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Dragons Journal

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Retirement and a snap shot of what the future could be

Post by Dragon on Mon Sep 11, 2017 9:15 pm

I have been seeing some things about retirement that I would like to share with you. I know a lot of you are a long way from retirement . I would like you to be able to avoid what I see going on and I do not want you to be caught in the traps others are caught in.
 
I find what I see on the streets disturbing, discussing and sad,  I often go for walks in the evening that extend till near midnight. During the week days after dark iI see men from 65 to 80 years old out on the streets on bicycles with carts towed behind them, others have wagons and some use grocery carts.
 
They go through the recycle bins pulling out bottles and cans that are returnable. This is the money that makes up for short falls in the money they need but the pensions does not provide any more. This money is needed to make ends meet at the end of every month. It puts food on the table and helps with the rent or property tax.
 
From my understanding of things they found that the pension was just not as big as they thought it was and they should have saved up for their retirement. Some go back to work for a time and other collect bottles and cans for the refund.
 
The other issue is caused by the government. Government's like to make the picture look better than what it is. They have what they call the inflation basket which is a list of good most people buy every week. Now you take gasoline out of the basket as it is going up a lot it lowers the inflation rate and pensioners get less of an increase to cover inflation. This has been called inflation creep.
 
This shortfall is what causes pensioners to have to find ways to make ends meet. I have three suggestions to help you.
 
1.) If your in a minimum wage paying work go back to school and upgrade your skills so you can get something that pays a lot better. I do not believe that a person making the minimum  wage can save for retirement.
 
2.) Find a financial planer to help you plan for retirement. Get to the point where you understand any government pensions and private pensions that you may be receiving.
 
3.) Follow you retirement plan. Work to meet goals and objectives.
 
Just a note for you, who have read this. I do not have anything to gain or lose here. This is just friendly advice and maybe a glimpse what the future may hold if you do not plan for retirement.
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Dragon
Initiate of Spider House
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Age : 62
Join date : 2017-07-24

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Financial Planning

Post by Dragon on Tue Sep 12, 2017 3:44 pm

I believe in financial planning. I drew up my first financial Plan when I started my second marriage. To be honest I had no choice as I was over $20000.00 in debit from the first marriage.
I started off making a list of my goals and that I had to achieve. It looked something like this.

1.   Pay off the $20000.00 that I owe.
2.   Get out of the basement apartment we rent.
3.   Save up for a down payment on a house.
4.   Manager my wife"s retirement account.
5    Start my own retirement account
6    wife to get a part time job

Not much of a list really. It was a start and how do we get their.

First I analyzed our income and expenses. Then I set out a budget.

We had to stick to the budget. Your budget is a guide and it is not to written in stone.
You cannot predict unexpected expenses like a a car failing and needing expensive repairs.

Two years later the $20000.00 was paid off. we had also saved up and bought a house. I had tripled the value of her retirement savings and had started my own retirement savings account.

I paid off the house in 10 years and put together a nice retirement saving account. I retired at age 54 which was about 3 years earlier than I had planned to.

I am not saying everyone can do as I did but you should have some sort of financial plan.
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Dragon
Initiate of Spider House
Initiate of Spider House

Posts : 61
Age : 62
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Meridian Credit Union

Post by Dragon on Wed Sep 13, 2017 12:10 am

I have been asked to come back as a trusted on line advisor by Meridian Credit Union for my second time.
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Dragon
Initiate of Spider House
Initiate of Spider House

Posts : 61
Age : 62
Join date : 2017-07-24

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Finances

Post by Dragon on Wed Sep 13, 2017 9:47 am

I am about done with what I have to say about finances. I only have these topics left

1.)  Buying a home/ Real estate agents /lawyers/mortgages/ closing costs/ and other costs you may not have thought about 

2, ) Consumer protection 

3.)  Insurance

5.)  Good Ideas I have or not so good depending if you like them

 
If your are interested in any of these subjects and what I have to say about it. Please leave a post
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Dragon
Initiate of Spider House
Initiate of Spider House

Posts : 61
Age : 62
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Re: Dragons Journal

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