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skylar | Need help explaining retirement to my bf??? Help anyone? |
Ok so I have a pension at my work (I am 21) that is pretty good and I plan to work here forever or if not continue with the pension and increase the perecentages.
So a finacial planner said for these figures at 65 I could have 1.5 million.
Now I want to retire around 50, I told my bf to start one too, but he said 1.5 mil is enough for both of us. He thinks investing is dumb and you can lose all your money. So I need to tell him about a secure pension/rrsp where you can't lose your money, where its isnt invested, it just sits there? Is there a such thing, he wants his money super safe or he puts it under the mattress??? How do I tell him what would be best and really secure?
Thanks, long I know but I need to convince him without arguing about it. |
 |
 
arpee
 |
I am assuming you are from Canada since you mentioned rrsp. If that is the case, the responses re IRAs may not be applicable to you but the essence still holds true.
There are 3 things you need to communicate to your BF:
1. The risk of inflation
2. The benefit of lesser taxes
3. The benefit of higher investment growth.
You are 21 and your BF assumes that you will still be together when you are old - romantic notion but not necessarily realistic. You are doing good though by educating him and encouraging him in doing something for his future.
Do not be too pushy or nagging though since that turns BF off - he will just close his ears and mind. Instead, be gentle yet firm and choose the right moments to discuss these matters. Keep your cool and keep at it. Eventually if he remains closed to the subject, you will have to ask yourself - is this the person I want to spend the rest of my life with?
Anyhow I digress... here is a conversation example for the risk of inflation:
- Tell BF about inflation - how the price of a product increases over time. Like his favorite _____ (fill in the blanks) used to cost $___, and today, it costs $___. Let's assume that earlier price is $1 and the later price is $1.03. That's 3% inflation of his favorite _____, whatever it is.
- Then tell BF that the money he is saving (and afraid to lose) should at least keep up with the inflation rate, so that he can still afford them when he is no longer able to work.
- Then ask BF how his money is keeping up with inflation. (That is an open-ended question that will make him think.)
As for you, whatever your financial planner told you, it is based on an ASSUMED rate of return of your plan. You should regularly monitor and act on your portfolio whenever necessary, so that the assumptions made (to give you a figure of $1.5M by 65) is on track.
Also, based on below description in wikipedia, it seems that you can lose your money on rrsp as well. Educate yourself further, girl! Knowledge (and action) is power!
Hope this helps! |
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gosh137
 |
Explain to him that money "under the mattress" is guaranteed unsafe because it is losing value due to inflation. He may think 1.5 million is a lot of money now, but when you need it 30-40 years from now, its pocket change.
Investing in common stocks has been found to be the only way to beat inflation. No guarantees but investing in big international companies, ones that make products people all over the world use every day, use up and need to buy more (energy, soap, toothpaste, etc.), are not going to lose money long term. In the USA, there never has been a 20 year period in which investing in a well diversified portfolio of large companies has lost money. |
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kk260
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In order to invest for retirement you want to diversify though a tax savings plan like the one you use at work. The best way to setup a tax savings plan that isn't though an employer is to get an IRA or Roth IRA. I like to use brokers like scottrade.com or you can use fidelity.com they have funds that are setup for retirement, and you can setup an auto debiting though fidelity that with draws from your checking account and invests it in a fund every month. I would speak to an independent financial planner. Don't use a insurance salesmen or someone trying to sell you insurance annuities. Those types of investments are expensive. Mixing investments with life insurance is a gimmick to make profits for the person selling them.
http://www.napfa.org/ |
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King A.
 |
The basic lesson about money is that a dollar today is worth more than a dollar tomorrow, but only if you make it work for you i.e. you have to invest it so that it can earn you interest otherwise your assets are sitting idle. A pension plan is good for an employee because is guarantees you a set return. A financial advisor once told me that you should have 4 pots to pull money from at retirement. 1.) 401K 2.) ROTH IRA 3.) Securities(Stocks and Bonds) and 4.) Personal Savings. You should really look into a money management class. There is much to learn.... Good Luck! |
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JustAsking
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Ask them out to a restraint o.k and good luck to you. |
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P&M
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Your RRSP can hold a range of investments including GICs, Bonds, and other fixed income investments that can secure your capital. At a young age, you could play it safe and have a decent RRSP balance at retirement. But you should keep in mind that a 3% GIC is barely keeping up with inflation.
There are other options if he is nervous investor such as Principal Protected Notes (PPNs) or Segregated Funds that have capital guarrantees as high as 100%. He needs to figure out what his minimal acceptable rate of return is, and invest accordingly. |
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tony m
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life insurance with pay outs is the safest, and it depends on how much you invest a month, 400h a month will give you around 3.2 million, 200 a month will give you about 1.8 million depending on you helth and that you dont miss payments. check out nwm.com |
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