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Old 10-28-2011, 07:23 PM   #61
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Let's look at some of the topics:

#2 Auto loans
#3 Fixed vs. variable rate mortgage
#6 Best investment for a young investor
#7 401k plan contributions
#9 Insurance for single workers without children.

Why would anyone be surprised that people over 60 don't care about those things?

I haven't borrowed money for a car, or a house, or been a young investor, or contributed to a 401k plan, or been single and childless for (40, 30, 25?, 5, and 40) years, respectively.
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Old 10-28-2011, 08:49 PM   #62
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Well, I aced it, but I'm only 59, however I look 65......so, does that count?
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Old 10-29-2011, 11:19 AM   #63
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Certainly, as one ages, most of us will loose some of our mental abilities. But, aside from that, I think investments is one area where age is a big help. I see these 20 and 30-somethings pontificating on the swings of the market, jumping in when things are going well and bailing out after a large correction. What is that about? Buy high, sell low?

Netflix is a great example. Six months ago they were singing its praises and driving the stock price to the moon. Today, one would think the company has failied completely and will be closing its doors next week. I always thought Neflix was a great company to be a cuastomer of, but not a great stock. The same is true of Apple. Today it is a darling, but even Apple can't go up for ever. But, they talk like it will never go down (remember real estate??). This time it's different!!!

Age has taught me to avoid individual stocks (unless I want Las Vegas excitement in my life), invest regularly, get my asset allocation right (still working on that), keep costs low, and rebalance once or twice a year.

Age has also taught me that for every John Templeton or Peter Lynch there are a thousand.... (you can fill in this yourself). I still remember John Templeton on WSW. Calmly advocating buying growth, diversification, patience, and then waiting for the rewards. Today it is John Bogle, another guy we can all learn from.
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Old 10-29-2011, 12:19 PM   #64
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Remember that financial smarts don't correlate perfectly with financial ability. Plenty of financial planners fail to save. Many who understand complex derivative vehicles pull their money out of the market during downturns.
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Old 10-29-2011, 12:23 PM   #65
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Hm... thanks for making me feel better than I probably am. Love taking a test when I get all the questions correct. Gives me a false sense of smartness, otherwise known as an ego boost.
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Old 10-29-2011, 12:25 PM   #66
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Anyone remember Henry Ford? - I don't know much but I know how to hire people who do.

Or something like that.

heh heh heh -
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Old 10-29-2011, 01:14 PM   #67
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I got all 10, but #7 isn't right. A 401K doesn't shelter you from taxes, it just defers them. The definition I understand of a shelter is that it avoids taxes altogether. Maybe I'm wrong. In any case I understood what they were looking for, but I guess you'd better check back with me in 10 years when I'm 60.
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Old 10-30-2011, 05:46 AM   #68
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One more reason to choose an annuity, in my view.
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Originally Posted by veremchuka View Post
Our financial smarts erode quickly after age 60
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Old 10-30-2011, 04:06 PM   #69
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No erosion here - I answered all 11 questions correctly.
Then you got 110% MichaelB. Good for you. I'm 75 and only got a 100%.
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Old 10-31-2011, 02:41 PM   #70
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I got 100% but my mind kept wandering... must be getting older
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Old 10-31-2011, 02:57 PM   #71
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I got all 10, but #7 isn't right. A 401K doesn't shelter you from taxes, it just defers them. The definition I understand of a shelter is that it avoids taxes altogether. Maybe I'm wrong. In any case I understood what they were looking for, but I guess you'd better check back with me in 10 years when I'm 60.

No, most tax shelters are only tax deferment vehicles... there is very little you can invest in that avoids taxes altogether... the only one I can think of right now is the ROTH...
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Old 10-31-2011, 03:33 PM   #72
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I'm not any dumberer than I was before I were 60. In fact, I was dumberest in my 20s and 30s!

Seriously, I'm 67 in two months and I feel confident in my ability to leave my assets alone and let my allocation do the work. I don't think I really got financially smart until my 50's. Before that I thought I was smarter than the market - now I know better. Maybe wisdom is knowing you don't know.

Oh yes - I aced the test - where do I pick up my prize?
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Old 11-02-2011, 09:25 AM   #73
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The fact that older people did less well, doesn't mean that as people get older they'll do less well. It only means that right now, older people did less well on the test.
Bingo!

My Dad never had a credit card, paid off the mortgage 50 years ago, had a company DB pension, never had insurance, etc. Yet he was smart and could figure things out well into his 90s.

(PS got 100% and I am Canadian: 401Ks and Roth IRAs? Oh you mean RRSPs and TFSAs!)
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Old 11-02-2011, 09:41 AM   #74
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Quote:
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I got all 10, but #7 isn't right. A 401K doesn't shelter you from taxes, it just defers them. The definition I understand of a shelter is that it avoids taxes altogether. ..
It shelters them for as long as they are in the plan. Taking the money out will attract tax but only if it is above a minimum level, often lower tax than when it was put in. In that sense, it is a true shelter. Defer to me implies that you will pay the same amount, only later.
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Old 11-02-2011, 09:50 AM   #75
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No, most tax shelters are only tax deferment vehicles... there is very little you can invest in that avoids taxes altogether... the only one I can think of right now is the ROTH...
A Roth only avoids tax on gains (if any). You still pay tax up front...
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