Generation-X' Journal

Where are you and where are you going?

Generation-X
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Re: Generation-X' Journal

Post by Generation-X »

I don't know what normal is, but at this juncture, I am leaning toward putting a check mark next to both the elephant test and the duck test when people say the recession is nigh.

https://upload.wikimedia.org/wikipedia/ ... C62258.ogg

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ertyu
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Re: Generation-X' Journal

Post by ertyu »

Volker's death seems like some macabre omen or something.

Generation-X
Posts: 302
Joined: Mon May 06, 2013 4:43 am

Re: Generation-X' Journal

Post by Generation-X »

It sure does. I remember the 20%+ interest rates and the '87 crash. Since then, we've had a couple of major "irrational exuberances" and few "smaller" crises in between. Somehow we've made it through, mostly by kicking the can down the road I'm afraid.

Can the Great Depression happen again? Will fascism rear its ugly head around the world? Will there be another world war?

The pubescent ultra right of today are mere kids playing with fire and wouldn't last a year of the Great Depression - if they only knew of the consequences... https://www.theguardian.com/us-news/201 ... ther-heyer

MY MEMORIES OF THE GREAT DEPRESSION, 1929 TO 1939. http://web.archive.org/web/200304180046 ... ssion.html

Generation-X
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Re: Generation-X' Journal

Post by Generation-X »

It is uncanny how close the similarities are between Nazi Germany of the 1930's and that of the US in 2019.


Modern Times - "The World from the Twenties to the Nineties" - Paul Johnson
ISBN-13: 978-0060935504 / ISBN-10: 0060935502

Thou shalt break them with a rod of iron; thou shalt dash them in pieces like a potter's vessel.
Be wise now therefore, O ye kings:
be instructed, ye judges of the earth.

Psalm 2:9-10 King James Version (KJV)

(C) 1983, 1991

https://archive.org/stream/ModernTimes_ ... 1_djvu.txt

... (P294) THE DEVILS
Thus Hitler kept Germany's managerial class and made them work for him. Firms flourished or not exactly in accordance with the degree to which they carried out Hitler's orders. Of course he extracted money from them: but it was a blackmail— victim relationship, not that of client and patron...

...Not having an economic policy was an advantage. Hitler was lucky. He took over a month before Roosevelt, and like him benefited from a recovery which had already begun shortly before...

...He sacked Dr Hans Luther, the Reich-bank President, and replaced him by Hjalmar Schacht, whom he also made Economics Minister. Schacht was by far the cleverest financial minister any country had between the wars. He was a market economist but an empiric who believed in no theory and played every situation by ear...

...(P295) THE DEVILS
German living standards were scarcely higher in 1938 than a decade earlier. The Germans did not mind because they were back at work. Over 8 million had been unemployed when Hitler took over. The number began to fall very quickly in the second half of 1933, and by 1934 there were already shortages in certain categories of skilled labour, though 3 million were still out of work. By 1936, however, there was virtually full employment, and by 1938 firms were desperate for labour at a time when Britain and the USA were again in recession...

...The German workers, on the whole, preferred secure jobs to civil rights which had meant little to them. What did become meaningful to them were the social organizations which Hitler created in astonishing numbers, under the policy he termed 'belonging'. He also had the policy of co-ordination, which emphasized the unity of the state (under the party, of course). The Third Reich was a 'co-ordinated' state to which ordinary Germans 'belonged'... [ support the MAGA and the Republican Party or you are a "LIBERAL", "IMMIGRANT", *gasp* a "SOCIALIST" ]

...(P296) THE DEVILS
...He defined the virtues of the ss, the embodiment of Nazi 'morality', as loyalty, honesty, obedience, hardness, decency, poverty and bravery. The notion of obeying 'iron laws' or 'a higher law', rather than the traditional, absolute morality taught in the churches, was a Hegelian one.

Marx and Lenin translated it into a class concept; Hitler into a race one. Just as the Soviet cadres were taught to justify the most
revolting crimes in the name of a moralistic class warfare, so the ss acted in the name of race - which Hitler insisted was a far more powerful and central human motivation than class. Service to the race, as opposed to the Marxist proletariat, was the basis of Nazi puritanism, marked by what Rudolf Hoess, commandant at Auschwitz, termed the 'cold' and 'stony' attitude of the ideal Nazi, one who 'had ceased to have human feelings' in the pursuit of duty....

