what is the besat way to save for retirement?

I would like to retire in 10 years and have no retirement set back so far.

Public Comments

1. You really need to determine how much you need when you retire. i.e. yearly expenses. It also depends how long you expect to live after retirement (good health?). 10 years to save for retirement doesn't seem long enough. Do you already have a lot of savings saved up? People who start saving (401k, IRA) for retirmenet right outside of college usually save for 40-45 yrs before retiring. They have the power of compound interest and enough time to ride the ups and downs of the market. I would recommend talking to a financial planner. One guy I have heard as a guest on TV and radio is Chad Burton. (http://www.feeplanning.com/new/feeplanning/) I have never used him but his advice is always good.
2. It depends on how old you are. Most retirement plans depend on the economic conditions at the time of retirement. One person can take their 401k out this year and might get more money then the person taking it out the year after. See, its all economics. On top of the economics, its what you invest in. When you put money in a 401k, you have experts putting it into mutual funds for you. They take alot from you. So, theoretically, you can buy your own stocks and make a heck of a lot more. And instead of investing in them for 45 years, you can invest for 8 years and make the same amount or more. This is true, however, you dont know what to invest in. So, I suggest you start small and on something a bit more safe. I will show you 2 or 3 of the best ways to do this. I am a rare coin expert. These ways are not fool proof because the economy goes up and down in a cycle of booms and busts. But, they do cut out the risk because you only have 10 years left. The first method is through gold. I suggest you buy the physical form and not stocks or anything of that nature. You can buy the physical form and allow the sellers to store it for you. Do not allow them to store it for you if they are just a small company. I would rather take the physical gold with me. There is a fee to take this gold with you though. But, its better then not having it. With gold, its always hovering at about $278 to about $315. I would say that anything less then $290 is a good buy. When you buy, they always tack on an additional couple of dollars because the gold was assayed into a gold bar for you. When gold is high, they add like $4. When it is low, they might add $7 dollars. Dont worry about this. Just pay for it. I would rather buy bullion coins then the gold bars in the packages. They cost $10 dollars above the gold value in the bar form. Now, there are certain gold bullion coins that you should and shouldnt buy. Its always best to go for the pure gold ones. The reason being is, sometimes a jewelry store will take it in, but they will only pay for its content because they were going to melt it anyways. And if it wasnt pure 24k, then they might have to take a couple dollars off to turn it into 18k or 14k, etc etc. So, the purest ones are the Canadian gold coins, and the Chinese gold coins. When gold goes down, you buy, when they go up, you sell. Its that simple. You cant lose because gold goes up and down all the time. So, dont sell if you lose. Just keep it there. Whats the point of saving if you are going to dip into it? So, over the course of 10 years, I know you can make a sizeable profit. The question is large or small because you will not know when to buy and sell. All you see is a profit when you sell, and you see a cheap price when you buy. What you do is buy when its around $290 or less. Sell, when it goes up. And with the excess, you can buy more gold. Just continue doing this. I know for a fact that you can start off with $3000 dollars today and make at least 20 trades in the next 10 years and make no less then 100% of your investment back. Gold is currently at $500 plus. What if you bought it when it was $290 or less, which is what is preferred. Thats over 200 per ounce. So, in a year or two, do you see that you would have had over 5k? You just have to wait till it goes down to around the 300 mark. I mean, even if you buy for 290, and it goes up to 310 in 2 weeks, you can still sell and make 300 dollars. That would add almost another ounce to your portfolio. Continue to do this until you are about to retire. During the last year, you will be waiting for the highest price you can find to sell. Another thing to look into is instead of gold coins, you can buy grain gold. They are just little balls of pure gold. They are usually a couple dollars cheaper, but they are hard to obtain sometimes. Second way of investing is buying coins from the US mint. They will be the cheapest price you pay for coins because they are straight from the manufacturer. Everybody knows that coins are a good investment if you know what you are doing. If you dont, you will definately lose....And I mean definately. So, as you are browsing in their inventory. You will have to buy coins that you think will go up in value. The best ones are Silver Eagles. They never go down in value. They can remain stagnant, but thats it. You will have to buy the proof ones. Put away about, oh, about 100 of these. They come out at the beginning of each year and they continue selling towards the end of the year. Once you buy from them though, they will send you a catalog to your home. These prices are sometimes cheaper because sometimes they have you order and pay before the coins actually come out. The next thing to buy from them is proof sets. Buy say 40-100 of them. For regular strike eagles, you will have to go to a local dealer. Try buying in bulk so that you get a deal. If you dont understand anything, just go to a local coin dealer. Dont buy anything from them except for regular strike eagles. Now, you just sit and relax. Just keep buying every year. They always go up so you dont have to worry. This is almost foolproof, but you cannot predict how much you will make because some years are rare and others are abundant. But, nonetheless, they never go down. They always stay at that level or go up. Good luck to you in the future.