America's #1 Online Cigar Auction
first, best, biggest!

Last post 12 months ago by delta1. 93 replies replies.
2 Pages<12
Retirement: Experiences, In Retrospect, Lessons Learned etc.
dstieger Offline
#51 Posted:
Joined: 06-22-2007
Posts: 10,889
Related.....

Any one have long term care insurance? Many years ago when I studied this, I concluded that the sweet spot to begin was around 54-57. Now, that am in that window, everything I read says the racket has sort of imploded....that may not be any more value to LTC insurance than putting the equivalent of the premiums under your mattress.
delta1 Offline
#52 Posted:
Joined: 11-23-2011
Posts: 28,754
take a look at the medical conditions that require long term care and see if you are at high risk for several of them...

I chose not to because my family's medical history doesn't include most of them...
8trackdisco Offline
#53 Posted:
Joined: 11-06-2004
Posts: 59,992
dstieger wrote:
Related.....

Any one have long term care insurance? Many years ago when I studied this, I concluded that the sweet spot to begin was around 54-57. Now, that am in that window, everything I read says the racket has sort of imploded....that may not be any more value to LTC insurance than putting the equivalent of the premiums under your mattress.


From my understanding, it has imploded. A friend of mine sold it from about 2000-2005. Apparently the actuarial tables weren't well figured out- at least for the company he represented. They couldn't take in enough premium to pay out the then $2,500 a month it took for full assisted livings cost at that point.

The industry seemed to evaporate over the next couple years and he left the company.
Gene363 Offline
#54 Posted:
Joined: 01-24-2003
Posts: 30,669
dstieger wrote:
Related.....

Any one have long term care insurance? Many years ago when I studied this, I concluded that the sweet spot to begin was around 54-57. Now, that am in that window, everything I read says the racket has sort of imploded....that may not be any more value to LTC insurance than putting the equivalent of the premiums under your mattress.



We started it closer to 60, about $240/month for up to $200/day after 90 days, but at this point we are closer to 70. We bought the policy from State Farm.
Abrignac Offline
#55 Posted:
Joined: 02-24-2012
Posts: 17,217
8trackdisco wrote:
Starting this thread based on a few things.
-Macs having the conversation with the bosses about handing up his star @ 50.
-Tonygraz's caveat of don't retire too early, and how things get more expensive than you think.
-Ram's work ethic and seeing him finally retire and his comment that each day is just another day.

There is a lot of retirement experience here. We working hacks could learn a lot from good decisions and mistakes if you are willing to share them.

As Frasier Crane would say- I'm listening.


I retired at 50. Was peddling pickles within six months to cure boredom. At 54 I remodel homes. Don't retire until you have some activity to fill the void. Otherwise, you will be miserable.
frankj1 Offline
#56 Posted:
Joined: 02-08-2007
Posts: 44,211
Abrignac wrote:
I retired at 50. Was peddling pickles within six months to cure boredom. At 54 I remodel homes. Don't retire until you have some activity to fill the void. Otherwise, you will be miserable.

oh, are you gonna take a beatin' for this
MACS Offline
#57 Posted:
Joined: 02-26-2004
Posts: 79,593
There ain't one mother fooker on his/her death bed that says, I should have worked more or longer.

Not fookin' ONE.

Retire when you can afford to. Fill the time with something you LIKE to do.
izonfire Offline
#58 Posted:
Joined: 12-09-2013
Posts: 8,642
frankj1 wrote:
oh, are you gonna take a beatin' for this


Bet you were packin those pickles before you were peddling them...

(Didn’t want to disappoint you Frank)
Abrignac Offline
#59 Posted:
Joined: 02-24-2012
Posts: 17,217
frankj1 wrote:
oh, are you gonna take a beatin' for this


Probably will. I’ve got thick skin so I’ll be fine.

How are you buddy?
izonfire Offline
#60 Posted:
Joined: 12-09-2013
Posts: 8,642
Abrignac wrote:
Probably will. I’ve got thick skin so I’ll be fine.


Thank you Abrignac.
I feel like I’ve been surrounded by triggered millennials today...
frankj1 Offline
#61 Posted:
Joined: 02-08-2007
Posts: 44,211
Abrignac wrote:
Probably will. I’ve got thick skin so I’ll be fine.

