Retirement Question

[kenmac]

There has been some talk about a CFP /financial advisor. I found the one I have from Dave Ramsey's website. ELP. Endorsed Local Provider ... I believe they have to take you no matter how much $ you have.
I retired last yr at 57 after owning / operating my business for 35+ yrs. Sold the business off and said good bye !. I can still do some work If I ever get bored, but after a yr. of retirement. I haven't gotten bored yet !

 

[ultrarunner]

^^^ I was just thinking today the older people I know and more often than not it is the elderly widows that say they are bored and sad after the loss of their husband and being alone.

On the other hand about half of my widower friends end up remarrying and seldom complain of boredom... plus many have hobbies and such.

 

[CADplans]

20 years, one month, and a few days,, of retirement.
NO regrets. The wife and I retired the same day.

I have had a LOT of hobbies in that time,,,
last summer 3 grandchildren moved in next door. They had been 1,000+ miles away.
Now, I am REALLY busy, it is all new to us, we only raised 2 children.
3 is a handful!!
I need a vacation, after the last year!!

:laughing:

 

[MinnesotaEric]

My question: before you decided to retire from your "career" job, what percentage of your "fully employed" income was necessary as a retirement income?

With me I've assumed that I will not be able to afford retirement because I will be drawing against my retirement savings and that my property taxes will pay for people who retire before AGE 70. I'm aged 47.

I assume that I will die working and I assume that I cannot retire.

 

[ultrarunner]

No one in my family has ever retired... just keep working until they pass away... guess that is more typical with farmers and small business... Mom did take Social Security at age 62 and cut back.

Could be that no one in the family has had a pension?

With that in mind I never got dependant on my engineering salary... mergers, takeovers, sales, etc always loom... in 10 days I get to apply for my position pending the company sale... basically starting over... will see how things go.

 

[Capricious]

Looking at retirement in maybe 5 years or so.

Was 1/2 owner of a rental property (a shack we called a house, along with a mobile behind it) a long time ago, in southwest Missouri. My partner dealt with the renters so I did not have to. I don't know if I would have gotten involved in it if I had to deal with the renters. I don't like dealing with people much.

So I am trying something else. I had a 7.5 acre parcel of rural land- have posted on here about clearing it. The guy who lives on 20 acres next to it was interested in it, so I sold it to him: 15% down and a note payable and deed of trust. 6.5% interest, which is darn good interest these days. Assuming he pays it. First payment was due on Monday and haven't seen it yet. Called him on Tuesday. "Check's in the mail." Of course. Having to deal with people, again.

If it works out, I have a 27.5 acre parcel a few miles away that I am considering subdividing into (5) pieces and trying to sell the pieces under more or less the same arrangement.

It would not be all that much money, but everything helps. Might be able to put-off collecting SS a few years. And give me a project to work on- clearing a 1000 foot road into the woods so the back lots would have access.

Would need to get a bigger tractor if I were going to try to do the road on my own. So I would not have to hire someone. So I would not have to deal with yet more people

The 9th payment on the land is due in (3) days. Have yet to receive a payment on time, although I have been able to collect the late fees. I don't mind waiting an extra week or so if I get the late fee.

Also received (2) bad checks- told them no more personal checks. Certified funds only.

When the leaves are off the trees I be taking my Harbor Freight 330-foot tape measure into the woods to lay-out the 1000 road, but don't know if I will hire someone to clear it this winter or not.

 

[Buppies]

Thought I would rekindle my thread here by providing an update. I will retire from my current job (of 30+ years) next Friday, 9/9/16. I'll have a 3 week break and start the new job on October 3rd. I've made it past a couple months of being melancholy about leaving the people and friends I've become close to over the last 30 years and now am just ready to get to the final day and move to the next adventure. Of course, the money associated with double dipping while having considerably less stress in the new job is making me feel better all the time.
Gotta be honest, one of the things I do worry about is leaving my position at the top of the pyramid - plenty of stress, yes, but also knowing that you have the ultimately say in "controlling" decisions made in the work setting. I've always felt that to be successful, the folks at the top levels of the executive food chain have to have a bit of an ego - those that I have mentored, I've always advised that you don't wear your ego on your sleeve nor wave it in front of your employee's face but rather have an inner confidence that you have the knowledge, skill and thought process to make a decision as well as anyone.
I do think I'm ready to move out of that world, but I'm curious to hear from others who have made the same move and whether they missed "being the boss".

In one large respect when I sold out in the mid 90s some relatives asked if I would help them in their new business venture which was done for $200 dollars a week. Most enjoyable time made recommendations to them if they took them fine if not fine too zero stress on my part. Ten years later situations change start back to work start from scratch up to ten employees and that's about as far as I want to go. This is a whole lot better than the 500 we had in prior business.

Enjoy yourself in your new venture less stress and what a wealth of knowledge you must have that can be shared without the stress of being right

 

[Gary Fowler]

I saw retirees come back to work for a short time because the company needed them. Can't see that happening in today's world for many reasons. None good Dan

That is exactly what happened to me. I decided to retire at 61.5 years of age. I had my retirement home built and paid for along with all my tractors and equipment and really had no money going out other than food, electric, water and insurance premiums.
My company called me back to work for 3 months during the first year of retirement and again in the second year for1-2 months which turned out to be over 4 months. That job caused me to repay all of my social security earnings for that year. After that job was completed, I told them no more. The money was great to have and all, but I was missing the fun of keeping my acreage in good shape.

