Retirement Planning - Lessons Learned

Gale Hawkins

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Yep... Dad waited to last possible moment and kept working through Chemo and Dialysis until the last three weeks of his life because it gave home comfort it would be of benefit to mom...
That one touching display of love/commitment that he had heart to help your mom beyond the grave.
 

Jstpssng

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Yep. And there should be a satisfaction in earning money over when given someone else's.
If somebody has never experienced that, they won't understand what you are talking about. Look at all of the tales of people who won scary amounts in lotteries, then p***ed it away.
 

lman

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OR, same price but smaller cups!

To me, coffee should NOT be messed with! Mess with sodas (they really are bad for you), but mess for coffee and that's where I draw the line!

As scary as the words "fixed income" might be, "uncontrolled expenses" is worse. My EX once asked me how much money we needed to make (I was "between jobs" at the time) and I responded with: "How much do we expect to spend?"

Know what your expenses are and know what you can pare down, in advance.
With inflation, you don't really know what your expense will be in a year or 5 years. I thought things were going great a year ago and then inflation hit. Of course everybody knew it was going to happen when they started printing money. It looks like they want to keep the presses going and that is scary.
 

riptides

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I find philosophy to be of great value in this time of my life.

For retirement, conceived as a protracted vacation, is a form of prolonged suicide. It marks the first formal stage on the road to oblivion.

Dr. Mortimer Adler

Extracted from the book:
Boundless Potential: Transform Your Brain, Unleash Your Talents, Reinvent Your Work in Midlife and Beyond
By Mark S. Walton
 

Doughknob

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I find philosophy to be of great value in this time of my life.

For retirement, conceived as a protracted vacation, is a form of prolonged suicide. It marks the first formal stage on the road to oblivion.

Dr. Mortimer Adler

Extracted from the book:
Boundless Potential: Transform Your Brain, Unleash Your Talents, Reinvent Your Work in Midlife and Beyond
By Mark S. Walton

This makes me think of Elon Musk having gotten VERY sick on a vacation. He commented afterwards that 'vacations can kill you.' He subsequently proceeded to work all the time even sleeping in the Tesla factory at times.....LOL
 

California

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For retirement, conceived as a protracted vacation, is a form of prolonged suicide. It marks the first formal stage on the road to oblivion.
Wow, disagree.
Working and putting away money is essential to creating a good life for you and your family.

But after that is accomplished I think one should then move on to being creative, free, and no longer accountable to someone who is making money on your labor, more money than you are being paid. Of course this assumes you will move on to doing something interesting. Including self employment if that's what you want to do, as soon as you can afford to gamble that this will succeed. (Worst case I can think of is something like 3/4 of new restaurants fail).

All of this as contrasted to that 'protracted vacation', in the worst case watching political TV all day, which is the living death your quote describes.

Look to how Europeans live. A month vacation earned for each year employed isn't unusual. That's more civilized living, compared to the few hours of vacation earned per month that is common here.
 

Fuddy1952

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After retirement I'm happier now than ever before in my life. I have 10 projects going on all the time as well as trying new/learning new things. Buying land, a farm is exciting. New tractor and equipment. Another new horse. Helping the wife putting up Halloween decorations. Building things. Fabricating things. Miles of trails right here to ride horses on. I've never played golf...why not now? Visiting old friends. Travel. Read.
Life is good, but you have to do things.
 

Jstpssng

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After retirement I'm happier now than ever before in my life. I have 10 projects going on all the time as well as trying new/learning new things. Buying land, a farm is exciting. New tractor and equipment. Another new horse. Helping the wife putting up Halloween decorations. Building things. Fabricating things. Miles of trails right here to ride horses on. I've never played golf...why not now? Visiting old friends. Travel. Read.
Life is good, but you have to do things.
I have a few more years, but most people I know find themselves wondering how they ever got anything done before they retired.
Those who don't find things to do and complain about being bored...it seems like just a short time before I read their obituaries in the newspaper.
 

Larry Caldwell

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I have a few more years, but most people I know find themselves wondering how they ever got anything done before they retired.
Those who don't find things to do and complain about being bored...it seems like just a short time before I read their obituaries in the newspaper.
It's probably that people who don't do anything lack the physical or mental health to stay active. The big description of ageing is, "Use it or lose it." I watch maybe four hours of TV a week. The rest of my time is spent doing something, from practicing a foreign language to metal fab and blacksmithing. I do a couple half hour sessions of aerobic walking every day just to keep the blood circulating. I'm sure my active lifestyle is how I survived last year's episode of septic shock followed by anaphylactic shock due to the antibiotic they gave me for the septic shock.

