Sherlock. Your figures sound very doable. The problem is after 30 years $1million will not be worth $1million as inflation will be significant. Will need to save quite a bit more to have $1million in current dollars.
Sherlock. Your figures sound very doable. The problem is after 30 years $1million will not be worth $1million as inflation will be significant. Will need to save quite a bit more to have $1million in current dollars.
You mean 8% per decade, right?Originally Posted by Sherlock
No.
Sherlock's estimate is correct, if you use the historical 7% annual real return that the S&P 500 has provided over the last 50 years. Nominal returns have been upwards of 10% a year.
I am a teacher and I guess I am one of the lucky ones that have a defined benefit plan. My best friend's husband is a retired policeman with a defined pension plan. My husband is a retired electrician who has a defined benefit plan.......
Not one of my children became a teacher. They saw me mark papers most nights and also saw badly behaved kids in their own classes and what teachers had to put up with. Not for them. Even with summers off (used for professional development most years by the way)
The policeman's children did not become police officers. They did not want shift work for 40 years and the havoc it plays with the body, rarely weekends or summers off. Few friends outside of the force. High rate of alcoholism and divorce due to the stress of dealing with difficult people all shift long.
My own children did not want a trade. They saw the high cancer rate due to always working with chemicals on the site. The stress on the body where you cannot do a physical job much after 50 and have to look for other work......climbing towers at 40 below in the windchill, jobs in camps 5 hours from home......
Guys give your heads a shake and look at the reality of some of those cushy jobs. If they were so fantastic would not everyone be doing them? Truth is, they can be extremely difficult and they take a lot of moral courage to perform. I am sure you work very hard at what you do. Please give others some consideration.
Well said spirit people really need to ask themselves why they chose their career path.
I spent 38 years working shift, weekends, holidays, missing events.
Today I do have my DB pension and am in charge of my life for the first time.
It sure would be nice to hear why people made their choice in life after all it is common knowledge has been for my full working career what the benefits of most jobs are.
I read some of the comments and wonder what has gone wrong.
A friend and I talked a couple of days ago he had a great job in the seventies at RBC he quit to seek his fortune it never did work out, today he looks back and tells me that if only he had stayed life would be great.
There are a few on the board posting that I wonder about, it would be nice to read a synopsis to better understand why they feel the way they do.
yes, well put spirit and Daniel a. if it was so obviously better somewhere else.......? You make choices and they have consequences. On the other hand some of us just get lucky while others not so much. I think that is life.
Last edited by Square Root; 2012-10-24 at 06:47 PM.
They would if they could:
Massive oversupply of new teachers... because the job/benefits/pay/work is fantastic. And the qualifications are easily attainable.
http://professionallyspeaking.oct.ca.../now_what.aspx
http://oncampus.macleans.ca/educatio...-new-teachers/
http://oncampus.macleans.ca/educatio...ull-time-work/
http://www.universityaffairs.ca/way-...-teachers.aspx
The fact is that there is a massive number of people who are attracted to teaching. To say otherwise is blatantly false.
Having a DB pension plan changes everything (in terms of retirement planning). It's a very big bond in my opinion. I need to write about that soon on my site.
My Own Advisor - My blog about saving and investing my way to financial freedom.
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