Can a journalist AFFORD to retire

How about barefoot and pregnant?

 

The reincarnation of Bat Masterson, ladies and gents....

 

The key in this profession, as with all others, is to live within your means.

That's not particularly fashionable these days, I know.

 

Let's hope Superman was joking about that precious metals thing. Nobody can be that fucking stupid. Look, I've been doing this for nearly 40 years. Don't make a ton of money but the retirement stuff adds up. I've got almost half a mil in retirement funds between me and my wife, who makes about what I do. I got a $900k house in a ritzy community. Work hard and save your pennies and you'll be fine.
As for the retirement thing, I'm figuring maybe 10 years (I'm 57), but, really, how good do we have it? Most of us have afternoons free to do everything nobody else can do, you get a break when your team is in its offseason. It's not brain surgery. Why not keep working as long as you can, as long as you've still got your fastball?

 

One thing I can't emphasize enough is to get into the market. Stocks, bonds, international indexes, whatever floats your boat. Most journalists are bright, college-educated folks quite capable of managing their retirment, but I know a ton of people who shy away of anything except their 401(k) and its matching company stock because of fear. That college degree might not be making you rich at your job, but it can do a lot more for you if you put it to use and invest wisely. It's not that hard and it's a lot of fun; it's like gambling, only you have a much better shot at winning.

 

Well, I'm only 25. What's your excuse old man?

 

Wow, old man, huh? That's a first.
Listen, apologies, OK? Just do yourself a favor. Do some reading on retirement investing. Get some financial advice. Do it now. There are too many people who don't have a clue about saving and they'll suffer in retirement. It adds up faster than you tbhink and it's pretty painless. When I was your age I bought 6 Kurggerands (gold coins). I thought, like you, it would be a good investment. Cost me about $4,300. They're worth about $1,800 today. So get those precious metals thoughts out of your head.

 

Superman -- listen to the advice of your elders and start investing in that 401K. If you're worried about the decline of newspapers, don't take the company stock... invest in a good index fund (Vanguard 500, Fidelity Spartan 500, etc.) which will give you a broad range of stocks in the S&P 500; invest in an International Fund (to invest in foreign companies and markets), or invest in a smallcap fund (to take advantage of smaller companies). If you're unsure about the stock market in general, invest in bond funds - the returns are generally lower when the market is doing good (and higher when the market slumps), but invest in some sector of the stock or bond market. Avoid the commodities markets (precious metals, oil, frozen OJ concentrate <g>, etc.)

 

Or Superman can keep investing in his precious metals AND acting like an asshole.

 

Sure. I'm all for advice as long as it's not prefaced with insults.

 

Unfortunately, my lifestyle has pretty much put me in a position where I'm going to be working as long as they will let me -- and maybe as a cart guy on a golf course after that (not that I'd mind).

At 50, I've cashed in a couple of 401Ks, and have only about $6,000 in my latest right now. There's about $260 a month coming from when I retire until I die from a pension at a former paper, assuming the continued chain buyouts doesn't screw that up somehow.

When college/child support ends in December 2010 (not that I'm counting or anything), I'll have 10 years of catch-up contributions to try to build something up, and my SS will be decent.

But thank god for all that credit I've amassed over the years. That might be what keeps me living OK.