How are you buddy?

I know you can handle it...

I'm getting it done, have my weak moments, take a deep breath and take another step forward.
trying to lift a significant other up here wif me, but it's been a mighty struggle.
Luckily I'm too stoopid and too much in love to evah quit.

I owe you a call, couldn't talk when you called a few days ago. But we'll talk at some point.
Thanks for trying to reach me though.
Whistlebritches Offline
#62 Posted:
Joined: 04-23-2006
Posts: 22,127
MACS wrote:
There ain't one mother fooker on his/her death bed that says, I should have worked more or longer.

Not fookin' ONE.

Retire when you can afford to. Fill the time with something you LIKE to do.



DITTO!!!
8trackdisco Offline
#63 Posted:
Joined: 11-06-2004
Posts: 59,992
Abrignac wrote:
I retired at 50. Was peddling pickles within six months to cure boredom. At 54 I remodel homes. Don't retire until you have some activity to fill the void. Otherwise, you will be miserable.


Have a hobby or you'll just end up jerkin a gerkin. Got it.
frankj1 Offline
#64 Posted:
Joined: 02-08-2007
Posts: 44,211
but that is my hobby
pacman357 Offline
#65 Posted:
Joined: 02-27-2006
Posts: 42,596
izonfire wrote:
I would kill for that schedule. Seriously, let me know who I have to take out...

Dude, I wasn't the best student in math class, but even *I* can tell the obvious answer there. C'mon, think hard....

Also, this weekend I realized the cruel irony of a "fixed" income: you're always broke. They should call it a broke income.
MACS Offline
#66 Posted:
Joined: 02-26-2004
Posts: 79,593
Conversation completed.

Learned a few things... If I leave next year, it gives me less time to pad my investments, of course. The pension before taxes is okay. I've got another stick in the fire, and I will wait until that evolution comes to a close before I make a final decision.

I will likely get some kind of work, for at least a few years anyway, to stay busy and to pad the investment fund a bit but at this point it's looking like I might go next July 1.
8trackdisco Offline
#67 Posted:
Joined: 11-06-2004
Posts: 59,992
Nice to have options.
delta1 Offline
#68 Posted:
Joined: 11-23-2011
Posts: 28,754
abbynads jerks gherks? whodathunkit...he seems so macho...
delta1 Offline
#69 Posted:
Joined: 11-23-2011
Posts: 28,754
MACS wrote:
Conversation completed.

Learned a few things... If I leave next year, it gives me less time to pad my investments, of course. The pension before taxes is okay. I've got another stick in the fire, and I will wait until that evolution comes to a close before I make a final decision.

I will likely get some kind of work, for at least a few years anyway, to stay busy and to pad the investment fund a bit but at this point it's looking like I might go next July 1.



that's great...a few years earlier than previously thought.....

but like you said...if you can afford it, pull the plug...I went at least 2 years earlier than planned...
Palama Offline
#70 Posted:
Joined: 02-05-2013
Posts: 23,461
Moot point for me so more for the "younger" set that's inching towards the goal line. But has anyone's thoughts about retiring changed?
MACS Offline
#71 Posted:
Joined: 02-26-2004
Posts: 79,593
I retired about 8 months after this thread was started. 2+ years staying in CA and living on the retirement income from Uncle Sam and Uncle Cali. Didn't use any of my 401/457 money.

Sold the house, made a tidy profit, moved to Florida. Have more in the bank than I did in CA and it's holding steady. Still haven't used the 401/457 and now the wife is retired, too.

