SEXDRUGSMONEY

Curren$y – What Da Fuck/#CruiseLife (Video)

2012-02-24T03:27:00.001-08:00

Curren$y – What Da Fuck/#CruiseLife (Video):

Spitta takes us on a journey through his hometown of New Orleans for Mardi Gras in the clip for “What Da Fuck/#CruiseLife” off his Here FreEP. Watch the black-and-white visual here. #JetLife

DJ Premier – Regeneration (rmx) f. Apathy & Nas [CDQ]

2012-02-24T03:27:00.000-08:00

DJ Premier – Regeneration (rmx) f. Apathy & Nas [CDQ]:

I posted a stream of this last week, now here goes the CDQ/explicit version. And for those doubting the authenticity of this or thinking Ap just took the original and pieced together a remix, think again. This is that official ish. The Re:Generation Music Project film in (select) theaters now. The image? *shrugs… she came up when I put “dj premier nas apathy” in Google Images. Complaints?

DOWNLOAD: DJ Premier – Regeneration (rmx) f. Apathy & Nas (prod. Apathy)

No New At the Drive-In Music, Sorry

2012-02-24T03:01:00.000-08:00

No New At the Drive-In Music, Sorry:

This At the Drive-In station is now operational... sort of. In recent interviews, guitarist Omar Rodriguez-López has explained that the newly-revived ATDI will not record any new music, and that the reunion is mostly about nostalgia and money. Three cheers for honesty.

"We're not getting any younger and there's been an offer of money every year," he told NME. "You'd be a fool and a politician to pretend that wasn't part of it."

What is a Hacker? Ask One.

2012-02-24T02:56:00.000-08:00

What is a Hacker? Ask One.:

I love this pair of “interviews” that hacker legends Mitch Altman and Emmanuel Goldstein gave to the Media Show.

When someone says they are a hacker, what do they mean? Are they just big computer geeks? Are they doing illegal criminal things, breaking in and stealing passwords? Mitch Altman, inventor of the TV-B-Gone, tells us hacking is about thinking differently about the world around you. Featuring the folks at the Noisebridge hackerspace in San Francisco, who show off their projects with bikes, toys, clothes, food, electricity, and even outer space!

BTW, it looks like the Media Show could use a little support to stay running. [via Drew Fustini]

This Is How Condoms Are Made and Tested [Video]

2012-02-24T02:55:00.000-08:00

This Is How Condoms Are Made and Tested [Video]:

Condoms exist in that uncomfortable category of things we accept as part of everyday life, but don't spend too much thinking—much less talking—about. That's silly. To help break the ice, here's a stimulating look at how Trojan condoms are made, because you really shouldn't put anything on your (or your partner's) junk without knowing where it comes from. More »

Schedule a “No Spend” Day and Challenge Yourself to be Frugal [Saving Money]

2012-02-24T02:54:00.000-08:00

Schedule a “No Spend” Day and Challenge Yourself to be Frugal [Saving Money]:

It may seem silly to try to go a single day without spending any money at all, but think about how frequently we use credit and debit cards on a day-to-day basis. Whether it's a cup of coffee on the way to work, or lunch out with coworkers, or even an impulse buy at Amazon, it's no surprise many of us have trouble managing our daily finances. Take back control by scheduling "no spend" days, where you commit to not spending a dime unless you absolutely have to. More »

Get Money For All Your Bullshit on Amazon.com

2012-02-24T02:45:00.000-08:00

How to Sell Your Excess Crap for Cash in Just a Few Hours with Amazon's Fulfillment Program [Selling Online]:

Got crap? Want money instead? Amazon has a neat program that essentially lets you dump old books, movies, gadgets, and more in a box, send it to them, and then wait for the money to roll in. Here's how you can start using it and sell your stuff in no time. More »

Isolated Mountain Vol. 5

2012-02-22T01:21:00.001-08:00

Isolated Mountain Vol. 5
Right Click To Download, Left Click To Stream

I imagined waking up in an isolated place alone and when I opened my eyes, these were the songs that took stride to my mood, my focused renewed.

--- Ryan Mega

Coffee

2012-02-21T00:07:00.000-08:00

Coffee:

Kid Cudi – Dose of Dopeness (Unreleased)

2012-02-21T00:06:00.000-08:00

Kid Cudi – Dose of Dopeness (Unreleased):

Partnering yet again with Dot Da Genius, Kid Kudi unleashes a previously unreleased track titled “Dose of Dopeness.” Circa 2008, the track gives nod to the forthcoming WZRD full length album that is slated to drop on February 28. In the meantime, the Cudder debuts the track to satiate enthusiasts until next week’s release.

