Comments on: 10 Misconceptions about Retirement Security http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/ Helping a unique generation achieve financial independence. Sat, 20 Mar 2010 15:15:15 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: 63 Fantastic Personal Finance Posts : SCN - Personal Finance http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-44347 63 Fantastic Personal Finance Posts : SCN - Personal Finance Sun, 09 Dec 2007 18:13:49 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-44347 [...] 10 Misconceptions about Retirement Security - Generation X Finance [...] [...] 10 Misconceptions about Retirement Security – Generation X Finance [...]

]]> By: Happy Thanksgiving! A Trip Through the Archives : Generation X Finance http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-39513 Happy Thanksgiving! A Trip Through the Archives : Generation X Finance Wed, 21 Nov 2007 17:37:48 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-39513 [...] 10 Misconceptions About Retirement Security - Retirement is one of the most important goals for most people. Unfortunately, many workers and retirees have an incomplete or misleading picture of how much they need to save, how to invest their savings effectively, and how to make their money last as long as they live. [...] [...] 10 Misconceptions About Retirement Security – Retirement is one of the most important goals for most people. Unfortunately, many workers and retirees have an incomplete or misleading picture of how much they need to save, how to invest their savings effectively, and how to make their money last as long as they live. [...]

]]> By: Bob smith http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-22485 Bob smith Thu, 06 Sep 2007 22:37:59 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-22485 Marshall Middle asks: "Are there any accurate retirement calculators that account for inflation?" Yes, but inflation isn't the only issue one must address. Example: A big market decline at the beginning of retirement can have a huge impact on the portfolio's longevity. How you invest your assets has a major impact as well. Inflation is only one piece of the equation. The best calculator I have seen is here (and it's free): http://firecalc.com/ Firecalc allows you to enter your specific financial data and then test it against historical worst case scenarios. In other words, you can see what would have happened in the past if you retired with "x" amount invested in various ways. Historical inflation is built in. It's the best calculator available, IMO. Furthermore, the forum at that particular site is frequented by relatively wealthy early retirees who really know their stuff. Keep in mind that the future may be worse than the past. Nevertheless, planning for historical worst case scenarios should give you a pretty good idea of where you stand, and if you want to plan for worse, you certainly can. But then the question becomes this: How much of your life are you willing to sacrifice for maximum security? I guess it depends on how much you hate working. I retired at age 51. It was the best decision I ever made. Marshall Middle asks: “Are there any accurate retirement calculators that account for inflation?”

Yes, but inflation isn’t the only issue one must address. Example: A big market decline at the beginning of retirement can have a huge impact on the portfolio’s longevity. How you invest your assets has a major impact as well. Inflation is only one piece of the equation.

The best calculator I have seen is here (and it’s free):
http://firecalc.com/
Firecalc allows you to enter your specific financial data and then test it against historical worst case scenarios. In other words, you can see what would have happened in the past if you retired with “x” amount invested in various ways. Historical inflation is built in. It’s the best calculator available, IMO. Furthermore, the forum at that particular site is frequented by relatively wealthy early retirees who really know their stuff.

Keep in mind that the future may be worse than the past. Nevertheless, planning for historical worst case scenarios should give you a pretty good idea of where you stand, and if you want to plan for worse, you certainly can. But then the question becomes this: How much of your life are you willing to sacrifice for maximum security? I guess it depends on how much you hate working. I retired at age 51. It was the best decision I ever made.

]]> By: Marshall Middle http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-4981 Marshall Middle Wed, 23 May 2007 00:02:35 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-4981 Are there any accurate retirement calculators that account for inflation? Are there any accurate retirement calculators that account for inflation?

]]> By: The Stubborn Capitalist » Blog Archive » 63 Fantastic Personal Finance Posts http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-1366 The Stubborn Capitalist » Blog Archive » 63 Fantastic Personal Finance Posts Sun, 25 Feb 2007 21:19:36 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-1366 [...] 10 Misconceptions about Retirement Security - Generation X Finance [...] [...] 10 Misconceptions about Retirement Security – Generation X Finance [...]

]]> By: Anonymous http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-73 Anonymous Fri, 17 Nov 2006 01:30:34 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-73 <strong>GenXFinance Did it Again</strong> Head over to Generation X Finance to check out his recent post on 10 Misconceptions about Retirement Security. It fits in very neatly with FairTax Week, because it should the number one misconception (in my book) about retirement security. Imagine no ... GenXFinance Did it Again

Head over to Generation X Finance to check out his recent post on 10 Misconceptions about Retirement Security. It fits in very neatly with FairTax Week, because it should the number one misconception (in my book) about retirement security. Imagine no …

]]> By: efipo.com http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-72 efipo.com Fri, 17 Nov 2006 01:17:55 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-72 Wouldn't it be much better to just get rid of all those stupid taxes? This week is FairTax week over at eFIPO.com Come check it out by clicking on my name. Wouldn’t it be much better to just get rid of all those stupid taxes? This week is FairTax week over at eFIPO.com Come check it out by clicking on my name.

]]> By: Jeremy http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-71 Jeremy Thu, 16 Nov 2006 18:07:59 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-71 Good point. The study didn't really talk about taxes in this list. It really should be addressed, if not as a separate point, at least added in with the inflation piece. These are the two items that can really have an impact on an otherwise healthy sized nest egg. Plus, with many new investment vehicles with different tax implications it can really have an effect on one's retirement savings. Good point. The study didn’t really talk about taxes in this list. It really should be addressed, if not as a separate point, at least added in with the inflation piece. These are the two items that can really have an impact on an otherwise healthy sized nest egg. Plus, with many new investment vehicles with different tax implications it can really have an effect on one’s retirement savings.

]]> By: efipo.com http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-70 efipo.com Thu, 16 Nov 2006 18:04:14 +0000 http://genxfinance.com/2006/11/16/10-misconceptions-about-retirement-security/#comment-70 I would also think taxes are a HUGE one. Especially people that dont have a tax free growth retirement vehicle(such as a Roth). I would also think taxes are a HUGE one. Especially people that dont have a tax free growth retirement vehicle(such as a Roth).

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