[LOYALTY, OBEDIENCE, BRAVERY (key Trump traits) ; Replace Race with America and duty with patriotism ; casually accepting acts of cruelty committed against its own citizens because they are the "liberals" (the "jews" of modern times), ignoring acts of human violence committed against other human beings because they are the "illegals" or the "immigrants", worshipping war criminals as brave warriors because they fought for MAGA and what Trump stands for (his own power) ]

...By early 1933, therefore, the two largest and strongest nations of Europe were firmly in the grip of totalitarian regimes which preached
and practised, and indeed embodied, moral relativism, with all its horrifying potentialities...

...One of the most disturbing aspects of totalitarian socialism, whether Leninist or Hitlerian, was the way in which, both as movements seeking power or regimes enjoying it, they were animated by a Gresham's Law of political morality: frightfulness drove out humanitarian instincts and each corrupted the other into ever-deeper profundities of evil...
[ Touting their power and disregarding the rule of law - the Republican Senate, conservative news media, conservative 1% political donors ]

...Hitler learnt from Lenin and Stalin how to set up a large-scale terror regime. But he had much to teach too. Like Lenin, he wished to concentrate all power in his single will. ...and just as Lenin thought that he alone was the true interpreter of history as the embodiment of proletarian determinism, so Hitler had confidence only in himself as the exponent of the race-will of the German people...
[ "I am the chosen one" https://www.youtube.com/watch?v=js4wcaPqSow ]
[ "I am your voice" https://www.youtube.com/watch?v=ehvUQrRDyyU ]
[ "I am going to be the greatest jobs president that God has ever created, remember that" https://youtu.be/mzbzZwMzU38?t=15 ]
[ "nobody knows more about < insert subject > better than I do" https://www.youtube.com/watch?v=5GqJna9hpTE ]
[ President for life "Maybe we'll have to give that a shot someday" https://youtu.be/09ZCJnf-qMw?t=41 ]

...(P297) THE DEVILS
...By spring 1934 the aged Hindenburg was clearly nearing the end. Hitler wished to succeed him, uniting presidency and chancellorship in one. The army and navy commanders agreed that he should do this... it is typical of the naivety they always showed in negotiating with Hitler that they gave him something vital in return...

...(P298) THE DEVILS
for a 'concession' which he needed to make anyway, and in which army co-operation was essential.

Hitler went ahead with his purge, an act of pure gangsterism, as soon as Himmler had achieved monopoly of the political police. He determined to murder all his immediate political enemies at once (including settling some old scores), so that the 'evidence' of conspiracy, manufactured by Heydrich's intelligence bureau, produced unlikely conjunctions worthy of a Stalin show-trial. Himmler and Heydrich prepared the final list, Hitler simply underlining in pencil those to be shot; Heydrich signed the warrants, which read simply: 'By order of the Fiihrer and Reich Chancellor, — is condemned to death by shooting for high treason.'...

...This act of mass murder by the government and police was a moral...

...(P299) THE DEVILS
...catastrophe for Germany. The code of honour of the German generals, such as it was, was shattered, for they had connived at the killing of two of their friends and colleagues. Justice was ridiculed for a law was passed on 3 July, authorizing the deeds ex post facto.

Hitler was received in state at Hindenburg's deathbed, where the confused old man, who had once dismissed him as the 'Bohemian corporal', greeted him with the words 'Your Majesty'. After the Wooden Titan died on 2 August, Hitler assumed the succession by virtue of a law he had issued the day before, making him 'leader and Reich Chancellor'.

The same day all officers and men of the army took a sacred oath to him, beginning: 'I will render unconditional obedience to the Fuhrer of the German Reich and people.'

The arrangement then went to a plebiscite and in August the German people rewarded the murderer-in-chief with a verdict of 84.6 per cent.

Not the least significant aspect of this turning-point was the presentation, to the ss men who had carried out the murders, of daggers of honour.

Here was the shameless symbolism of moral relativism. The ss was thus launched upon its monstrous career of legalized killing.

The Roehm affair, with the state openly engaged in mass murder, with the connivance of its old military elite and the endorsement of the electorate, directly foreshadowed the extermination programmes to come.

It was the sheer audacity of the Roehm purge, and the way in which Hitler got away with it, with German and world opinion and with his own colleagues and followers, which encouraged Stalin to consolidate his personal dictatorship by similar means.

