What is your ex-JW retirement plan?

by Mindchild 15 Replies latest jw friends

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  think41self

  While I am angry that I didn't start saving for retirement earlier, because of course...Armageddon was imminent...at least I have started now. I work for a great investment company, and they have a 401K and profit sharing plan. After a few more years with them, I am also eligible to share in the limited partnership of this company. So, while I didn't really start until 35 years of age...I should be ok.

  The best thing about working for this company was opening my eyes about investments, which I knew nothing about previously. I now have my boys started with their own mutual fund accounts...and if they will follow my advice, and contribute as much of their income as possible, they can reasonably expect to retire at the age of 45 or earlier, quite well off. We'll see how it goes.

  think41self

  She had the vocabulary of a brothel owner specializing in service to sailors with Tourette's syndrome
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  sleepy

  Me and my wife are quite lucky, well I am actually as my wifes mother is quite well off, her father is now dead and she was their only daughter .
  My wife is french and acording to french law all her dads propeties were split evenly between her and her mother. Due to this at age 27 now our house is almost paid off.She hasn't taken a share obviously in the house her mother lives in but has a right to half of it.Of course she will inherit all of it.
  But I havent any savings( I did but just had to pay my tax).I don't like relying on my wifes mother for support. But to make good use of my situation I plan to buy another property (as our morgage is low)and rent it out to pay the morgage on it.When that is paid off in about 20 years I'll have the income from rent or I could sell the house for capital or even use the rent to by another house.
  As far as I know I'll get the smallest pension possible if I rely on the goverment and pension schemes don't offer the same return as property in Britian.
  Also you can not have access to all your pension capital when you retire in Britian at the moment but are only allowed a lump sum and an allowence from your capital each month.
  My wife has a pension.
  But who knows what will happen in the future , you never know It could all go pear shaped and I could end up in the gutter.
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  gotcha

  what is 401k?? a pension plan or sumthin?
• 

  Seeker4

  Will probably die at my keyboard. would be nice if the novel I'm working on about an elder who realizes the Witnesses are not what they claim becomes a bestseller.

  We got into an investment/retirement program in our mid-40s'. Of course, nothing before that as we were self-employed and spent years in the pioneer work. With 20 years or so to work on retiring, we've had to ge a pretty aggresive route. This past year has been a rough one - but we're in the market for the long run, which tends to pay off. Unless your an Enron employee.

  Truthfully - I'll never stop writing until the day I die, but would like to see my wife able to retire. I am perhaps angriest about the WTS's view on higher education when I was at that age. So many years spent in "get by" work, and no real training in the work I love. So, have had to teach myself and struggle through years at the low end of the pay scale to establish myself. It's been a unique route and a unique story - but harder than it should have been.

  S4
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  DIM

  I plan on starting a 401K soon, I'd like to have a very nice stash when my wife and I are ready to retire. I'm 24 and she's 22. We have a nice savings account, nice salary, and we are still going to school. Alot of JW's in my area are heavily invested / have huge retirement plans.....I don't think many people really believe the end is coming. I certainly don't.
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  Mindchild

  Okay some personal comments and ideas about this thread:

  LB At least you did one good thing right, you earned money Investing can be very problematic of course and diversity is important as well as due dilligence. Long gone are the days where we can just "trust" someone else with our money. I've found informal groups of investment clubs to be worth looking into but you will have to hold up your end of the deal by doing extensive research on what is a good investment to share with the group. I don't think there is such a thing as a free lunch and you still have to follow things through to make sure your money is working for you.

  Refiner's Fire I guess one thing we all still have some choice left over is how miserable we will be when we do get to our retirement age. If you plan on a future of human misery, I wouldn't want to take that choice away from you.

  Valis wrote:
  

  Most who have worked and contributed to Social Security will get about $600-1000.00 a month when they retire at the appropriate age

  That is more or less the way it is now but I seriously doubt it will be there in the future. Why? Is You Know right? haha No, but it doesn't take much to do the math and look at all the baby boomers who will be going into retirement soon drawing on that SS funds and completely bankrupt the system. That is of course unless the crooks in office can figure out a way of getting that money out of there first without you knowing about it and use it on their pet projects.

  Thirdson & Celtic Not bad at all gentlemen.

  Gotcha You are thinking along the lines that many smart Americans have already done, and that is to expatriate themselves and live abroad or just live abroad. I'm working towards a similar project myself. The 401K is an American pension plan.

  Ashitaka, Dim and think41self Very nice start

  Seeker4 Well at least you are doing a job you enjoy and are taking steps to prepare for your future. It is going to be even tougher going during the times when the economy takes downturns.

  Sleepy What you say sounds reasonable and I don't know the situation in the UK for retirement but at least it looks like you got a handle on things and a plan.

  For me? I'm working on an ex-JW employment program and retirement program that may help many people out. It is completely independent of government assistance, relies on relocation to out of country paradise retirement locations and makes all income tax free. The best part, it is a very accelerated program that can enable participants to retire much more quickly than other means. If it actually works as well as I hope is the big question. More details soon.

  Kind Regards,

  Skipper