Self employed.. Retirement options

Golden_Crab

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Mar 28, 2016
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You've asked the question of the century. I've seen my retirement account tank. The "goodies" I bought to back up the stocks and bonds (like Civil war buttons) are dropping in price. I collect real early pieces and right now I could buy 100 great items, at prices that not been this low for years, plus it appears most people are putting their rainy day collectibles on the market. I think a lot of people are just plain out of money. Real estate is marginal, not that I have any for sale. If China stops investing or someone realizes the country is way too far in debt, and the truth is not being told about the unemployment rate, we're really up the creek. I've heard federal government bonds are safe, but don't pay anything that resembles a return. A few of the bank stocks are up. Oil, gas and gold are down, and European investments don't look good right now. Fixed income investments are good so long as the company standing behind them is rock solid. Re your necklace, gold will never go to zero. But you better have it in a really safe place. And if the investment bankers had it "right" they'd all have retired by now and live in Aruba.

ya hit the nail on the head right there
 

Golden_Crab

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My advice is simple.

If you are 35 years old, you will likely outlive the US Dollar as a currency.

Your choice to tuck away a fraction of your precious metal acquisitions is the right one.

In 1925, 10 ounces of gold bought a serviceable automobile. Today, it buys a serviceable automobile.
In 1925, 200 ounces of gold bought a reasonable home. Today, it buys a reasonable home.
In 1925, a piece of silver the size of a US dime would buy a loaf of bread. Today, it buys a loaf of bread.

In 1925 a car (Model T Runabout) cost $260. Today it costs $26,000
In 1925 a house cost $2000. Today it costs $200,000 (in a cheap market)
In 1925, a loaf of bread in NY cost 10 cents. Today it costs $2.50

The purchasing power of gold and silver are fairly constant relative to the commodities you would purchase with them. The purchasing power of the dollar, continuously and predictably erodes due to irresponsible fiscal policy, and the lack of any sound backing for the fiat currency that is the US Dollar.

Even sound savings or market investments which gain dollars, are continuously losing buying power because they are denominated in dollars.

Stick with your plan. You're on the right track.

Do you know why it was in the Constitution we are supposed to use gold & silver bullion and nothing else? Someone had to work for that gold or silver, they had to give time of their life for it so it has REAL value that cannot be inflated. That paper money is a piece of paper stating debt to a central banking company, you are working for debt whos value is as whimsical as a keystroke on a keyboard. It's the scam of the millennium, just wondering when the rest of society is gonna catch up to what most folks here already know hehe.
 

Snap on Man

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WORK!!
Get another job besides eBay. Money is easy to make. Most of us older folks worked Two to Three jobs. Work will not hurt you. If your doing eBay then you are sitting on your butt too much. Take a Lawn Mower form one of your Estate buys and mow lawns, trim bushes, clean parking lots of private businesses. Your in Florida, many of us who go their need a handyman. Learn the Art of sales.
Sorry to ne so Blunt. You want money then you need to Work!
Toolman Butch

That is some GOOD advice! I agree with you 100%. I have always worked more than one job. If you are self employed and successful you have worked more than one job. I am almost 65 and have 80 years work experience.
 

GarageSaleKing

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I disagree with all the those who feel social security will be gone. Social Security could be fixed by simply not putting an income cap on it and make those who earn millions continue to pay for it even after they have earned the maximum allowed. If Social Security failed, this country would probably not be worth living in due to the problems we would have. Beachkid, if you have ever worked a normal job then you may already qualify for Social Security. It is not that hard to qualify. If you don't qualify, then maybe you should get a real job part time but make sure you make enough to qualify for Social Security benefits in the future. All you have to do is look at the Social Security requirements and benefits on the government home page.:icon_king:
 

G.I.B.

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Seeking financial advice from a bunch of strangers on the internet who's qualifications are....

But since you asked, please post your financial portfolio with income tax returns so we can give you a better answer.
 

0121stockpicker

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Consistent long term investing is the way to go. Since your young and have a long time until retirement I'd focus on stock index funds / ETFs. If you are an indisciplined investor have an auto program set up that takes money from your account and invests it automatically every week. I'd go to a low cost large firm like vanguard. And as another poster stated first save 6mnths worth of expenses in a very very safe bank or money market account.
 
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Beachkid23

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Hi. I started this thread and I have some catching up to do. Sorry I kind of forgot it was out there.
 
