http://www.iht.com/articles/2006/04/07/yourmoney/mbrf1.php

At the same time, more than half of all workers said they had saved less than $25,000 toward retirement, according to the research group, which is based in Washington. Even among workers 55 and older, more than 4 in 10 have retirement savings of less than $25,000.

This concerns me. Not so much because it's any of my business how other people are saving or not saving for retirement, but because I have a feeling that politicians, seeing an opportunity to get in good with the voters, will bail out those people that amassed massive debt living in houses that were too large and drove cars that were too expensive instead of saving money like they should have. And for the record, I'm not talking about the people living paycheck to paycheck that don't have money to save for retirement.

I saw an article recently (can't recall where) that stated a retired couple will need $200,000 ($200K) just for medical over the lifetime of their retirement.

That doesn't surprise me. One bad break can cost that much and more.

I saw an article recently (can't recall where) that stated a retired couple will need $200,000 ($200K) just for medical over the lifetime of their retirement.

That doesn't surprise me. One bad break can cost that much and more.

Wouldn't Medicare take care of some of this expense?
I'm afraid I know little about this but am saving every penny possible and hiding it in various places on the property--don't trust banks, IRAs, none of that stuff.

Wouldn't Medicare take care of some of this expense?
I'm afraid I know little about this but am saving every penny possible and hiding it in various places on the property--don't trust banks, IRAs, none of that stuff.

I think the premise was ...medicare will not be around - at least not the way we know it.

I'm afraid I know little about this but am saving every penny possible and hiding it in various places on the property--don't trust banks, IRAs, none of that stuff.

I bet you'd come out further ahead if you invested it, lost it, and then started over again than if you just hide it under the bed.

By the way, if you could just tell me where you live and when you're usually out of the house, I'd appreciate it.

I'm afraid I know little about this but am saving every penny possible and hiding it in various places on the property--don't trust banks, IRAs, none of that stuff.Just like Tony Soprano out burying piles of cash in the yard!

Why am I not surprised? :)

Lottery: Po Folks investment fund.

Sure, call me eccentric!
But I've heard too many stories of banks failing during the Depression and crooks embezzling folks' retirement funds.
The 600 pound sows at the farm will take care of me (sorry Lionel!)

Napoleon Bonaparte would carry uncut diamonds in his pocket at all times. He said a person never knew when they'd really need to get their hands on some quick cash--valuables easily carried and that would only go up in value.
He didn't trust his own government which he had created....

Anyone who plans on the government or any other entity besides land to take care of them in their old age is a dummy.

Rendova, do yourself a favor and invest that money you have buried all over the yard. You should consider the power of compounding. You invest the money in a safe vehicle and sit back and watch it grow as it compounds. Any profits are simply reinvested and they compound. You can almost hear your profits growing.

Money buried in the yard loses value yearly because of inflation. Money invested, even a bit unwisely tends to grow.

Although their are dips in the stock market it has never lost money over the long haul. You have to look at the long term picture not just a snapshot. The stock market always makes money over twenty year periods, even during periods with crashes. Invest your money and let it work for you. Always invest what you can afford and let it grow through compounding.

I know you're right, Frogger, but I'm scared to lose it.

I know you're right, Frogger, but I'm scared to lose it.

Yeah, but you're losing it right now - due to inflation, 20 years from now the $20,000 in your back yard will only be worth the equivalent of $10,000 of today's money.

Yes, but don't you pay heavy taxes on it when you withdraw it (I know you pay a heavy penalty for early withdrawal).

Rendova,

First off, if you go and bury your money in the backyard, it's always possible for someone to dig it up in the middle of the night.

On a more serious note, you could invest in gold. THAT almost always appreciates, it's ALWAYS accepted as currency and if the economy goes to hell, all gold will do is get more valuable, dammit.

The last successful person that buried money in his yard was cousin Eddie in Las Vegas Vacation.

Actually he is my kind of guy. He likes his bread pudding juicy.

He likes his bread pudding juicy.

*drools*

And on a more serious note, I'm with the others Ren-do something with that money!

LOL, here's a few good reasons for "investing" this way~~

Howard Hughes buried stuff and look how HE ended up....

Good fertilizer....

Good for quick getaway--always a plus.....

Greedy relatives, in-laws and the government think you're poor.......

Makes the neighbors wonder why you hang out in the pigsty so much.

Seriously, when the collapse comes, and you know it is, don't come crying to me........;)

Yes, but don't you pay heavy taxes on it when you withdraw it (I know you pay a heavy penalty for early withdrawal).

Depends where you put it. If you just put it in the bank in a savings account, you can take it out whenever you want to.

And have the exact same problems you would have leaving it sitting around your house, you lose half the value to inflation.

Best thing to do, what people have done for decades, is to buy gold and silver coins and stick them in a safe-deposit box. The banks can't get at it if they collapse, they are a hedge against economic catastrophe, and are pretty stable investments.

Saving money is a crapshoot.

Yes, but don't you pay heavy taxes on it when you withdraw it (I know you pay a heavy penalty for early withdrawal).

Yes, you will pay taxes on it when you withdraw it but you won't pay taxes on it in all the intervening years. Say you invested $1,000 per year for twenty years at 8% interest, about the average over the past few decades. At the end of twenty years the first $1,000 you saved would be worth $4,660 and the total value of your savings would be $49,407, more than doubling your investment of $20,000 over a period of twenty years. If you stopped putting any more money into the account it would grow to $72,595 after another five years.

Just imagine if you save $2,000 a year, or $5,000, or $10,000.

The only way to insure a comfortable retirement is to let your money work for you through compounding.

We do have savings in bank accounts but the interest I think is minimal. We don't play the stock market or anything like that..... that's for the wizards, Martha's little friends, or those with a death wish.