Retire On Track LLC.
Retirement partnerships, usually called investment clubs, are a group of people who pool their money to buy stocks. These groups meet on a regular basis, either in person or online. During these regular meetings, the members of the club socialize, study stocks and learn about investing and personal finance. In Gerlach and McQuade's book, Investment Clubs for Dummies, they put it this way:
There are many benefits to belonging to a retirement partnership. These benefits include:
Retirement partnerships can be very successful. The Mutual Investment Club of Detroit was founded in 1941 and currently has portfolio in excess of $6 million (which excludes more than $4 million in member withdrawals over the years). How did they do this? They have regularly invested in high quality growth stocks. By staying invested year after year, the club has taken advantage of compounded growth. Your group can be successful too. All you need is determination, patience and discipline.
The ten steps to start your own retirement partnership include:
Whether or not you decide to form your own retirement partnership, you need to learn about investing and personal finance. A 2001 Retirement Confidence Survey (RCS) published by the Employee Benefit Research Institute (EBRI), American Savings Education Council (ASEC) and Mathew Greenwald & Associates found that the largest source of retirement income for current retirees are as follows:
|% of retirees||Income Source|
Employer sponsored plans
Other government income
Sale of home or business
Support from children/family
The fate of Social Security still remains to be seen. Americans are living fourteen years longer than when Social Security was created, and life expectancies are on the rise. This puts a tremendous strain on the system. The second largest source of retirement income for current retirees is employer sponsored plans. The sad fact is that no pension plan is completely secure.
The key to survival, whether your pension fund defaults or Social Security fails, is to educate yourself about finance and investing.
Bob's free retirement calculator is included at no additional cost for all Financial Tips & Hints newsletter subscribers. Bob's Free Retirement Calculator can help you to create your retirement income plan. Using the retirement calculator, you can view your retirement savings balance and plan your withdrawals for each year until the end of your retirement. The results of your input assumptions are revealed instantly.
Whether you are three months, three years, or 30 years away from retirement, it is never too early, or late, to start planning and investing. Through the creation of the correct plan now, you can make a big difference in how comfortable your retirement will be. You have worked hard for what you have; you deserve to make your dreams of a comfortable retirement a reality. Click Here to get started!