close-end funds

[jojodontno]

hello everyone,my handle is jojodontno.my background is-I have been investing in stocks since I was 13 years old($300.00 to start).while I was single I saved very little-but par.rty.y.y a lot .my wife showed the errors of my ways.I have been retired since (october)1988.,and collect a small(diabled) pension.most of mygrand-uncles and aunts;retired at 65.my parents generation retired at 55 or younger.m all of my older cousins have retired at 55.I am the first one of my gen. to be unable to retire at 55!now, I hope to retire at 62.my strategy is touse close-end funs to enhance my savings.they seem to be a very good way to invest.I tryed open-end funds(still have some)and stocks & bonds(have those too).the greatest sucess so far has been closed-end funds. the problem-mywife and I have $342,000.00 in ira,s and 401k accts;my pension is $8,000.00 per year.we have $160,000.00 mortgage and $9,000.00 loans.we pay ourselves first(ira,401k);then live on the rest!I can not see away to retire before 62 and s.s. kicks in?any suggestions?

 

[Jack]

How about putting the wife to work - if she isn't already working - to speed the process along?

 

[unclemick]

How radical do you want to get? LYBM - cut living expenses - pay off debt. Read some simple living ideas on the net. Can you get below $50/day?

 

[unclemick]

BTY - I have Gabelli(sym. GCV) - 13% of my taxable income -BUT it's only yielding 8% and not at a discount to NAV - so I wouldn't buy it today.

 

[jojodontno]

Hi again,I am sorry that I have poor computer skills-please accept my apollogies.jack-my wife continues to work(36 years at the same firm...a record of sorts?)and is very happy with her carreer.I on the other hand am bored sometimes,at the part-time(2) jobs!Unclemick,thanks for your insights on closed end funds.Most people have no idea what they are.In answer to your question,NO-I can not live on $50 per day.me and my better half,hope to retire with the same income we have today;minus savings(aprox.20%of gross income).The two of us want to continue to live in new jersey after we retire ,to be within driving range of most of our family.AS to why,close-end funds; you get more bang for your dollar..read great discounts.the problem we face is1)stop savings and put extra monies towards debt redution;(2)I stop my two part -time jobs and find full(higher paying)job;or (3)work a third part-time job,all choices is aimed to reduce debt.

 

[Mr._johngalt]

I am reminded of Miss Hannigan in 'ANNIE' when she says, "Why anyone would want to be an orphan is beyond me!". Why anyone would want to retire in
New Jersey is beyond me. However, I do understand the need to remain near family. In our case this is offset
by our need to get to somewhere warm. Winter approaches here and I am compelled to "get out of
Dodge!". 90+ per cent of our family lives in the upper
midwest. I like being around most of them, but they
will have to visit us once we relocate. It was pure chance that landed us all here, after all.

 

[unclemick]

Are there real places like Crystal Falls, Republic, and Indian River in Michigan or are those ancient family myths?

As for New Jersey, I enjoyed my business trips to Old Bridge. Reminds me of the 60's in aerospace in Seattle - the 'yankees' said don't ever get transferred to New Orleans or Huntsville and 'the good old boys' couldn't stand Seattle and wanted to transfer home. Enjoyed all three while I was working.

If a hurricane runs us off, we'll probably pick something hot and dry-no more snow. Where you're at is where you're at

 

[Mr._johngalt]

No myths! Those are all places in Michigan (also
Christmas and Climax). I've been in all of them.
Michigan is a lovely state but the winters can be
tiresome.

 

[Jack]

Having lived in NJ for 16 years before transferring to MA, I know for a fact (from personal experience) what a bad rap NJ gets. After 14 years living in the center of ethnocentricity (New England) I still miss many things we left behind in central Jersey.

True, NJ may have a comparatively higher cost of living, but some things like the entertainment and cultural attractions and huge amount of diversity offered there can't be beat.

 

[Mr._johngalt]

Re. New Jersey, while it may be true that the state gets
a "bad rap", entertainment, cultural attractions and diversity can be found in every state in the union.
On top of that, NJ weather leaves a lot to be desired.
On the other hand, a lot of folks in North Dakota
think it's pretty nice too.