3
0

A 21 step guide to a horrible retirement


 invite response                
2019 Mar 17, 11:08am   6,300 views  121 comments

by null   ➕follow (0)   💰tip   ignore  

There’s an abundance of advice on how to plan for retirement. Oh, it’s good advice. But it’s also a bit complicated, often requires discipline and always necessitates actually doing something.

And let’s face it: Who needs advice? Who wants to actually do something? Here are 20 ways to ignore the experts—and wreck your chances of a financially comfortable retirement:

1. Keep thinking retirement is so far in the future that there’s no need to act now. There’s still plenty of time. After all, you’re only [insert age].

2. Avoid saving when you’re young and instead play catch-up starting at age 50. At that juncture, the government allows you to save more in both employer plans and IRAs, so that must mean it’s OK to wait.

3. Bank on being able to work until age 75 or beyond.

4. Live for today, so you accumulate debt right up until the day you hope to retire.

5. Invest in individual stocks you pick personally. Almost as good: If offered a retirement plan at work, close your eyes and pick the three options that sound best.

6. Ignore all the retirement planning tools available to you. They’re just too time consuming.

7. Never contribute to your 401(k), because right now there are so many better uses for the cash. Can’t resist the savings urge? Make sure you contribute at a level where you don’t earn the full employer match.

8. Keep the same mix of investments at age 60 that you had at age 25. Change is not good.

9. Take your Social Security at age 62, needed or not. It’s your money. Grab it while you can.

10. Only save in tax-deductible accounts and don’t bother with the Roth, let alone taxable accounts. That way, you can spend your retirement paying ordinary income tax on all your investment gains.

11. Ignore the need to provide for survivors. Don’t designate beneficiaries for your 401(k) or IRA. Don’t bother with life insurance. Got a pension? Talk your spouse into agreeing to a single life annuity benefit. After all, it’s your pension, right?

12. Make sure all your savings are in tax-favored plans, so they aren’t easily accessible in an emergency. What about the income taxes and potential tax penalties? You worry too much.

13. Assume there will be a major drop in your spending when you retire. Make a list of all your expenses, just to be sure. Are things looking a little tight? For goodness’ sake, don’t tell your spouse.

14. Cancel that long-term-care policy you bought years ago. If you haven’t needed it so far, you likely never will—and, besides, you have plans for that premium refund.

15. You’ve been waiting so long to buy that boat or RV. You deserve it. And what do you know? It’s so easy to get a 401(k) loan.

16. Invest heavily in your employer’s stock. There’s no doubt it’s a good company—and not at all like Enron.

17. Don’t worry about inflation after you retire. It’s been low for years and no doubt it’ll stay that way.

18. When someone tries to explain the power of compounding, don’t bother listening to all that gobbledygook.

19. When there’s a big drop in the stock market, make sure you shift into bonds. There’s no point sitting around and losing everything.

20. Still got money left for retirement? Tell your adult kids you’re always willing to help them out financially.

21. Assume that you will never be the victim of a scam. Ignore the research indicating that 1 in 5 seniors is victimized - because you're far too smart to be 'taken.' Identity theft &/or fraud on your accounts could never happen to you. Added this one after reading the comments in the original article

https://www.marketwatch.com/story/a-20-step-guide-to-a-horrible-retirement-2019-03-16?mod=mw_theo_homepage

#Retirement #Economics

« First        Comments 103 - 121 of 121        Search these comments

103   CBOEtrader   2019 Mar 19, 7:02am  

Kakistocracy says
No - I should not listen to someone whose only interest in seeing what they can do to get a commission or fee.


I have zero interest in a commission or fee from any efforts on pat.net . Or do you think I'm playing the long game, member since 2007? Lol. Dude I'm pointing out where you are wrong. Take the advice or not.

As far as minutiae, you are literally making up shit up. I've offered to share a brochure w you if you like. It's up to you. The forum doesnt want to hear the details.

Go back to posting full articles w zero input besides ad homs. Also called tuesday
104   MrMagic   2019 Mar 19, 9:17am  

joshuatrio says
Work [manipulating people] + living below means/saving [ridiculously averse to spending on things that did not add value.] = retirement.

You proved my point.


Exactly..

That Kaki, such a honorable guy.

I wonder what the living conditions are like in that boarding house?
105   AD   2019 Mar 19, 9:40am  

Kakistocracy says
To be perfectly honest is was my ability to constantly manipulate the people and conditions I was presented with at any given point in time


Plan carefully and maintain reasonable expectations.

Yes, there are some hapless people that fall for annuities and reverse mortgages. Or anyone else that shows up at a car lot and gets a bullshit leasing agreement.

If you need money and don't have home equity, then get a second (part time) job, or get a roommate to help pay for housing expenses. Never take on credit card debt since it will always charge at least 12% in interest annually.

Also never rule out trying to negotiate a better rate with the credit card company (i.e., agree to not add to balance if they reduce interest rate to below 6%).

If you need money and have home equity, then get a home equity loan and never a reverse mortgage.

