nom=de=plume wrote:
"bpuharic" wrote in message
...
On Thu, 22 Jul 2010 10:14:04 -0700, "nom=de=plume"
wrote:
"bpuharic" wrote in message
...
On Thu, 22 Jul 2010 11:32:25 -0400, wrote:
you know **** about business. if what you say is true, then why is the
economy a disaster?
answer: because too many people believe as you do.
Not sure how old you are, but if you're in your late 40s, there's
still time
to have a shot at a decent retirement income.
that's true. unfortunately i'm 55. it's going to be a long hot summer
You might want to consider
alternative instruments, such as a modified whole-life insurance policy.
They're not just about death benefits. There are some that will give
you a
payout that is tax-free income between say 70 and 85, and still leave
you
some cash balance without taking away from the death benefit over
much. I'd
suggest talking to a reputable agent, e.g., New York Life or another
of the
biggies.
i'd thought about that but the matching from my employer's 401K is
pretty good...i also have been talking with my funds manager about the
slowing of the economy to see where we go from here.
At 55 you'd still see some benefit but it wouldn't be as good. I'd
definitely fund your 401K with the match but no more. The problem is
that taxes will increase, and you're going to have to take the money out
at some point. Even if you can offset somewhat, it'll still help.
Bad advice. With catch-up he can put $22k this year in the 401k.
He should be maxing that to shelter it from taxes.
Even if it's money market with no return.
The feds won't let MM go below par because the economy would collapse.
That tax savings is money in the bank.
Maybe about 5 grand for him.
When he takes it out upon retirement he'll be in a lower or no-tax bracket.
Save, save, save. Then you die.
Or you could gamble with equity funds. But don't cry about it.
Jim - Financial whiz kid. Hey, I ain't broke or complaining.