Source: HYPETRAK

RANDOM PICS: KANYE WEST ENJOYS LONDON FASHION WEEK

2012-02-21T00:03:00.000-08:00

RANDOM PICS: KANYE WEST ENJOYS LONDON FASHION WEEK:

The always fashionable Kanye West was spotted front row at the Mark Fast Autumn/Winter 2012 show during London Fashion Week on Monday (February 20) in England. The multi-talented star looked in good spirits and was rocking denim and the new colorway of his Air Yeezy 2s. Pretty dope.

In related news, Kanye will make his Vogue debut next month. Posing shirtless with Givenchy’s creative director Riccardo Tisci and a bunch of models/actresses. PEEP THE PHOTO HERE.

( PHOTOS: GETTY IMAGES )

How the Recession Changed the Reasons Students Go to College

2012-02-20T23:52:00.000-08:00

How the Recession Changed the Reasons Students Go to College:

Is college designed to give students job skills, or to encourage them to study subjects they're passionate about? It's a question that can incite endless debate, but according to the 46th annual Freshman Survey—a project of the Higher Education Research Institute at UCLA—students increasingly believe it's the former.

The survey, the largest of its kind, polled nearly 204,000 full-time freshmen entering 270 four-year colleges and universities last fall. Researchers found that 85.9 percent of freshmen said they're in college "to be able to get a better job." Prior to the recession, freshmen consistently answered “to learn more about things that interest me” as the major reason they pursued higher education.

Students pursuing different majors offered strikingly different motivations for seeking college degrees. Roughly 88 percent of freshmen planning to major in science, technology, engineering, or math, and 92 percent of students majoring in business, cited improved job prospects as the most important factor. Meanwhile, a relatively paltry 73 percent of humanities majors said job skills are most important to them.

Also predictably, 85 percent of business students said they're in school "to be able to make more money" compared to just 56 percent of humanities majors. But the good news for humanities majors is that, although their overall salaries remain lower than STEM and business majors, salaries for those grads saw the biggest percentage jump last year.

The recession has reshaped the entire nation, so it's not surprising that students are reacting by changing their priorities. Just as Americans who grew up during the Great Depression were shaped by economic hardship, the current generation of students are understandably motivated by a desire for financial stability.

Photo via (cc) Flicker user David Berkowitz

How to Make Google Music Your Secondary Media Player (and Why You Should) [Google Music]

2012-02-19T19:17:00.000-08:00

How to Make Google Music Your Secondary Media Player (and Why You Should) [Google Music]:

Even if you don't want to use Google Music as your full-time music player, it's become one of the best ways to back up and access your music library from anywhere. It doesn't need to be your main player; you can still reap the benefits of Google's free music backup and on-the-go streaming service. Here's everything you need to know about setting it up as a secondary player and getting around its few quirks. More »

Is This Our First Peek at the iPad 3? [PICS]

2012-02-19T15:15:00.000-08:00

Is This Our First Peek at the iPad 3? [PICS]:

Chinese blog Apple Daily claims to have leaked pictures of the iPad 3 before Apple officially planned to give its own sneak peek in early March.

The unconfirmed photos of the iPad 3 look similar to the iPad 2, but Apple Daily reports the iPad 3 will have a quad-core Apple A6 processor and 4G. The iPad 2 has 3G connectivity and a 1 Gigahertz dual-core Apple A5 processor.

Here’s Apple Daily’s comparison of the three iPads:

Apple Daily says the iPad 3 will have a 9.7-inch Retina Display — the same size as the iPad 2′s screenbut with 2048×1536 resolution instead of 1024×768 — and the case allegedly has an 8-megapixel camera on the outer corner. MacRumors confirmed the Retina Display last week. The case has been improved and the screen resolution is the same as the screen on the iPhone 4S.

SEE ALSO: Apple to Unveil iPad 3 in March and It Could Look Like This [RUMOR]

We’re not sure if these iPad 3 pictures are real, but take a look for yourself. We will find out the truth on March 7 when Apple shows off the new tablet.

Bonus Gallery: Inside the iPad 3

Back Casing: iPad 3 vs. iPad 2

This photo allegedly shows the back of the iPad 3, which suggests more room for battery, a different camera and a new LCD.

