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How To Retire Rich and Happy
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Except, maybe, for oil. The notion that demand for petroleum products will suddenly dry up, or that we will find huge new supplies, or that we will suddenly - presto! - convert to alternative energy sources (with all apologies to Willie Nelson) seems unlikely at best.
Regardless of the macroeconomic environment, over time investors in Exxon seem to make out almost as well as the company's former CEO Lee Raymond. The bottom line is impressive: Since the end of 1980, Exxon has recorded a total return of 3,789 percent, compared with 1,836 percent for the S&P 500.
I wouldn't be surprised if this stock and certain other oil and gas plays, such as Petroleo Brasileiro and Total (both part of our FORTUNE 40 portfolio), do well for the near future. For a domestic play, Valero, the largest U.S. refiner, had a great year and still looks awfully strong.
4. What if I'm getting close to retirement and don't have enough?
McGirt: The tough truth: Keep working. "By working an extra five years, it's possible to increase annual [retirement] income by 25 percent, says Andy Eschtruth from the Center for Retirement Research at Boston College. Even working part-time will allow you to keep more of your IRA assets growing tax-free.
You may be tempted to start taking Social Security the day you become eligible. Hey, you've earned it. But waiting could mean a bigger payout - an annual benefit of $10,000 at age 62 could grow to $15,000 if you hold off until age 66. The hope, of course, is that you'll live long enough for the bigger, later payout to exceed what you would have collected if you'd started earlier (to age 76 in this example).
But the peace of mind that comes with having a bigger monthly income later on, when you may need it for non-negotiable expenses like health care, can outweigh the simple math. You need to decide what's more important to you. Retirement may also be a time to think outside your zip code. A small pension and assets from the sale of a home in an expensive state like Maryland can go a long way in, say, Tennessee.
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