uno wrote:If you are young, this might not concern you. But if you are young, this SHOULD concern you. I toss this out to see what others are thinking /doing.
Against the wise counsel of our investor guy, we have not managed to sock away 2.2 million in high yielding investments. On that advice of our investor guy we started out pinching pennies from a very skinny household income to set aside into a monthly RRSP contribution. Fast forward to now and...we are no better off despite the assurances that one day we will be. Maybe if we live to be 200. BUt so far we have lived through 3 pretty serious stock crashes that have seen our miniscule investments pretty much vanish into thin air.
Investor types like to tell you that if you had your money in a bank savings account, you wouldn't even be making the rate of inflation. True. BUt at least you'd still have the money,because you can wake up one morning after a tech stock crash and find a big fat zero where there used to be tens of thousands.
Most Canadians have little to no retirement savings and some Canadians have no work pension. We are the no pension gang and only enough in retirement savings for two bags of groceries. Hubby is in panic mode. We are talking about selling our kidneys on the black market. Or a life of criminal activity. Hubby is handy, I think he could hoist cars (and keep them here to part out, WRONG!) We are kicking around the idea of rental real estate, but with the price of real estate in BC and some horror stories of what it's like if you get bad renters, we are worried about our old age.
If you have farmed or worked for small industry with no pension plans, how do you all plan to retire? Or can you? According to the investment wisdom, we're toast.
My wife works for the School board and was informed last year that their pension investments are all but gone, HOW can this happen and on the advice of a trusted friend and pension investor we move most of mine to were he sugested well it is now all gonnnnnnnnnnnnnnnnn
