In hindsight, put all of your money in Biontech & Pfizer in December 2020. Retire now.
In hindsight, put all of your money in Biontech & Pfizer in December 2020. Retire now.
From a newsletter I get. Mostly rehash but one item did catch my eye.
5) If still carrying a mortgage, consider a refinance of your mortgage. Many people are surprised to discover that they either cannot borrow money after their retirement or they are forced to pay higher rates.
Over 10,000 Americans each day are turning 65 years old. For many of these individuals, retirement is an ongoing discussion and concern. At Churchill Management Group, we help our clients develop a written financial plan to help them successfully enjoy their retirement years.
BELOW IS A LIST TO REVIEW IF RETIREMENT IS ON THE HORIZON:
1) Decide how you are going to spend your time. What are you going to do during the first year of retirement and what do you plan to do for the next chapter of your life?
2) If you are not excited about retiring, then don't. Some people quickly become bored after retiring. It may be a great idea to use your wisdom to do consulting or pursue other interests like returning to school or a different workplace. Many do this, often in completely new fields.
3) Calculate how much money you will spend each month. Plan for periodic expenses including house maintenance, vacations, taxes, vehicles, and emergencies.
4) Add up your sources of retirement income. You have already figured out what you'll spend on a monthly basis. Now figure out where that money will come from.
5) If still carrying a mortgage, consider a refinance of your mortgage. Many people are surprised to discover that they either cannot borrow money after their retirement or they are forced to pay higher rates.
6) Plan for future increased costs of health care. Medicare and private insurance will likely not cover all of your medical expenses.
7) Boost your cash reserves. Make sure your rainy day fund is enough to cover at least 6 to 12 months of expenses.
8) Evaluate your retirement investment strategy. While preparing for retirement, you were focused on asset accumulation. When you're in retirement, you need to focus on capital preservation, income, and keeping pace with the increasing cost of living.
9) Review your estate plan. Examine your will and trust. Don't have them? Get them. These documents can protect you and your assets while you are alive and benefit your spouse and heirs when you pass on.
10) Lastly, develop a written financial plan. A plan will help you stay focused on your retirement goals and confirm you are not miscalculating any major financial elements.
Same in HK - much harder to borrow once you have hit a certain age or your property has hit a certain age.If still carrying a mortgage, consider a refinance of your mortgage. Many people are surprised to discover that they either cannot borrow money after their retirement or they are forced to pay higher rates.
If you hear the name Guttenberg, run the other way
F.I.R.E. replaced by Fuck it.
https://www.nytimes.com/2022/05/13/s...imes&smtyp=cur
Not sure if this was posted here but may be of interest if not.
I managed to read this article before but it is behind a firewall now. Bill Bengen who came up with the 4% rule has balked at sticking to his own advice because of the state of the current markets.
"“It’s Time to Rethink 4% Retirement Rule” (Personal Journal, April 20) is fascinating, especially the revelation that Bill Bengen, now retired, is invested in 20% equities, 10% bonds and 70% cash.The foundation of Mr. Bengen’s 4% rule is to maintain in retirement at least a 50% allocation to equities, and that a total return strategy (using only investments) to fund retirement income is perfectly safe. That Mr. Bengen admits to being so uncomfortable with the markets in retirement that he is violating his own rule is remarkable.
Financial advisers often tell clients to stay invested. But retirement brings new risks, worries and emotions that can’t be fully appreciated while working and taking home a paycheck.
David Lau, Louisville, Ky."
https://www.wsj.com/articles/retirem...nt-11650923000
It’s Time to Rethink 4% Retirement Rule”