Comments on: Saving for Retirement at the Last Minute http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 18:35:25 -0500 http://wordpress.org/?v=abc hourly 1 By: Minimum Wage http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114480 Minimum Wage Thu, 17 Jan 2008 04:39:24 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114480 Yes, I think that is a very good idea, and one I'm researching. Problem is, while most countries welcome foreign retirees, they also typically require a certain level of income and/or assets which in many cases I cannot meet. Yes, I think that is a very good idea, and one I’m researching. Problem is, while most countries welcome foreign retirees, they also typically require a certain level of income and/or assets which in many cases I cannot meet.

]]> By: cheepy http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114477 cheepy Thu, 17 Jan 2008 02:57:46 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114477 How about moving to a developing country where dollar can get you a lot further? Of course the downside is that it is so far from friends and family, but you can get almost the same lifestyle with much less money. This is just my theory because I am an Indonesian who live in Australia. So if I go back to Indonesia, I practically quadruple my spending power, with the current exchange rate and current commodity price. What do you think? How about moving to a developing country where dollar can get you a lot further? Of course the downside is that it is so far from friends and family, but you can get almost the same lifestyle with much less money.

This is just my theory because I am an Indonesian who live in Australia. So if I go back to Indonesia, I practically quadruple my spending power, with the current exchange rate and current commodity price.

What do you think?

]]> By: Minimum Wage http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114474 Minimum Wage Wed, 16 Jan 2008 23:16:40 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114474 I'd like to see some actual stories of people who didn't save for retirement. I see myself ending up in a flophouse when I can no longer work, paying two-thirds of my income for rent, and getting my food from Meals on Wheels. I’d like to see some actual stories of people who didn’t save for retirement. I see myself ending up in a flophouse when I can no longer work, paying two-thirds of my income for rent, and getting my food from Meals on Wheels.

]]> By: SavageBeast http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114455 SavageBeast Tue, 15 Jan 2008 22:26:15 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114455 I once read that if parents deposited fifty dollars every month from birth til the eighteenth birthday, at forty or so they will have nearly $500,000 dollars...love that compound interest. I meant to say into an index fund, S & P 500. Sorry about that clear as mud sentence.. I once read that if parents deposited fifty dollars every month from birth til the eighteenth birthday, at forty or so they will have nearly $500,000 dollars…love that compound interest. I meant to say into an index fund, S & P 500. Sorry about that clear as mud sentence..

]]> By: plonkee http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114454 plonkee Tue, 15 Jan 2008 21:37:35 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114454 Actually in the UK, if you're a really late saver you can actually work out to be worse off if you start, unless you do it in the right way (we have a minimum income guarantee). If you were in that situation, you should take specialist advice from people like the Citizen's Advice Bureau. Actually in the UK, if you’re a really late saver you can actually work out to be worse off if you start, unless you do it in the right way (we have a minimum income guarantee). If you were in that situation, you should take specialist advice from people like the Citizen’s Advice Bureau.

]]> By: Ron@TheWisdomJournal http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114453 Ron@TheWisdomJournal Tue, 15 Jan 2008 20:17:12 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114453 This is one reason why I'm trying to raise my kids to be money smart! This is one reason why I’m trying to raise my kids to be money smart!

]]> By: Andy http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114452 Andy Tue, 15 Jan 2008 19:43:54 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114452 I wish I could get a safe investment consistently returning 7% ;-) I wish I could get a safe investment consistently returning 7% ;-)

]]> By: ChristianPF http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114451 ChristianPF Tue, 15 Jan 2008 18:19:32 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114451 I like the options that the early savers have more than the late savers. We all make mistakes and hopefully we will learn from them. I am trying to learn my lessons early... I like the options that the early savers have more than the late savers. We all make mistakes and hopefully we will learn from them. I am trying to learn my lessons early…

]]> By: Heidi http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114449 Heidi Tue, 15 Jan 2008 17:38:36 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114449 Great tips. I work for a defined benefit/defined contribution plan provider, and I know first-hand that there are LOTS of people who aren't saving in the 40-55 age range. Typical excuse: "can't afford to contribute to a retirement plan." which really just means "I don't want to spend less now to have something to spend in the future." Other solutions: work 30 years for a firm with an excellent pension plan (good luck with that), take out a reverse mortgage (better own that home outright) or have kids that are willing to support you (ha!). Great tips.

I work for a defined benefit/defined contribution plan provider, and I know first-hand that there are LOTS of people who aren’t saving in the 40-55 age range. Typical excuse: “can’t afford to contribute to a retirement plan.” which really just means “I don’t want to spend less now to have something to spend in the future.”

Other solutions: work 30 years for a firm with an excellent pension plan (good luck with that), take out a reverse mortgage (better own that home outright) or have kids that are willing to support you (ha!).

]]> By: Brandon http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114448 Brandon Tue, 15 Jan 2008 16:37:38 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114448 I'd hate to be a late saver :-/ I’d hate to be a late saver :-/

]]> By: Debbie M http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114447 Debbie M Tue, 15 Jan 2008 16:26:33 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114447 Two points on saving more: 1) Just because you're eligible to save more doesn't mean you actually have that much money to set aside. (That's where your spend less section comes in.) 2) Even if you've maxed out all possible retirement savings vehicles, that doesn't mean you can't save additional money the normal way. The only difference is that you don't get a tax break. But if you put this money into investments that pay capital gains and/or dividends, those earnings will be taxed at a lower rate than your earnings (at least by today's rules), so that's still a kind of tax break. Two points on saving more:

1) Just because you’re eligible to save more doesn’t mean you actually have that much money to set aside. (That’s where your spend less section comes in.)

2) Even if you’ve maxed out all possible retirement savings vehicles, that doesn’t mean you can’t save additional money the normal way. The only difference is that you don’t get a tax break. But if you put this money into investments that pay capital gains and/or dividends, those earnings will be taxed at a lower rate than your earnings (at least by today’s rules), so that’s still a kind of tax break.

]]> By: Frugal Dad http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/comment-page-1/#comment-114446 Frugal Dad Tue, 15 Jan 2008 15:21:20 +0000 http://www.fivecentnickel.com/2008/01/15/saving-for-retirement-at-the-last-minute/#comment-114446 Good ideas for late-savers. Another way people can generate more savings aroud pre-retirement age is to sell their home and downsize, investing the equity in either a paid-for, smaller home, or in conservative, high-yielding equities, or both. It's hard for some to downsize if they've live a glamorous life up to this point, but with kids out of the house it usually makes sense to look for a smaller lot. Good ideas for late-savers. Another way people can generate more savings aroud pre-retirement age is to sell their home and downsize, investing the equity in either a paid-for, smaller home, or in conservative, high-yielding equities, or both. It’s hard for some to downsize if they’ve live a glamorous life up to this point, but with kids out of the house it usually makes sense to look for a smaller lot.

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