And some of us like fvcking off and doing anything we damn near want as long as it doesn’t come too excessive.
OT Retirement
- Thread starter TampaBaySkers
- Start date
While you are not wrong on the health of many banks, the number of banks in the US has declined every year for almost a century, and the number has dropped by over 100% (from over 8,000 to around 4,000 banks) over the last 20 years. In 1934 there were over 14,000 banks in the US. You are probably looking at branches, but even branch #'s have been declining for 20 or so years.
I know of one commercial property that sold for $ 650M, sat stagnant, and was sold for $ 350M, which was then
lowered to $ 150M, just to unload it. Some entity or entitiies had to absorb that loss, it didnt just go away.
(Somehow I managed to hook onto Harry Caray's message which I will address shortly.)
Hell I just turned 60 and when I started to work on my retirement I didn’t plan on SS being part of it . I just retired and if SS is around in 6 years when I take it will be my happy hour money at the golf club.Do you think SS will be around for millennials? I’m not counting on it. Gen Z ain’t gonna cover us
It amazes me how too few people understand the fed money system and how it contributes to inflation. How’s that Deficit Reduction Bill working out for us? Oh but wait, we just owe that money to ourselves right? Can’t we just print more money to pay it?
the difference is that those banks in every small town were virtually all independently owned and operated. Now they're increasingly owned and operated by large national corporations. Yeah they have a lot of locations with different names but that doesn't mean they aren't tied to a larger entity. Both local hometown banks I knew as a kid are owned now by a national banking corporation with no local ownership anymore.
Not true. Just so you know, I have ample of ANY of those things you mentioned.
So you think your US Dollar is gonna be worth a **** if you want to buy something? After about 2-3 weeks upon a collapse, those US Dollars will be totally worthless, then what you gonna use to buy "stuff?" Farmers will be more than happy to sell you things you need in exchange for an equal valued barter product, or silver and gold. They won't want those worthless dollars.
I hope everyone has a workable plan. If you can game plan the thing, and have 2 friends who have went through economic collapses in both Argentina and Venezuela, you are ahead of the game, and have an idea, to a cetain extent of what to expect.
Historically, when a REAL collapse occurs, even the price of gold and silver will take a 30% haircut... for about a month, then they will go parabolic when people figure out the US Dollar is worthless. Remember, the price of gold doesn't mean the gold is worth more, it just means the dollar is worth less, aka worthless.
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Guys, the more we talk about this, the more likely those who are not in tune with how things actually are, can potentially benefit.
There have been some great ideas on retirement concepts and different ways to get there. It doesn't mean that what any of us have said is 100% true, but we are doing things that have the best of intentions.
Some people refuse to let go of their normalcy bias, and unfortunately, they will suffer the consequences.
Hobbies aren't a problem for me. Winter is a concern but the plan is to go south for a few months.
Our whole monetary system and even the world monetary system is built on the full faith and credit of the U.S. government. When you have a federal government giving away trillions of dollars and incurring debts that we probably can't pay, what does that say to the rest of the world. The amount of debt we've placed on the backs of our heirs is not fathomable. It's one of the reasons I hope to leave my children and grand children an estate to keep them above water but we have people in government now who are already trying to pass legislation to prevent that and confiscate the assets of U.S. citizens.
As an addition to this. Those who own GLD or SLV ETF's need to realize they do NOT own any gold. The settlement will be in US Dollars, not physical gold. Further, those GLD or SLV ETF's are leveraged 200 to 1. For every once of gold you may think you own in that ETF there are 200 other people who have claims on that same theoretical ounce of gold. The primary reason for the existence of those ETF's was to manipulate the price of physical metals, not to put physical metal in the hands of the holders.
Just wait to the day when the COMEX or LBMA can't deliver a large sale order. That's when real price discovery will occur. Or when a large holder of US Debt like China or Japan say they want their Treasuries paid in physical gold. The gig will be up. There are a thousand ways for this thing to go south.
It's like when Germany asked for their 300 tons of gold to be returned and the US said it might take 7 years. Really? And we are supposed to have over 8,000 tons of gold in Fort Knox that hasn't been audited since 1956. What happens to this country when it is PROVEN this country has lent out/sold/stolen the fortune of this country? Why do you think the very first thing the US takes in a foreign country invasion is their gold supply? That should tell you it is a valued asset worth doing anything to get your hands on.
