It goes without saying that nothing is ever 100% guaranteed. Health is the most important thing, and before we even start investing, we need to make sure we have decent health insurance, some form of life insurance, a little savings put away for a rainy day, and that we try to take care of ourselves. And that still doesn't guarantee anything. All we can do is make sure we make wise decisions when it comes to those things we CAN control. As far as investment losses, I would be willing to bet that those people who were permanently screwed by what happened in '08 were not investing WISELY. Many people will have everything in their company stock, or 1 or 2 "hot stock tips" that they got from a clueless buddy or someone off the internet, or penny stocks or day trading or whatever. Or else they panicked and sold out at the wrong time. They most likely either let fear, greed, or bad advice or beliefs (ego) get in the way. If they'd had their money in several dozen or more solid stocks and bonds, or a handful of better managed mutual funds, or even just an index fund or 2, and kept their emotions in check and stayed focused on the long term, they'd be wealthier today than ever. As a professional advisor myself, I have come across many people like this. I have wisely chosen not to do business with them when they show themselves to be this way and not likely to change. They screw themselves eventually, sometimes over and over. They want the quick buck, they want to take big risks with no losses, they think they know it all, or whatever.
Of course I'm not referring to those who get scammed. That's a whole other problem. People who scam others out of their money should at least be locked away for life. Of course sometimes people who are more sophisticated who should know better get scammed due to greed. They know that they're being told something too good to be true, but they convince themselves that "this time it's different" - they want high returns with NO risk (ironically), or they're trying to avoid taxes by putting money in "offshore accounts" or whatever.
I just think it's really sad that a person has to work like a dog for the entire life and can't just kick back, relax and enjoy life for a moment. I also feel bad for the next generation because they're all going to have to work until they're 85 years old! I still remember back in the day when my grandparents retired in their 50s because that was considered a good retirement age. After all, they had worked since their teens, they had paid their dues in life so they were able to earn their reward to enjoy their golden years for a bit before they passed on.
For me it's really the "keeping emotions in check" that is the lesson to learn here. No matter what happened in '08, if you just stuck with what you had you were in no trouble at all. The only people who lost money in the long run are those who sold towards the bottom. Large crashes like that might take years to recover from but unless the world ends the stock market will bounce back at some point.
I don't want to wait any minute longer than I must. Like the Japanese say, I am working many hours so that I can retire when I am 50.
Well then, i guess i was forced to retire early then...from the job i was working at...no regrets whatsoever...i prefer being my own boss nowadays ...but as far as benefits go...i'll have to wait a bit longer...i.e the govt. type of benefits...but on my own{advantage of being my own boss}...i guess i'll be reaping the benefits soon...fingers crossed
What's the alternative we have really? I am not waiting for anything, I am just living my like and if I can find a way to subsist without working I am going for it.
I am in my mid 30s and I do not expect Social Security to be around by the time I retire and so I am building my own retirement account now. I hope to be retirees by the time I am about 63 so I can enjoy my time off while I am still young enough to do it. If I get lucky and there are still some government funds available, I will not squawk at all, and simply enjoy they extra money. I will not wait around until the age of 70. I think I am going to move to the UK, it seems as though you all have it better than us Americans.
I'm in Europe too and whilst a basic old age pension is provided in my country, I certainly don't want to have to wait until I am 70 before I retire. You simply cannot predict what will happen between now and then so it's wise to already have a plan in place and only rely on the state benefits if there is no other option. I wouldn't want to be forced to carry on working whilst developing life-limiting health conditions so it makes good sense to plan ahead and not just rely on the government.
I relish in the thought of being able to retire in my early 60s and not have to worry about working into the years when I am supposed to be enjoying life. If all goes according to plan, I should be traveling the world before I hit 70.