Credit: Repair Labs

Click here to view this gallery.

Photos courtesy of Apple Daily

More About: apple, ipad 3, leaked, trending

Julie Henderson Is Probably Our Favorite Sports Illustrated Swimsuit Model

2012-02-19T15:08:00.000-08:00

Julie Henderson Is Probably Our Favorite Sports Illustrated Swimsuit Model:

Have you gotten a chance to familiarize yourself with Julie Henderson? If not, you’re totally missing out. She is probably one of the hottest SI models in the game. Let’s get soft her for a second: she’s got killer eyes, bros. And a great rack! OK, we’re back! Check out the best of Ms. Henderson after the jump. You’ll fall instantly in love.

Hearty Breakfast: If You Like Big Butts on White Girls..

2012-02-19T15:06:00.000-08:00

Hearty Breakfast: If You Like Big Butts on White Girls..:

The Above Photo via.. (Reddit)

Check Out Scarlett Johansson’s Dump (Drunken Stepfather)

JoJo is the Perfect Girl — She’s Hot and Plays Video Games (Caveman Circus)

Some Girl-on-Girl Action with Joanna Michelle Smith (The Smoking Jacket)

Here’s Your Kate Upton SI Swimsuit Cover Photo (BroBible)

Let These Boobs Take You To Another Place… (Uncoached)

So, Kate Upton is Topless… Yeah! (Busted Coverage)

If You Like Random Girls With Big Boobs… (College Poison)

11 Things You May Not Know About Retirement Accounts

2012-02-19T15:04:00.000-08:00

11 Things You May Not Know About Retirement Accounts:

This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool’s Rule Your Retirement service. Robert contributes one new article to Get Rich Slowly every two weeks, and photocopies his face and other body parts.

I don’t know you personally (yet), but my guess is that you own an IRA or employer-sponsored retirement account such as a 401(k) or 403(b). Such accounts are where the majority of Americans hold their longterm savings. However, like anything governed by the Congress and the IRS, there are plenty of rules, exceptions, and quirks. Here are some lesser-known facts about retirement accounts.

1. The deadline for 2011 IRA contributions is April 17, 2012.

It’s too late to make a 2011 contribution to your 401(k), but you have until the tax-filing deadline to contribute to an IRA. That’s usually April 15, but it’s been extended to April 17 this year since April 15 falls on a Sunday, and April 16 is Emancipation Day in the District of Columbia (as well as the birthday of Peter Billingsley, who played Ralphie in A Christmas Story, but I don’t think the IRS cares about that as much).

2. Contribution limits are up for 401(k)s, not for IRAs.

The most you can contribute to an IRA in 2012 is the same as the limits for 2011: $5,000, with an additional $1,000 for those age 50 or older. However, the amount you can contribute to a 401(k) has been increased to $17,000, with an extra $5,500 for the 50-and-older crowd. So if you maxed out your 401(k) in 2011 and want to contribute the max this year, you’ll need to increase your paycheck withholding.

3. If you have a job, or are married to someone who does, you can contribute to an IRA.

There are lots of rules about who can contribute to which kind of IRA, how much can be contributed, and the tax treatment of those contributions. Spelling that out would take a whole other post. But here’s the crucial starting point: You must have earned income — i.e., get paid to do a job — to be able to contribute to an IRA. The only exception is a spouse who is married to someone with a job, who would then be eligible for the so-called “spousal IRA.” This also means that a kid who is earning money can contribute to an IRA (though it’s a bit more complicated, since it might take more work to document something like babysitting income).

However, some people think that if they’re not eligible for a Roth IRA of deductible traditional IRA, then they can’t contribute to an IRA at all. Not true. You can still contribute to a non-deductible traditional IRA, which will grow tax-deferred — i.e., you don’t pay taxes on any investment earnings until you make withdrawals. Just make sure to document how much you contributed because that money will come out tax-free.

(For those who want more information about income and eligibility numbers for IRAs, here are some of the IRA guidelines for 2011, and here are some of the guidelines for 2012.)

4. Improve your investment choices.

The typical employer-sponsored retirement account offers so-so investment choices and charges too much for the privilege. Fortunately, you may not be stuck with those lousy and overpriced investments. Here are some options:

If you no longer work at the company, transfer the money to a low-cost IRA.