Expect 7% annual growth per year in a relatively safe investment (i.e., Vanguard Lifestrategy Conservative Growth Fund, etc.), or 4% net growth if you subtract 3% annual inflation.
106   CBOEtrader   2019 Mar 19, 9:54am  

AD says
Never take on credit card debt since it will always charge at least 12% in interest annually.


Never? You cant think of any situations for any of the 300 million american consumers for whom a 12% short term loan isn't appropriate?

All these products are tools. Use them properly and they work.

Use a credit card for your bond portfolio capital and yo li have problems, ofc.

It's about proper application of the tools available. 12% short term credit card loans are perfect for some situations.
107   AD   2019 Mar 19, 10:07am  

CBOEtrader says
You cant think of any situations for any of the 300 million american consumers for whom a 12% short term loan isn't appropriate?


I never was in need for a short term loan.

Yes, I agree doing the right thing right such as use the right tool at the right time for the right job. Right ?
108   anonymous   2019 Mar 19, 11:34am  

joshuatrio says
Retirement is simple. Work hard, live below your means & save.


Per the I proved your point - no, I didn't. As noted above the statement was work hard.

Manipulating people and the conditions around me to benefit me, not someone or something else is not work (at least not for me, it is actually boring even with the little effort I had to sometimes use). Work types are far too predictable, same with the rules - it's like they all come from the same factory.

As for the respondent from Jersey - never said I was honorable but I am honest.

You can either make the rules and conditions around you work in your benefit and work for you - or be ruled by an work for the benefit of the rules and rule makers.

This is something I learned before high school - deal with what you can not change until you can figure out a way to manipulate it.

Once you start putting together a "toolbox" if you will, of techniques on manipulation and have a good assortment - the rest is easy.
109   anonymous   2019 Mar 19, 11:46am  

CBOEtrader says
I have zero interest in a commission or fee from any efforts on pat.net . Or do you think I'm playing the long game, member since 2007? Lol. Dude I'm pointing out where you are wrong. Take the advice or not.

As far as minutiae, you are literally making up shit up. I've offered to share a brochure w you if you like. It's up to you. The forum doesnt want to hear the details.

Go back to posting full articles w zero input besides ad homs. Also called tuesday


---------------------------------------------------------------------------------------------------------------------------------------------------------

Never said you were trying to milk the crowd on the forum - that was your spin - again - as usual.

You have yet to point out where I am wrong especially with the fees and costs and what a gigantic pain in the ass it is to get out from under an annuity.

Instead you hide like a child behind the excuse machine, "the forum doesn't want to hear this" or "I offered to send a brochure" bullshit.

Why not man up and let everyone know just how badly they will get fucked if they try to get out from under an annuity along with those marvelous "projected" rates of returns on a lot of them.

Then let everyone know how the salespeople get that Mark Dice look of amazement on their faces when confronted by purchasers - that one he makes when Alex Jones shoves his dick up his ass.

Why put input when it will be defined for me by the attack gang. The gang is quite adept at taking things our of context, spinning and outright lying along with deleting entire posts and comments.
110   anonymous   2019 Mar 19, 12:23pm  

As far as manipulation, Moi has done nothing different than the individual at 1600 Pennsylvania Avenue currently imitating a head of state (failing miserably as well I might add on that imitation) but on a much smaller scale.

Use or be used. Work smart, not hard and delegate. Make the direct reports feel they are valued.
111   AD   2019 Mar 19, 12:25pm  

Kakistocracy says
Work smart, not hard and delegate. Make the direct reports feel they are valued.


Spoken like a neo-bolshevik or a cynical neo-marxist. Or maybe some Democrat hack sitting in some Deep State career analyst job.
112   CBOEtrader   2019 Mar 19, 1:14pm  

Kakistocracy says
You have yet to point out where I am wrong


You start a conversation, then reject everthing anyone says of value. You turn even the most mundane interaction into an argument.

This appears to be the behavior of a very sad, angry man. Not something I nor anyone else can help
113   joshuatrio   2019 Mar 19, 1:15pm  

Kakistocracy says


Per the I proved your point - no, I didn't. As noted above the statement was work hard.


You did prove my point. You're trying to strawman your way out of this.

joshuatrio says


Work [manipulating people] + living below means/saving [ridiculously averse to spending on things that did not add value.] = retirement.


Kakistocracy says


Yes - that would be correct. I was "funned" out at 57 after 30 years with my last company, 10 with U.S. Steel before that. I made a career change in my late 20s and started working at age 14.


Sorry man. But that sounds like hard work. You woke up everyday, and went to the same miserable workplace for 30 years, working for someone else, so that you could retire. Which you did, because you worked hard and lived below your means.

That sounds like a shitty existence. Not necessarily because of your job, but your attitude towards your line of work. It sounds like you just wasted the last 30+ years of your life away doing something you hated [manipulating people to achieve results].
114   anonymous   2019 Mar 19, 1:58pm  

114 CBOEtrader ignore (5) 2019 Mar 19, 1:14pm ↑ like (1) ↓ dislike (0) quote flag

Kakistocracy says

You have yet to point out where I am wrong
----------------------------------------------------------------------------------------------------------------------------------------------------------------

You start a conversation, then reject everthing anyone says of value. You turn even the most mundane interaction into an argument.

