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July 20, 2006

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I take the same approach on social security (or whatever passes for it in Hong Kong). I expect nothing and if I get anything it's an unexpected bonus.

Like you I intend to keep working. As you say there are many good reasons for working other than financial necessity (including subsidising my many vices). However, I would not want to be dependant on paid employment to support my retirement, especially in the latter years. It is just too risky in my opinion. I would rather hang on to the full time job a few years longer.

Here is some unconventional thinking:
1-by piling into 401Ks people assume tax rates at withdrawl will be the same as they are currently. Before you put another nickel into 401ks read the Kondlikoff/Burns book about the Social security melt down. They advocate paying taxes now and putting AT savings to work in a Roth or non retirement vehicle.

2 Owing no one anything is the key. once your outgo slows down you will find it doesnt take alot to like, once the kids are gone.

3. Look at the RV lifestyle in retirement. No fixed address, warm in the winter, cool in the summer.

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