Mike S Posted March 27, 2012 Posted March 27, 2012 With out getting political about it ..... no matter which party you support ..... the coming years in the US are not going to go well .... if you can get a retirement and get out (if you want to that is) you better take it ..... I would not want to be coming up on retirement in the US ...... thank god I was able to make the move more than 4 years ago .... I knew if I stayed more than 6 months after I was eligible to take early retirement I would never make it .... as far as moving here that is .... but we all gotta do what we are comfortable with ........ IMHO 1 Link to comment Share on other sites More sharing options...
djoutahere Posted March 27, 2012 Posted March 27, 2012 Hey bows00 ! No disrespect but you've got 1 MILLION dollars to retire on I'm not sure what you are worried about. If you live to be 90 you would have 25K a year to live on without making a single cent of interest or ever collecting any social security. A single person can live in the US on 25K modestly- never been to the Phillipines but I'm guessing you could live better there.If you can manage 1 or 2 percent on your savings or start collecting social security then you're living a very nice life- so don't stress :dance: Link to comment Share on other sites More sharing options...
Jack Peterson Posted March 27, 2012 Posted March 27, 2012 :angry: Bows, did you ever think about an Equity Release programme, I believe they call it a Reverse Mortgage there in the States. Whilst I am not 100% sure how it works, I Understand, it is a way of using the Equity in your Property with out using the Capitol and getting penalties. Worth a look at I think. I am told it is usually Insurance Companies that deal with this type of Programme.Jack P :) Link to comment Share on other sites More sharing options...
i am bob Posted March 28, 2012 Posted March 28, 2012 :angry: Bows, did you ever think about an Equity Release programme, I believe they call it a Reverse Mortgage there in the States. Whilst I am not 100% sure how it works, I Understand, it is a way of using the Equity in your Property with out using the Capitol and getting penalties. Worth a look at I think. I am told it is usually Insurance Companies that deal with this type of Programme.Jack P :)I would be careful with one of these... I'm not sure how they are now (since I'm in Canada) but I remember looking at them when they first came out in Canada and then compared to what was available in the US at that time - there are many more less expensive ways of getting a loan than these! Link to comment Share on other sites More sharing options...
bows00 Posted March 28, 2012 Author Posted March 28, 2012 Yeah, I heard of reverse mortgages, but I ultimately want to keep my condo as a rental but I really don't know now. I went to see a financial advisor today, and he echoed the same advice I got from this thread. Basically, don't touch the 401K, let it grow until I am at least 59.5 years old. He also advised me to either sell the condo and invest it the money with his company, and it would be best if I found another job. I was kind of disapointed with this guy... I wouldn't recommend him to anyone. Heck, I could've saved $145 by just taking the advice on this thread! 2 Link to comment Share on other sites More sharing options...
OnMyWay Posted March 28, 2012 Posted March 28, 2012 Yeah, I heard of reverse mortgages, but I ultimately want to keep my condo as a rental but I really don't know now.I went to see a financial advisor today, and he echoed the same advice I got from this thread. Basically, don't touch the 401K, let it grow until I am at least 59.5 years old.He also advised me to either sell the condo and invest it the money with his company, and it would be best if I found another job. I was kind of disapointed with this guy... I wouldn't recommend him to anyone. Heck, I could've saved $145 by just taking the advice on this thread!Bows, I'm going to see a financial adviser next week. I just happened to be listening to the Dave Ramsey personal finance show and he mentioned that he has recommended advisers on his web site. On his site you punch in your info and it comes back with someone in your area. So they called me today and meeting with them is free. According to Ramsey, he only recommends teachers, not sales people.You might want to try this route and get another opinion, hopefully for free. 2 Link to comment Share on other sites More sharing options...
