Can a journalist AFFORD to retire

So this question has bugged me for some time now. I see a lot of older reporters (when I say old I mean over the age of 60) still working, whether it be in broadcast or print journalism. Now excluding the obviously well-off like Barbara Walters etc, why do you think so many older reporters are still around? We have a guy at our shop that is thinking about retiring (he's over 70), but he's said that he wouldn't know what to do with himself if he left this business. Is this common, are reporters that in love with the craft that they can't simply walk away? Or is it, unlike the Barbara Walters of the world, they can't necessarily afford to retire after the low salary they've made for so many years? My apologizes if this has already been discussed.

 

At my place, a few guys had close to 40 years before they retired. The most senior member of the newsroom has about 15 years and is only an obit clerk.

I'm only 25 and I'm worried that if I put money into a 401(k) that it just won't be there one day. I'd rather invest in precious metals or something else.

 

Most 35-40 year veterans of this business are doing it because they love it. If you're smart about your money, you'll be working at 65 or 70 because you WANT to, not because you have to.

 

That's an excuse, Clark Kent. Better start putting money in that 401K. When a 25-year-old says he would rather invest in precious metals, he usually means aluminum beer cans.

 

You better start something, if not a 401k. You can't bet on Social Security being around in 40 years. 401k's are pretty safe depending on your portfolio. You can make a killing owning stock only, but if the market tanks, you can lose your shirt, too. You need to hedge against that and allocate some of your money toward bonds.

Precious metals are horrendously volatile. They're way up right now, but once things settle down, the value will drop, and again, you'll lose your shirt.

 

Now there's some advice that will have Kiplinger's on the run.

 

Quality.

 

They key is to regularly contribute to the 401(k). Don't rely on a company-provided pension or Social Security (which was never intended to cover the costs of retirement anyway).

I read somewhere (OK, OK, I heard on the Suze Orman show) that if you contribute $100 to your 401(k) when you're 22 and if the market has better-than-average performance, when you hit 60, it'll be worth about $1 million. Wait until you're 30, and the value is like $400,000 or something.

 

The key is marrying well.

 

I don't think this is limited to our profession. My dad has been at his job for more than 40 years and could retire quite comfortably, but I don't see him retiring anytime soon because he's still in very good health and he loves what he does. Also, he's not quite sure what he would do with himself.

He and my mom take a little more time off now and are more involved in things like the local art school, but I don't ever see my dad as the type that will be playing golf everyday just to keep himself occupied and out of the house.

 

If not precious metals, then how about oil?

 

That's my plan. There's gotta be an unmarried millionaire out there who likes short, curvy girls with obnoxious t-shirts and crazy high heels.

Seriously though, I don't contribute enough to my 401K, mostly b/c I'm trying to pay off my credit cards. The company I work for (Lee), however, contributes almost 5 percent (it's like 4.9 percent) to it for me before I contribute a dime. I'm soooo incredibly thankful for that that's it's not even funny.