Mister Imperceptible
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Re: Generation-X' Journal

Post by Mister Imperceptible »

Maybe it’s because the Kool-Aid is really strong in California but is there any real concern that Trump is going to be a dictator?

If you watch a speech by Hitler or Mussolini, you can tell without understanding what they are saying that they are articulate and charismatic:

https://m.youtube.com/watch?v=0WL5vFRBS9M

https://m.youtube.com/watch?v=Q0U8SuZR7Mc

You could probably get a significant number of people who voted for Trump to say publicly that he is kind of dumb ass, and it won’t result in them being shot.

I think focusing on some marginalized outsiders waving swastikas is not going to give you any kind of indication of where this country is at. And I honestly believe the Richard Spencers of the world would not attract so many followers or get nearly as much attention if liberals would just stop with the identity politics.

We voted for Obama twice, because we were frustrated with the neoliberal globalist order, we voted for Trump, because we were frustrated with the neoliberal globalist order. (Never mind the fact that voting for the black guy and then voting for the politically incorrect white guy has not done jack to unseat the globalists.) We did not go from being racist, to not being racist, to being racist again. Calling Republicans Nazis is some real “Everyone I Don’t Like Is Hitler“ shit.

I would be careful that, out of hysteria being generated by the bought and paid for media saying Trump is Hitler, you end up supporting some other serious dystopian prescriptions that you purport to be wary of.

ertyu
Posts: 585
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Re: Generation-X' Journal

Post by ertyu »

Great reading. As someone who's not from the states, I am not into the football team-like loyalty your guys' politics has turned into. I disagree with MI. The slide to totalitarianism under the Nazis is the only example the West has of how right-wing totalitarianism takes hold. Drawing parallels between what happened then and what happens now is not calling Republicans Nazis (even though there are quite a few Repiblicans who are indeed Nazis, and even though the more Nazi-like of Americans - that tail end of the bell curve, if you wish - are indeed in the Republican party). There are also Republicans who are not Nazis. But whether Republicans are or are not Nazis is an argument that distracts from the main point: there is indeed a slide towards totalitarianism in the US. I don't think the current administration is its cause but its symptom - I remember the patriot act, for instance, where your government used a tragedy as an excuse to strengthen its control and curtail rights and freedom.

I also agree with the idea that history repeats itself when the last generation that experienced a previous crisis passes. It's not a coincidence that wet behind the ears "ultra right" movements emerge precisely when the last of the wwii vets are passing.

I think there is a real concern that Trump will become a dictator - not because he himself will become a dictator but because those who fear populism from the left need a figurehead. Do not underestimate the effect of turning up the heat on a frog in a pot. You guys in the states may not feel it - most people's daily lives are pretty much the same, after all - but I think the shift away from democratic ideals - albeit not complete - has been obvious to those observing the country from the outside.

Generation-X
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Re: Generation-X' Journal

Post by Generation-X »

MI,

People express opinions my friend. Allow them to express it. :-)

I'm not a big fan of any dictators, never have been. I guess technically I'm aged (old) now and getting good at spotting charlatans a mile away.

While getting aged (old) has its quirks, one of the perks is being able to draw from experience to make more correct decisions than incorrect ones.

On that basis, I will never support a person like Trump I'm afraid.

I'm curious though, MI, what is your reasoning behind your support? Maybe there is a background story you'd like to share? (if you'd like)

How are things, by the way?

Generation-X
Posts: 302
Joined: Mon May 06, 2013 4:43 am

Re: Generation-X' Journal

Post by Generation-X »

ertyu wrote:
Sat Dec 14, 2019 10:07 pm
Do not underestimate the effect of turning up the heat on a frog in a pot. You guys in the states may not feel it - most people's daily lives are pretty much the same, after all - but I think the shift away from democratic ideals - albeit not complete - has been obvious to those observing the country from the outside.
Very astute observation and piercing commentary which I wholeheartedly agree and fear for. Perhaps history will be remembered or the time will be kind so that I may not have to deal with it one way or the other (lol). OK there's my corny sense of humor again - sorry! :-)

Mister Imperceptible
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Re: Generation-X' Journal

