6 Ways to Make Your Retirement Accounts Last Longer

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Live in remote places in Asia, study their culture, learn their languages, teach English, grow food, etc etc. I was just at a place in Northern Thailand where the average yearly income couldn't be more than 4000 dollars. Plenty of room for people who want to share their knowledge and teach skills to the natives; good idea to show an interest in their society. They love it. And from what I saw, these people have the kind of extended families we all wish we had, a relationship with the land, a slow, easy pace of life, planting rice, and a genuine decency. You can live comfortably with 25 K and have more than you need and give to the poor.
Other interesting places might be Indonesia, Phillipines, Vietnam (I've been to North Vietnam and it looks really interesting...), Cambodia--seemed a difficult place to me in the short time I was there...Yes, you can have a better life here by FAR....don't kid yourself into thinking you have it all in America if you don't have enough. The government isn't going to be there for you, take my word for it.

Sam Carpenter 10:36AM May 16, 2012

My solution(s) are simple to me. I will need to work one extra year and save a max amount(hopefully $30,000.00). That will be my emergency fund fo possible co-pay increases, tap fund for a year or two market down turn.
A4% pull on my 401-K, saving the surplus, in the $30,000.00 emergency fund.
Aconservative approach to retirement cost for 2.5 yrs instead of the above stated 5 yrs. plan.
Not so much to ask of one self to make a more secure old timers lifestyle.

Mike of TX 1:06PM December 02, 2011

Too many people in our Community are declaring bankruptcy that is eating into their savings, and home equity.
What is it?
Medical Bankruptcies, 60% have health insurance, from having a major illness.
How Many? 900,000 families each year, 3 to 4 million people.
Are you able to keep your house? Depends
In our state, you are allowed to keep $27,000 of your home equity. If you are 62 and have a stroke (like one of my neighbors who lost her house and everything except her life), all but the $27,000 goes to satisfy the Medical Bills.
How many other countries have Medical Bankruptcies? ZERO
Why are we putting up with it? Being mis-informed and lied to and the Profit of Health Care services.
Why are health care costs going up 10% a year? Computer Billing Services nationwide systmatically pushing up the price of health care products across the board, 7% above inflation for Profit and No Anti-Trust laws being applied to stop Price Fixing.
What makes you say it is Price Fixing? Health Care is a Service. 75% of which is NOT technology and mainly raising Prices across the board on everything from bandaids, cotton swabs, and Aspirin. An example of buying a single Aspirin at Walgreens is 11 cents, but in the Hospital you are billed $9 per Aspirin.
Other Countries spend 9% of GDP for health care, have the same amount of beds and doctors. Australia has Universal Health Care, Medicare they implemented a decade or so ago. 2% of the 48% Marginal Tax rate goes to health care. When they visit a doctor, they are charged $45. A Voucher used to verify the care (Think Fraud) is sent into Medicare. The Patient receives a check for $25, out of pocket expense is $20.
In New Zealand, a fellow shared that he had a heart attack, was flown by helicopter to the hospital, received a Stent and the total cost including recovery was $7 New Zealand dollars.
We are being lied to and only Congress can fix this. Having $500 million spent to defeat Universal Health Care, was successful.
So, planning to retire, with your house paid off? Move to Florida, like OJ, the exemption from bankruptcy is Unlimited. But in our state, it is $27,000. The hospital gets the rest.
Before Price Fixing and For Profit Health Care, medical bankruptcies were unheard of. Australians, New Zealanders, and Brits consider medical bankrutcy and Outrage and would not stand for it.
Why are we?

Mike of UT 12:46PM July 30, 2011

You and your wife are still 12-20 years away from a rather early retirement.
You definitely should try to buy a house again. The loan principal and interest payments should be no more than 28% if your income. When you add in tax and insurance it should be no more than 35% of income. Don't get an adjustable rate mortgage!! fixed rate only! that way you know what you are getting into. your government jobs sound rather stable. You should be able to withdraw $10,000 from your 401k for a down payment. Real estate is starting to get pretty cheap now but don't be in too much of a hurry. wait for prices to start inching up again, or for another government home buyer credit to become available (i think there is one in D.C. if you want to live there).

glenn of WY 4:19PM August 28, 2010

i basically went to the 8th grade.i began working for a utility co. at 22 yrs. old,and began contributing max to the 401k.i bought all company stock and blew off the crap mutual funds.on the side i bought cds over time that have had good-average-terrible yields.ive bought other utility stocks in a taxable account that have gone up-down,but provide an average 5.5 dividend.i still live in a mobile home that i paid 16,500usd in 1980.i drive a 1963 chevy.i never eat out because i cook better than them at a fraction of the cost.i ride a bicycle everywhere.seldom do i drive or buy gas.i never shop for cloths of gadgets to make me happy.im a self made millionaire.if i can do it,you can.the trick----live well below your means.no debt,do not leverage.

david of CA 8:35PM June 25, 2010

Emily, you have some good points there. People need to know that the two most important points for retirement are (i) DON'T LOSE YOUR NEST EGG and (ii) use your retirement money to set yourself up an individual retirement plan that has a guaranteed lifetime income.
Many of the popular pieces of advice like you have given above have FAILED millions of Americans as they try to build their nest eggs and especially when they are depending on those nest eggs to produce a steady, permanent retirement income.
Take a look at this report. I would far rather listen to a Wharton economist and other leading economists from world-acclaimed institutions than listen to anybody in the investment community. Get the report here: http://www.retiredsafely.com/index.php?p=1_23_Requesting-Babbel-Report

Randy McKee of SD 9:36AM April 07, 2010

i am only 45 yrs of age . i been working for the state for seven years still working . i live in richmond va. i do have the 401 cash match plan and i also have the 457 deferred compensation plan. i lost my house an now we pay rent my wife is 50 yrs old she works for the city. my question is are we too old to buy a house or should we keep paying rent on a house. someone please give me a answer. levan davis from richmond ,va

levan davis of VA 1:02AM February 17, 2010

Where are these people getting their 750K nest eggs? I am 50, self employed and pay 15% of my earnings alone to social security. I home school my kids (public schools in my area are full of crime) so my wife is home teaching. I have 2 kids at community college to supplement their high school credits. When I was in my twenties, I paid back student loans, in my thirties, I dumped my 2K (max allowed) into my IRA. In my 40's I put 15K/yr in my non matching 401K. I spend hours trying to play the market, buying options, ETFs, etc. With all my efforts, my "nest egg" is 210K. My 40 year old home was falling apart when I bought it and still is.. The house only has 50K left on the mortgage (value ~250K). I drive 2 25 year old cars. If I am lucky I might have 300K for a nest egg by the time I am 62. Everytime I ask anybody about the 401K, they laugh and say they might have 50K. Am I part of the (sigh..) silent majority?

Ron Paul of MD 10:30PM January 27, 2010

why not write about the average guy who if he is lucky he has 100k at retirement. And some of us are still paying rent. Throw in getting laid off at the age of 56.

jeff of CA 9:55PM January 18, 2010