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June 17, 2008

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It is important to note that most cost of living indexation is linked to the urban consumers measure. Someone retired may experience a much different measure.

Calculate how much your income has risen. If it increased by less than what you think inflation increased, where did you cut back? If you didn't, and didn't increase borrowing, inflation didn't increase by as much as your income.

Diversity and planning with a frugal mindset will promote your peace of mind at any age. I am 47, my retirement plans include a fully paid off place to live (got it), income from at least 3 sources (two are already in place, I am working on the third), and a healthy dose of self reliance.

The last line in this article is the best retirement advice I have heard in ages -
"Reducing your overhead will stretch your retirement dollar much more than saving more of them."
We often think we need far more than we actually do. The “stuff” we want is sometimes counter productive to our happiness. Ask any kid with every expensive toy made and no time with their parents.
Look at downsizing the house and the grownup toys. Inflation and recessions have less effect on people not servicing a large debt load.

Charles Dickens said (in David Copperfield) "Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
This post was a little less poetic - "it’s better to have more then you need than not enough." but the point is the same.
That’s two important ideas I agree with in one article.

Emergency retirement plan: revolver with 3 bullets...in case the first 2 don't work. Coming soon to an America near you.

-Mike

makes sense, but Mike seriously the suicidal ideology you presented is really a very negative , as demonstrated bt well known Psy. Dr. Hugh Jassman along with a well known associated Dr. Jack Mehoff.

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