We all end up on the wrong side of the dirt. I'm not going to waste the time I have left.
 

goeduck

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After retirement I'm happier now than ever before in my life. I have 10 projects going on all the time as well as trying new/learning new things. Buying land, a farm is exciting. New tractor and equipment. Another new horse. Helping the wife putting up Halloween decorations. Building things. Fabricating things. Miles of trails right here to ride horses on. I've never played golf...why not now? Visiting old friends. Travel. Read.
Life is good, but you have to do things.
Good for You!!!!
 

Frankenkubota

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After retirement I'm happier now than ever before in my life. I have 10 projects going on all the time as well as trying new/learning new things. Buying land, a farm is exciting. New tractor and equipment. Another new horse. Helping the wife putting up Halloween decorations. Building things. Fabricating things. Miles of trails right here to ride horses on. I've never played golf...why not now? Visiting old friends. Travel. Read.
Life is good, but you have to do things.
be careful if take up golf....you might give up everything else

golf is a 4 letter word
 

riptides

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Adler's definition of work covered more than the 9 to 5 routine. His thing was nearing retirement you still have value, expertise and wisdom, you need to work to create that good life in retirement.

“Find a way to work for the sake of others and you will step up”
Dr. Mortimer Adler

I find philosophy to be of great value in this time of my life.

For retirement, conceived as a protracted vacation, is a form of prolonged suicide. It marks the first formal stage on the road to oblivion.

Dr. Mortimer Adler

Extracted from the book:
Boundless Potential: Transform Your Brain, Unleash Your Talents, Reinvent Your Work in Midlife and Beyond
By Mark S. Walton

Wow, disagree.
Working and putting away money is essential to creating a good life for you and your family.

But after that is accomplished I think one should then move on to being creative, free, and no longer accountable to someone who is making money on your labor, more money than you are being paid. Of course this assumes you will move on to doing something interesting. Including self employment if that's what you want to do, as soon as you can afford to gamble that this will succeed. (Worst case I can think of is something like 3/4 of new restaurants fail).

All of this as contrasted to that 'protracted vacation', in the worst case watching political TV all day, which is the living death your quote describes.

Look to how Europeans live. A month vacation earned for each year employed isn't unusual. That's more civilized living, compared to the few hours of vacation earned per month that is common here.
 

riptides

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LOL.

I get a few of those every few years. It's crazy.

As a side note, your personal information still bleeds through.
 

DieselBound

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Yes, but they typically do not do it until they get near the tipping point. Wages going up gets them to that point faster.
I spent some time in manufacturing (world-leading company) and we'd upgrade and automate with the introduction of a new product line.
 

DieselBound

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With inflation, you don't really know what your expense will be in a year or 5 years. I thought things were going great a year ago and then inflation hit. Of course everybody knew it was going to happen when they started printing money. It looks like they want to keep the presses going and that is scary.
Yes, but... One knows what one expenses (<- verb). That is, the THING that one is paying out for. Having more things to expense is/was my point. Other than this, yes, there's little control over much of anything.
 

goeduck

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As a side note, your personal information still bleeds through.
I noticed that as well. I never do a soft screen on personal information. If I were to have taken that picture I would have set a pencil or something over the name, account number or whatever.
 

Septemberwheat

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Don’t underestimate:
The need for family (stay close).
The need for interaction with others.
The need to be a contributing player in society, even a part time bird house maker can keep busy & provide a quality product, while being a contributing person in society.
The desire to continue learning.
The need to give to others.
The need to read scripture, ask the difficult questions & search for answers.

Don’t overestimate:
Your need for money (many will tell you that you need more, stay away from these people).
How much stuff you really need.
That spending time at the doctor & taking medication will help you live a longer happier life.
That pastors have answers.
Your weakness & inability to do anything.
😃
 

JethroB

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I spent some time in manufacturing (world-leading company) and we'd upgrade and automate with the introduction of a new product line.
I worked in food processing industry for 35 years. Very labor intensive. It was interesting to learn early on that the price of new automation machinery was heavily based on the number of workers it would replace.
 

DieselBound

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I worked in food processing industry for 35 years. Very labor intensive. It was interesting to learn early on that the price of new automation machinery was heavily based on the number of workers it would replace.
Yes. There's insurance and what not to consider as well: assembly lines can be, and usually are, big risks to humans operating them.

I have no answers. I just know what the equation is currently outputting and it's not real conducive to regular humans. I also know that, just as one cannot operate in perpetual growth, one cannot operate in perpetual deficit. (there's really nothing as stasis, so we're really only moving in one direction or the other)

Lyrics in an Ozark Mountains Daredevil song includes the line: Everything you do and nuthin' that you did...
 

