Author Topic: Is this the best market ever if you're over 50 and a lousy saver  (Read 836 times)

Wordstew

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You're 50 and have little retirement savings.... Is now the time to sell everything that's not nailed down with plans to buy into the market....  IE: your snow blower, your camper, classic car, antiques ect. ect. ect.....

Once the dust settles this could be a once in a lifetime opportunity for those older folks who were not terribly prudent saving for retirement to catch up....

Should the government take the limits off contributions?????

Sibley

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Re: Is this the best market ever if you're over 50 and a lousy saver
« Reply #1 on: March 20, 2020, 08:25:54 AM »
If they're already a lousy saver, that's not going to change due to the circumstances.

wotan

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Re: Is this the best market ever if you're over 50 and a lousy saver
« Reply #2 on: March 20, 2020, 08:55:18 AM »
Yup, now they can become a lousy investor?

JAYSLOL

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Re: Is this the best market ever if you're over 50 and a lousy saver
« Reply #3 on: March 20, 2020, 09:33:29 AM »
If you mean over 50 and have been a lousy saver, but have seen the light, then yeah no time like now to de-clutter and put it all to work.  Iím trying to get rid of some extra stuff right now too. 

Wordstew

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Re: Is this the best market ever if you're over 50 and a lousy saver
« Reply #4 on: March 20, 2020, 10:24:50 AM »
Well they can start by investing the check they are gonna get from Uncle Sam and Uncle Trump...

However chances are most of those who have not financially planned for a emergency may be pushed the verge of eating cat food if this plays out over a long period of time despite getting some free $$$$

dougules

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Re: Is this the best market ever if you're over 50 and a lousy saver
« Reply #5 on: March 20, 2020, 10:51:07 AM »
First off, I don't think right now is a good time to sell just for health reasons.  I wouldn't sell in person, and selling online still means increasing the number of times that people have to come in contact with each other to deliver what you're selling. 

When we get the all clear on social distancing, it depends on whether or not you'll buy it back later.  If it's stuff you're just going to buy back later, keep it. You'll probably lose more money selling and buying than you will make in the market.  If it's stuff you don't actually need, you should sell it and invest the money regardless of what the market is doing.  Even with the big drop the S&P 500 has only been set back to 2017 prices.  If it's stuff you could have sold in 2016, you'd be better off having done it then.   Nobody knows the future, but your chances are always a little better now than later. 

ChpBstrd

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Re: Is this the best market ever if you're over 50 and a lousy saver
« Reply #6 on: March 20, 2020, 03:33:28 PM »

You're 50 and have little retirement savings.... Is now the time to sell everything that's not nailed down with plans to buy into the market....  IE: your snow blower, your camper, classic car, antiques ect. ect. ect.....

Once the dust settles this could be a once in a lifetime opportunity for those older folks who were not terribly prudent saving for retirement to catch up....

Should the government take the limits off contributions?????

It is a good time to sell large items (although 3 months ago was a much better time). The odds of exposure are low enough you'll probably get away with it, and you never needed that stuff anyway. The odds of avoiding COVID-19 in the long run are slim to none anyway, so you're best off liquidating junk while other people still have money and think it will blow over.

I don't think it's necessarily a good time to buy into the market. The exponential growth curve shows no signs of flattening into an S curve any time soon. This is a force of nature, and a massive demand contraction, not a market correction. The market response has lasted just one month so far, but this level of supply shock will reverberate for years.

Buffaloski Boris

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Re: Is this the best market ever if you're over 50 and a lousy saver
« Reply #7 on: March 20, 2020, 03:50:54 PM »
Best market ever? Naaah. That was in the 1930s. This will likely be the best market of the last 10 plus years.

And if you wait awhile, itíll be a great market for a lot of stuff. Not just stocks. But that assumes health and survival.
« Last Edit: March 20, 2020, 03:54:14 PM by Buffaloski Boris »