40 Years to Retirement? No Way! - Posted by Valerie

Posted by Michael (tejas) on June 30, 2001 at 06:36:33:

No, I was pointing out that you, and I, didn’t have to participate in those wars or live through the depression. There certainly will be wars and economic upheaval, always has been, always will, but you and I will not be fighting in any wars. We shouln’t begrudge those who had to pay such a high price, and we should be grateful that our price to pay is only in dollars, not lives.

Healthcare crisis - a health care crisis is Calcutta, not arguing with your HMO.

Social Insecurity- Social Insecurity is Tiannamon (sp?) Square.

Dot. Bombs-- I’d be surprised if at their height they were 1/10 of 1 percent of gross GNP. Insignificant

Stock Market- The current slump at its worst was about a 20 percent drop, again insignificant and totally expected, no market goes only straight up. After the biggest bull market in history, to worry about this correction is a bit myopic. Real consternation sets in when you have a 50 percent drop ('74-'75) or a 90 percent drop as in the early thirties. I’m talking about the Dow here, where the basic industries that keep the wheels of the country rolling are located.

There probably will be another depression, arguably has to be one since no society lasts forever, but the causes of the last one will not be the causes of the next. Safe guards have been put in place, but being that they were put in place by humans, they will ultimately fail for reasons unforseen to the makers.

We are living in heady days, and may be as blind and doomed as Gatsby, but the trigger of any depression is highly unlikely to be pulled anytime soon.

40 Years to Retirement? No Way! - Posted by Valerie

Posted by Valerie on June 26, 2001 at 12:32:48:

Hello everyone -

I just wanted to let you know some interesting things that are really making me REALLY happy that I decided to start REI.

I am the Human Resources Administrator for a huge furniture chain and this morning we had our open enrollment meeting for our 401k group plan. I found out today that:

Social Security won’t pay unless I retire at age 72.

Social Security will only be approximately 18% of my income after retirement.

All other means of supporting myself will have to come from 401k, savings accounts, IRA’s, or…REAL ESTATE!

The MINIMUM amount I need to retire (at a 6% rate of inflation) will be $350,000 in 40 years to break even which to me means no travel, no dining out, no presents for my grand-kids… so it’ll be just like it is now without having to get up and go to work every day - NO THANKS. That seems a bitter pill to someone who is currently living paycheck to paycheck with absolutely no savings.

I am now 32 years old and the thought of working until I am 72 makes my stomach turn. At that age, I want to do my thing… my way!!!

I thank my lucky stars that I decided to start REI… the alternative seems so bleak. Maybe I won’t be RICH (but I bet I will be LOL) and I won’t be quitting my day job any time soon (Well, Maybe within a year or two) but I will be content and happy to be me… whatever it takes.

Valerie

Re: 40 Years to Retirement? No Way! - Posted by Bryan H (ny)

Posted by Bryan H (ny) on June 26, 2001 at 15:52:04:

Right on Valerie! I’m 28 and don’t think I could stand to work a real job for even five more years. I already quit my real job even though I’m still looking for my first deal. I bartend part time now, which I love for the time being but we’ll see how long that lasts and I went back to school to make health ins. affordable as well as occupy some of my time. I really can’t stand going in to work every day and look forward to my future investments not only funding my life, but giving me different and interesting things to do every day.

Re: 40 Years to Retirement? No Way! - Posted by Rob FL

Posted by Rob FL on June 26, 2001 at 14:36:33:

Isn’t social security great? The younger generation gets to pay for the older generation’s retirement. Unfortunately, the feds keep raising the retirement age and take more and more from your paycheck. My grandfather can retire at 62. My father can retire at 65. You and I get to retire at 67. My grandfather gets 5% deducted from his check. You and I get 7.8% deducted. What a great plan for the baby boomers. The Generation X’ers get screwed.

Re: 40 Years to Retirement? No Way! - Posted by Michael (tejas)

Posted by Michael (tejas) on June 29, 2001 at 10:22:43:

Look at it this way, for that extra 2.8% you didn’t have to go through the depression, fight WW2, Korea, or Vietnam.

And I’m guessing here, but you probably benefitted from the sexual revolution. Ain’t it grand.

michael

Re: 40 Years to Retirement? No Way! - Posted by Rob FL

Posted by Rob FL on June 29, 2001 at 21:05:05:

So I guess you are assuming that there won’t be any more depressions or horrible wars during the next 50 or so years. Heck with all the goings on you see lately, about healthcare crisis, social insecurity, dot.bombs on the stock market I wonder if another depression isn’t imminent in the next decade or two.