Retirement Planning - Lessons Learned

[bob11x]

As far as divvying up your belongings to your heirs after you're gone, has anyone given thought to that process besides listing specific things in you will?

Something no one has mentioned - make sure you have beneficiaries listed on ALL your accounts. Otherwise it will be tied up in the will and be part of the estate. In NY that size of the estate determines (mostly) on what they will charge you (attorney & Probate).

My MIL was a smart cookie and every account had a beneficiary listed so no cash accounts went through the court. Also you can get access to it with a Death Certificate instead of waiting for the lawyer to go through probate with the will.

 

[MossRoad]

Concealed carry permits? We ain't got no concealed carry permits. We don't need no concealed carry permits. I don't have to show you any stinkin' concealed carry permits!" BLAM! BLAM! BLAM!

 

[MossRoad]

Something no one has mentioned - make sure you have beneficiaries listed on ALL your accounts. Otherwise it will be tied up in the will and be part of the estate. In NY that size of the estate determines (mostly) on what they will charge you (attorney & Probate).

My MIL was a smart cookie and every account had a beneficiary listed so no cash accounts went through the court. Also you can get access to it with a Death Certificate instead of waiting for the lawyer to go through probate with the will.

:thumbsup:

 

[JethroB]

I just laugh at people that think handguns, shotguns or rifles will be sufficient to defend their possessions if things descend into unbridled chaos.

Yea, I've got plenty of squirrels though. I'm better with the shotgun than the .22 with these danged progressive lensed glasses. . Or just eat the pecans before they get to them. And the occasional visiting gator to the ponds. May regret filling in that 100 year old hand-dug well last year. Armadillos may be last on my menu. All in jest.

 

[txdon]

I pay those now, why will they be that much more when my mortgage is paid off?

It's not tied to when you pay off your mortgage, some people never do. I was just assuming that most plan on paying off their debts before they retire. However that is changing with such low interest rates.
It is tied to inflation and time. The home expenses increase every year. You will understand after you have been retired for 20 years.

 

[MossRoad]

I'm guessing small game would be depleted quickly if it came down to people having to hunt for food. My wife's grandpa told us game got fairly scarce in the depression, and there were half as many people in the same space as there is today in the U.S. Heck, just look at what happens in cities when there's a snow storm. 3 days and they're out of food at the stores. Hungry people are desperate people.

 

[MossRoad]

One other thing to think about with retirement. Your utilities might go up because you're home 9 more hours per day. I've noticed it now that my wife has been working from home since March. The electric bill has gone up about 30-35%. Gas bill has as well. TV is always on. Her computer is always on. More lights are on. Furnace is on all day VS it used to set back while we were at work. It end's up adding about $100 per month in expenses.

She asked me to fire up the wood burner and said she'll watch it while she's home, so she's noticing the increase in utilities as well. So we'll consume a bit more wood this winter.

 

[JethroB]

Something no one has mentioned - make sure you have beneficiaries listed on ALL your accounts. Otherwise it will be tied up in the will and be part of the estate. In NY that size of the estate determines (mostly) on what they will charge you (attorney & Probate).

My MIL was a smart cookie and every account had a beneficiary listed so no cash accounts went through the court. Also you can get access to it with a Death Certificate instead of waiting for the lawyer to go through probate with the will.

Don't forget to put the proper people on the signature card for safe deposit access. I was executor but not listed. After driving 200 miles to dad's bank, pitching a little fit with the bank late on a Friday afternoon, they eventually allowed me access but I could not remove anything. Copies made by the poor spooked clerk standing guard over me. Banks were by far the strictest to deal with. Getting Medallion signatures for stock transfers another frustrating experience.

 

[Jstpssng]

I'm guessing small game would be depleted quickly if it came down to people having to hunt for food. My wife's grandpa told us game got fairly scarce in the depression, and there were half as many people in the same space as there is today in the U.S. Heck, just look at what happens in cities when there's a snow storm. 3 days and they're out of food at the stores. Hungry people are desperate people.