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Beachkid23

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If anyone cares LOL I haven't really come up an awesome solution except for I've been putting money away every month, paid off both of my cars to the tune of $12,000. Should be completely be debt-free by the end of September meaning no credit cards,no school loans,no car payments or another funny loans for anything. Saving up a 8 month emergency fund. Once that's done will move on to step four of Dave Ramsey's baby steps. Pretty much basic stuff. Wish I would've read about this 5-10 years ago but glad I did it now!
 

miboje

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I'm in the same boat. I was just talking to a friend about my non-existent retirement fund. It is hard to come up with money to put away! It seems like every time we turn around something needs fixed or replaced or someone needs our help. We're paying down a mortgage and car payment. Who wants to retire when you still have a mortgage? We've just got to get that paid off, as I am eligible to retire in 12 years. We're just middle class folks and feeling the squeeze in this economy.
 

hvacker

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For 'all that don't feel SS is a good idea I will tell you that SS is the most secure investment out there. If SS fails, we are in way deeper crap than we know along with the rest of the world. And if your employed your employer matches your 6.2%. That's 12.4% of your income.
I know some people try to play the system. I know 2 guys that did. They believed they were getting away with something. I'm fairly sure they stopped income taxes and SS, Med Care for probably a long time.. I don't know this for a fact, just the way they have to scrounge to get by.
SS is a very good deal as is Medicare. Medicare costs like $120/month and if an enhanced version offered by insurance co, is signed up for, it covers even more.
It's also a good idea to pay all your income taxes as SS check amount uses the highest earning years.

So Beachkid, It's not too late to consider SS as a first investment. The talk about SS being in trouble started when Regan balanced his budget with SS money that was not to be touched. He wrote an IOU and other Presidents have followed. It was wrong to touch our money but this can be fixed but not with the deficit we have now.
 

fistfulladirt

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My big concern as I approach retirement age (57 y.o. lineman) is health insurance and advanced age care.
My folks have set up a decent care home at the cost of $115k per year.
The guys I work with are approaching their 30-year date with the company, most will retire before 50, and think with a $500k pension they’ll have it made. A serious health issue can leave one bankrupt just like that.
 

PullTabSlayer

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"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." — James Madison

"I believe that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a monied aristocracy that has set the government at defiance. The
issuing power (of money) should be taken away from the banks and restored to the people to
whom it properly belongs." — Thomas Jefferson
 

PullTabSlayer

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Found a couple more good ones, quotes from people smarter than I am that could see all this coming.

"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson} signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill." — Charles A. Lindbergh, Sr. , 1913

"Some people think the Federal Reserve Banks are the United States government's institutions.
They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers" — Congressional Record 12595-12603 — Louis T. McFadden, Chairman of the Committee on Banking and Currency (12 years) June 10, 1932
 

hvacker

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Who owns the money is not the same as who controls the money.
Investors give control to the banks. They do what they want within the Government's restrictions
or when something goes haywire like when greed catches up.
Not much is allowed to control private institutions or most corporations. When it's heard "Keep the Government out of business" a lot of people say Yes. But then the businesses do something that affects the people and the people have little legal leverage. A bank might get wrist slapped but the losers, the people, receive the damage.
This is our system today. Pass new rules and the banks reinvent themselves and the language to take another bite of the apple.
 

Megalodon

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My big concern as I approach retirement age (57 y.o. lineman) is health insurance and advanced age care.
My folks have set up a decent care home at the cost of $115k per year.
The guys I work with are approaching their 30-year date with the company, most will retire before 50, and think with a $500k pension they’ll have it made. A serious health issue can leave one bankrupt just like that.

This is why so many people wait until 65 to retire - to get Medicare. Easier said than done for those with very physical jobs though. Looked into the long-term care policy before retirement and decided against it since there are no controls over large future premium increases.
 

Owassokie

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My big concern as I approach retirement age (57 y.o. lineman) is health insurance and advanced age care.
My folks have set up a decent care home at the cost of $115k per year.
The guys I work with are approaching their 30-year date with the company, most will retire before 50, and think with a $500k pension they’ll have it made. A serious health issue can leave one bankrupt just like that.

FistFull, Most people when considering health insurance are more worried about things on the front end...co-pays, deductibles, etc. The primary focus should be on the cap, or max out of pocket, if you have assets. That should be the point of insurance.
 

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