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Dec 13, 2018 14:34:31

We need to retire the word retirement

by @brandonwilson PATRON | 244 words | 262🔥 | 262💌

Brandon Wilson

Current day streak: 262🔥
Total posts: 262💌
Total words: 84967 (339 pages 📄)

We have all heard some version of this advice about the path of life. Do well in school to get into a good college to graduate and get a good job and work hard and save money so that when you turn 65 you can enjoy "retirement." 

I just had a meeting with my financial planner, and it is eye-opening to project your financial picture in the future. It's all assumptions of course. Talk to the people who were about to retire in 2008 and lost half the funds in their retirement accounts about the best laid plans. I have another 24 years before I reach 65, and a lot can happen between now and then. Who knows the retirement age might be closer to 70, at least for collecting social security benefits, which may or may not be available based on current projections.

We need to retire the word "retirement." This idea of waiting until you reach a certain age so you can stop working and finally do all the things you want to do is ridiculous. Maybe this quaint concept still exists with a few companies that have unions or offer pensions. But, there are no guarantees about the future. Yes, I will plan for the future and set aside money because overall that is a smart thing to do. But sit at a computer for 8 or 10 or 12 hours a day 5 days a week trading hours for dollars until something called "retirement?" No thank you. 

  • 1

    @brandonwilson How about saving money and place it in index funds (or any other low risk placement) so that you can reach "financial independence, retire early"? What is your opinion on the topic?

    Basile Samel avatar Basile Samel | Dec 13, 2018 14:42:33
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      @basilesamel Investing is one of those categories that you get a different answer depending on whom you ask and people's motivations. I think if you have a job that offers a 401k, then you should save money in that account especially if there is an employer match. Another option is a Roth IRA as long as you are below the income thresholds. As far as which funds and equities to invest in, if you are willing to put in the work and get educated you can probably do it yourself. If not, I recommend finding a certified financial planner who acts as a fiduciary meaning he must act in your best interest. Yes you will pay a fee for this but it is well worth it. This is different from a broker who may be recommending products for which he receives a commission, and those products may not be best for your situation.

      Brandon Wilson avatar Brandon Wilson | Dec 13, 2018 15:02:15
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      @brandonwilson I see! So this is why you hired a financial planner I guess

      Basile Samel avatar Basile Samel | Dec 13, 2018 17:01:39
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      @basilesamel Yes I came to the conclusion that I was just not willing to invest the time and education to learn it all myself. Plus, I don't find it all that interesting. Nonetheless, it is very important, and I didn't pay attention to as much for years.

      Brandon Wilson avatar Brandon Wilson | Dec 13, 2018 18:00:36
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