Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs.

[sfloggie]

Thank you very much for taking the time to write. It is thoughtful and thought provoking.

 

[MacLawn]

I am 66 years old and have been retired for six years. Prior to that I was a college tax professor for 30 years and prior to that I was a tax attorney in New York City specializing in corporate tax-free reorganizations (mergers, split ups, etc.). I was also a Certified Financial Planner (CFP) and CPA for many years, finally giving up my licenses in all three areas last year. Although I did financial planning for a few private clients, I was my most important customer. Although CFP's have training in many area, most of their work is in doing retirement planning for individuals.

Wow, thanks for your input! Right now, pretend you're listening to Kim Kommando's - "we're not worthy, we're not worthy" audio...

 

[ultrarunner]

Appreciate the posting!

In my case there are no pensions or employer sponsered plans... that all went away years ago.

All of my Social Security projections are based on working till I am 67... use to get annual statements???

My own plan revolves around income property which is still a job.

Some of my high school buddies retired between 50 and 53 with 100 to 180k pensions... got bored and went back to work making 130k... all were law enforcement with a few fire in the mix.

If I had it to do over again... I would have listened to Dad... he said do whatever you have to to work in goverment... when I applied/interviewed it was 1982 and no one was hiring since unemployment was almost as bad as the Depression years.

One of my friends cleaned the inside of BART transit cars... she has a 50k pension.

 

[dmccarty]

While waiting for the computer to do some work, I read an article on retirement.

Thought this was interesting:

A few days prior to this announcement, Donald Fuerst, senior pension fellow at the American Academy of Actuaries, testified before the U.S. Congress about Social Security's pending shortfalls. He said that in 1940, when the new Social Security Administration began paying monthly retired-worker benefits, the retirement age was 65. At that time, workers who survived to age 65 had a remaining life expectancy of 12.7 years for men and 14.7 years for women. By 2011, life expectancy at age 65 was 18.7 years for men and 20.7 years for women, an increase of six full years for both.

What you should know about social security benefits. In 20 more years, life expectancy at age 65 for men is expected to be more than 20 years and more than 22 years for women, Fuerst pointed out.

Read more: No more Social Security at 62? « Bankrate, Inc.

Powerball is over $400 million! Who Hoo! Gotta go play for retirement. :laughing::laughing::laughing:

Later,
Dan

 

[sodamo]

Dan

My son is buying me the winning ticket

David Sent from my iPad using TractorByNet

 

[Larro Darro]

I don't play the power ball, but I do spend $2 a week on the Florida Lotto. That's about $ 104 per year. So far I have got three numbers {$15} twice a year, so the actual cost is more like $ 74 per year. I like doing the math on what it would be after taking the lump sum and taxes. Then breaking it down into what it would bring me in interest, and how big a draw I could take and keep it nearly intact. I figure I get $2 worth of mental stimulation out of it. And you never know. Someone is going to win it.

Last night the wife and I were talking about her pension choices. If she takes her full pension, it would die when she did. There is an option that would continue to pay me for up to ten years from her retirement date, but it is $180 less per month. Options 3 and 4 have to be calculated with my age at her retirement date {12-31-15}. We didn't punch in the numbers because it was bedtime when we started talking about it, but option 3 would pay all her pension to me for my lifetime. Option 4 would pay 2/3 to who ever out lived the other from date of death for the lifetime of survivor. If option 2 cost as much as it did just for the remainder of 10 years, I'm guess the lifetime options would come at a steep price.

Since I don't have any retirement at my job, what we are most likely to do is buy two of the single payment whole life $100K policies. They shouldn't be more than $4 or $5K each. And she will take her full pension. There is over $2k difference per year just for the 10 year option. So the odds are we wouldn't come out ahead unless she was to die early. That's something I don't want to bet on. With the whole life whichever of us outlives the other will have a cushion, and the last to die can leave some money to family members we want to take care of.

 

[ultrarunner]

A very good friend took a lot of heat for opting for his full pension and no spousal provision.

He ran the numbers and said he would shortly make up the difference with life insurance.

***

Only bought a lotto ticket once... can't win if you don't play... so I played.

 

[riptides]

....Thought this was interesting:
... In 20 more years, life expectancy at age 65 for men is expected to be more than 20 years and more than 22 years for women...

I think living old is overated. At the rate my body revolts at me, I'll be lucky to be sitting in a rocker drooling.

Sorry, but I am all about the now, but with foresight into possible futures.

 

[sfloggie]

Now is important for the future. At some point in life I passed being totally concerned about me and starting working on protecting my wife when I am gone. Men in my family go fast. My Dad died and Mother was left with nothing, so I have a spreadsheet for my wife which I update so she can refer to it for all accounts and anything or anyone she needs to contact.
As times change I shift or get rid of assets, but always with the thought of protecting her. I have an empty trust plus a regular will and pour-over will in case I forget something. Next month we are going to an Elder Law Lawyer to complete the Trust. We have all accounts as POA and the trust will be generation skipping so we protect our grandchildren.
We got with the local State Veterans Cemetery to ensure we can both be buried there. Free for me, and $300 for her. I do wish I had brought the life insurance option where you pay once for all, but I had never heard of it. I brought a 20 year variable Term Life that expires next year.
I would suggest the Virtual Physical if one can afford so as it does show ones health issues that you would never know. My wife was found to have kidney cancer and they removed the kidney with no chemo as all was in the kidney. We would have not known until it had spread. I was found to be falling apart! Nodes in my lungs, gallbladder full of gallstones, cyst on my kidney and pancreas, mas on my prostate, plague in one two artery's plus a bad spot on my hip. A week later I had to have emergency gallbladder removal due to pancreatius (spelled wrong).
Meaning this as help to others, not as a downer!

Side-note: Thank you Bird (Texas) for telling me about KTAC as insurance. They are very good people. Thanks to an unknown farmer about Farm Credit as they have been great. Jim

 

[dmccarty]

Dan

My son is buying me the winning ticket

David Sent from my iPad using TractorByNet

A very good friend took a lot of heat for opting for his full pension and no spousal provision.

He ran the numbers and said he would shortly make up the difference with life insurance.

***

Only bought a lotto ticket once... can't win if you don't play... so I played.

Well, I did not play/buy and did not win thus I am at work! :shocked::laughing::laughing::laughing:

Buying life insurance can work if one pays the premiums. I have a family member whose husband took 100% of the pension and used life insurance to cover her. I am not 100% sure, but I think he canceled some of the insurance and left her hanging.

Later,
Dan