For me, I was lucky that I didn't get sick or require any medical emergencies since I had no insurance. All I had to do was pay for my medicine and routine doctor visits so my total cost was less than my normal health insurance would cost using the companies partial payment.

I wouldn't advise anyone to retire without insurance though.

Currently wife and I live well on our SS payments and a monthly installment of $2500 after taxes from my 401K. I do get a lump sum check from my 401K for property taxes and insurance premiums when they come due but for the rest of the year, I can live off my SS and the small withdrawal from my 401K. We don't go out much, only the occasional night out for dinner, don't travel much and don't buy extravagant gifts.

 

[rox]

^^^ This is the elephant in the room.

None of the Seniors I know really have a clue and it gets more complex all the time... there are a few exceptions like the retired Hospital Biller and a CPA friend.

Most are really at the mercy of what they are told... one has been on a prescription drug for 7 years and is almost 90... his Part D did send out a list of meds not covered going forward... he had no clue... went to pick up his prescription and the pharmacist said that will be $440 for the month.

I know old people that said in seriousness that they hope they die soon... not because of pain or disability... it is because they simply feel they are burden and dumber than rocks when it comes to stuff like this... it is sad when the system does this people... health is often as much emotional as physical.

How many have thought they were covered for something only later to find out they were not?

I had a run in yesterday with Mom's pharmacist...

A few weeks ago, I asked for a summary of her 2015 prescription expenses and was told they can only release that information to her... OK, not a problem.

She has not been feeling well lately so it was yesterday on my way home for work that we stopped... waiting an honest 15 minutes in line and then it was our turn... Pharmacist knows Mom and all Dad's expensive Cancer Meds came through him.

He greets her and then asks for ID... which she doesn't have because I tell her to keep safe at home... it's been left at church and the grocery store...

The Pharmacist said it doesn't matter that he knows her and me... no ID he can't give her the printout...

Blue Cross Anthem keeps encouraging her to do prescription by mail.... she refuses saying she likes to go where they know her... lot of good that did.

It really is a complicated world and will only get worse... I do feel sorry for those that should be enjoying their golden years only to have worry and anxiety thrust upon them.

Your mother I hope has a healthcare Power of Attorney. On my mother's I added that all of her children, and each were specifically named, had access to all of her medical records, permitted to speak with Insurance Companies, and had unrestricted unlimited access to visit her. My brother is the only one authorised to make a medical directive but all of her children are permitted to speak with all her healthcare providers, which includes, nurses, nurses aids, dentists, etc. So if my brother directs the doctor to do something I don't agree with at least I have the doctor's ear and can state my opinion. It is important that the children who are not appointed as the Heathcare power of Attorney not be shut out even though we don't make any actual decisions. Say for example two adult children get into a spat. Older brother is healthcare power of attorney and tells the nursing home, to not permit little sister to visit as it upsets mother. See you want to put restrictions on the Healthcare power of attorney so that he cannot deny the rest of the kids access to their mother because it is not good for her health.

Another healthcare power of attorney restriction I wrote in is that the healthcare power of attorney must notify all the children if mom goes in the hospital. If he doesn't he looses his authority and the next successor healthcare power of attorney is then appointed. You set up a healthcare power of attorney and then successor's say if the healthcare power of attorney died, then what? Have successors stated, then it is no problem.

On my last visit with mom I was worried how long she would be able to be cognizent enough to manage her financial affairs so I found an attorney and he drew up a regular power of attorney, again appointing my brother. However I had it written in there that brother has to give a detailed report twice a year to his sisters of mom's income and expenses. When writing up Powers of Attorney never think best case scenario, always think worst case scenario. I gave my mother the worst case scenario that she is in a nursing home and my brother as her healthcare power of attorney would leave an approved visitors list and I wouldn't be on it. Did she want her son to be able to deny her daughter access to see her any time she wanted? "No" mom says, all of my children should be able to visit me whenever they want so we wrote it up that way. My brother runs hot and cold I do 100% trust him with mother's finances, however he is really poor paying attention to her health and it was important to me that I always be permitted to have her medical records (including prescriptions which is a medical record) ans peak with all her healthcare providers. His nose was out of joint with the restrictions I had written in, but after all he wasn't ever going to deny me or my sisters access to our own mother would he? No he says, so good I say, now it is written down and mother signed it.

 

[ultrarunner]

Continues to get more complicated...

Blue Cross Anthem requires access documents to be renewed/submitted yearly...

Mom had a small procedure and the facility said they do not honor Health Care Directives due to liability and if this is a problem she should reconsider... which sounded strange but found it completely legal.

I'm pretty much on my own... my siblings have families/kids/in-laws and I am geographically the closest since I rented my home to move back with Mom... I sometimes find myself lacking patience which bothers me.

We can have a discussion and everything is set and written down... like her Doctor appointment is not today but tomorrow... she will be all ready to go and wonder where I am... but the appointment is not for today.

The hardest are all the scammers... like calling to say you missed a payment and they are coming to pick up your car unless you make an immediate credit card payment... thing is the car was bought new and paid for in full at the time of purchase... these things drive me nuts...