• hotaka said on Sep 28, 2006....

  A couple of years ago a guy asked me how much I wanted to have each month to live off if I could retire by age 55. I gave him a modest figure. He made some adjustments for inflation and said I would need to have so much money saved by that time. I said I didn't need to retire by 55 but he insisted that was a good age to retire. I said I knew some people who retired and got bored so they went back to work after 65. He didn't want me to spoil his example so he continued with the retire-at-55 idea. The amount he told me I should put away each month was about 80% of my monthly earnings. 80%! If I could afford to put away 80% I would probably be living in a nice house and not renting an apartment now. Where do these guys get their ideas from? Did he think I was going to say, "Okay, no problem. So let's set up something with your company where I will put that much money away?"
  
  I think saving something for your retirement is important. But these guys come up with some nutty figures. And chingform, are you going to be around in 99 years to spend that money? Expect your kids or grandkids to have it; not you.
  

• Frlncwrtr said on Sep 28, 2006....

  Chingform:
  Hotaka is right!
  
  Think it over very very carefully.
  
  One of my rules of thumb is, 'never trust an insurance company/agent.'
  
  They are scammers of one sort or another.
  

• chingform said on Sep 28, 2006....

  yeah.
  i agree with you guys so i didn't actually put anything with them ha!
  i did setup a life protection plan with them 8 years ago. that time i had not think of it clearly.
  
  wow hotaka, putting away 80% for a future which we are not certain of is rediculous.
  
  frlncwrtr i shd follow your advice, never trust an insurance agent.
  
  thanks :)
  

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