Let's Talk Retirement.

[DAT]

 

[BIG WOOD]

For some an ugly subject that gets put off year after year untill it's toolate but to kid yourself

For others it's constant thought and probably thier main hobby.

Some of us have working wives who may be able to float the boat once our backs can no longer devastate soiled floors as owner op super heros.
Some, few, very few actually have a business with a value that can fund our survival
Some are fit enough to wand their way into the grave.

And some like @Radar Foster and @Wandslinger have it figured out with enough side action that they could quit today, make a few adjustments and be fine..

Let's talk about what your parents did, what your kids will do and most importantly, what you're doing right now.

Retirement:

Hoping all my debt is paid off so I can work very few hours during the week. I'm only 37 now, so I'll let you know 20years later how that goal is going.

But seriously, I don't see me retiring. The wife has a 401k and some stocks, but it's not enough to live off of. If I can ever get out of debt, I'd like to invest in some rental property. If everything goes smooth in the next 5years, I'll be financially ahead and will make that move then. Right now, I'll just scraping a little dirt $$$ in the hole every month to dig my way out.

 

[Mikey P]

Love the honesty from all.



So no one has a rich relative that's going to hook them up?

 

[Chris A]

Luckily my mom has a state teachers pension or she'd be looked. I doubt my dad will be able to retire. I was doing well putting money away in my ira until this past year when I bought the building and a new house that both needed work. I'm hoping by 2019 to be able to max contributions again once I get a few more projects done and paid for.

 

[bob vawter]

The secret to retirement is finding some dumb smuck with money that is dumber than you....

 

[FB7777]

Explains why it took you so long

 

[hogjowl]

 

[steve_64]

Dad died at 63, just 3 years after retiring. He made a great living for not graduating high school. His retirement was selling his house in the burbs and moving to Michigan where he had bought land and had a double wife out in. Put all he could into 401k for five years and between him and mom they were getting almost ,$2500 a month at 62.
Mons 77 now with just one debt from helping my brother with experimental medicine. Mom and brother live together on about $2500 a month.

Bought our house on a ten year mortgage. Hope to have that paid off on time. Genny and I both started over when we met. In 4 years we have over doubled our income and still growing. Only been married two years and I'm 53 so we have a lot of catching up to do. I've been paying attention here.

 

[bob vawter]

Explains why it took you so long

Look here Fred......the Sun and the moon and all the little stars lined up so perfectly the day that deal was signed.....
My wife started her SS and unemployment at the same time as well as i.....AND YES IT CAN BE DONE..
at that time unemployment was 99 weeks....
I'm sure I told everyone thank you!

The birds were singing and the sky was the prettiest blue I've ever seen...

 

[FB7777]

It was a joke ya goober

If you throw me a hanging curve , I'm gonna knock it outta the damn park

 

[hogjowl]

Look here Fred......the Sun and the moon and all the little stars lined up so perfectly the day that deal was signed.....
My wife started her SS and unemployment at the same time as well as i.....AND YES IT CAN BE DONE..
at that time unemployment was 99 weeks....
I'm sure I told everyone thank you!

The birds were singing and the sky was the prettiest blue I've ever seen...

So ... you were high!

 

[The Great Oz]

Nobody mentioned living off their kids? I didn't put them all though college for nothing! Lately I've been talking about how well those three generation Indian families do, and how the most successful child "wins" the grandparents.

I'm pretty handy too, so could build my own apartment in the basement.

 

[Kenny Hayes]

I’m with Marty, who’s retiring? I’m 66 and draw half of my partner’s SS. She draws her full SS plus a small pension from phone co. Leaving mine alone till 70. We have 25 employees and our 2 girls 39-41 working with us. What’s to quit, making money?

 

[SamIam]

Bristor is saving me a spot down by the river.

Lucky!

 

[SamIam]

We switched to a 15 year mortgage, a few years ago, paid about 7-8 years on a 30 year mortgage before switching.

Running a LLC and putting max into my simple IRA

Plus my wife has a personal IRA we put the max in.

Between the house the IRA’s SS and some change she might inherit from her mom.

And my life insurance she’s set!

That’s only if I die in the next 10 years though.

I plan on working at least until I’m Zerkie’s age 360i and a paid off truckmount.

And a youngling to show the ways of the Force.

Try not to touch anything until I have to, and hope a couple huge spurts in the stock market.


Things could be ok.

Technically we could become dependents of my daughter whose a school teacher and get some decent health care.

Until then I’ll just eat my spinach!

 

[Mikey P]

We switched to a 15 year mortgage, a few years ago, paid about 7-8 years on a 30 year mortgage before switching.

Running a LLC and putting max into my simple IRA

Plus my wife has a personal IRA we put the max in.

Between the house the IRA’s SS and some change she might inherit from her mom.

And my life insurance she’s set!

That’s only if I die in the next 10 years though.

I plan on working at least until I’m Zerkie’s age 360i and a paid off truckmount.

And a youngling to show the ways of the Force.

Try not to touch anything until I have to, and hope a couple huge spurts in the stock market.


Things could be ok.

Technically we could become dependents of my daughter whose a school teacher and get some decent health care.

