drssg
Veteran Member
I see them fine now on my laptop. The phone app was giving me problems for some reason. Cool pictures!
Retirement Planning - Lessons Learned
- Thread starter polarred21
- Start date
- Views: 186819
goeduck
Super Member
So who should benefit in your world?
- Joined
- Apr 6, 2004
- Messages
- 24,149
- Tractor
- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
It's the property tax in California that allowed certain parent/child and child/parent escape reassessment to the assessor's opinion of value.
Many family owned businesses hit hard prior to Prop 13.
When I bought my home in 2003 the original owners paid $1200 and the day I bought it went to $8800 and now is 12k.... All 1958 ranch style of 1700 square feet right down to linoleum and tile. If someone bought it today it would be 17k
The new law started Feb 15th.
Many estate planners worked non stop as the deadline approached deeding property to heir kids.
All about highest and best use on transfer with limited exception such as family farm...
All the appreciation on paper is fine but property taxes require real money.
Many family owned businesses hit hard prior to Prop 13.
When I bought my home in 2003 the original owners paid $1200 and the day I bought it went to $8800 and now is 12k.... All 1958 ranch style of 1700 square feet right down to linoleum and tile. If someone bought it today it would be 17k
The new law started Feb 15th.
Many estate planners worked non stop as the deadline approached deeding property to heir kids.
All about highest and best use on transfer with limited exception such as family farm...
All the appreciation on paper is fine but property taxes require real money.
Last edited:
- Joined
- Apr 6, 2004
- Messages
- 24,149
- Tractor
- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
When people hear bought SF Bay Area home for cash at age 22 few realize home covers a lot of territory...I see them fine now on my laptop. The phone app was giving me problems for some reason. Cool pictures!
It was my best single financial move as it served as not only a springboard but hands on renovation experience and just how to get along with people as an outsider.
Only on my second renter since I moved back in 1985...
Not counting labor I'm in it 40k including renovation... Imagine it would sell for 360 +/- in today's crazy market... tenant is super... still paying the same 850 mo as she did 10 years ago...
So many of my older friends with service)construction businesses said it was owning their business property that made retirement possible. They often sold the carpet or plumbing business and became commercial landlord to the buyer.
- Joined
- Apr 6, 2004
- Messages
- 24,149
- Tractor
- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
Part 2... Lesson Learned.
With 10 years in being self employed I happened to be home for lunch and get a call from the local hospital... seems during surgery the power went out and the emergency generator did not start...
A nurse gave my name to the CEO saying I'm a wizard with engines and rebuilt motors for their antique cars
Anyway... I said sure... be there in 20 minutes... all the vendors were saying 4 to 8 hours maybe?
Arrive and battery dead... said I will be back with a new one in 20 minutes so in less than an hour up and running... also put on my battery tender as charger not working. Service log indicated no one there in 3 weeks instead of weekly.
The short is I was offered a job on the spot and politely declined...
A few weeks later the CEO calls and asks if I would consider maintaining just the generator anytime from 5 pm Friday to 6 am Monday... I said OK
Soon I was spending 8 hours a week working for the Hospital
3 years later the decision to build a new facility was made and I was asked to be owners representative. It really was a great job that lasted about a year and covered every aspect of the build.
When completed I was asked to stay on as salaried with benefits... never seen dad so happy... I was getting a real job!!! Dad was ecstatic... paid with medical and retirement!
The benefits never lived up to the promises. Through mergers and takeovers I was never fully vested and often lost thousands in the 401k and employee stock plan where clerks had picked up as much as 20k one year basically stopped...
You see the money in your account but it's not yours until fully vested.
The fantastic profit sharing went away to nothing so those big payouts never did come my way...
All the planning is no guarantee when it comes to retirement...
July it will be 30 years... I can look back and say I'm glad I kept the property management going on the side and didn't put all my eggs in the employer basket.
With 30 years in I'm looking at 800 a month retirement last I checked plus social security... had I been in a few years earlier it would be close to 2k under the old plan.
The Boomers often enjoyed much better plans that few have today...
With 10 years in being self employed I happened to be home for lunch and get a call from the local hospital... seems during surgery the power went out and the emergency generator did not start...
A nurse gave my name to the CEO saying I'm a wizard with engines and rebuilt motors for their antique cars
Anyway... I said sure... be there in 20 minutes... all the vendors were saying 4 to 8 hours maybe?
Arrive and battery dead... said I will be back with a new one in 20 minutes so in less than an hour up and running... also put on my battery tender as charger not working. Service log indicated no one there in 3 weeks instead of weekly.
The short is I was offered a job on the spot and politely declined...
A few weeks later the CEO calls and asks if I would consider maintaining just the generator anytime from 5 pm Friday to 6 am Monday... I said OK
Soon I was spending 8 hours a week working for the Hospital
3 years later the decision to build a new facility was made and I was asked to be owners representative. It really was a great job that lasted about a year and covered every aspect of the build.
When completed I was asked to stay on as salaried with benefits... never seen dad so happy... I was getting a real job!!! Dad was ecstatic... paid with medical and retirement!
The benefits never lived up to the promises. Through mergers and takeovers I was never fully vested and often lost thousands in the 401k and employee stock plan where clerks had picked up as much as 20k one year basically stopped...
You see the money in your account but it's not yours until fully vested.
The fantastic profit sharing went away to nothing so those big payouts never did come my way...
All the planning is no guarantee when it comes to retirement...
July it will be 30 years... I can look back and say I'm glad I kept the property management going on the side and didn't put all my eggs in the employer basket.
With 30 years in I'm looking at 800 a month retirement last I checked plus social security... had I been in a few years earlier it would be close to 2k under the old plan.
The Boomers often enjoyed much better plans that few have today...
Last edited:
Larry Caldwell
Elite Member
That's a political consideration. If you are worth over 11 million, go buy a Senator. They'll be glad to take your money.
oosik
Epic Contributor
Let's face it. If you are a "high spender" now and have no plans to change in retirement - you best have the money.
Do you have funds in an IRA or the like. How much can you draw monthly without decreasing the fund value. Will you get funds from retirement programs where you work now - how much monthly. How much will you get from Social Security in retirement.
How do these fund sources match up against what you spend now. Are you willing to make changes in your life style so $$$ match up with anticipated retirement life style.
It's not magic. It's just cold, hard calculations.
Do you have funds in an IRA or the like. How much can you draw monthly without decreasing the fund value. Will you get funds from retirement programs where you work now - how much monthly. How much will you get from Social Security in retirement.
How do these fund sources match up against what you spend now. Are you willing to make changes in your life style so $$$ match up with anticipated retirement life style.
It's not magic. It's just cold, hard calculations.
3Ts
Elite Member
With Ultrarunner's post about mergers & takeovers - Always have an alternate plan. I worked for an aerospace company and was accumulating a nice retirement nest egg thru their plan when they were bought out. That money was frozen, could not get it out and it did not gain interest. There were law suits over that! So 20 years later when I retired, the principle became available, but the interest that it should have been accumulating was not. If it weren't for the other accounts I'd set up, I would not have been able to retire when I did.
MoKelly
Super Member
- Joined
- Oct 30, 2009
- Messages
- 5,869
- Tractor
- Bobcat CT235, Bad Boy z-turn, Suzuki Vinson 500 and F-150
RickB
Super Star Member
- Joined
- Sep 18, 2000
- Messages
- 15,143
- Location
- Up the road from Dollar General WNC
- Tractor
- Just a Scag
Other than a 3% employer match and whatever SSI will actually provide, my retirement nest egg is self funded and self managed. I had major concerns about the adequacy of my portfolio but I now believe I'll be ok.