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More slowlane drivel from the Washington Post

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Jason "GrandK"

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Wall Street loves this article.

Another 401K millionaire who will live like a pauper for the remaining 40 years of his life. Who retires at 55?

What is retirement, anyway? It is a made up word for scarcity thinkers from days gone by who feared there would be no jobs for the younger generations, so they created this imaginary thing called "retirement" to get the elderly out of the way.

So, the people with all the "know how" retire and are replaced by incompetent youth who have never proven themselves. Smart plan.

"The rest of his investments are split between 60 percent stocks and 40 percent bonds, consistent with the playbook that most financial experts recommend for someone in his 50s and 60s."

Every day he will wake up and check the market to make sure his "precious" is still there. What a way to live, in fear every day that the market will correct. And guess what, a correction (crash) is inevitable. Sorry Gilbert, you are screwed. You may have to un-retire soon.

The guy is 55. So he worked 30 years to retire for 30 years?

Wait until he finds out that sitting around in your PJs all day watching talk shows or reruns or golfing with the other "old folk" is not very fun. He will be bored in no time. Then what? He can't touch his principle and so no vacations for Gilbert.

And Gilbert is the best example provided in that article. How depressing.
 
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MJ DeMarco

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Jason "GrandK"

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Yup, why spend your savings on fun, enjoyment, and life when you can give it to Wall Street for 50 years?

You can just see how the article preys upon the "unprepared". Here is Gilbert, 401k millionaire, all set in retirement. But if you have not started preparing for retirement, you need to start saving like crazy, i.e. give Wall St even more of your money! And you better not choose conservative investments, time to put it all on red.

Then it talks about Gilbert taking small vacations, nothing too big. Really? Gilbert may never have lived and he certainly won't start living in retirement, living off a 3% annual draw from his nest egg.

And to top it off, Gilbert is going to self-insure. Why pass along the risk to an insurance company when you can keep it all to yourself? After all, he has been taking on all the risk his entire life by giving all his savings to Wall St. Why change up in retirement?

Depressing stuff. No wonder so many Americans have lost hope.
 

Kak

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Screw traditional retirement. Why do we "have to" one day stop making money? Just adjust your business' time needs to fit your wants. Business is part of my leisure. I go where I want and do what I want.

I'd rather have a jet and a membership to river oaks while making a few phone calls a day than being retired at some reclusive mountain cabin spending 17k per year after healthcare.
 
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DustinH

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“Somewhere between 40 percent to 60 percent equities is a great place for most folks entering retirement age,” said David Blanchett, head of retirement research at Morningstar Investment Management. But you can even get riskier. “Assuming retirement is going to last 30 years, I think 70/30 stocks to bonds could be more aggressive.”

It's a great plan. Then, in about 18 months you can lose about 30% of your money in a crash and never get it back. Sign me up. Please, Wall Street experts, please take my money from me.
 

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