- To retire you need to have social security and annual withdrawal of your personal savings equal to 85% or you pre-retirement income.
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- Max. out your 401K with your employer to get matching funds. You may have to add to that with personal savings if you do not work long enough with your 401K.
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- At age 50 you can increase your 401K contributions to $20,000 from $15,000. And, you can increase our IRA, Individual Retirement Account, to $5,000 from $4,000.
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- For savings to be painless it must by automatic. You simply adjust your spending when the money is not there.
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- Shed all you debt. Start with shedding credit card debt. The pay off car loans. Then pay off your home equity loans. Then pay of your mortgage. The sooner you stop paying interest the more you will save.
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- Continue working longer as long as you like the work. You will have to live with the standard of living you have saved for once you stop working.
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- For your children to have a chance to retire you must vote out the current government policies. “We the People” and Congress and the President have it all WRONG!. I will call the preceding “ government “, but it means all three.
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- Government thinks recessions are the problem. Recessions are the cure. Booms are the problem. The government has caused the booms. The government is trying to keep the booms going with lower interest rates, cheaper money, and stimulus spending. All the opposite of what is needed.
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- Printing money is inflation. Inflation is legalized theft. The government takes money in debts then pays it back with cheaper dollars in the future.
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- Some businesses want cheaper money. Business can compete better internationally if the dollar is cheaper. Exports go up with cheaper dollars. If they can not create value they can artificially keep their prices lower by government controlling the currency. Print cheaper dollars.
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- Meanwhile imports will cost more in dollars. That is the reason gasoline will be $5.00 a gallon this summer. Gold will keep climbing in $ value. All food and transportation , commodities and everything associated will cost more in dollars. Inflation will steal your wealth.
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- Voters need to fix this by returning the Federal Reserve’s mission to a “ sound dollar”. The dollar should have gold and silver backing to stabilize it and prevent government flexibility in trying to manage it. Interest rates are the” price of money“. Like everything else the interest rates will rise and fall to keep it competitive in the market place. The government keeping the interest rates artificially low is destroying our economy. The corrections will just be worse when they are forced to let interest rates rise again. If they do not the dollar will become worthless and inflation will raise the prices of everything we buy. The nation will go bankrupt.
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- When I was in high school I could by a gallon of gasoline for a quarter. I used to pull into the “service” station and buy a dollar’s worth. And, they cleaned my windshield. I could still buy a gallon of gas for a quarter today, IF the quarter was still a silver coin. Instead it is copper and nickel today. It weighs 0.182 ounces, silver is $29.75 an ounce, that is $5.41 a silver quarter.
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- The Federal Reserve and Congress caused the housing bubble by directing Fannie and Freddie to artificially back mortgage loans based on “ teaser” interest rates. People could get a loan qualifying on $500 / month, but when the adjustment interest rate went to $1500 / month they could not afford their home. Foreclosures and short sales resulted. Everyone’s housing values went down. The whole nation went “under water”. The banks did not care. The loans were backed by the government. They could never go bankrupt. The taxpayers would end up paying the bill not the banks. Banks could bundle bad loans and sell them to Wall Street. Wall Street could sell them to investors. Everyone was making money by pushing money around, all protected by the government bailouts.
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- Government should tax consumption and stop taxing savings, investment, and business profits. Government has it all WRONG. Stupid people believe corporations pay taxes. They do not. They collect taxes and pass the cost on in the price of their goods and services.
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- Wake up America. Get these stupid people out of office. If you don’t your kids will not have a chance to retire. “ We the People” need to reverse government’s stupid policies that are ruining this country and your kid’s future. In a democracy people get the government they deserve. Your kids deserve better than they are getting from us.
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707-536-3272, Friday, March 30, 2012
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