Many retirement plans offer a brokerage window, which allows employees to buy individual stocks, exchange-traded funds, and other mutual funds.

Some plans allow for in-service distributions, which allow employees to transfer money to an IRA while still working for the company.

Also, your company may have a benefits committee, or at least a group of folks who occasionally think about the retirement plan (typically, the human resources folks and perhaps the CFO). You can agitate for better investment options, a brokerage option, or even a completely different plan. We went through this process a few years ago at The Motley Fool, and believe me, it’s worth it.

5. You can pay annual IRA fees with non-IRA money.

Many IRA providers charge an annual account fee, which is automatically taken from your account assets. But you can instead send a check to the custodian and leave more money in the IRA to grow through the years. (Contact your provider for details.) Unfortunately, you can’t use non-IRA money to pay other costs, such as commissions and mutual fund expenses.

6. Get the money before age 59 1/2.

Because Uncle Sam wants us to save for retirement, IRAs and employer-sponsored accounts come with several tax advantages. To encourage us to actually use this money for retirement, Uncle Sam will make you pay a 10% penalty if you tap the account before age 59 ½. While leaving the money alone until you retire is definitely the smartest strategy, the truth is that sometimes people need the money before they reach their 60s. Here are several exceptions to the 10% penalty (though, in many cases, the withdrawals will still be taxed).

Contributions to a Roth IRA (not earnings) can be withdrawn any time, tax- and penalty-free. However, early distributions from a Roth 401(k) are a proportional mix of contributions and earnings, so some of the withdrawal may be taxed and penalized.

You may be able to make penalty-free withdrawals from your last employer’s plan if you retire at age 55 or older.

Under rule 72(t), you can make substantially equal periodic payments (SEPPs) at any age by agreeing to take out a certain amount each year until you turn 59 1/2 or for five years, whichever is longer.

IRA assets used to pay for qualified higher-education expenses — such as tuition, fees, books, and room and board — are exempt from the 10% penalty. Note that this applies to IRAs only, and not employer-sponsored accounts such as 401(k)s and 403(b)s. Also, these distributions are counted as income on the tax return, which could affect financial aid eligibility in the subsequent year.

You can use your IRA to help put a roof over your head, as long as you’re considered a first-time buyer, which, according to the IRS, includes anyone who hasn’t owned a home in the past two years. There is a $10,000 lifetime limit on what can be withdrawn penalty-free, but that limit is applied per person, so married couples can withdraw up to $20,000.

You also might be able to escape the 10% penalty if withdrawals are used for un-reimbursed medical expenses; health insurance if you’re unemployed; or living expenses if you’re disabled. The rules around these exemptions are more complex, though, so do plenty of research first.

7. You can invest in “alternative investments,” but tread carefully.

Retirement accounts are not limited to stocks, bonds, and mutual funds. You may be able to use your retirement savings to invest in options, real estate, small businesses, and collectibles; I’ve even met someone who works for a 401(k) provider who claims they have a client who has invested in Babe Ruth memorabilia. The trick is to find a custodian that will allow such investments. You’ll have to go beyond the usual brokerages and mutual fund companies and find a company (often a bank) that specializes in such arrangements, which are often referred to as “self-directed IRAs.” That said, many promoters of these arrangements turn out to be frauds. Using your retirement-account money for such arrangements is much more complicated, and risky. Caveat emptor and all that.

8. Use the Roth as an estate-planning tool.

Let’s say you’re still working, but you’ve already saved enough for retirement and would like to help your kids, grandkids, or favorite Get Rich Slowly contributor. One option is to contribute to a Roth IRA and name your relative(s) as beneficiaries. When you retire from this world to the next, your heirs will receive that money income tax-free (although it may be subject to estate taxes).

There are a few reasons a Roth IRA is better than a traditional IRA for this purpose. You can’t contribute to a traditional IRA past age 70, even if you’re still working. In fact, at that point, you must begin taking money out, which is known as a required minimum distribution (RMD). The scenario is a bit different with a Roth; there’s no age limit and no RMDs. Plus, heirs must pay income taxes on inherited traditional IRAs.

9. Protect assets with retirement accounts.

The money in your employer-sponsored retirement account most likely can’t be lost to bankruptcies or lawsuits. In most cases, the same goes for IRAs, up to $1 million.

