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IMHO ..and if you have about 10 years before yah pull the plug NOW is the time to go after a dividend paying stock that has been historicaly a gainer but has been hit by the current financial Kah'Boom. Especially bank stocks ..They are a bargin right now..
Buying low and accumulating "units" will create a source of renewable income and use the dividends in a DRIP, until retirement time.
Then either "hold" and have income or sell off and buy a full payout annuity over a fixed period, later on.
One thing is for certian ..those of you who have not yet retired and are at the "door to leave"...your 401k must really suck right now...sorry if it is..
I left five years ago ..and am sailing a smooth ship !
After seeing what my sister went thru,I have to say,some people who think they're secure working toward retirement,may not be.
She was a nurse,but continued her education.I can't tell you the degrees she has,but I can tell you her last job was as director of a local hospice,which she was a great success.
She just had her 57th bd a couple of days ago.She had planned on working most likely 62.When she got sick,right at my age,6 years ago(I'll be 51 in Nov)she lost her job.
Symptoms hit her hard,hit her fast.A woman that could once stand up in front of 300 people or more and make a speach,was having a hard time putting a sentence together.
Lost most of the vision in her left eye,started limping...
In the 3 yrs of fighting,with a lawyer for disability,she had to cash in her retirement,had no savings,had to borrow money from friends.
She finally got her disability but has no coverage for health,until medicare kicks in for her in May.
What does someone like her do?Is there anything at all?She is selling her house,it's a simple home,thru the kindness of friends,who have bought a house,remodeling it at their expense and labor for it to be handicapped accessable.
They will sell it to my sister,holding the mortgage,for not much more than they bought it.It's price she's paying is unheard of,$70,000.00.
Advice for her?
Wow .. that must have really hurt !
It's very hard to thinnk of any real advice other than "don't panic" and it sounds like she has great friends to help out through this tough time.
We are "retired" and my hubby has a pension plus we have deferred compensation, IRA's savings and some stocks. We like to travel, but try to be frugal with our money. I can draw my pension in about 2 1/2 more years when I turn 60. I think we may be okay. Just try to be cautious with spending on things we do not really need.
After seeing what my sister went thru,I have to say,some people who think they're secure working toward retirement,may not be.
She was a nurse,but continued her education.I can't tell you the degrees she has,but I can tell you her last job was as director of a local hospice,which she was a great success.
She just had her 57th bd a couple of days ago.She had planned on working most likely 62.When she got sick,right at my age,6 years ago(I'll be 51 in Nov)she lost her job.
Symptoms hit her hard,hit her fast.A woman that could once stand up in front of 300 people or more and make a speach,was having a hard time putting a sentence together.
Lost most of the vision in her left eye,started limping...
In the 3 yrs of fighting,with a lawyer for disability,she had to cash in her retirement,had no savings,had to borrow money from friends.
She finally got her disability but has no coverage for health,until medicare kicks in for her in May.
What does someone like her do?Is there anything at all?She is selling her house,it's a simple home,thru the kindness of friends,who have bought a house,remodeling it at their expense and labor for it to be handicapped accessable.
They will sell it to my sister,holding the mortgage,for not much more than they bought it.It's price she's paying is unheard of,$70,000.00.
Advice for her?
I hate to interject this on the thread, but the health care system for people like your sister needs reform. One should not have to be fighting an illness and worrying about expenses at the same time! It's too much. I am sooooo happy for her friends! She is very fortunate! Best wishes and here's to hoping the the government and the insurance companies get a hint that the American People are ready for this BS to stop and offer some real answers to this issue!
Margevans, your sister has many beautiful friends. I wish her and all of us coming to this stage of our lives the very best.
S
I have just a few comments.
Over the years I have tried to use some of my investment income to buy 'hard' investments such as gold, silver, philatelics, and collectibles. I lost much of my investments 2 years ago with the beginning of the mortgage crisis. I know the real reasons behind the takedown and as a result, I can not recommend to anyone that you should invest anything into stocks. Treasury securities are a little better, but I think we are approaching a time right now of being on one of the biggest recessions/depressions ever for this country. I read the comment about buying bargain bank stocks. You mean like Lehmann?
The safest place for your money, IMO, is to convert it into something that will retain or improve its value. You can start a business, even bank CDs with a local bank are fine, but the financial markets are not the place to be at this time. The federal government needs to do some serious regulation (and enforcement) before I can see getting lured back in.
