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Why Invest?
By plrprousers | April 15, 2009
Why is it that everyone thinks they need to invest for their retirement, to the extent that you feel guilty if you are not putting money away regularly? After all, you can do various things after reaching retirement age to give you income, such as taking out one of those reverse mortgages they keep advertising, or continuing to work by becoming a Wal-Mart greeter. And what about all those Social Security payments you’ve been making, isn’t it time for the system to pay you back?
It wouldn’t be wise to rely on any of those things in your retirement planning. It’s been widely stated that Social Security is the biggest Ponzi scheme around, bigger even than Bernie Madoff’s $50 billion scam. A Ponzi scheme, as a reminder, is when the early participants benefit directly from the people who pay in later. Eventually, you run out of new people or new money to keep the scheme going.
In fact, the only arguments that Social Security is not a Ponzi scheme involve pointing out that 1) it is not fraudulent, as you were never promised that they would make money out of your contribution, and 2) contributions are not voluntary, but taxes, so it was never the case that you were being persuaded to invest by promise of return.
As for the other options, with the baby boomer generation reaching retirement, competition will be fierce for those senior greeting positions, and they cannot be relied on. A reverse mortgage has its place, but involves staying in your house, which will never be passed on to your heirs, and can be quite restrictive. Either may not meet your ideal of retirement living.
The alternative is to commit to regular saving and use an investment advisor, such as Ken Himmler (www.kenhimmler.com), who can help you find the best investments. Integrated Asset Management LLC (www.iamllc.biz) is also a great resource for investment advice.
Authored by Ken Himmler, Sr.
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