10. Inherited retirement accounts can get very complicated.

This is another one of those topics that would take several hundred words to explain, and you’d never make it to the end because you’d pass out from boredom and ennui (if you haven’t already). But there are lots of quirks about inherited retirement accounts. Just one example: If you inherit an IRA — even a Roth IRA — you may be required to take annual minimum distributions, even if you’re seven years old (and good for you for reading this post at such a young age).

If you inherit a retirement account, it might be smart to see a qualified professional to get guidance — perhaps from an accountant or financial planner who works by the hour (such as the folks at the Garrett Planning Network). You can also find good information at IRAHelp.com and Fairmark.com.

11. Have Uncle Sam fund your IRA.

Getting a tax refund? You can instruct the IRS to send it directly to your IRA.

How to Spend a Tax Refund

2012-02-19T15:03:00.000-08:00

How to Spend a Tax Refund:

This post is from staff writer Sarah Gilbert.

For the past two years doing taxes has not been bearable: it’s been terrific! I’ve used an online e-filing service for several years now after many years of taking great pleasure — really! — in filling out the paper forms, just because it gets the money to me far more quickly.

Last January I began to fill out the online forms and, at some point, started glancing at the little status bar on the upper right corner. I’d filled in all my dependents and household income, and the number corresponding to my refund was more than double what I thought I might be able to expect. It ended up more than triple my expectations — about $7,500. It is, I’ve now learned, one of the significant benefits of having a spouse whose income is coming from a war zone, where it’s not taxable. As my own freelance income had decreased, thanks to the extra work of holding down the house and three young children on my own, we were getting an earned income tax credit on top of the child tax credits for our boys.

This year, I’ll get a tad bit less. I made a lot in 2011, but I’m not complaining a bit. I am, instead, working hard not to spend it unwisely by trying to follow the following rules:

1. Don’t spend a single penny before the money arrives in your bank account.

Don’t charge something on credit cards; don’t promise to spend the money; don’t put a deposit down with the rest due the day you expect the refund. Naturally, this one is very difficult in practice. This year, I had a fantastic deal on wool comforters made by a nice family on the outskirts of the city; lots off retail, with a third down in December and the rest due at the end of January. Surely my tax refund would arrive by then! And I really did need new comforters — the feathers coming out of my old one were so thick it looks like some geese are about to lay eggs under the bed. Everything worked out, but I had to juggle, and I felt a little awful using the comforter a few days before I expected the refund to arrive. I’d paid for it, but I’d have to make it up later.

You won’t know what unexpected expense or nasty delay might cause you to be staring down a final payment or contract fulfillment without anything left in your bank account but hope. And then, you could end up using costly credit or financial shenanigans to make good on your promise.

2. Pick a debt that can reasonably be paid off with the tax refund. And do it!

Also, try negotiating the balance due. I’m still, faithfully but slowly, paying off long-ago-closed credit card accounts. Number two was 76% paid as of January 30. I called the day the money hit my account to negotiate a big payment that will satisfy the whole account — and I’m saving $1,000 off the original balance. (I could probably have worked it down further; my negotiation skills are great, until I wear out and let them “win.” You could try harder!) Now I’m planning to spend March working out a payment plan for credit card number three — the last.

3. Put at least a third in a savings account, right away.

Consider it “someone else’s money.” (Your future needy self, of course!) If I leave the money in my regular checking account, I’ll consider it fair game. And it’s the perfect seed for the emergency fund you’ve been wanting to start. It’s important that I separate the concepts of “savings” from “checking account buffer”; I’m far less likely to preserve the buffer, so I have to get it into a separate account. Preferably one that’s harder to withdraw from. So I’m planning to get half of that savings into a Roth IRA. It’s not a ton of money, but it’s better than letting it sit where I can access it for emergencies that… aren’t really.

4. Commit to yourself to buy things that will pay you back in savings.

Note I am not including “wardrobe investments” in this (unless perhaps we’re talking about a wardrobe completely devoid of work boots, or something). I consider things such as upgraded windows (to save you energy costs), a couple of bus passes or other bulk purchase of something you use very frequently (to save you stress, having to make change, and get a bulk discount). Maybe a bike could replace a short commute, or a second car. (My stimulus check in 2008 went to a fancy mama bike that’s saved me so many thousands of dollars I’ve stopped tracking.) Maybe you can buy a half of a cow from a local farmer, saving you tons all year on quality meat — or maybe a chest freezer to make that possible. This concept is served by my wool comforters; they’re so freakishly warm that I’ll be able to turn the furnace down several degrees at night.

