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Started By
Message
Dave Brat has some important advice for those planning to retire in the next year or two.
Posted on 5/19/22 at 1:42 pm
Posted on 5/19/22 at 1:42 pm
First a little background on Mr Brat. Dave Brat is a former R member of US congress representative from VA. Currently Brat is the dean of Liberty University School of Business. I believe Brat’s educational background is economics and finance.
Alright, so Brat is a regular contributor on War Room and he was a guest this morning. Brat told the War Room posse if you’re thinking about retiring in the next couple of years and you’re not independently wealthy you may want to seriously consider keeping your current job if possible. Brat believes the rate of inflation along with the impending recession that could conceivably end up as a depression is going to financially destroy many retirees who thought their retirement savings were enough to retire on.
I must say I’ve been thinking the same thing for several months and I’m planning on retirement in December of 2022. Between the wife and myself we have decent retirement savings but those retirement savings certainly don’t look as good as they did in November of 2020 when inflation was 2-3%……there’s millions of Americans who are facing this same predicament…..thanks Whispering Joe.
Alright, so Brat is a regular contributor on War Room and he was a guest this morning. Brat told the War Room posse if you’re thinking about retiring in the next couple of years and you’re not independently wealthy you may want to seriously consider keeping your current job if possible. Brat believes the rate of inflation along with the impending recession that could conceivably end up as a depression is going to financially destroy many retirees who thought their retirement savings were enough to retire on.
I must say I’ve been thinking the same thing for several months and I’m planning on retirement in December of 2022. Between the wife and myself we have decent retirement savings but those retirement savings certainly don’t look as good as they did in November of 2020 when inflation was 2-3%……there’s millions of Americans who are facing this same predicament…..thanks Whispering Joe.
This post was edited on 5/19/22 at 1:43 pm
14
Posted on 5/19/22 at 1:46 pm to Bass Tiger
yeah, Don't.
Posted on 5/19/22 at 1:49 pm to Bass Tiger
I’d been planning on picking up a luxury car for the rest of my working career and retirement, and retiring in the next 5 - 8 years.
The recent downturns have taken away more than the price range of the cars I’d been scouting out.
Retirement might be pushed out by years. TBD
We need another Reagan.
This post was edited on 5/19/22 at 1:50 pm
Posted on 5/19/22 at 1:50 pm to Bass Tiger
For several years I have been planning on September of this year. Recently decided against it thanks these fuks in Washington! Dick cancer would not be severe enough.
Posted on 5/19/22 at 1:52 pm to Bass Tiger
Biden's and his gaggle of Marxist minions will create unintended opportunities too. Looks like it's a good time to have cash on hand.
Recession will almost certainly happen. I suspect that the market will bottom out just before the midterm elections and then get a jolt of confidence after Congress changes hands and the Dem-olition derby will come to an end. Biden will be hobbled completely in January 2023. There could be a sweet buying opportunity just prior to the change of guard.
Recession will almost certainly happen. I suspect that the market will bottom out just before the midterm elections and then get a jolt of confidence after Congress changes hands and the Dem-olition derby will come to an end. Biden will be hobbled completely in January 2023. There could be a sweet buying opportunity just prior to the change of guard.
Posted on 5/19/22 at 1:56 pm to Bass Tiger
I retired 2 years ago but will adjust accordingly. If no recession, continue mission. If a recession hits, use it as a major buying opportunity.
Not going to stress about it either way because I can't do much about Brandon's inflation.
Not going to stress about it either way because I can't do much about Brandon's inflation.
This post was edited on 5/19/22 at 1:57 pm
Posted on 5/19/22 at 2:00 pm to Bass Tiger
My only counters are:
1. You should not have had money you intended to spend in the next 4ish years “in the market “. Anyone about to retire should have a few years in cash / stable value.
2. With the labor market being what it is, it’s never been easier to get a part time job. So, you can reduce your stress and make up some of the draw-down for a year or two.
3. You should be retiring TO something not FROM something. If life is better doing that thing, stop postponing it.
4. Doomsayers have been around forever. People retired in the 70’s
1. You should not have had money you intended to spend in the next 4ish years “in the market “. Anyone about to retire should have a few years in cash / stable value.
2. With the labor market being what it is, it’s never been easier to get a part time job. So, you can reduce your stress and make up some of the draw-down for a year or two.
3. You should be retiring TO something not FROM something. If life is better doing that thing, stop postponing it.
4. Doomsayers have been around forever. People retired in the 70’s
Posted on 5/19/22 at 2:02 pm to BlackHelicopterPilot
Those are some good bits of wisdom
Posted on 5/19/22 at 2:14 pm to BlackHelicopterPilot
quote:
1. You should not have had money you intended to spend in the next 4ish years “in the market “. Anyone about to retire should have a few years in cash / stable value.
Cash is being destroyed/devalued.
The labor market is going to tank if we go into deep recession.
I could go on but I think you understand the potential economic scenario we’re facing.
One last comment….friend. this ain’t the 70’s…lol!
Posted on 5/19/22 at 3:28 pm to Bass Tiger
Posted on 5/19/22 at 3:30 pm to Bass Tiger
Plan on retiring in 3 to 4 years. May have to put that on hold for a couple more years
Posted on 5/19/22 at 3:35 pm to Bass Tiger
Same here. Seeing how prices have escalated, whatever wealth you have in retirement plans, you really cannot afford to retire.
Posted on 5/19/22 at 3:57 pm to Chrome
I’m down like 400g’s in my 401k, and not that aggressively positioned, so I know there’s some huge pain and shock out there, and feel it’s just beginning. Stolen elections have catastrophic consequences
Posted on 5/19/22 at 4:11 pm to CamdenTiger
quote:
I’m down like 400g’s in my 401k, and not that aggressively positioned, so I know there’s some huge pain and shock out there, and feel it’s just beginning. Stolen elections have catastrophic consequences
And then I wonder what Trump would have done.
He certainly wouldn't have foolishly bugged out of Afghanistan in the middle of the night.
He certainly wouldn't have cut back on oil production or opened the southern border to invasion.
I doubt that Putin would have gone on his current adventure in Ukraine.
Posted on 5/19/22 at 6:01 pm to Bass Tiger
I'll be keeping my high paying Job until I die.
Just so some Millennial can't get it!
Just so some Millennial can't get it!
Posted on 5/19/22 at 6:10 pm to Bass Tiger
I’m with the guy who said get a part time job if things get bad. People are hiring everywhere
Posted on 5/19/22 at 6:22 pm to Bass Tiger
quote:
I must say I’ve been thinking the same thing for several months and I’m planning on retirement in December of 2022. Between the wife and myself we have decent retirement savings but those retirement savings certainly don’t look as good as they did in November of 2020 when inflation was 2-3%……there’s millions of Americans who are facing this same predicament…..thanks Whispering Joe.
I have been soft scheduling retirement in the next 12-24 month window and have been thinking the exact same thing as Brat
Posted on 5/19/22 at 7:15 pm to Bass Tiger
my wife is retired and Im retiring in December. if Biden destroys my 401K then he better find a real good place to hide.
Posted on 5/19/22 at 9:04 pm to Bass Tiger
My original plan was June 1st, so I would have two weeks left. I tossed that idea waiting to see how bad it was going to get. I’m looking at June 2023 now. I also have a 20 hour a week job lined up. Between my retirement and the part-time job, I’ll bring home more than I do now. But if it keeps getting worse, I don’t know if I can take the chance. The bulk of that income will be fixed with no COL raises.
Posted on 5/19/22 at 9:14 pm to CamdenTiger
quote:Not really.
I’m down like 400g’s in my 401k,
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