Retirement

[roosmom]

I posted in another thread that I was going to be changing my 401k around as soon as this hoopla calms down. No I am not sure it is a good move but it is something that I hope will benefit us. I hope to move our 401k holdings over to hard assets. Gold, Silver, platinum etc. Hard assets that will always be around.
HERE IS MY QUESTION
Has this mini crisis (the big one is yet to come), made any of you rethink your retirements? Like Where is my money? What have I invested in? How much is allocated to this one? If so, then do you plan on making changes? When are you going to make the change? Or just change allocations?

 

[Gravelcreekfarms]

About two years ago we started really getting things that could help us be more self sufficient.
We always look at our 401K and make sure it is diversified. My husband is a whiz at that and seems to always make good choices.(lucky me) He did change over to gold about three years ago. Not everything invested in it, though.
Not having any debt hanging over our head makes it easier. We are blessed to have had a Grandfather and my dad who took great lengths to keep their farm operation debt free. It was a lot of manual labor at times and we were thrilled when we purchased a used tractor with a cab in the 80's.
It's not that we couldn't have gotten a loan for it. But my Grandpa said never buy "on time" if you can help it. Boy, when he says those words( buy on time) it makes it sound worse than a loan to me. Don't ask me why.
I know that most people need loans. We were fortunate to be blessed to have a farm passed down to three generations. So we have a leg up on things. And at times the don't throw anything away mentality has actually helped us. Doesn't hurt that my dad can do carpentry,plumbing, electrical, fix and overhaul just about anything.

 

[FarmerChick]

oh yes I am an active participant in my money.

Tony's 401 K is moved over into safe type mutual funds now...he usually does aggressive type funds and alot of stock in the company, but he moved most to "safe" funds. We can only hope "very" safe..LOL

My IRAs and such were in aggressive funds like gold etc. They are doing well still. It is less than 50K so I am letting it just roll but keeping an eye on it.

Smart to be safe now. I want things in CDs and such now. Make some interest but feel safer.

Hard times like this mean kick back, pick safe funds, safe ways to make some interest on your money and hope there is some left for the future.

UGH---money, I hate money but I love it...LOL

 

[roosmom]

When I was asked what I wanted to invest in, I thought I was making a smart choice.....I invested over half overseas and probably 1/3 of it here. I tried to choose medical type funds. I havent looked at my statements at all because I do not want to get mad. I know I need to and I plan on it, soon.
It just seems like I am the "always late to the dinner table" person. I am the one who has to understand everything and I get overwhelmed. So, I got carried away, my whining is done now, sorry.
But I still THINK I made the right choice by investing overseas.

 

[FarmerChick]

one problem is there are SOOOO many options that ya can't possibly comprehend all of them all the time and how they are surviving in the market. I research SOME and then make a decision. I just can't become a true finanancial wizard...ain't happening but I will make money on my money and I will do all I can to protect it.

don't get too overwhelmed....it is just another nasty on the list of what ifs in this world...we call our lives..HA HA

 

[enjoy the ride]

My plan was to be born rich but my father never got the message.
The result was that I retired first and planned later. Oh well.

 

[miss_thenorth]

I've been thinking about this lately too. We are pretty well set as far as RRSPs are concerned but our financial advisor tells us we are not even close to what we need for retirement. we obviuosly want to live conservatively. He still thinks we need more.
So my question is--assuming your mortgage is paid and kids education is paid--how much do you think you would need per year to live the life to would want to live?

 

[FarmerChick]

So my question is--assuming your mortgage is paid and kids education is paid--how much do you think you would need per year to live the life to would want to live?

********hey north
that is a question that has plagued me....cause when do you ever know what money it takes to live on???? so many years in the future???? and what about the "what ifs" financially that might strain ya to the max..???

hmm....I could say a dollar amt. and then I would say...add $10K at least to that to be smart I guess.

I don't know. I truly need to think hard about that one. I know I want comfort when older.....Mom always said, she never minded getting old, but she wanted to be old with enough money. I kinda know what she means now..LOL

 

[miss_thenorth]

So my question is--assuming your mortgage is paid and kids education is paid--how much do you think you would need per year to live the life to would want to live?

********hey north
that is a question that has plagued me....cause when do you ever know what money it takes to live on???? so many years in the future???? and what about the "what ifs" financially that might strain ya to the max..???

hmm....I could say a dollar amt. and then I would say...add $10K at least to that to be smart I guess.

I don't know. I truly need to think hard about that one. I know I want comfort when older.....Mom always said, she never minded getting old, but she wanted to be old with enough money. I kinda know what she means now..LOL

another twist is you never know how long you're gonna live.

My parents retired with the bare minimum. they didn't start saving for retirement until about 15 years before they actually retired. they are doing ok now--living comfortably, going on winter vacations, etc. They didn't have pensions, but they do get some government money, and take out only what they have to as far as their RRSPs are concerned. so its really hard to say. we don't know the what ifs, which makes it a difficult thing to plan for.

Hubby knows more about this than I do. He thinks we are ok. i think we should err on the side of caution and save more, other than what he gets at work.

But then part of me thinks maybe we should take all that money and pay off the mortgage quicker etc.

 

[roosmom]

I am not sure how you would know. I know I plan on having my house paid off. My mom and dad said to buy your last car (new) a year or two after you retire. I thin that, if we can, we should ask our "advisor's" and post it on here what the answer is. The hospital just changed retirement planners?. We have yet to meet them or talk to them. But when I do get to talk to them I will be asking A lot of questions. :|