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Old 05-05-2012, 11:55 AM   #21
Argonus
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Don't get divorced. Otherwise you will have to work forever.
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Old 05-12-2012, 08:22 PM   #22
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My wife and I've had a financial planner who helped us put a plan in place about 8 years ago. I'm well diversified, actively invest in the market at all times, continue to invest monthly both through 401k and outside of the company plan (dollar cost averaging is a powerful principle and practice), and review my plan semi-annually. As well, we have an estate plan, ample insurance and wills in place.

I do plan to keep working until 60 and have hopes retirement will be possible at that point.
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Old 05-14-2012, 05:12 PM   #23
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One piece of advice - everyone should have a will, especially if you have children. And look into life insurance.
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Old 05-15-2012, 11:12 AM   #24
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I must admit that I'm looking at utilising an option available with the Australian Government's Commonwealth Superannuantion Scheme (CSS) to retire just short of my 55th birthday (which will occur in 2013) where I will be able to maximise my benefits with a pension for life plus a lump sum (defined benefits scheme).

The CSS scheme was changed about 20 years ago at least in part due to the odd 54 years 11 months clause which is so lucrative in its payout. Thankfully when the change came about, I opted to stay with the old scheme!

I will always treasure the advice I received from an older officer who said "Stay with the old scheme my son, the government's not putting in place this change to do you any favours!" I plan to continue working past 55 and may change careers - who knows!
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Old 05-16-2012, 11:31 AM   #25
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Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.
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Old 05-16-2012, 11:42 AM   #26
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Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.
IMO, for someone who doesn't have a lot of experience in the stock market, is to start with low risk, high yield stocks. You can buy stocks through Schwab, ING Direct, Fidelity easily. A good place to start is with utilities. They are rather stable and pay decent dividends. Enroll in their DRIP (dividend reinvestment program) and you can usually send in a minimum of $25 - $50 per quarter as optional cash investments. Go to a local library and research using publications like Value Line or Standard & Poors to find utilities that are stable and have a good growth perspective. You won't get rich on these but they start to build a good retirement vehicle. Once you are comfortable with these, then start to branch out into other industries you are familiar with. I don't invest in something that isn't easy to understand what they do.
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Old 05-16-2012, 12:08 PM   #27
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Look into whatever investment will give you tax advantages.

That is why owning a house is so advantageous as you can deduct th interest you pay. Of course AMT comes into p,ay and can screw you
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Old 05-16-2012, 12:35 PM   #28
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Originally Posted by wizardjones View Post
Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.
You can invest in lots of different types of things in your IRA account. It's just a type of account, not locked into any single type of investment. I would suggest doing some research on the internet and not listening to us. Someone may tell you to invest in statues on this board...
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Old 05-16-2012, 12:40 PM   #29
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Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.
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Old 05-16-2012, 01:59 PM   #30
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Mean Green I always research stuff but honestly I asked the question because, A. it is a conversation topic and B, I like seeing what some other people are looking into and trying. The world is a difficult place sometimes and not everyone can know anything. Plus I think some of you guys are cool.
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