Gale Hawkins

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One retirement planner shared the biggest retirement wrecker she saw was to add in a divorce around retirement time. Had a neighbor get a divorce which lead to selling the farm that somehow lead him to paying back some of the SS payments he had received. He was madder than an old wet hen. Had a friend close to retiring talking to me about getting a divorce. Gave him the story shared by the retirement planner and that ended that talk. :)
 

California

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One retirement planner shared the biggest retirement wrecker she saw was to add in a divorce around retirement time.
Similar: a mid-career acquaintance that I heard of, had to raise massive cash to pay his divorcing wife who had never worked, money to go buy an annuity. ie a one-time huge payment to buy a contract for a monthly 'pension' for her lifetime, to start today, that paid her half what his pension would pay monthly if he retired today.

I think he had to cash out all his IRAs, with penalties, to raise the money ordered by the divorce court. Last I heard he had a companion 20 years younger. With no intention to marry her.

Caveat Emptor .....
 
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Frankenkubota

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Was it Twain who said that golf was a good walk gone bad?
i think it was churchill who said

Golf is a good walk spoiled.

the english are great walkers.

robin williams does a thing on utube as a scotsman explaining golf, it's very funny. 2 versions, the original is full of vulgarities, he redid a clean language version.
 

Frankenkubota

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Similar: a mid-career acquaintance that I heard of, had to raise massive cash to pay his divorcing wife who had never worked, money to go buy an annuity. ie a one-time huge payment to buy a contract for a monthly 'pension' for her lifetime, to start today, that paid her half what his pension would pay monthly if he retired today.

I think he had to cash out all his IRAs, with penalties, to raise the money ordered by the divorce court. Last I heard he had a companion 20 years younger. With no intention to marry her.

Caveat Emptor .....
my divorce was uneventful but i will always remember the lawyer saying.

a marriage license is nothing more than a legal contract.

Amazing to me the value we put in a failed institution.

I've become a beverly hillbillies expert, the primary goal of that show is to get elly married. Then get jed married.

Tell me how difficult it would be to marry off elly mae....nuff said there. and how difficult it would be to marry off a 65 year old widow with $85 mill.

good luck everyone
 

Gale Hawkins

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my divorce was uneventful but i will always remember the lawyer saying.

a marriage license is nothing more than a legal contract.

Amazing to me the value we put in a failed institution.

I've become a beverly hillbillies expert, the primary goal of that show is to get elly married. Then get jed married.

Tell me how difficult it would be to marry off elly mae....nuff said there. and how difficult it would be to marry off a 65 year old widow with $85 mill.

good luck everyone
Good point.

Going from a one house to a two house household costs may be the main cost difference in the case of a divorce. Emotional cost is a wild card.
 

Larry Caldwell

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Getting rid of my first wife was the best retirement move I ever made. She never had a job she couldn't quit in 6 weeks or less. I caught her once vandalizing her own car because she wanted a new one. I sent her to college three times, and she dropped out each time after it was too late to get a tuition refund. All she wanted to do was stay home and watch soap operas all day and scream at me all night. I think she filed for divorce because she wanted to force me to give her more money, and totally freaked out when I held the line and forced sale of the home to split our assets. She wanted alimony, and didn't get that either. The woman was an anchor chain around my life.

Marrying my second wife was the best retirement move I ever made. For the past 35 years, she has been a true life partner. We have worked toward shared life goals, and the marriage has helped both of us be successful and happy. There have been some bad times, even terrible times, on the way, but not because of us. Our home has always been a place of peace and refuge.
 

goeduck

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Getting rid of my first wife was the best retirement move I ever made. She never had a job she couldn't quit in 6 weeks or less. I caught her once vandalizing her own car because she wanted a new one. I sent her to college three times, and she dropped out each time after it was too late to get a tuition refund. All she wanted to do was stay home and watch soap operas all day and scream at me all night. I think she filed for divorce because she wanted to force me to give her more money, and totally freaked out when I held the line and forced sale of the home to split our assets. She wanted alimony, and didn't get that either. The woman was an anchor chain around my life.
Are you sure she didn't just need help and understanding, maybe she grew up deprived? You being the troubadour of the downtrodden and all. And being rich yourself. :oops:

That said, I would have done the same....
 
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m7040

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Larry, good for you
 

m7040

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We celebrated our 56 year wedding anniversary yesterday. We were married after I completed my engineering degree at 24 and she was 19. We were very poor in the early years but life was good and we traveled a lot over the years around USA and the world. We adopted 9 kids and spent a lot time overcoming some of the abuse they had suffered. We are now relaxing on the Farm at the Appalachian trail with our Sheltie
 
 
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