How to Save for Retirement Without a 401(k)

many people were devestated with the recent events in the economy, and what many have learned or should have learned is that you need to find a secure and safe company to put your money with. Most people do not know that cash value life insurance is just that. Its safe and secure with guaranteed growth that you can use for retirement. Any financial portfolio should include, not to mention the huge tax advantages. Tax free growth, tax free distributions, and generally tax free death benefit.

Sara of NC 9:37AM March 30, 2011

Too bad you have no idea what you're talking about.

Personal example: I'm a married man with one child, making about $44,000/year. My wife is starting her own business. We don't have cable, my wife is the only one who drinks coffee, neither one of us smokes and we don't drink beer (or any alcohol, really). We have cellphones because it was cheaper than the landline. We have a car that is old enough to vote and rent a smallish two-bedroom apartment. We don't fly to Cancun for vacations (my mother is lucky to see her granddaughter once a year), don't spend lavishly (I don't remember the last time we went to a movie, ate dinner out, or bought a book), and still don't know if we'll ever be able to retire.

Robert in OH was entirely reasonable in his points: the economy has been devastated by people who raped entire industries and walked away with profits, leaving people at the bottom of the food chain to wonder if they'll ever be able to retire. Remember all those 401(k)s and IRAs that got wiped out because of the crash? Yeah, "taking control of your own life" is a lot of help when the entire economy tanks. There are times when it's entirely appropriate to blame others, when those others destroy an entire economic environment.

Lots of working people don't have $50 left over at the end of the month, even if they are as frugal as we are. I know people who make more than we do who are struggling to keep their mortgages paid. None of us are waiting for a Democratic savor (although if a savior came along, it sure wouldn't be a Republican one!): we're just trying to figure out how to survive.

Where you got the weird notion that many union pensions are paid from with tax dollars is a mystery. Pensions for members of government unions are paid at least partly out of tax dollars, but so are the union members' salaries: where would you suggest the funding come from, Mars? Pensions for people in private industry are paid for by the employer and/or the union, not tax dollars. Frankly, given the "race to the bottom" and the way employees are abused (not by my company, but I'm amazingly fortunate) and discarded means we need more unions, not fewer. Anyone who thinks unions are inherently bad (although there's no denying some have become unreasonable in their demands) has drunk the Republican free-market-madness Kool-Ade.

In summary, grow up and get a grip.

don Roberto of MN 11:23AM March 23, 2011

Excellent comments, 'robert of OH'! You are correct that someone is stuck "in their own little world". But that person is you. You have a great strategy .... sit around and complain and hope and pray for a Democratic savior to use the government to take care of you.

You actually did sort of make a point, albeit on accident. This author wasn't talking to most of the public union labor in this country because many of those people don't actually have to fund their own retirement! Do you even understand what a PENSION is??? Do you know how many of them are funded for these employees with tax dollars?? You need to wake up and quit listening to your union bosses and make some decisions for yourself. You'll feel a lot better about yourself when you take control of your own life and quit blaming others. I'm sure you left a few things off of your list of "real world" necessities .... like cell phone, cable bill, coffee, cigarettes and beer. Even $50 a month can be turned into over $50k over 25 years of disciplined investing/saving.

In summary, just grow up.

Vinny of MO 7:45PM March 16, 2011