Post by Mister Imperceptible »

ertyu is correct in opining that the current administration is a symptom. We are where we are because we have become an empire of debt that, instead of managing a sustainable domestic economy, pursues foreign wars in order to appropriate resources and spheres of influence abroad. Financializing the economy by outsourcing manufacturing to increase corporate profit margins decimates the middle class, making them ripe for seduction by demagoguery. The conundrum is that there is no historical precedent for global powers playing nice. “Refusing to play” is not an option- in the Game of Thrones you either win, or you die, there is no middle ground. Putin and Xi are not prepared to play nice. The Romans just wanted to be autonomous, then they just wanted to be free from neighboring tribes in Italy, then they just wanted to be free from Carthage, then they just wanted to be free from encroachments by the Gauls and Greeks and Seleucids and Persians and Germans and Huns. There is no time at which you can be at rest. The Napoleonic Wars were so devastating and exhausting that Europe and the Congress of Vienna established a long relative peace that lasted until the the two World Wars. We are about at that time again, at the end of a saeculum, a Fourth Turning. It would be wise to be long volatility at this juncture.

I have never registered to vote. I offer no political support. Though saying we are not in a dictatorship often being confused with support is also indicative of the milieu. The choice is usually between a giant douche and a turd sandwich anyway. I could vote for a third party candidate but then I would be throwing my vote away.

I can choose from any number of jellybean flavors, however.

Generation-X
Posts: 302
Joined: Mon May 06, 2013 4:43 am

Re: Generation-X' Journal

Post by Generation-X »

MI,

The fact that US is the largest debtor nation in the world is of our own making and trying to solve that problem by blaming and then decimating others isn't going to be very constructive nor will it solve the problem.

But this problem, is well beyond my control nor influence to solve and will only waste my time, energy and state of being, in trying to find a solution for. I don't worry about such problems. There is no point.

Instead, it makes more sense to focus on solving problems that are in my sphere of influence which relate to the larger problem.

i.e. if I become debt free and can convince two others to follow suit - and if the two others can convince four others to follow suit - and if the four others can convince eight others to follow suit... q.e.d.

In a sense, I believe that's what this site is all about and I see the genius in it and must credit where the credit is due - (JLF).

It all starts with me, and my RELATIONSHIP with those around me. First is the self improvement - it's trial and error and it will be truly hard. But once you succeed of your own accord and design, you will have been fulfilled. It is epic - you CAN move mountains.

Then comes the higher act - of enabling OTHERS to improve and achieve their successes with what you've learned. This is clearly beyond what's required and asked for. Why do we do this? Isn't it enough that *I* am ok?

If we are to be worthy of being human, then we should act human.

Over time, I have learned not to get caught up in "-isms". Patriotism? MAGA? USA? It's the same garbage they regurgitate to 18 year olds before they hand them a rifle to march up the hill to die "honorably" while they sit miles away sipping coffee.

ertyu
Posts: 585
Joined: Sun Nov 13, 2016 2:31 am

Re: Generation-X' Journal

Post by ertyu »

Generation-X wrote:
Sun Dec 15, 2019 2:27 am

The fact that US is the largest debtor nation in the world is of our own making and trying to solve that problem by blaming and then decimating others isn't going to be very constructive nor will it solve the problem.
Part of the "problem" that I somehow never see discussed: A. Be a creditor nation B. Be the holder of the world's reserve currency. Choose one.

Now if I can only remember what smart blog post I read this in

Mister Imperceptible
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Re: Generation-X' Journal

Post by Mister Imperceptible »

GenX,

You asked above how I was doing. I remain gainfully employed and in relatively good health.

My extremely frugal lifestyle has caused me to lose friends and in general become pretty isolated. Women are generally uninterested in dating me without my spending much money on them. By and large my lifestyle has made me an object of ridicule to others as I refuse to play their game.

No amount of living by example or by trying to verbalize what I am doing has put a dent in anyone around me. Not family, not friends, nobody. They are not going to change. They could be made to ERE only forcibly. Just as I know people will not change of their own volition, I know the affairs of nations will not change. All I can do is be the best person I can be, treat people with respect, conduct myself honorably, and pursue my individual goals. When the breakdown comes, necessity will bid people change.

Generation-X
Posts: 302
Joined: Mon May 06, 2013 4:43 am

Re: Generation-X' Journal

Post by Generation-X »

MI,

You're right about that, "It's only when the tide goes out that you discover who's been swimming naked". And "Honesty is a very expensive gift. Don't expect it from cheap people".

