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Retirement Plan?

Old 03-20-2018, 01:23 PM
  #101  
HTJ
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Originally Posted by Lee Majors View Post
I keep toying with investment properties, but we did that for a few years and renters were such a headache.

There is an answer...is called identifying the correct demographic to rent to - I have had 100% success when I do and with one exception 100% failure when I didn't.
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Old 03-20-2018, 01:29 PM
  #102  
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Salty I am with you- I plan to work to work to 70. By 50 I was debt free, owned the 7 figure home, the six figure boat and cape house. I could have gone a different route and saved every penny and cried poor mouth like a few friends- but i wanted to enjoy my life.
From traveling for work and personal i have eaten at some of the worlds finest restaurants- stayed in great hotels and wasn't worried about trying to save that 100$ for retirement.
Soon the big house will be down sized- the boat may be upsized but i have 19 years more years to enjoy the lifestyle i have and save for retirement.
It is a balance- but i have always put money into a 401k and investments then wasted the rest on boat , women and wine.
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Old 03-20-2018, 01:38 PM
  #103  
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Originally Posted by OneMoreDay View Post
wasted the rest on boat , women and wine.
You're doing it right - Powder River, let 'er buck!

Pay your (older) self 25% and the rest is for living.
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Old 03-22-2018, 09:48 AM
  #104  
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Originally Posted by HTJ View Post
There is an answer...is called identifying the correct demographic to rent to - I have had 100% success when I do and with one exception 100% failure when I didn't.
Yes , do your homework on potential tenants . I go to where they live now and knock on the door . I contact past landlords(not the one they have now). I always ask " what's happening now where you live that you are looking to move " You will be amazed and entertained on how people ask the question . I also found that single family small homes are far better to have than multifamily homes ..
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Old 03-22-2018, 12:58 PM
  #105  
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Never plan to.. next step closer to the grave. Iíll always work doing something. My old man still works at 72 and enjoys his job. It keeps him active and sharp. The key is doing something you like later in life. I saw many a retiree sitting around the marina I worked at in college bitching about health and politics instead of using their ďdreamĒ boats. Decided long ago Iím living my life on the front end and not waiting for the wind down. To each his own.
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Old 03-22-2018, 07:18 PM
  #106  
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Originally Posted by LI32 View Post
From a financial planning perspective, there is a huge difference between 50, 55, 60 & 65 - mostly to do with medical insurance and market fluctuations.
At 65 you get Medicare, so that is a big savings - having to pay for medical coverage at $15k/yr for a couple for 5-15 years adds up.
$1.5 million is $60,000/yr in drawdown (4% - and you can't start until 59.5 yrs old) - not a lot for someone used to $200k, and it takes 40 years of work to get full Social Security.
In your financial position it might be best to work your planning around a retirement at age 60 rather than 55. That extra 5 years of income and 5 less years to pay for medical is big.
I still have a little under a decade to retirement, so i can't say how well my plan will work out. The plan involves owning all my houses and boats outright, moving our primary residence to Florida (to avoid state income taxes) and between my wife's pension and 403b and my 401k money having about the same income coming in as we spend on just living expenses - about $20k/month, and then using Social Security as additional fun money; we don't plan on touching our non-retirement savings unless it exceeds the amount exempt from federal estate tax.
^^^ THIS ^^^

Best thing I ever did was stop dabbling myself and work with a financial planner and then moved into wealth management. The whole plan from the beginning was to build an income stream that would pay us enough annually in our retirement that we don't have to touch anything else. Not sure if we're going to Florida or Tennessee, but same kind of thought. And we own everything right now, no debt, but still worry about what could happen. But hopefully we're on the right track and just keep trying to live within our means and make smart decisions
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Old 03-22-2018, 08:14 PM
  #107  
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Why think about retirement for those under 40? The boomers are going to suck us dry in healthcare costs, etc. And many of them have pensions! Just imagine what it's going to be like for the later generations with no pensions.
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Old 03-22-2018, 09:33 PM
  #108  
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Yeah and the millennials will always need a gen xír to fix non tech shyt so iím Not worried..lol
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Old 03-23-2018, 01:17 AM
  #109  
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Don't forget some type of LTC insurance plan. Any debilitating medical condition such as a stroke or one of many other medical issues could suck your retirement plan up in no time by the state in which you live if you cannot afford LTC.
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Old 03-23-2018, 06:51 AM
  #110  
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Yeah, I`ve looked into LTC. The cost of that policy would drasticly change my retirement plans.
And trust me, I can understand how valuable it can be. I`m watching my parents`s savings being drawn down to nothing because of asisted living and long term care cost.
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Old 03-23-2018, 02:04 PM
  #111  
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Originally Posted by Lorne Greene View Post
Consulting Managment

The highest level of education was high school, father was an iron welder, mother answered phones at the IRS during tax season. No many people just make $200K most of the comp plans are based in the low to low-mid $100's then add in 20% bonus and company stock and that is how I go there.