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The full faith and credit of the US government is a printing press spewing out Trillions of notes aka debt instruments.
Since the Dodd/Frank bill began to speed up the actual financial decline, as you say dingle, there have been mountains of legislative bills designed to separate you and I from our assets. It doesn't make any difference if its legal or not, there are statements in those bills that even allow for FRAUD. That's a fact.
Money in whatever form is nice
But remember nobody can take away your physical fitness
Fitness goals for retirement age are much more important than financial ones
But remember nobody can take away your physical fitness
Fitness goals for retirement age are much more important than financial ones
I got this old timer at my gym...just wears tank tops and works out like a champ. Has this awesome guns and loves showing them off. You can tell he was a badass back in the day.
He just loves being in the gym.
If you're referring to me, I've known this **** since a week after the Dodd/Frank bill was signed into existence.
When Congress comes out with a "Deficit Reduction Bill", you just know it means the exact opposite.
I guarantee you 100%, I haven't done any internet searches today, or anytime recently, because I don't need to.
If it has the potential to affect my loved ones, I get in the game early so I have the best seat in the house as to what's going on.
Will I have an occassional misstatement of fact, of course, because I write from memory, not the ******* internet.
I've long told my wife, I'd rather be 10 years early, than 10 minutes too late.
I liked Norm McDonalds solution to our debt..."just tell China to **** off, we aren't paying it".
Problem solved.
Problem solved.
No man, I am not talking about internet searches about the Dodd/Frank bill.
I mean, this is what is going to happen in one way or another.
Other countries owe the US crazy cash...they will never pay it back.
Buying up debt is great for mafia dudes...that is about it.
Norm was great at getting us all to laugh at his solutions.
In reality, that is what happened. Nobody wants the US Debt now.
That's why the last several Bond Auctions caught no bids, and the buyer of last resort was the Federal Reserve.
Foreign countries who own US Debt are dwindling down their accounts till one day, they will all call in their debts and we will see what the US does to counter that.
I know it wasn't about the Dodd/Frank bill. My point is, it somewhat comes across that guys like TruHusker, dingle, goldencohusker, myself and others, don't just know this stuff off the top of our head and doesn't require an internet search to spew our opinions.
No idea what a good age is. I'm gonna call it quits at 62. I will never understand how anybody would be bored.
I mean, does it really matter? You have to learn about it from some source? Newspaper, news, radio, friends, books...That is how we learn stuff.
I wasn't implying that you had to search it up. I was implying that some of the search histories have to be amazing!
Depends...
I have summers off. It gets boring. Now, with that said, you can always find **** to do but I don't want to garden or work on my lawn. I don't enjoy doing little projects around the house.
Now, golfing and day drinking...that I could do a lot of!
Ha! It doesn't, trust me!
A perfect summer break for me would be golfing M-W-F in the morning, having some morning beers on the course, then lunch with my golfing friends...
T-Th, going to the gym and then meeting out for some afternoon beers!
The ONLY issue is if you don't have friends to golf with. I won't golf alone. For me, Golf is a social outing. I shoot what I shoot, 80 is my best score ever but I am usually in the mid 80's, so I am not worried about getting better. I just want to have fun, drink some beers and BS with my friends when I golf.
Not true. I golfed today and got paired up with a couple dudes from Boston. Funny guys and I shot a great round. Eagled the first hole!! I’ve never paired up with unfun golfers. It’s rare I play by myself which I agree isn’t fun unless the course is empty
This may be a TLDR post for many. Feel free to enjoy someone else's post.
JOHNNY N, just a suggestion. Look at your Social Security statement where it shows how much you draw at 62 vs. 65/67/70 etc.
Example, and this is just for illustration purposes only. Say at age 62 you are scheduled to get 1,500.00 a month, and at age 65 you will get 2,000.00 a month. So, prior to you turning 65 you would receive $ 54,000.00 than you wouldn't if you retire at 65.
How many months of drawing that extra $ 500.00 a month will it take to recoup that 54K that you didn't receive? Do the math.
Look at was is the total amount you would receive by age 70, doing it both ways. At age 62, you get 1,500.00 a month for 36 months, and 2,000.00 a month for 60 months. Total by age 70 is $ 174,000.00.
If you wait till 65 at 2,000.00 a month, for 60 months (age 65,66,67,68,69) you would get $ 120,000.00, not including monies you would have earned by working those extra 3 years. Clearly you would make way more than those
$ 54,000.00 by working in years 62, 63, 64.
