Alternatives to 401K

I've been discussing retirement with co-workers, peers and family members and I'm wondering if my pals at ATS have any thoughts on alternative retirement planning and other programs other than 401K, since I can see the sticky fingerz in Washington wanting to go for that huge untapped resource at some point down the road (not to mention bank bail-ins and all the other sketchy Wall Street laws that make me apprehensive).

I know many people say precious metals are a stable and safe investment, but what the hell would you do with X amount of silver bars and X amount of gold? Where could you legitimately cash that in (and not lose a ton of your value), when you finally need to liquidate?

This has been discussed many times before on here in the past. Times are moving quickly and a lot of change is going on so there may be other systems/programs that have recently been devised. Property is another option of course - but I would need to look into the real-estate market in the area I'm moving to (another state).

Also - here was a good article on 401ks that also inspired me to make the thread: www.wealthdaily.com...

a reply to: FamCore

I have no idea how to even approach retirement.

Frankly, I will be working till I am dead, and I am on the "I cannot afford to get old" diet of tea, rum, cigs, and calorific foodstuffs. The human race is one which all of us fail to complete. No matter how close to the tape, will all fall before the finish line, sure as the sun will rise tomorrow.

So you believe the govt will take the money you earned away from you?
Punish being smart and successful?
Hhmmm

Anyway.
If the crap hits the fan and the dollar crashes your investments will be useless. Metals sound fine but are you going to trade an ounce of gold for a chicken?
The best investment you can have are useful skills. Long term anyhow.

a reply to: FamCore

Three quick things (and I apologize as this topic deserves more than the few moments I have to add my two cents)...

1) Depending on your field, and provided you have enough experience to command a decent salary.... get a government job with a government pension. Not joking about that.

2) In addition to any 401K type plans, consider starting your own brokerage account (I personally use Scottrade but there are many reputable companies out there). Be realistic though. If you think you are going to trade your way to quickly become rich... good luck. My personal philosophy is to buy for the long haul. I wont say specific stocks... but I will say that I think about companies that were around before I was born and will likely be around long after I'm dead and go from there. I've also been getting into some SPDRs (S&P, for example). (Note: If you find you have a little extra cash here and there and want to take a shot/gamble on what you think might be a money-maker, go for it but don't count on it).

3) I sort of follow what seems to be something of a consensus on the precious metals side. About 10% of overall investing. I would say if you are going to go this route, buy physical metals. Don't trust that a company is "holding" it for you. I'm early in my research on this but there are so many sketchy rules that these metals-investment companies have to adhere to... it's easy to get screwed.

Good luck and good form for thinking about tomorrow, today.

a reply to: Bluntone22

I mean, Big Government isn't going anywhere, and neither are their spending habits. They pretty much looted social security (it's due to run out by 2037 link), which is money that U.S. citizens and companies have been paying into,

and our "representatives" have been living in a "free lunch" if you will for the past several years, but once Quantitative Easing slows/stops and we get to those "budget talks" again in two years, you watch what else they start proposing.

Precious metals and a good hiding place?

That would be an alternative.

a reply to: FamCore

Well if you think the govt will still function then a government job is your best bet.

originally posted by: Bluntone22
a reply to: FamCore

Well if you think the govt will still function then a government job is your best bet.

lol this is a good point. maybe I'll go back and get a Master's in Public Administration. That'd be a good investment haha.

originally posted by: Bluntone22
a reply to: FamCore

Well if you think the govt will still function then a government job is your best bet.

The government WILL crumble.... BUT... that will happen only after it taxes/penalizes/steals from and DEVOURS everything else. Who knows what happens farther down the road, but for the foreseeable future, the government pensions and benefits will be the last to go.

It also depends on when you "get in" (or "got in").

a reply to: FamCore

All forms of wealth management come with risk. My opinion is that 401k's should be avoided unless an employer specifically matches a certain percentage of your contributions. The best option, in my opinion, is an IRA.

Here are some examples...

IRA has access to almost unlimited investment options while 401k's are notorious for very limited investment options. IRA is bulletproof Vs. Divorce, Judgements and Liens while 401k's are totally vulnerable. IRA has specific heir(s) that cannot be contested via lawsuits or wills while 401ks can be contested after death.

Anyway, that is my two cents.

Oh, I have IRA accounts, but no 401k's...go figure.

Sometime ago I bought a few Gold Eagles to keep, but later found out that when you sell them it has to be reported to the IRS and you pay 28% on value gained...

a reply to: manuelram16

Almost 1/3 of the price? Whattt the hell that's the biggest sham I've ever heard!

Here is an alternate to retirement fund. Honest to god, don't laugh, but...... Collect toys. and I mean real toys, like the ones kids play with. Seriously, if you guys aren't collecting Star Wars right now, you're missing out on a small fortune in 25 years, and that's only one of many toy series to collect. Look some prices up on some of your favorite toys you used to play with when you were just a wee one, you'll be surprised I'm pretty sure.

a reply to: gunshooter

I see what you are saying, but I don't think it is going to be as lucrative as you may think.

It's similar to baseball cards. Yes, old Mickey Mantle baseball cards are worth a lot of money. BUT... that is because at the time they were distributed, very VERY few people "collected" them, so very few survived. Then, over time, baseball card collecting became a "thing" and thousands upon thousands of people started collecting. That, in conjunction with sites like Ebay that let collectors of anything find eachother, and for the most part, cards of the modern era are worth pretty much nothing. Example: When I was a kid my older brother had 10 Dwight Gooden rookie cards that, according to the price guides at the time, were "valued" at somewhere in the ballpark of $100 each. I just checked on Ebay and they are selling for about $4 each.

The same goes for toys. Yes, if you happened to keep some old toys from when you were a kid, SOME of those might be worth something. But now, especially for toy lines such as Star Wars or Lego, there are TONS of people that collect them and keep them in mint condition. I just don't see them being that rare down the road.