5. Spend 5% or so on something nice.

I know, the “windfall” rules say to only spend 1% on splurges. But let’s go crazy! It’s just a tax refund, after all. Go out to eat with your family (once). Buy yourself a pretty raincoat or some new wool underwear (my favorite splurge). Just make sure you feel good about yourself and you stick to the 5%. Which leads me to the most important thing of all…

6. Make your budget before you do anything.

Well, it’s okay to stick that 1/3 in the savings account first. But don’t rush off and spend your splurge and your “investments” before you’ve sat down with a piece of paper or a spreadsheet and all your bills for the month. Go on: put in one column all your regular income and the tax return. Put in the other column all the regular bills (put those first!) and what you’ve hoped to spend your tax refund on. Let’s not put off paying your home equity loan or your power bill because you have so much money, right? Make sure you’ve paid your bills first. I went so far as to forcing myself to record all the money I’d spent, down to the last bus ticket and coffee shop tip, over the month of January before I’d let myself spend any money on treats.

It’s really effective (if you can hold yourself back) to let the debt payments and bill payments clear your bank account before you buy anything fun (even if that “fun” thing is a wool comforter or organic underwear for your kids: one thing on my list!).

7. Don’t let yourself go shopping.

I rarely go shopping, because I rarely have much spare cash. Except for when I have spare cash! Then I love to shop. I shouldn’t. Even when I’m not going crazy with the designer clothes and $300 boots, I’m going crazy with designer insulated coffee bottles. I can’t help myself.

So I’ve found the best thing to do is to make a list of all that stuff I’ve been wanting — “needing” —for the past year, and prioritize. I’ve been waiting for those organic underwear the longest, and my nine-year-old has been complaining his old ones don’t fit. So I need to buy that and not (for now) that cute pair of rain boots I’ve been longing for (but totally not needing). The wireless modem is about to fail, so we’ll get that — but not the new iPod touch to replace the one with the marred screen. It still works and, after I made my list, I learned that it would cut into my savings funds. That’s non-negotiable.

Make your list, do the math, then go shopping.

8. Think about investments in a new way.

Last year I spent part of my tax refund on tickets to two conferences, thinking that they’d be good for my “professional development.” The first, a culinary professional conference (I write about food), turned out to be a bust — it was really fun, but I didn’t meet anyone I couldn’t have met online, and it was terrifically expensive. It’s more of a moneymaker for the conference organizers than for the attendees. The second, a blogging conference, turned out to be amazing; I met a couple of people just by chance with whom I went on to do consulting projects and other writing gigs. I made twice as much in income from people I never would have met otherwise as I spent on the conference. And I made some friends I love dearly.

So I’m being more strategic about conferences this year, and focusing on the ones where I am comfortable my “career” is already established and will give me the opportunity to strengthen relationships with people I really care about. I’m heading to a writing conference a lot of my favorite literary editors will attend; I’ve discovered that connections (when they’re authentic friendships) in literary journals and book publishing are far more important than in food writing. And the ideas I get from literary events turn into even more “output.” I’ll also repeat my visit to the blogging conference, ever more alert to the opportunities to share ideas and meet people with whom I can collaborate — and hopefully turn into more income, in addition to friendships. A happy person is both a better money maker and a person who needs less money, right?

The best part is that I can count all these expenses against my income on next year’s taxes! No time like the present to start planning for next year.

Is Retirement Just Too Dang Risky?

2012-02-19T15:02:00.000-08:00

Is Retirement Just Too Dang Risky?:

This is a post from staff writer Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool’s Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks.

I’ve been saving for retirement since my mid-20s, and I write a retirement-planning newsletter every month. Yet here’s the thing: I don’t plan to ever fully retire. And while most people list “retirement” as their number one investing goal, I don’t think most other people should retire, either — at least not at age 64 for men and 62 for women, which are the average retirement ages these days, according to the Center for Retirement Research at Boston College.

I question the value and wisdom of retirement for financial reasons, for health reasons, and for “why should we encourage people to sit on their butts all day” reasons. However, in this post, I’ll question retirement from a risk perspective: Can anyone really be sure that their savings and benefits will last for a few decades? Let’s take a closer look.

