Here are some observations from Your Survival Guy’s Fourth of July weekend, when my family and I took our boat—the Tom Sawyer—to Mattapoisett to visit my parents, and on the way home got stuck in the fog (more on that shortly). Family trips are a little different now than they were a few years ago when the four of us (plus our dog Louis) would travel by boat. This year our daughter had “things” she needed to do, and met us by car. This worked out well since Louis is not a huge fan of the boat. He loves it when it’s at the dock or on a mooring. But when it’s underway, he’s less sure of … [Read more...]
The IRS is Coming after Your IRA with this Hidden Tax
More sausage is being made down in Washington D.C.—never a good thing especially when “revenue” and “IRA” are used in the same sentence. It’s called the SECURE Act, which laughably stands for Setting Every Community Up for Retirement Enhancement. It sailed through the House 417-3 and is expected to pass under unanimous consent by the Senate. The insurance industry loves the Secure Act. Uh-oh. At the heart of their love affair with this foul ball is the introduction of annuities as investment options for 401(k) plans. The reason they haven’t been offered in the past is because … [Read more...]
Cook County Residents Forced from Their Homes
Chicago-area politicians have given their constituents something special this year, a major property tax increase. In a state already near the top for income taxes, residents of Chicago and Cook County are facing property tax bills that have skyrocketed. In the face of property tax bills that have even climbed by 60%, some residents are being forced by the bills to move out of the area. Dana Kozlov reports for CBS: Property tax increases in Cook County are going beyond sticker shock. For some families it’s life-changing, and they say they will have no choice but to move. “This is out of … [Read more...]
How Can You Save Money for Your Grandchild?
The short answer is, early. The earlier you can start saving for your grandchild, the greater the impact you'll have on their life. Take a trip with me. Let’s say you help a grandchild get into the savings game when they’re born by contributing $525 per year to an account you establish for them. (I favor UGMAs for this purpose). You diligently save each year for her first 21 years. Then when she turns 22, she continues along the same path, saving $525 on her own each year until she’s 64. Look at my table below to compare her success to someone who begins his investment savings at … [Read more...]
These Americans Are Never Going to Retire
A poll conducted by The Associated Press-NORC Center for Public Affairs Research found that 23% of Americans don't expect to stop working during their lives. Andrew Soergel writes in The Washington Times : “The average retirement age that we see in the data has gone up a little bit, but it hasn’t gone up that much,” says Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College. “So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement.” When asked how financially comfortable … [Read more...]
A Scorched Earth Investment Landscape: FIRE! (Part V)
“Never forget what I’m telling you here” -Dick Young When it comes to living off a portfolio for a lifetime, the word lifetime can mean different stretches of time for different investors. As you read in parts I, II, III and IV, I’ve been studying the FIRE movement—Financial Independence, Retire Early—to help teach the next generation how to think about money, and to help you think about your retirement. Like I have said, if this group is retiring in their 30s, and living off their retirement savings for the rest of their lives, then we should be able to pick up some intelligence. Which … [Read more...]
Will You Outlive Your Money? FIRE! (Part IV)
In parts, I, II, and III you learned about those who have embraced the FIRE lifestyle—Financial Independence, Retire Early—and the ways it can help you in your own life. One of the things I think you and I will learn from this movement is if it’s truly feasible to live off a portfolio for 60-plus years—a necessity when retiring in one’s early 30s. But this is not your typical set-it-and-forget-it retirement demographic. Self-reliance is a way of life for the FIRE movement. Yes, they are casting off the lines and heading out to the sea of financial independence with a portfolio that … [Read more...]
“I wish that I could give you something… but I have nothing left” FIRE! (Part III)
As you read in my FIRE series parts I and II, the acronym stands for Financial Independence, Retire Early and is as much a mindset as it is a financial plan. Think about what you spend the most money on and you’ll quickly realize some of it can be reduced but a lot of it cannot when you’re in retirement. Chances are you’re out of debt. You’ve saved until it hurt and now you should be living the retirement you deserve. You’ve won the war. But there’s one thing I need to talk to you about. I talk to a lot of investors during any given week which provides me with a front row seat to … [Read more...]
“Dad, You’re Stressing Me Out” FIRE! (Part II)
Living a lifestyle where you spend 50% less than your “normal” spending doesn’t sound like much fun. But that’s exactly what many members of the FIRE movement are doing. FIRE standing for Financial Independence, Retire Early. I’ve been studying this movement big-time, because there’s a lot for you and me to learn by understanding what others are doing. This is not some hypothetical model of how you’ll live your life off your investments. This is real. It’s a lifestyle. When I brought up living a FIRE-centered life to my daughter she said, “Dad please stop with the FIRE, you’re stressing me … [Read more...]
Survive and Thrive July: FIRE! Financial Independence, Retire Early
Living Your Best Life Dear Survivor, Are you familiar with the FIRE movement? You should be, and you will be shortly. And I’m not talking about a fire where, for example, a tree falls in your backyard onto power lines, ripping them down along with a transformer and nearly burning down your house on a quiet afternoon in Newport, RI. (You can read about that here). The FIRE I’m talking about stands for—Financial Independence, Retire Early—and it’s a big-time movement especially with Millennials. Because more and more of them, are disillusioned with a life working for “the man” and not … [Read more...]
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