So far so good... but we do get a little bored sometimes.
Gene363 Offline
#72 Posted:
Joined: 01-24-2003
Posts: 30,669
Almost ten years retired, I love being retired. I did worry and plan a lot before I retired, I made spreadsheets, inflation projections etc, to make sure I would not run out of money before kicking off.
frankj1 Offline
#73 Posted:
Joined: 02-08-2007
Posts: 44,211
won't be touching IRAs/401Ks/403B's until we have to...other than those inherited which aren't needed and feel so wrong
deadeyedick Offline
#74 Posted:
Joined: 03-13-2003
Posts: 16,957
frankj1 wrote:
won't be touching IRAs/401Ks/403B's until we have to...other than those inherited which aren't needed and feel so wrong


Been touching our IRAs for a few years now with the fine guidance of the RMD. Spent so many years being a saver and investor it is not in my mindset to be a spender.
MACS Offline
#75 Posted:
Joined: 02-26-2004
Posts: 79,593
frankj1 wrote:
won't be touching IRAs/401Ks/403B's until we have to...other than those inherited which aren't needed and feel so wrong


Not wrong at all, Frankie. Blessed.

The idea is that we want our kids to have it better, right? Then if you're leaving some to your kids, enjoy what your parents were able to leave for you. My $.02
Gene363 Offline
#76 Posted:
Joined: 01-24-2003
Posts: 30,669
deadeyedick wrote:
Been touching our IRAs for a few years now with the fine guidance of the RMD. Spent so many years being a saver and investor it is not in my mindset to be a spender.


I know that feeling, but you cannot take it with you and like I said to my relatives, "I'm not looking for an inheritance, spend it." Same thing for our sons. And unfortunatly, if a survivor needs your money, it's likely to evaporate anyway, I know that sounds bad, but it's too often true.

That last comment is not directed at DED, just a general comment and yes, I'm an arsehole for saying it.
deadeyedick Offline
#77 Posted:
Joined: 03-13-2003
Posts: 16,957
deadeyedick wrote:
Been touching our IRAs for a few years now with the fine guidance of the RMD. Spent so many years being a saver and investor it is not in my mindset to be a spender.


EDIT: We did set up a CRT to a charity we both wanted to help.
Gene363 Offline
#78 Posted:
Joined: 01-24-2003
Posts: 30,669
MACS wrote:
Not wrong at all, Frankie. Blessed.

The idea is that we want our kids to have it better, right? Then if you're leaving some to your kids, enjoy what your parents were able to leave for you. My $.02


A reasonable middle of the road idea.
frankj1 Offline
#79 Posted:
Joined: 02-08-2007
Posts: 44,211
MACS wrote:
Not wrong at all, Frankie. Blessed.

The idea is that we want our kids to have it better, right? Then if you're leaving some to your kids, enjoy what your parents were able to leave for you. My $.02

the good part is what came from Caren's parents.
The part that feels wrong is a couple small accounts that Danny had started...
MACS Offline
#80 Posted:
Joined: 02-26-2004
Posts: 79,593
frankj1 wrote:
the good part is what came from Caren's parents.
The part that feels wrong is a couple small accounts that Danny had started...


I can only imagine how that feels. Sad

Maybe let them grow and leave them to grandkids on his behalf? I'm just spit-ballin' buddy... I'm sure you've agonized over it.
frankj1 Offline
#81 Posted:
Joined: 02-08-2007
Posts: 44,211
MACS wrote:
I can only imagine how that feels. Sad

Maybe let them grow and leave them to grandkids on his behalf? I'm just spit-ballin' buddy... I'm sure you've agonized over it.

no choice in the matter...forced to take distributions on inherited IRAs/401's etc.
rfenst Offline
#82 Posted:
Joined: 06-23-2007
Posts: 39,100
frankj1 wrote:
no choice in the matter...forced to take distributions on inherited IRAs/401's etc.

Can you put the forced withdrawals in a Roth IRA or some other investment vehicle that is self-directed and accrues interest tax free until withdrawal?
frankj1 Offline
#83 Posted:
Joined: 02-08-2007
Posts: 44,211
rfenst wrote:
Can you put the forced withdrawals in a Roth IRA or some other investment vehicle that is self-directed and accrues interest tax free until withdrawal?

I don't think so, and one of Danny's is a Roth.
8trackdisco Offline
#84 Posted:
Joined: 11-06-2004
Posts: 59,992
Palama wrote:
Moot point for me so more for the "younger" set that's inching towards the goal line. But has anyone's thoughts about retiring changed?


Was more in questioning mode when I posted this vs knowing answers. Ended up retiring 5 years prior to plan. Certainly making things tighter. Knew I was damaging my physical and mental health during that time. What I didn't realize was the damage I doing to my relationship with wife and son. Almost lost it all.