That's when things such as debt owed, your health and happiness, having to pay for health insurance unless your spouse can carry you on her insurance for an acceptable cost, but not having to pay much, if any, income tax, state and local taxes, the cost of going to and from work, etc all come into play. Lot of guys can pick up a part-time gig they like to fill in any gaps.
Every relative and person that asked me to look at their situation was different, as Im sure yours is. A few were better off financially to retire at 62, others were not.
Hell, my brother in law is Superintendent of the Water Department in a 50,000 plus city. And LOVES his job, Makes really good money, has great, affordable insurance and decided to work till he's 70 and have 50 years in the business. It made all the sense in the world for him, financially, to just keep working. Some people are just burned out from the daily grind year after year.
I went through this pretty quick, and I may have screwed up the numbers. LOL If I did, it wasn't intentional.
Good luck with your decision JOHNNY N.
I don't know about you, but the 2024 US Dollar is worth more in purchasing power now, than the US Dollar will be worth in purchasing power in 4 years.
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One more thought regarding retirement and it's personal vice financial.
Have a plan in place (EDIT: stupid phone shut down at this point and didn't allow me to complete this post) for the social aspect of your retirement. Many of us know someone who retired after working for many years only to stroke out nine months after they retired.
Know what you're going to do when you retire. If you're nuts and can't relax, get a part time job telling people at Lowes that brads and tacks are in aisle 11 when you know darn well they're in aisle 19. Me, after over four decades I walked away from work and never looked back at that phase of my life.
Instead, I wanted to drop 20 lbs, get back into lifting and become a better coach. Oh, and drink a few shots of whiskey at night watching guys on YouTube revive 30 year old Chevys and Dodges and reactors on YT listen to music from the 70s (most of those younguns who know anything about music recognize outstanding singing and musicianship that was done without the aid of Autotune).
Some people play pickleball or get into Bible study with groups or find some kind of volunteer service. Whatever it is, have a plan for life of activity after retirement. My boss called me a year ago and wanted to bring me back as a part-time retired annuitant at a higher salary. Like the 70s song, I said "Don't call me I'll call you". Being a slug is heaven for me.
Have a plan in place (EDIT: stupid phone shut down at this point and didn't allow me to complete this post) for the social aspect of your retirement. Many of us know someone who retired after working for many years only to stroke out nine months after they retired.
Know what you're going to do when you retire. If you're nuts and can't relax, get a part time job telling people at Lowes that brads and tacks are in aisle 11 when you know darn well they're in aisle 19. Me, after over four decades I walked away from work and never looked back at that phase of my life.
Instead, I wanted to drop 20 lbs, get back into lifting and become a better coach. Oh, and drink a few shots of whiskey at night watching guys on YouTube revive 30 year old Chevys and Dodges and reactors on YT listen to music from the 70s (most of those younguns who know anything about music recognize outstanding singing and musicianship that was done without the aid of Autotune).
Some people play pickleball or get into Bible study with groups or find some kind of volunteer service. Whatever it is, have a plan for life of activity after retirement. My boss called me a year ago and wanted to bring me back as a part-time retired annuitant at a higher salary. Like the 70s song, I said "Don't call me I'll call you". Being a slug is heaven for me.
Any advice given by Norm MacDonald is gonna be risky but massively comical. Great suggestion!
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If society collapses, what the hell is a farmer going to do with a block of gold lol.
Scratch the newspaper, news, radio, friends, and books. I don't believe a word, and most friends are not uninformed, simply misinformed.
I do exciting reading like The Federal Reserve Balance Sheet, the LBMA and COMEX deliverable lists, The Overnight Lending Tables, and other mundane purveyors of real numbers. As I've said before, "all numbers can be counted, but not all numbers count."
I wasn't flipping you ****, I've been retired for a long time, so I don't spend all my time on here, nor do I spend all day on horses. LOL
What is posted in here, by myself and others, as well as what happens at the track is irrelevant. What is important is that I feel I'm well informed with true numbers, and what causes them to move up or down. If I can read a Past Performance and understand 1,000's of numbers on a daily basis, I can sure as hell make out what a Balance Sheet shows. Or a trade deficit.
I just find it odd that a doomsdayer doesn't even have full control of his planned food sources.
Big banks showing chinks in their armor..