Investing for retirement

Discussion in 'Community Forum' started by Strutter, Jan 22, 2021.

  1. 120+

    120+ 12 pointer

    Yep, the older I get the less risks I'm willing to take. I just hope I retire on an upswing.
     
  2. baknblack

    baknblack 10 pointer

    1,625
    1,192
    Jan 30, 2014
    Henry County
    Go long on ammo and mags
     
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  3. davers

    davers 12 pointer

    3,857
    2,169
    Jul 14, 2014
    Kentucky
    Don't know about this type investment.....With Biden President it might be very hard to sell items that are banned, if Biden gets his way.
     
  4. baknblack

    baknblack 10 pointer

    1,625
    1,192
    Jan 30, 2014
    Henry County
    That'll just make it worth more. ;)
     
  5. davers

    davers 12 pointer

    3,857
    2,169
    Jul 14, 2014
    Kentucky
  6. Strutter

    Strutter Cyber-Hunter

    3,161
    366
    Dec 9, 2001
    USA.
    What I don't like is that they charge a set fee and they collect that fee whether you make a dime that year. Say you put 100k in with them on Jan 1. They take out their fee that month even though they haven't made you a penny. Say the market stays flat all year and they continue to take out their fee each month and you actually lose money. Jan 1 the next year you start off in the hole and they continue to take out their fee from the original 100k that is now less, that you started with and in a way, they continue to chip away at your original investment every year you stay with them. I may be wrong in my thinking but at my job, if I don't produce, I won't be there long. Evidently, investment firms can get paid for doing nothing and I have a problem with that. I also think that they will take care of their largest investors first and those with less will take the brunt of any downturn in the market. I think they should only get their fees from what your money earned that year. Basically, what they made you from doing their job and putting your money into funds that actually made money. OK, I'm getting off the soapbox so someone else can take a turn.
     
  7. 120+

    120+ 12 pointer

    I wonder if it would be better to switch back to Roth IRAs if the tax percentage starts climbing.
     
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  8. bowhunter269

    bowhunter269 12 pointer

    3,593
    1,607
    Nov 21, 2006
    Fisherville, KY
    I started with Roths way too late, but you definitely need to go that route as much as you can. I'm not quite there yet, but from what I gather the tax implications hurt quite a bit when drawing upon your traditional 401k or IRA.
     
  9. HuntressOfLight

    HuntressOfLight 12 pointer

    5,721
    1,234
    Nov 23, 2019
    Guarding my lovely bluebirds

    "Under the Notice of Proposed Rulemaking (NPRM), banks and money services businesses (MSBs) would be required to submit reports, keep records, and verify the identity of customers in relation to transactions above certain thresholds involving CVC/LTDA wallets not hosted by a financial institution (also known as “unhosted wallets”) or CVC/LTDA wallets hosted by a financial institution in certain jurisdictions identified by FinCEN..."

    https://www.fincen.gov/news/news-re...riod-rule-aimed-closing-anti-money-laundering
     
  10. EdLongshanks

    EdLongshanks 12 pointer

    13,955
    11,103
    Nov 16, 2013
    Northern Kentucky
    So does the dollar and the stock market. I don’t own any cryptos either....but maybe I should?
     
  11. HuntressOfLight

    HuntressOfLight 12 pointer

    5,721
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    Nov 23, 2019
    Guarding my lovely bluebirds
    If you desire for the CCP to take over our country, sure.
     
  12. 120+

    120+ 12 pointer

    I'm thinking it may be a good idea to draw a little from both each year to minimize the tax.
     
    bowhunter269 likes this.
  13. HuntressOfLight

    HuntressOfLight 12 pointer

    5,721
    1,234
    Nov 23, 2019
    Guarding my lovely bluebirds

    “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity... Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National... and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

    President Donald J. Trump
    July 11, 2019
     
  14. baknblack

    baknblack 10 pointer

    1,625
    1,192
    Jan 30, 2014
    Henry County
    I'm not a fan of crypto either but, if I can make a buck on it why not. I'm not heavily invested in it. Just playing.
     
    EdLongshanks likes this.
  15. beauhunter41031

    beauhunter41031 12 pointer

    2,124
    2,684
    Jan 1, 2018
    Cynthiana, Ky

    Yeah yeah yeah blah blah blah blah it’s not real money? Listen here huntress. I wouldn’t be very concerned with it either if I had the kernels money coming to me one day but if I wanted to I could make a transfer back to my bank account from Coinbase Where the “real money”I put in has tripled just in the last couple months. After the successful transfer that money is real for me to spend. However I will continue to hold and buy the dips. What is real money anymore. Check gets deposited in your bank account you spead the funds through your debit card review all your finances on the computer it’s just as risky no matter what you’re doing
     
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