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Wrong you are paying taxes and the mortgage before retirement. Then after retirement you only pay the taxes.
You keep trying to argue minutia it isn't rational and none of your arguments seem to be.
This is more evidence that the 80% number is pure hogwash.
Wait -- if you take a 30 year mortgage 10 years before you retire, you don't lose the mortgage payment magically when you retire -- you still owe the payment.
Wait -- if you take a 30 year mortgage 10 years before you retire, you don't lose the mortgage payment magically when you retire -- you still owe the payment.
Or am I not understanding something.
The example used someone with kids and a mortgage. The fertility in females is usually 20-35 so usually these people would purchase a hours around age 25-35 in thirty years your thirty year mortgage would be paid off.
I guess you could buy a house 10 years before retirement but under those circumstances usually these people don't have kids.
I guess you can come up with hypotheticals like what if you have no money?
Well you can rely on the government in that case. Many people do.
Have you seen some of the fees on variable annuity products.?
Those are sold like crazy.
The one i analyzed that was pitched to me was an insane amount.
It sounded so good i almost bought it myself.
The 10% guaranteed minimum return for 10 years was a real eye opener. Until you saw the expenses on that plan and learned how it worked.
Some like fidelity appear cheaper but there is no guaranteed minimum death benefit. You need an optional insurance plan for that. On the surface that can make their expense about .75% less than competitors but they are giving you less in guarantees.
There are some decent ones out there and fidelty and vanguard have been bringing lower cost ones to market but they still are not there yet in my opinion.
As you see starting the better deals are turning out to be to good and so they are being closed to new money.
I guess the actuaries in this business didnt didnt get it right after all despite those "credentials"
I do hope they are better with their retirement planning then they are with their guarantee calculations.
You aren't very financially savy if you "almost" bought a variable annuity. You should look to buy an immediate annuity these are rarely bought because people don't seem to understand the purpose of insurance. You clearly don't. Seriously you might want to go to the doctor to get checked out you don't sound right in the head.
Since you seem to prefer a guarantee for everything you are going to have to pay a lot for this insurance. You could buy an immediate annuity to protect against longevity risk an inflation adjustment to pay for inflation or a guaranteed death benefit.
But you will end up paying someone else to insure all your irrational fears. Buying a gmwb's with death benefit protection doesn't make any sense since the risks cancel each other out.
my point is the bank can make that pieces of crap sound so good that unless you really look at them they look like the best deals around.
i recommend nothing but plain ole immeadiate annuities.
i seriously think you just comment without reading. you have to be. you can not actually read what i write and understand so little.
by the way we havent forgotten your supposed to point out all the stuff i said which i never did as well as hook us up with that 6% inflation adjusted immeadiate annuity your credentials tell us we can buy. .
Did find it odd when several co-workers approached me after the meeting asking for my help... I told them I was the wrong person and the most common response was I was the only one asking intelligent questions.
Me too.
It can be something as simple as me asking the presenter why anyone would roll their money into this 401k when they could have far more fund choices for cheaper and without the management fees tacked on if they rolled into an IRA.
Then after meeting I get people emailing me asking what funds they should buy. I'm like, I'm not an financial planner or sophisticated investor, and have no idea.
It can be something as simple as me asking the presenter why anyone would roll their money into this 401k when they could have far more fund choices for cheaper and without the management fees tacked on if they rolled into an IRA.
Then after meeting I get people emailing me asking what funds they should buy. I'm like, I'm not an financial planner or sophisticated investor, and have no idea.
It's like Mathjak107 said about people knowing more about other things than retirement finances.
I think most just want to know it will be there when they need it and don't want to worry about it in the mean time.
The sad thing is there really isn't anyone in the company with real knowledge on the subject...
An investor I know just got finished refinancing all his holdings at rock bottom fixed rate terms... now is definity the opportune time to zero in on low cost long term financing.
I'm in the process myself on a much smaller scale... my goal when I started was to build equity...
The downturn in Real Estate didn't translate into a negative for me... all the property has to cash flow... so as long as the income stream remains... things are good.
you hit the nail on the head, there are rarely people in the company that can help.
i know the company that administers our plan comes in once a year to ask questions but to tell you the
truth they are really old school and many of their views and ideas came and went.
i can give my opinion on things when asked but i really cant tell anyone what to do not being licensed.
my function on the 401k board ends with making sure we have nice low cost funds that can be molded into decent portfolio.
i couldnt guide them when one by one they were bailing out in 2008 -2009 near the low.
this was the time they needed a plan that had them not bailing but rebalancing. they would have made out great had they rebalanced.
most americans suck at financial planning and of course the reaction is they blame the markets,the vehicles they use and the sun and the moon. the fact its their own ignorance that has them not getting a head never enters their minds.
Last edited by mathjak107; 12-09-2012 at 04:15 AM..
I'm in the process myself on a much smaller scale... my goal when I started was to build equity...
The downturn in Real Estate didn't translate into a negative for me... all the property has to cash flow... so as long as the income stream remains... things are good.
Which is why renting sucks and renters never get ahead financially.
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