New article with Mike Campbell

[HomerMcvie]

Originally Posted by David

This. His CFP should have convinced him 20 years ago to move half of all the cash he had into a Roth IRA invested in an S&P 500 mutual index fund. (There’s an annual contribution cap for IRAs but no cap on total account value.) He’d have plenty without resorting to selling wine at Costco or silly electro-vests or all the crazy gadgets he’s been involved in.

Mick's never been smart enough to do these things. He always wanted to live like Stevie, on 1/10th of her money.
I've got an IRA, but also(right or wrong) invested a bunch of money into two different annuities, only because they're guaranteed for life. My biggest fear is living to be 95, but running out of money at 80.

[BigAl84]

Originally Posted by HomerMcvie

Mick's never been smart enough to do these things. He always wanted to live like Stevie, on 1/10th of her money.
I've got an IRA, but also(right or wrong) invested a bunch of money into two different annuities, only because they're guaranteed for life. My biggest fear is living to be 95, but running out of money at 80.

People hate on annuities, but there's nothing wrong with buying a little peace of mind knowing you will have a guaranteed cash flow coming in despite whatever the market is doing.

[HomerMcvie]

Originally Posted by BigAl84

People hate on annuities, but there's nothing wrong with buying a little peace of mind knowing you will have a guaranteed cash flow coming in despite whatever the market is doing.

That's IT. I've got no kids to worry about. I've got two financial planners, and we went through ALL the options, marking them off one by one, until we were left with annuities. It's about guaranteed cash flow for the rest of your life. Now, that said.......if I die before about 77, I lost, because it takes that long to be into "THEIR" money. But if I live to be 95, I was sucking off of their teat for the last 18 years. It's a gamble. But like I said, my greatest fear is outliving the money. I can't, this way. Hell, if I KNEW I was going to die at 65, I could be traveling the world constantly, NOW. With my luck, I'll probably die the day I enter into THEIR money territory.

EDIT - I'll add, that if you find out that you're terminally ill, you CAN cash it out, and spend your money on hookers and blow.

[BigAl84]

Originally Posted by HomerMcvie

EDIT - I'll add, that if you find out that you're terminally ill, you CAN cash it out, and spend your money on hookers and blow.

Oh, I totally assumed you would have that all buttoned up before you signed off on anything!

[HomerMcvie]

Originally Posted by BigAl84

Oh, I totally assumed you would have that all buttoned up before you signed off on anything!

Never underestimate the value of those two things in life.

Especially the latter...