it, and get over yourself; nobody is going care if you rot in your old age. Sorry to have burst your bubble, but you had to grow up sometime and learn the hard truth.

Keep talking in the mirror, son. It will sink in.

Gared Granger wrote:

Excellent article. Having spent the last 29 years preparing for retirement, I learned some tips not mentioned in this article:
1. Spend your $$ on items that are investments (cars depreciate; homes usually appreciate).
2. If you want to purchase something that costs more $1K, set up a separate savings account and wait for 6 mos - 1 year (you may find out you really didn't want the item)
3. Set some specific goals and time lines (e.g. becoming debt free was one of the greatest days in my life when we burned the mortgage paper).
I'm thankful to be prepared for my career transition as I don't believe in retirement is a time to sit on the front porch-- I'm looking forward to serving in a new capacity in the next 3 years.

I really, really recommend you read, "The last chance millionaire" by Douglass R. Andrew. You'll love it.

will wrote:

I have always said it is best to get out of the country asap. I look for ways every day. Soon they will be locking you in.

Scary but true. They have already locked in the your money.

Mr Lucas wrote:

Yes. They saved a little each payday and saved and saved and saved. Retirement would be wonderful. Everything looked like it would be great and they could see their golden years of peace and security approaching until one day they opened their mail, and to their horror, guess what they found?
THEIR NEW PROPERTY TAX BILL.

You can't win a game unless you know the rules. The rules for America for the next 40 years is: 1. Higher taxes. and 2: Higher inflation. Invest to overcome these two things and you'll be ok.

As a 93-year old told me, "The key to a good retirement is to have lots of money. I have it and am having the time of my life. Most of the retired people that I know are broke and miserable." Also, most of them are on the dole (Social Security). Anyone under 50 relying on Social Security for retirement is going to be in for a rude shock. Social Security isn't going to be the gravy train that it is for today's retirees. Most Americans live beyond their means, squander their money and don't save anything for retirement. Anyone making less than six figures who doesn't save at least 20% of their income for retirement isn't going to have a good retirement. It's just that simple.

Gared Granger wrote:

<quoted text>
Good comments. And note that if you retire to Puerto Rico are the US Virgin Islands, you can still get Medicare!

Consider:http://www.yachtworld .com/privatelabel/listing/pl_b oat_full_detail.jsp...

First thought wrote:

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Keep talking in the mirror, son. It will sink in.

Baby Boomers are so delusional about their contributions. I've had several Baby Boomer bosses who didn't know what they were doing and threw out perfectly good work I did just as a power play; that's incredibly wasteful and inefficient. I know several people in Gen X and Gen Y who have been held back careerwise because they wouldn't kiss their Baby Boomer boss's a$$. Their day is coming.

jimbo wrote:

Retirement is complicated. The best first step is to obtain the services of professionals who can help you plan. Then work on improving your health and eliminating debt.(hey, we really suck at all these don't we?)
Face it, like a lot of other things in this state most people don't have a clue.

BINGO Jimbo! A state
that has a low level of college graduates yet has a high level of obesity with low level of savings POUNDED by SOARING TAXES!!!!!!!!VERY SOON INDIANA will be compared to West Virginia and Mississippi STATES
WITH FAT, UNEDUCATED IDIOTS.......

I'm not surprised by the Baby Boomer responses on here. They do what Boomers do best: talk about how good they are and how everybody else is allegedly a bunch of know-nothing slackers. I'll be watching when your knees start to wear out and you can't sell your two-story houses for what they're worth because of all your home equity loan debt. I'll be watching you complain about gas prices from your gas-hog SUVs that you owe more on than they're worth (like your houses). When your teeth wear out from not taking time to brush your teeth because you like to believe you're working too much/hard to be bothered by such mundane chores, I'll point out the denture ads to you. Good luck with how you've chosen to live your lives; you reap what you sow.

cps wrote:

<quoted text>
Not true. Houses generally have gained value much faster than stocks, bonds or most other investments over the past 15 years. The housing bubble is a short-term phenomenon in certain limited markets and certain geographic areas.

Not true. Where in the hell do you live? Are you a Realtor?

Mr Lucas wrote:

Yes. They saved a little each payday and saved and saved and saved. Retirement would be wonderful. Everything looked like it would be great and they could see their golden years of peace and security approaching until one day they opened their mail, and to their horror, guess what they found?
THEIR NEW PROPERTY TAX BILL.

PACK & MOVE FOOLS!

da in ny wrote:

What kind of statistics are these??? You can always work the numbers to prove a point. I didn't save anything until I was 35 and now at 40 I have 500k+.

Pesos don't count.

Jacques Meayoff wrote:

<quoted text>
It's really difficult to levy taxes from the nursing home. So who is laughing now, old fart?

Ever heard of an absentee ballot. People in nursing homes use them all the time!