My pigs and poultry are housed about 1000 feet up the road from me, which is the way I like it. Yet the way that things were last year I was a bit concerned about them "going for a walk.". I had planned to keep my piglets down here by the house until they got too big to easily steal... as it turned out I got them 6 weeks late and somebody would have had a hard time getting hold of them. The only good thing is that my daily traffic count is about 10... most of that is the retired landowner adjacent to and across the road from me, who likes to visit his holdings.

 

[MossRoad]

I always thought rural was safer. For the most part, it is. However, there was an old couple that lived in the house across the highway from our tree farm. Husband cashed his paycheck at the grocery store and drove home. As he was walking into the house, someone hit him on the back of the head and ripped his wallet out of his rear pants pocket with such force that his wife found him laying unconscious on his face with the back half of his pants down to his knees. She figured they must have followed him home. And that was over 25 years ago.

Bad people are mobile.

 

[Jstpssng]

Back during WWII everybody (apparently) had "Victory Gardens". I've long held that we should be pushing those again for long-term "food security." Like the age old saying "Teach a man to fish and he'll stay out on the lake all day, then lie about the size of the fish"

Oh, wait. Bad analogy.

 

[Oaktree]

When it gets to that point, I wonder if I want to be around. Like anything else, gold will only be yours if you're strong enough to hold it.

Same here. And that gold is only worth something if you can find someone who wants it in exchange for something you want. If things really get that bad you might be better off having a chicken or some turnips to barter.

By having that mortgage, it qualifies us for a homestead exemption, which cuts our property taxes almost in half.

I've heard the term homestead exemption, but don't really know what that means. Are you saying you get 50% off your property taxes simply by having a mortgage? Not sure I understand the logic.

 

[riptides]

When I hear homestead I think of some entity willing to give you a break for your willingness to settle in an area.
Good or bad.

Same here. And that gold is only worth something if you can find someone who wants it in exchange for something you want. If things really get that bad you might be better off having a chicken or some turnips to barter.



I've heard the term homestead exemption, but don't really know what that means. Are you saying you get 50% off your property taxes simply by having a mortgage? Not sure I understand the logic.

 

[MAD777]

I've heard the term homestead exemption, but don't really know what that means. Are you saying you get 50% off your property taxes simply by having a mortgage? Not sure I understand the logic.

Homestead exemption gives you a break on property taxes for your primary residence only. For instance, Florida reduces your appraised value by some fixed amount, usually $50,000 depending on county. Then your taxes are based on the lower adjusted appraisal value.

This gives a discount to year round residents in Florida, but taxes snowbirds with vacation homes the full amount.

 

[txdon]

When I hear homestead I think of some entity willing to give you a break for your willingness to settle in an area.
Good or bad.

In some states, not yours, it is a tax break for your primary residence. You can only claim one Homestead Exemption. It does not entice anyone to a "good" or "bad" area. It is not tied to a mortgage. It is not like the tax breaks a municipality gives a business to move to their city.

 

[Hay Dude]

I just laugh at people that think handguns, shotguns or rifles will be sufficient to defend their possessions if things descend into unbridled chaos.

Yep. Its like they think theyre Al Pacino in the gun scene in the movie Scarface.
I put the one of Ralphy in for Steppy. :laughing:

 

[fried1765]

I just laugh at people that think handguns, shotguns or rifles will be sufficient to defend their possessions if things descend into unbridled chaos.

Ha Ha !!!!

 

[Hay Dude]

Exactly correct!
However,.....Those who have the gold will be able to buy ANTYHING that they want.....WITH THE GOLD!
(I do have a few hundred pounds of lead also)

Oh I got guns....believe I got em too, but they aint going to do as much as the people who want to take them away think they will.
Gold will be more valuable than guns if the economy implodes.
What cha gonna do, go around and hold up liquor stores with your .303? :laughing:
No, you will need a currency that has value.
Guns would be useful for hunting game, though.

 

[drssg]

Retirement planning has degraded into prepping for the zombie apocalypse. :laughing:

 

[Hay Dude]

Retirement planning has degraded into prepping for the zombie apocalypse. :laughing:

Guilty! :laughing: