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10-13-2008, 01:39 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Location: Naples
Posts: 2,179
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New Poster
Hey everyone:
This is my first post so bear with me. A little background: I retired from GM in 1988 with 34 years service. Thank God I'm gone! Just passed my 20th anniversary in retirement and never have been sorry for a minute. I was only 52 when I left and found it very important to have something else going for me besides golf and fishing. You have to stay busy. I worked in the real estate business for awhile but you can't do it justice on a part time basis. I got a buy-out with two years salary and full health care benefits (so they said). Come January 2009 all that health care (including dental and vision) is gone. GM may be gone also. I'd be going nuts if I was still there. Anyway, my wife and I are in a good shape for the shape we are in. Busy right now looking for new health care.
In the past we did pretty well in real estate, buying, renting and then selling those homes on "land contracts". When I retired, we got out of the stock market (a year after 1987 crash), got back in in 1995, doubled our money and then got back out. It's still in the 401k but in a bond fund and in 2007 started the minimum required distributions. My GM pension plus Social Security plus the 401k distribution covers all our annual expenses. We have no debt except our car lease. In 2006 we sold our
home and netted $300k. Downsized and paid cash for our new home.
My only worry is the 401k. It's included in the Fidelity portfolio for reporting purposes but it's a fund managed by General Motors Investment Management Company. It's reported by Fidelity as a bond fund and does about 5% over the years. I joined in this forum because I saw someone else that retired from GM and they were in this fund (Promark Income Fund). I'd like to participate in the discussions and see what more I can find out about my "fund". Also, to get some ideas on investments.
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10-13-2008, 01:43 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,183
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Welcome aboar Johnnie36! Ask questions and tell your tales as the mood strikes you. Sounds like you folks are in pretty good shape.
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10-13-2008, 05:24 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
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johnnie, glad you joined.
Coach
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10-13-2008, 07:34 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Welcome. I have a similar bond fund through Fidelity in a Ford 401(k). The makeup of the fund is pretty opaque, though there is no expense associated with it , which seems to make it a good deal. I'm curious if anyone else knows how to determine what exactly is in these proprietary funds.
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10-13-2008, 10:53 PM
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#5
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Moderator Emeritus
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,873
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Welcome, Johnnie! Wow, 20 years into retirement. Looking forward to hearing your perspective.
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10-14-2008, 02:37 PM
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#6
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Welcome !
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