1. Social Security has “issues.”

I’ve written before that all the talk of people getting nothing from Social Security is overblown; everyone will get something. But there are enough problems to suggest that younger and wealthier people should expect to get much less than their currently projected benefit. Not that the current benefits are enough to buy beachfront property; the average annual Social Security benefit is just $14,172. If that weren’t scary enough, according to the Social Security Administration, more than half of elderly beneficiaries receive 50% or more of their incomes from Social Security; for 22% of married couples and 43% of unmarried beneficiaries, Social Security provides 90% or more of their incomes. The fact is, most Americans do not do a good job of planning for retirement.

2. Some people have pensions, but they have their own problems.

According to the Employee Benefit Research Institute, approximately 20% of the over-50 crowd receives income from a defined-benefit pension, with an average benefit of almost $18,000. However, the percentage of Americans who will receive a pension is shrinking. Plus, many of these plans don’t have enough money to pay future benefits. (In fact, the massive underfunding of pension plans — particularly state and local plans — is one of the most underappreciated risks facing our country.) And when a company goes bankrupt, as retirees from Kodak recently learned, benefits can be reduced or eliminated. Most private plans are insured by the Pension Benefit Guaranty Corporation (PBGC), which has the power to take over underfunded plans or those of bankrupt or distressed companies. However, pensioners may not receive their full benefits. Furthermore, the PBGC is on the hook for $107 billion in payments yet has just $81 billion in assets. Government plans are not insured, but their sponsors can always raise taxes — though that’s generally not very popular.

3. Savings to the rescue…or not.

I won’t trot out all the stats about how people don’t save enough, or how the baby boomers, as a group, are entering their golden years with too little gold (that is, net worth — I’m not suggesting that every retiree hoard the shiny metal). That’s bad enough. My concern is that for these (often-too-meager) savings to last, investment markets have to cooperate, and, as we’ve seen over the past decade or so, they often don’t. I’m not predicting Armageddon or anything like that; most of my longterm savings are in the stock market. But investing can be risky; we just don’t know for sure how much a certain stock or even a bond will be worth a decade or two from now. Yes, you can play it safer with CDs or Treasuries, but only if your money will last as long as you do — and keep up with inflation — while earning 2%.

4. Or maybe my home equity will save me…oh, wait.

Several years ago, homeowners could take consolation in the rising value of their homes. Now, with prices down nationwide an average 30%, it’s much more difficult to turn a nest into a nest egg. Of course, this wasn’t supposed to happen. In 2005, Ben Bernanke, then an adviser to President Bush, said on CNBC, “We’ve never had a decline in housing prices on a nationwide basis. What I think is more likely is that house prices will slow, maybe stabilize…I don’t think it’s going to drive the economy too far from its full-employment path, though.” This just goes to show that even smart, well-connected people can get things very wrong, and that just because something hasn’t happened before doesn’t mean it can’t happen.

5. Health care is unpredictable and expensive.

The big wild card in anyone’s finances is health care — what illnesses or accidents will befall them, and how much of the costs will not be paid by insurance. Yes, most folks age 65 or older are eligible for Medicare, and approximately 25% of retirees also get help from former employers. But basic Medicare, by itself, does not provide comprehensive medical and dental care; that costs extra. Plus, the financial challenges facing the Medicare system dwarf any problems Social Security has. As for employer-provided retiree health care, that — like a pension — is a disappearing perk.

6. If I only knew when I’ll die.

From a financial perspective, retirement is a mathematical equation that answers the question: Will I run out of money before I run out of life? You’ll need a lot more money if you die a centenarian than if you die an octogenarian (which is how long the average person lasts, once she or he has made it to age 65). There are plenty of longevity calculators that will factor in your health, family history, and upholstery-potato habits to come up with an estimate of when you’ll join that Great Spa in the Sky (I sure hope there are massages in heaven.). The standard financial-planning advice is that you should assume you’ll live to 90 or 95. But the truth is, no one really knows their date of death, yet it’s a very important variable in the calculus of retirement.

A caboodle of question marks

The bottom line is, no one can say for certain what their various sources of retirement income will provide a decade or three hence, or whether that income (whatever it is) will be enough to cover the income they’ll need at that point. That said, there are plenty of ways to mitigate all the risks of retirement, which I write about in my newsletter and in my GRS posts. But for now, I’ll just put the question to you: Do you think retirement is too risky? How do you plan to address any potential problems?

