07-26-2015, 09:49 AM
I am now 59. I have come to realize that investing for retirement is a worthy goal; however, life does happen. Having gone through several lay-offs and furloughs during the great recession (I am an engineer in the construction industry), I found that an income stream is needed prior to retirement to compensate for life's setbacks.
This has directly affected my investing. The goal must be developing an income stream that can used as required, not going for capital gains that would be converted to income at retirement. For the same reason, investing is now done in a taxable account rather than the tax deferred account. I had to pay a penalty when I needed to withdraw money from a retirement account during one lay-off.
This has directly affected my investing. The goal must be developing an income stream that can used as required, not going for capital gains that would be converted to income at retirement. For the same reason, investing is now done in a taxable account rather than the tax deferred account. I had to pay a penalty when I needed to withdraw money from a retirement account during one lay-off.