i am bob Posted March 28, 2012 Posted March 28, 2012 he only recommends teachers, not sales people. And for a very good reason!The Financial Advisor "Salesman" is there just to make as much as he can without you moving to another advisor. He cares little for your needs and is basically just a greedy SOB out for your money. These are the ones who still push universal and whole life insurance for everybody (only rarely is this a viable option now depending on how the contract is written) or to get heavy into lower paying bonds, etc. Check into what their commission is on these... Hehe! And, yes, I couldn't even believe it myself but I have seen a GIC from a bank paying 0% interest! What did the salesman say to their customer? "But you said you wanted something relatively safe to invest in!"The Financial Advisor "Teacher" is there to show you how things work and why you should put your money in a certain direction. He knows he will make money because you are making money - not the other way around. His main goal in business is to teach you so that you understand the market (to an extent) and so that you will know and approve of what he recommends. Does he make as much per sale as the other? Not usually... But he will have a lot more satisfied clients who will do business continually with him, along with recommending him to others at the same time! How do I know? I spent almost 2 years in Financial Services before I couldn't stand working with the senior management (the old school and all of them were salesmen) who spent their time doing nothing but putting down those who worked under them. At the same time, the majority of the people in my office were "Salesmen" too... Kind of soured me on the whole deal.Anyway, if any Financial Advisor doesn't show you why he recommends a certain action - or even just tells you to do something without explaining - bail out and run away as fast as you can!!! And if you can't get your legs to work? Stand, point and start screaming as loud as you can - "Rapist"! Cause that is what they are basically doing to you!Can you tell I get a little emotional about this? :hystery: 3 Link to comment Share on other sites More sharing options...
OnMyWay Posted March 28, 2012 Posted March 28, 2012 (edited) he only recommends teachers, not sales people. And for a very good reason!The Financial Advisor "Salesman" is there just to make as much as he can without you moving to another advisor. He cares little for your needs and is basically just a greedy SOB out for your money. These are the ones who still push universal and whole life insurance for everybody (only rarely is this a viable option now depending on how the contract is written) or to get heavy into lower paying bonds, etc. Check into what their commission is on these... Hehe! And, yes, I couldn't even believe it myself but I have seen a GIC from a bank paying 0% interest! What did the salesman say to their customer? "But you said you wanted something relatively safe to invest in!"The Financial Advisor "Teacher" is there to show you how things work and why you should put your money in a certain direction. He knows he will make money because you are making money - not the other way around. His main goal in business is to teach you so that you understand the market (to an extent) and so that you will know and approve of what he recommends. Does he make as much per sale as the other? Not usually... But he will have a lot more satisfied clients who will do business continually with him, along with recommending him to others at the same time!How do I know? I spent almost 2 years in Financial Services before I couldn't stand working with the senior management (the old school and all of them were salesmen) who spent their time doing nothing but putting down those who worked under them. At the same time, the majority of the people in my office were "Salesmen" too... Kind of soured me on the whole deal.Anyway, if any Financial Advisor doesn't show you why he recommends a certain action - or even just tells you to do something without explaining - bail out and run away as fast as you can!!! And if you can't get your legs to work? Stand, point and start screaming as loud as you can - "Rapist"! Cause that is what they are basically doing to you!Can you tell I get a little emotional about this? :hystery:One other word of caution, based on an experience with my elderly mother. Use caution if someone is pushing you hard towards an annuity product. Annuities can be good option for some people but on some, the agent can get a huge up front commission for selling you a fractionally sub-par rate annuity. We found this out after the fact with my mother. A slightly less than market rate of return can generate a lot of profit in the long term. Edited March 29, 2012 by OnMyWay Link to comment Share on other sites More sharing options...
Jack Peterson Posted March 28, 2012 Posted March 28, 2012 :hystery: Oh! Oh!, seems I opened a can of Worms here, Sorry All! Link to comment Share on other sites More sharing options...
i am bob Posted March 28, 2012 Posted March 28, 2012 :hystery: Oh! Oh!, seems I opened a can of Worms here, Sorry All!Have no fear and no worries Jack!Everybody should be made aware of the issues out there if they are looking at investing as a means of support! Link to comment Share on other sites More sharing options...
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