Until then I’ll just eat my spinach!

Bill ain't worth billions?

 

[SamIam]

Bill ain't worth billions?

Ya that’s why he Uber’s if he is he ain’t sharing.

 

[Mark Saiger]

Well, I quit teaching 5.5 years early, so I only get half of a retirement (which really sucks after all those years) and no medical or retirement medical I would have had starting next year...but I couldn't take one more minute of budget cuts, and more responsibility for less pay...and just plain the craziness with being in the public eye of having one of the best band programs in the country at the time...just like coaches finally burn out.

We keep making plans for transferring the business to Aron and family...and drawing some income off of it (kind of reverse rolls)

We area also investing in our simple IRA accounts as an LLC...and we are not doing too bad...but I am not the kind of guy to just sit around...so the Sauce is another potential future business that could maybe bring in some retirement....and then help our kids out as well (hope college education fund for grandkids, maybe some beer money for me....) Who knows....other offers have been made as well too....

We bought a piece of property this year a mile from us with a modular home and new garage with the intentions of keeping 2 acres of the 12.8 acres to build a new shop...then Aron and our Daughter suddenly change the plans, and sell their house in town to move to a larger house and 22 acres just a mile from us also. It has a large shop on it now but needs work to really work for us.

Both pieces of property are absolutely beautiful and perfect locations...but we are selling off the first property to our youngest daughter and fiancé with the new grandson...and then investing more of our money (yes ...already have money in the Aron and Jean property) to establish the business there in a year possibly.

So plans are being made, but we have also discovered this year....plans can change fast...you need to make plans that can be ready to adjust....and sometimes...you just cannot plan...but be as ready as possible....

I plan to be away for this ice box more though...and wife has to decide if she wants to stick around more to babysit in the winter, or come visit me and the puppies on the beaches....I have had enough of this cold!

My parents, dad is 80 years of age and Mom 78....they have had health issues....money issues....

When they sold the business, they did not set it up very well...and sold it to a family member for contract for deed....and then that family member sold it to someone who ran it down in a year....to eventually nothing and not much to even recover for money....

So my lesson learned...I will be in control of most of this business until I feel it can be set with the kids in place running it, successfully...or I am bought off....(so I could go to my grave wearing a Blue Saiger's shirt)

But the business is important to me...it is important to me to offer quality service to my community and be an important part of giving back to the community....

I also want my grand kids to have the option to work with it...or move on, but at least in some way, continue to help my family in the future...and maybe even future generations....

Grass does not grow under my feet really...and I am a creative person that needs something to do....

We are right now in planning stages of when I should start drawing some of my retirement, and what we would use it for...or keep it in funds...

Just had a person have a massive heart attach and die Christmas eve our family knows....age of 54....

Spend money now and have some fun...or die...or continue to save...kind of a crap shoot.....

 

[FB7777]

Definitely prudent to do both... save for the future and live for today


And to the young bucks as it pertains to saving for retirement ....


The best time to plant a tree is 20 years ago

 

[Willy P]

Thanks to an investment smart well employed wife and not living beyond our means, we're pretty well set for the golden years. I keep my paws off and let her run the money side of things as she's done very well over the years. I'm 61 now and I could retire but I still like my career and will probably wait for 65 to hang up the wand if I choose to.

 

[bob vawter]

So ... you were high!

you...are harshing my mellow.....
keep working.....pay yor taxes
and think of me when yor filling out them tax forms!

 

[FB7777]

Anyone that lives off social security set their sites waaaay too low

At my max contribution level, I qualify for $4000/month

That ain't living

 

[bob vawter]

Well I guess YOU never stashed yor
Money in a Fred Flintstone lunch box and stuffed it in a hollow tree?

Btw....I hear banks will be cutting down on the amount you can take out at one time...starting Jan 10

 

[FB7777]

Your information is worse than a fortune teller

 

[Kenny Hayes]

Anyone that lives off social security set their sites waaaay too low

At my max contribution level, I qualify for $4000/month

T

 

[Wandslinger]

So tell your story Henry....

So some of you know by now that I have a full time job outside of cleaning and will be collecting a fat government check from Kalifornia when I retire. Actually I don't trust the crooks with my pension so I have been steadily investing in real estate for a few years now. Became debt free including house seven years ago. My goal is to build as much passive income through rentals and hard money loans to survive without an actual paycheck. A 401 K and Roth IRA's should supplement that quite nicely. My best advice is to live debt free. I owe the majority of this mindset to Dave Ramsey. Pretty easy concept when you read his book, listen to his podcasts and follow the steps.

Wealth really starts accumulating when there is no money going out. Looking back the only thing I would have done differently would be is to start a carpet cleaning forum board. I think that is where the real money is....

 

[Mikey P]

The real money is in free pre spray and wands..... .

 

[Kenny Hayes]

Different Stokes for different folks. One mans trash is another’s treasure, blah, blah. If I had rentals I’d slit both of my wrists Just a matter of how we’re gonna bleed to death

 

[Lee Stockwell]

Nice guys make lousy landlords.

 

[Kenny Hayes]

True dat