Does anybody feel as crazy as I do about retirement planning and the downsizing they are doing at work?

Question

I am really worried about retirement and my current job. I can't say that I really care about financial planners. Are there any people who feel the same way. What is the solution? One financial planner told me that 2000 dollars today will only be worth 700 dollars in 20 years. Now that to me is scary. The ups and downs of the stock market make me awfully nervous. I get touchy when it comes to these financial planners but I get touchy when I think that I've got to have 85% of my income to retire too.

Answer 1

You and me both! I just recently started a retirement account - Way too LATE in life. I"m over 50 and I realize now that I am not going to be able to retire unless something BIG happens.

My mother retired and lived beyond her retirement. She's now on Social SEcurity. She's great at scrimping and she's doing OK. BUT, if my brothers and I hadn't bought her a house, which is now paid off, she'd be up the crick!

Start early, and work with a good investment person.

Answer 2

I buy a savings bond every time I have an extra $50 or $100. I know they are always worth at least what I paid for them, and when they mature will be worth twice what I paid.

Every time I put money into and IRA it loses, no matter what the financial people have told me. I am self employed, and can't afford to lose money.

Fortunately, I own my house and my car. I grow some food, but still it is hard to save.

I try to plan for the future, but not worry about it. I have found that no matter how well I plan ahead there is likely to be a curve ball thrown. I will take it one day at a time.

Answer 3

I opted for early retirement 2 years ago. I began 40ik saving at its birth. I now live on the proceeds of my 401k only - I'm too young for social security.

I was surprised and delighted when I saw how much I was able to save in 20 years. I can live off my 401k for the rest of my life without even touching SS.

I cannot stress enough how beneficial it is to consistently save the maximum allowed. You will retire without worry.

BTW: I live on much less than 85% of my highest salary. You will be surprised at how little you actually need to live a good life. P.S. Try to own your own home as soon as possible - it helps.