"You will be successful if the people who you hope to have love you, do love you". "It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction".

Because don't forget, "Someone's sitting in the shade today because someone planted a tree a long time ago".

And very important - "Marry the right person. I'm serious about that. It will make more difference in your life. It will change your aspirations, all kinds of things".

Invest in yourself. And plant some trees my friend.

By the way, THE woman, will amaze you. "Only invest in" a woman "that you understand".

Generation-X
Posts: 302
Joined: Mon May 06, 2013 4:43 am

Re: Generation-X' Journal

Post by Generation-X »

ertyu wrote:
Sun Dec 15, 2019 3:40 am
Part of the "problem" that I somehow never see discussed: A. Be a creditor nation B. Be the holder of the world's reserve currency. Choose one.

Now if I can only remember what smart blog post I read this in
Could it be https://en.wikipedia.org/wiki/Triffin_dilemma ? Though I don't understand its implications fully.

ertyu
Posts: 585
Joined: Sun Nov 13, 2016 2:31 am

Re: Generation-X' Journal

Post by ertyu »

It was something like this: if you've got the reserve currency and the world experiences growth (as it does over time), that means more transactions your currency is needed for and greater demand for your currency. Greater demand for your currency means your currency tends to stay structurally overvalued, which in turn generates a trade deficit because your exports appear expensive whereas your imports appear cheap. Good if you're importing commodities (price-inelastic) and exporting manufactured goods (price elastic), not good if you're a service-based economy and you import pink plastic junk from china.

The us flipped from a creditor to a debtor nation in 1985 - coinciding with the financialization of the US economy revving up in earnest and the beginning rumblings of computers and the internet: both helped move the US towards being more of a service economy.

Generation-X
Posts: 302
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Re: Generation-X' Journal

Post by Generation-X »

http://users.uoa.gr/~nektar/arts/tribut ... prince.htm
Image


He stared at me, thunderstruck.

"Matters of consequence!"

He looked at me there, with my hammer in my hand, my fingers black with engine-grease, bending down over an object which seemed to him extremely ugly . . .

"You talk just like the grown-ups!"

That made me a little ashamed. But he went on, relentlessly:

"You mix everything up together . . . You confuse everything . . ."

He was really very angry. He tossed his golden curls in the breeze.

"I know a planet where there is a certain red-faced gentleman. He has never smelled a flower. He has never looked at a star. He has never loved any one. He has never done anything in his life but add up figures. And all day he says over and over, just like you: 'I am busy with matters of consequence!' And that makes him swell up with pride. But he is not a man--he is a mushroom!"

"A what?"

"A mushroom!"

The little prince was now white with rage.

"The flowers have been growing thorns for millions of years. For millions of years the sheep have been eating them just the same. And is it not a matter of consequence to try to understand why the flowers go to so much trouble to grow thorns which are never of any use to them? Is the warfare between the sheep and the flowers not important? Is this not of more consequence than a fat red-faced gentleman's sums? And if I know--I, myself--one flower which is unique in the world, which grows nowhere but on my planet, but which one little sheep can destroy in a single bite some morning, without even noticing what he is doing--Oh! You think that is not important!"

His face turned from white to red as he continued:

"If some one loves a flower, of which just one single blossom grows in all the millions and millions of stars, it is enough to make him happy just to look at the stars. He can say to himself, 'Somewhere, my flower is there . . .' But if the sheep eats the flower, in one moment all his stars will be darkened . . . And you think that is not important!"

Image

... and at night I love to listen to the stars. It is like five hundred million little bells...

But there is one extraordinary thing... when I drew the muzzle for the little prince, I forgot to add the leather strap to it. He will never have been able to fasten it on his sheep. So now I keep wondering: what is happening on his planet? Perhaps the sheep has eaten the flower...

At one time I say to myself: "Surely not! The little prince shuts his flower under her glass globe every night, and he watches over his sheep very carefully..." Then I am happy. And there is sweetness in the laughter of all the stars.

But at another time I say to myself: "At some moment or other one is absent-minded, and that is enough! On some one evening he forgot the glass globe, or the sheep got out, without making any noise, in the night..." And then the little bells are changed to tears...

Here, then, is a great mystery. For you who also love the little prince, and for me, nothing in the universe can be the same if somewhere, we do not know where, a sheep that we never saw has--yes or no?--eaten a rose...