As for doing what I actually do, I don't really do anything special. I'm not the smartest person in the world. I just learned that if you make peoples problems go away it pays 10 fold in return. I'm known as the guy in the company that you can come to with any problem and even if its nowhere near my wheelhouse I can figure it out or get you into the right hands.
Just curious: do you mean 'Management Consulting'?

What I did right: consulted with a (fiduciary) financial advisor, developed a plan and executed on the plan.

What I did wrong: Got on a website and asked a bunch of folks who's qualifications I had no idea about questions about how they planned their retirement.

Not trying to insult anyone - I love this site, but think about this: retirement in this day and age is one of the most important things you need to plan for, and it needs to be carefully considered, with good advice that is tailored for your specific situation and goals. A good financial advisor is going to ask for a lot of information and also ask all manner of questions about you and your goals, then give you a very detailed, thorough plan with milestones and check points.

Last edited by JoeR2; 03-23-2018 at 02:09 PM.
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Old 03-23-2018, 04:31 PM
  #112  
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I have offered my business for sale to a competitor. Waiting for a response to see if they are interested. This is scary as hell. Its all timing. Not that I am ready to retire at 58 , but it could be now or never to get the most value of my business. What the heck am I going to do if I do sell this year? . I canít sleep waiting on a reply. I am burned out however! I am ready to slow down after 36 years of hard work. . Just scary !
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Old 03-26-2018, 09:00 AM
  #113  
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Originally Posted by ono loco View Post
Never plan to.. next step closer to the grave. Iíll always work doing something.
This absolutely.... as a species we are weak but we are good at work and thrive on a routine. My idea of retirement means I still get up in the morning and head outside to sweat vs headed to the office to put with client/employee drama. Oh and a much larger % of offshore weather windows will be accessible
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Old 03-06-2019, 06:09 PM
  #114  
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I am not retired but I have a suggestion

some folks retire and get bored stiff, get miserable and then go back to work.
i had a neighbor that actually got depressed really bad when he retired

Myself, I have a list of projects that will take 5 years to complete

if your bored out of your skull, go volunteer somewhere, a museum, the VFD .......don’t sit around and rot

There is a severe shortage of volunteer firemen all across the USA.....our community was so short staffed they had only 6 people to respond
i joined last year and I already have all kind of training, heck I can run the fire engine,brush fire truck, tanker truck
we have a ton of super nice equipment..... and no young volunteers.......not one
its 90% retired folks.......the fella that trained me on the engine is 82 years old , Purple Heart, three tours in Vietnam, shot down, wounded.......and still active at 82 with a sharp mind
He is one tough Hombre

It’s a dedicated group of old folks

if you have spare time......go volunteer....you might just find out you enjoy it


edit....95% retired folks









Last edited by nat; 03-06-2019 at 06:31 PM.
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Old 03-07-2019, 07:36 PM
  #115  
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Originally Posted by HTJ View Post
This absolutely.... as a species we are weak but we are good at work and thrive on a routine. My idea of retirement means I still get up in the morning and head outside to sweat vs headed to the office to put with client/employee drama. Oh and a much larger % of offshore weather windows will be accessible
Yep....a side hustle is my retirement plan. I will always work I'm just built that way too
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Old 03-07-2019, 07:51 PM
  #116  
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Originally Posted by johnny.dollar View Post
Why think about retirement for those under 40? The boomers are going to suck us dry in healthcare costs, etc. And many of them have pensions! Just imagine what it's going to be like for the later generations with no pensions.
Just an observation but we have a couple of younger generations complaining about older generations sucking them dry while proposing free healthcare, free education, open borders and guaranteed income then think someone else is going to cause their problems. Did they teach you guys math. Trillion dollar deficits will be the good old days.
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