Finally, the message of this post is most definitely not “stop saving for retirement.” I continue to max out my 401(k), despite my hope that I’ll be able to work forever. Nevertheless, many people are forced to retire due to bad health or a bad economy. Plus, I’m just 42. By the time I’m 72, I may have changed my mind — or my body has changed it for me — and I’ll actually be ready to sit on my butt all day.

Kinny

2012-02-19T14:44:00.000-08:00

Kinny:

quirky soul // electronic

Kinny is a dame with personality & soul, originally from Canada, she finds her home in scandinavia now. Trained as a classic vocalist, she released Forgetting to Remember with electronic music producer Espen Horne in 2006, showing off the match between her unique vocal stylings and Horne’s original production. A few years later Kinny saw her debut solo album Idle Forest of Chit Chat produced by a multitude of producers (Quantic, TM Juke & Diesler, a.o.). With that album, the seeds were planted for a new collaboration with production duo Souldrop. They produced two tracks on Kinny’s first, of which the Darondo sampling ‘Water For Chocolate’ is included below. After battling and overcoming a severe OCD-induced breakdown following a traumatic incident, Kinny has now released her second solo album Can’t Kill a Dame With Soul produced entirely by Souldrop. You can check the lead single ‘Big Fat Liar’ out on soundcloud and album track ‘Up/Side/Down’ below. This track is a good example of what you’ll find on the album, showing how she deals with her OCD through musical and lyrical expression.

Unique Soul with OCD (meaning Obviously Cool Dame)

Kinny – Water For Chocolate

Kinny – Up/Side/Down

+ Purchase/Visit

Friday Wrap-Up: Gary Cooper and Missouri's True/False Film Festival

2012-02-19T14:42:00.000-08:00

Friday Wrap-Up: Gary Cooper and Missouri's True/False Film Festival:

Photo by Anthony Barlich.

Here's some general miscellany and packaged goods we thought you should know about:

On Gary Cooper:

"Believe me, he was the best looking son of a bitch that ever lived." If there's one thing we love, it's the impossible style of movies stars from the middle of the 20th century. And if those words (Bill Blass's, by the way) doesn't describe Gary Cooper, we don't know what does. To see the rest of the quote, check out Cary Randolph Fuller's feature on Cooper, which appeared on the cover of Ralph Lauren Magazine's spring issue.

On lying:

If you don't know about the True/False Film Festival, you should. I'm almost not sure how to even describe it, but it's the best documentary film festival in the world, and it's here in the Midwest. If you think sitting in a dark room with hundreds of other people for 72+ hours doesn't sound like fun, you're wrong. The entire town comes alive, and there are secret parties and mind-blowing new ways of looking at the world. Missouri? Who would have thought? We'll have full coverage in a few weeks.

It's happening March 1–4 in Columbia, Mo. Unless you act, like, now, you may already be out of time.

On sale:

Heard of George Costanza? Remember his wallet problem? Our guys at Huckberry have a solution for fat billfolds, along with a bunch of other goodies—including a phone for your phone, sweaters handmade in California, and hand grenades for your house.

THIS SATURDAY IN CHICAGO: Tax-free weekend at the 900 Shops. Here's what you need to download and show to get 9.5% off your purchases. Starts tomorrow, runs through Monday!

We know Brad's got the word on some dope shoes over at Well Spent.

CHICAGO: Haberdash is shutting down the Old Town shop. That means—you got it—moving sale. Started yesterday. Here's what you need to know.

Know of other sales around the Midwest? Tweet at us.

On hard-ons:

Our thrifting find of the week: topical Chicago Cubs humor. Wrigleyville? Sounds about right.

New Buttondowns from 8.15

2012-02-19T14:41:00.000-08:00

New Buttondowns from 8.15:

wow, loving some of these new from 8.15 (August 15th)...

some people jus know how to floss

2012-02-19T14:38:00.000-08:00

NYFW STYLE | Joncarlo:

Photo: William YanJoncarlo is always stylish, I love that he has two pairs of Oliver Peoples on him, show the kids how you stunt.

Brown Beans (the shoes, not the prep)

2012-02-19T14:36:00.000-08:00

Brown Beans:

Photographed in New York, NY (Columbia University)

Noteworthy: L.L. Bean Boots, navy peacoat.

Gentlemen of Ralph Lauren NYFW FW12

2012-02-19T14:31:00.000-08:00

Gentlemen of Ralph Lauren NYFW FW12:

Jerry, The Man.

Boss.

Doug. The Vintage Don. The reason you sweat RRL (I read that on a blog)