my point was the fixed rate mortgage rates in 2018 are different than 1987.
you can refinance when rates are low, but the extra low rates we are used to may have been temporary and not something we will see again, unless there is another economic collapse and 10 year treasury yields drop to near zero.
I did pretty well by saving 9% with a partial employer match making it effectively 14% over 38 years.
I worked as a teacher for 30 years, while my wife worked part time as an RN for about 28 years. Even though our combined income wasn’t great, we are somewhat frugal, and I started investing on my own at age 35. Additionally I chose to use the optional IRA program offered by my school district in addition to the mandatory state retirement program. My wife also had a modest IRA and social security. I hoped that my investment goal of 85% (of my last years employment) post work retirement income would be possible using these financial retirement monetary sources would meet that goal…and they did, quite handily. I reluctantly retired at age 59 at my wife’s request, and have enjoyed my retirement immensely!
I’m a retired fed, and even though I have a pension, I maxed my 401(k). And I’m glad I did.
But I had a very good, diverse selection of low-fee, well-run funds to choose from. I have friends whose retirement accounts got wiped out in 2009 because their employers only offered them lousy, possibly shady investment funds.
So I can understand the sentiment that sometimes, defined-contribution plans are not a good replacement for defined benefit planes.
Want to know what’s worse? My buddy who worked for Countrywide in 2008 and it was all in company stock. Oops
I agree, but my Boss is a real asshole!
Divorce her. [/s]
A common refrain about being self-employed is that you’ll have the worst boss of your life. Been there, done that, have the t-shirt. A couple in fact.
OTOH, my retirement has had a pretty easy boss. So far.