Don't love our financial position. That said, we have it better than a lot of Americans. Taking the blessings we have and are thankful for them.
frankj1 Offline
#85 Posted:
Joined: 02-08-2007
Posts: 44,211
I do believe you have the power to make it work.
Ruby Offline
#86 Posted:
Joined: 02-24-2016
Posts: 116
6 months after retiring my golf game went from a 12 handicap to a 2. If I'd of known this I would have retired 20 years ago.
HockeyDad Offline
#87 Posted:
Joined: 09-20-2000
Posts: 46,065
Currently driving around Florida house shopping in new master planned communities. It seems that many HOAs now cover all your yard landscaping and even restrict you from planting things like citrus in your yard.
RiverRatRuss Offline
#88 Posted:
Joined: 09-02-2022
Posts: 1,035
HockeyDad wrote:
Currently driving around Florida house shopping in new master planned communities. It seems that many HOAs now cover all your yard landscaping and even restrict you from planting things like citrus in your yard.


We've been surfing foreclosed homes in the Homestead area.. a buddy of mine lives in Tavenner Key and said watch for the Foreclosures they are plentiful...
burning_sticks Offline
#89 Posted:
Joined: 08-17-2020
Posts: 152
In my experience you can never retire too early. Semi retired in 1994 when I was 39, went into the family business part time and then totally retired in 2004.
plinytheelder Offline
#90 Posted:
Joined: 10-24-2006
Posts: 8,833
MACS wrote:
There ain't one mother fooker on his/her death bed that says, I should have worked more or longer.
Not fookin' ONE.


I told this exact thing to guys at work when I was working. They would stay by the phone all weekend HOPING the Company would call them for overtime.

"on your deathbed, you'll be wishing for just one more good day to spend with a friend or a family member and you know what? that day you just wasted by the phone might have been THAT day.

8track, you say you started saving for retirement at 35. After having a lot of talks with others at work, I can comfortably say you are probably WAY AHEAD of most people in that regard. People in their 40's admitting they can't save any money for retirement? "WTH have you been spending money on?"

As some here say, you need something to do to occupy yourself. Personally, I've found that kind of hard to do in the post covid environment but our house repairs/improvements are finally coming to an end this week just in time to do some traveling.

Wife is collecting age 62 SS, I'm getting a small pension of $1300, and my 401k rollover has increased so we have tapped into that for a little to supplement our frugality
rfenst Offline
#91 Posted:
Joined: 06-23-2007
Posts: 39,100
Live off your retirement budget one year before retiring to make sure it is sufficient and not a lurch the first month after you actually retire- from a CPA friend of mine.
DrafterX Offline
#92 Posted:
Joined: 10-18-2005
Posts: 98,508
Just need a few kitty-cats roaming da hood to take care of them... Mellow
delta1 Offline
#93 Posted:
Joined: 11-23-2011
Posts: 28,754
It's been more than 12 years since I pulled the plug, thinking at the time that I was leaving a couple of years early. In retrospect, it was the right time. I was fortunate to have spent my working life in public service/campus law enforcement and earned a defined benefit lifetime retirement. My wife retired from elementary school teaching and also enjoys a lifetime defined benefit pension and we use her lifetime health insurance benefit.

Two years ago, at 67, I began collecting Social Security. My income now is more than my take home when I worked, and our combined income also exceeds our working income. so even living in CA, life is affordable. In a few months, our mortgage will be paid off. Several CBidders bad mouth CA, and are happy to be someplace else, but I am happy here, and most importantly, my wife is happy here. Our families are here and we enjoy the weather, which is superior to most places we had considered moving to. To us, the beauties of this state outweigh some of it's drawbacks.

If there is a regret in retirement; we can do more traveling, which was our pre-retirement goal that was postponed due to a commitment to help care for grandkids. Unfortunately my wife, who retired the same day as I did, has suffered a back injury that limits her mobility, so our travel plans have to be re-evaluated...but we both are happily retired and do not miss working one bit.
Users browsing this topic
Guest
2 Pages<12