This appears to be the behavior of a very sad, angry man. Not something I nor anyone else can help

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

The mundane into an argument is the hallmark of the attack gang and if I may be so bold, take a good hard look at your comment history before throwing any accustations around. A good hard look.

Then look into the mirror for that of which you accuse others.

Same with the rejection of anything of value - these are the hallmarks of the 3Ps.

Position, Person and Politics, attack each one or all at once but attack and deflect

Now once again how about disclosing even in general terms just how badly someone gets fucked over when they try to get out from under an annunity. Some are much worse than the others - much worse.

This is part of the conversation with someone who sells this shit that brings rapid deflection, excuses and or silence.
115   anonymous   2019 Mar 19, 2:12pm  

joshuatrio says
Sorry man. But that sounds like hard work. You woke up everyday, and went to the same miserable workplace for 30 years, working for someone else, so that you could retire. Which you did, because you worked hard and lived below your means.

That sounds like a shitty existence. Not necessarily because of your job, but your attitude towards your line of work. It sounds like you just wasted the last 30+ years of your life away doing something you hated [manipulating people to achieve results].


No, never checked into the "same place" everyday for 30 years. 50% travel and sometimes more along with multiple cross country moves and long term TDY assignments.

I did not work for anyone, I did work with people. The work was interesting - it was the people that were not for the most part.

Working for someone - I left that to those that think I really did do that when the reality was significantly different but if it made them feel good - all part of the grand scheme .

Manipulation is very easy - as I told you it's actually boring after awhile.

"It sounds like" - that is projection and assumption. You have no idea if I wasted my life or not since you know nothing of my values and what I was able to do without having to work hard.

My attitude - do as little as possible to achieve your end goals and with your free time do what actually makes you happy.

Why work hard when you can find someone else to do your hard work for you.

Hence my mascot:

116   AD   2019 Mar 19, 2:16pm  

Kakistocracy says
Now once again how about disclosing even in general terms just how badly someone gets fucked over when they try to get out from under an annunity. Some are much worse than the others - much worse.


The only thing I can think of is that the FBI or law enforcement community would investigate this as fraudulent penalties and fees since they are that excessive.

I think they call them "surrender charges" for an insurance annuity and usually they are up to 10% if you decide to cash out in the first year.

https://www.thebalance.com/what-are-surrender-charges-2389029

https://www.investopedia.com/ask/answers/122414/are-there-penalties-withdrawing-monies-invested-annuities.asp
117   AD   2019 Mar 19, 2:17pm  

Kakistocracy says
My attitude - do as little as possible to achieve your end goals and with your free time do what actually makes you happy.

Why work hard when you can find someone else to do your hard work for you.


This is domestic (i.e, AntiFa, Democrat Socialist, etc.) satire or this is some satire from a foreign actor (i.e., Moscow, Beijing, etc.).
118   anonymous   2019 Mar 19, 2:25pm  

119 AD ignore (0) 2019 Mar 19, 2:17pm ↑ like (0) ↓ dislike (0) quote flag

Kakistocracy says

My attitude - do as little as possible to achieve your end goals and with your free time do what actually makes you happy.

Why work hard when you can find someone else to do your hard work for you.
-----------------------------------------------------------------------------------------------------------
This is domestic (i.e, AntiFa, Democrat Socialist, etc.) satire or this is some satire from a foreign actor (i.e., Moscow, Beijing, etc.).

-----------------------------------------------------------------------------------------------------------

You have read Tom Sawyer and the gambit about painting the fence ?

No satire at all. I enjoy hard work as long as someone else is doing it - myself not so much.

Therefore the need to work smart, not hard and get others to do what you don't feel like or want to.

Delegate, delegate, delegate and get people on board with your scheme with the stakeholder - ownership spiel.

Toss out a few 50 or 100 dollar bonuses every now and then and a few free meals.

By the time most people catch on - you've been promoted and transferred for your hard work.
119   MrMagic   2019 Mar 19, 3:14pm  

Kakistocracy says
Hence my mascot:


Well, we know that's not your wife, apparently you can't have one where you live "inside".
120   MrMagic   2019 Mar 19, 3:14pm  

AD says
Kakistocracy says
My attitude - do as little as possible to achieve your end goals and with your free time do what actually makes you happy.

Why work hard when you can find someone else to do your hard work for you.


This is domestic (i.e, AntiFa, Democrat Socialist, etc.) satire or this is some satire from a foreign actor (i.e., Moscow, Beijing, etc.).


How about the truth from a Russian troll bot?
121   AD   2019 Mar 19, 3:28pm  

MrMagic says
How about the truth from a Russian troll bot?


I am not sure how much if any truth can come from them.

I suspect everything they write is in the context of loathing the USA.

« First        Comments 103 - 121 of 121        Search these comments

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions   gaiste