Girardcorp
Well-known member
Luckily inflation hasn't crept into our lives that much.... Once that gets moving higher, we are really in for a treat combined with all the factors mentioned above.
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While I am no where near the retirement(I'm 29) I always try and pick the brains of people that are making the plans now. Currently I have a pension through work, and a Roth IRA I try and max out every year. But what are some of the things you look in an advisor, should I have one at this stage in my life, and come the age I can pull out my pension, do I pull it all out and trust an advisor? Or do I leave it in the pension fund and let them continue to manage it?
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As long as you do some research and don't jump at every little reaction the market does, I am a firm believer that you don't need an advisor. Their fees just eat into your profits.
And there is no guarantee that they will beat the market in the long term (most of them don't). High fees can kill a portfolio. Choose a low cost company like Vanguard start socking away money now and you have PLENTY of time to watch it grow.
The mistake most people make is not using time and compounded interest to their advantage. They wait to long to start. Dollar cost averaging works well also.
Thanks my pension is 25% on top of my pay, then we have another pension that is $34 a month per year of service (34x40=$1360 a month) between those 2 that's a bulk of my retirement.
My only concern is I see pensions constantly being cut, so what happens if the pensions get cut, what happens to my money? Or they are ran through the Union (IBEW), and even though the union has been around since 1891, the constant attacks on unions does make me nervous.
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I have two people very close to me that got their pensions cut. They got a lump sum, and while that is nice, it did not total what their pension would be for obvious reasons. It doesnt mean everybody has that happen, but being proactive is a good thing.
Thanks. That's why I went ahead a started the Roth and will probably start one for my wife this year, as I'm the sole income. So my question for you is, would you think that would be a good start or should I try and start another retirement account on top of what's currently in place?
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fgp is awesome other than the limited partnership tax forms you get.I am 32, I got an advisor at 21. I found one with a reasonable fee and no crazy promises. was the best decision I have ever made. I started by just maxing out my Roth. I am self employed and once I became successful at my endeavors I started and actual investment account primarily based on dividend stock portfolio. I am an investor and not a trader. If I was to do this my self I would be looking at yahoo finance every 5 minutes freaking out. I have the Roth and Investment account funds taken out of my account weekly.
I did buy quite a bit of FGP last week. Both my Father and Grandfather have had great luck with that stock.
There's nothing wrong with diversifying your income streams for retirement. Just remember that Roths are tax free in retirement (subject to 59.5/5 years). As long as you have the taxable income to make contributions some tax free money (and gains) are nice in the future.
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The $5500 per fiscal year (for my age group) is something I save up for and then lump sum deposit.
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Ever consider doing it monthly and dollar cost average it instead?
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Had not thought about it. What does dollar cost averaging it entail?
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It's just systematically investing each month therefore you are buying at all market prices. If you are doing 5500 a year we are talking 458 a month. So basically some months you are buying more shares (when prices are low) some months you buy less (prices are higher) but it's each month. Take a year where prices are going up and you only put 5500 in at the end you are buying at the highest amount. That's only a good idea now where if you put it all in its at a depressed level.
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It really sucks. Fortunately for me I just keep remembering that I'm 26 and there's plenty of time for it to cycle hahaIf the market crashes another 20% I might have to delay my retirement a couple years.
Have you eased up on your allocation of assets to minimize the fluctuations?If the market crashes another 20% I might have to delay my retirement a couple years.
Have you eased up on your allocation of assets to minimize the fluctuations?
Markets arent even open and all I see is blood...
good time to invest in trampoline sidewalks?Worst start to the year in 100 years I think.
Worst start to the year in 100 years I think.
Time to buy!