Look up at the sky. Ask yourselves: is it yes or no? Has the sheep eaten the flower? And you will see how everything changes...

And no grown-up will ever understand that this is a matter of so much importance!

Generation-X
Posts: 302
Joined: Mon May 06, 2013 4:43 am

Re: Generation-X' Journal

Post by Generation-X »

Image

This is, to me, the loveliest and saddest landscape in the world. It is the same as that on the preceding page, but I have drawn it again to impress it on your memory. It is here that the little prince appeared on Earth, and disappeared.

Look at it carefully so that you will be sure to recognize it in case you travel some day to the African desert. And, if you should come upon this spot, please do not hurry on. Wait for a time, exactly under the star. Then, if a little man appears who laughs, who has golden hair and who refuses to answer questions, you will know who he is. If this should happen, please comfort me. Send me word that he has come back.

Generation-X
Posts: 302
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Re: Generation-X' Journal

Post by Generation-X »

Getting down to the nitty gritty - beginning to plan for retirement


According to my status indicator, I'm just over a half of a year away from the earliest retirement window.

It is time (to start planning for retirement).

So how does one exactly retire? Are there any examples or footsteps to follow?

I've been speaking to various retirees and have received some tidbits and wisdom, mostly consisting of the traditional advice - "have some savings, a pension and make sure you have a house that is paid off before your retire".

While this was an excellent start, it didn't really fully address the question - why?

For those who have kindly provided these insights (I'm really thankful for their advice and I agree this a good place to start) it is probably true and they have witnessed others follow this recipe and have done well. This is like the sun rise problem, a clear case of inductive reasoning that has worked well for some, for some time.


I also liked the idea of basing the retirement decision on a single number -Savings Withdrawal Rate (SWR)- after a firecalc run, but my gut said no. In my experience, life is never that easy nor that simple.

"In the business world, the rearview mirror is always clearer than the windshield." i.e. hindsight is 20/20. Retirement is the windshield, not the rearview mirror.

The foundation of SWR based retirement is the expectation that future market returns will be similar to historical returns and the historical (or better) returns MUST materialize during retirement or else... a Walmart greeter?

IMO, this is the achilles heel of 3.5% - 4% rule based retirement.


Based on these limited attempts, it immediately became clear that managing risk is an essential part of retirement planning. What are the risks? As with anything else in life, I have to understand what the problem is before I can solve it.

Fortunately, there are others that have already thought about this - https://www.soa.org/research/topics/res ... and-risks/

A good place to start was reading about why they retired, how they manage it and what retirement was like: https://www.soa.org/globalassets/assets ... retire.pdf

There were mountains of data and I am still going through them.


Based on this, I have begun formulating a retirement plan that I am comfortable with. Details to be posted to help with clarity.

The things on focus have been with risks that will affect 30+ years in retirement:

Income
Expenses (Housing, basic necessities)
Inflation
Healthcare
Aging (Long Term care, Physical Health, Mental faculty)

and naturally,

When to retire?

ertyu
Posts: 585
Joined: Sun Nov 13, 2016 2:31 am

Re: Generation-X' Journal

Post by ertyu »

Generation-X wrote:
Sat Dec 28, 2019 2:47 am
"have some savings, a pension and make sure you have a house that is paid off before your retire".

While this was an excellent start, it didn't really fully address the question - why?
First of all, congrats for being so close to this major milestone. Re: pension and paid off house - here is why. In retirement, barring a major unexpencted health crisis, there is basically one thing that can fuck you up: the stock market experiences a major correction within the first 10 years of your draw-down period. A paid-off house means you don't need to pay rent means you don't need to sell at the bottom to pay rent. A pension is a payment of a predetermined value that does not depend on market volatility. If you have a pension, you don't need to sell at the bottom to fund your survival.

Note most ERE strategies aim at the same: meet your needs without a cash outlay. To the extent you can do so, your success becomes decoupled from the vagaries of (1) inflation and (2) the stock market. Given that we are almost certainly headed for a time of high inflation and a major market correction which is much more likely to be an L than a V - bottom (Japan vs. 2008 US), the more decoupled your needs provision is from cash, the lower your sequence of returns risk (the risk of an adverse market or macro event that screws you over in an irreversible fashion).

Edit: typo
Last edited by ertyu on Sat Dec 28, 2019 6:48 am, edited 2 times in total.

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