Need retirement savings advice

That's awesome that you did so well on your 401k. And inspiring to me. I have never done well in the stock market. It's probably 100% my fault. It almost seems like a skill you need to acquire. ... Need to practice I suppose.

I was thinking that it might make sense to purchase land, rather than stocks. At least you own something physical, instead of numbers on a computer screen. I looked into that once, but it seemed somewhat complicated. You need to make sure you are buying valuable farm land. There can be issues with farmland. Is there a place you went to learn how to purchase farm land? I'd consider that as a possible investment.

 

Yes, you're correct. It's just sitting there losing value. The problem is, I've been burnt on the stock market stove so many times, I hate to put it back in the stock market. I seem to have horrible luck in the stock market. Every stock I buy goes down. I've never really made any money in the stock market. Some people seem to have great luck in the market, and other do not. I'm not one of the lucky ones unfortunatly.

 

I think I need to try! I'm waiting to receive his book in the mail. Will read it when it arrives.
If you don't use Fidelity, who do you use? Do you need to keep a 401k in an investment firm?

 

Yes. That's true. I probably will inherit money. However, I have a couple problems with it. One is I feel like I should have a level of self-sufficiency. There's no guarantee that will pan out. Also, my Dad managed to save 1 mill for retirement, so I should be able to do the same for myself. Or, at least, save something for myself, like he did.

Also, the thought of not having my parents scares the shit out of me. I don't even like to think about it. I guess some people weather that storm fairly well. I think I'll lose my shit if that happens to me. Not sure how people deal with that psychologically, but I try to not think about it.

 

I actually just bought 5k of this yesterday. It cost a $70 dollar fee. Hoping there aren't any other fees. I should have done more research.

 

Yes. that's what Bogle was recommending. Index funds that do not have fees. However, I'm not sure about this, but I think I would need to get my 401k out of Fidelity somehow so they stop charging me annual maintenance fees. Although, I don't know what you would move it into, or if it can exist on its own outside of a financial institution. Not sure if you just get a # for the Roth and call up a broker and give them the number when you want to invest. You wouldn't really be able to see it with a Graphical User Interface.

 

That sounds good. Glad you got it into better hands.

I just learned what a "fiduciary" is today. I had heard the word before, and I thought it was some sort of lesbian lover from the wrong side of the tracks, but I guess I was mistaken.

(JK!)

Yes, but you're supposed to ask if they are a fiduciary, otherwise they don't have your financial interest in mind. They have the financial interest of the mutual fund in mind, and then they can screw you like a big fat lesbian lover.

 

Yes. I am. I'm not sure how I get out of Fidelity. Not sure how that works. If I get out of Fidelity, do I have to put it into another Financial institution so I can "see" it? Or can it exist on it's own. Not sure.

 

YOU NEVER EVER BUY INDIVIDUAL STOCKS!! That is like going to Vegas playing roulette and put all your money on #8! You buy index funds like Standard & Poor 500, Standard & Poor 2000, or the Dow Jones Industrials, the idea being if one stock goes down another will go up. You don't own any actual shares of stock, just fractions of shares, which reduces your risk of losing it all, and as long as some investor is willing to buy your shares of the index fund (and they are) you are good!
You really need to read that book, plus a few others, that or just stick to CDs

 

Yes, you have to transfer the funds in your 401k account to an account with another financial institution, to do otherwise will incur a huge tax payment to the Feds and state for early withdrawal...and you don't want to do that!

 

If we live long enough we will all have to bury our parents, as they did theirs. It's no fun, and hopefully you'll have time to get used to the idea, or even welcome it as they decline in their later years. There's a point where it's just time. Mom told me when she would die. Didn't make it any easier, but I knew she was sticking to her plan.

 

Try wrapping your head around this, 'In 50 years you will be dead too!". Everybody and everything dies! Come Y5B the Earth will die!

 

Ag land is a cake walk compared to residential. two winners in that is that it will always go up in value and it generates income while doing so through either Cash Rent or 2/3-1/3 leasing. If you are financing the land as a investment the interest can really eat into your net profits, taxes on AG land are a fraction of the taxes on Residential or Recreational properties. Good info here from a investment only perspective 5 Ways To Invest In Farmland | Bankrate Sadly the investor is replacing the family farmer.

I do regularly and it averages out just like a index or mutual. Totally depends on your financial situation and comfort level with risk. If you are someone that panics in every market fluctuation and correction then nope YOU NEVER BUY INDIVIDUAL STOCKS. Buying multiple individuals, treasuries, munis, and investing in promising start ups as a % owner spreads the risk the same as the mutual funds. With a overall high return on investment it is just not tax sheltered

 

You had to pay a fee??

 

OK. So then I need to find a financial institution with lower fees than Fidelity. Or the lowest fees that I can find, essentially.

I haven't received Bogle's book yet, but maybe he recommends some.

 

Ya, I think sometimes people welcome it. It's a relief for them. It won't be a relief for me, but it might be for them.

Hell, Yesterday I was thinking about that. How sweet it will be to not be on this planet anymore. How much stuff you no longer have to worry about. No more bills. No more bosses. No more job. No more government. No more aches and pains. As my favorite shirt says, "Death's a beach"

 

Cool. I'll check out that link. Thanks!!

 

Vanguard does not charge to open or invest in a retirement account

Retirement Planning: Strategy, Savings and Income | Vanguard
Ready to invest? See how to open an account | Vanguard

 

Start watching again at the 23:30 mark to see what Jack Bogle the founder of Vanguard says, And again at 52:11

 

What is your employer match for your 401k??