Retirement preparation

[Box of frogs]

I’d like to hear everyone else’s opinions on prepping for retirement.
A lot of the members on this board have already stopped working. What types of things are you glad you did, what would you do differently if you had a second chance, and what did you do that you probably didn’t need to do?

I’m not so much interested in the base preparation things, I have food, ammo, water.
I read a lot about the topic and sometimes it seems like bullshit.
5 million in the bank per one lady on the internet seems extreme.
Living on social security only is the other extreme

Appreciate you input
BoF

[Inor]

I’d like to hear everyone else’s opinions on prepping for retirement.
A lot of the members on this board have already stopped working. What types of things are you glad you did, what would you do differently if you had a second chance, and what did you do that you probably didn’t need to do?

I’m not so much interested in the base preparation things, I have food, ammo, water.
I read a lot about the topic and sometimes it seems like bullshit.
5 million in the bank per one lady on the internet seems extreme.
Living on social security only is the other extreme

Appreciate you input
BoF

The only advice I am qualified to give is this:

BE DEBT FREE AS EARLY IN LIFE AS HUMANLY POSSIBLE!!! Anything after that is 100% gravy.

Any debt at all (mortgage, car loans, student debt, etc.) is slavery. The "smart people" differentiate between "good debt" (debt taken out to make money) and "bad debt" (debt taken out to spend more than you make). In my world, ALL debt is bad debt!

[Ricekila]

I / We were lucky in that when we sold the house -- wifey paid off everything ( not that there was that much to begin with ) but she kept one credit card --- that we owe just about nothing on ----------- now just medical bills --

[Modfan]

I got 5 or 6 more years before I can retire. The plan for right now is to crank as much into mine and the wifes 401k to get the company match. I have it all set at the most conservative. We are looking for a couple acres in eastern Oklahoma we can buy and pay off in 5 years. In this process put in a septic system and two wells. One for water and one for geothermal. After this we will decide on either shipping containers or pole barn. After, I retire we sell the house were in and take the equity and payoff anything we have left on the new house.

[Chiefster23]

Before retiring I made sure everything was paid off completely, including the cars. Having any kind of big debt payment in today’s world scares the shit out of me.

[Prepared One]

MG and I are debt free. That was our plan when I left Katy. Everything is paid for and our money is ours. Give to me Mr. G-man, all the money you stole from me and her all these years, and come to me no more.

[MountainGirl]

My retirement plan has always been to be able to live on SocSec only,
which meant living as small and simple a life as possible, staying debt free.

In my many lives, I've been very rich and very poor - and enjoyed them all, lol,
and always able to slide back into a simple life, if & when needed.

Thinking more on this - what made all that ^^ possible - is I thrive on having very few possessions.
Everything you own, owns you. If I had a mantra it would be: Keep cool, travel light, stay low.

Now, that's not everyone's nature - but it is mine. :)

[hawgrider]

I'm on a 40 year pension and social security.

I'll let you know how that works out after I find a house in this jacked up housing market.

[1skrewsloose]

That reminds me of the saying, "he who dies with the most wins". wtf, wins what?? @MG:)

[SOCOM42]

Myself, I have been debt free since 2001, that you need to be.

Gun work and SS is what we live on here, plus my daughters art commissions.

Thing with me is that I never even considered saving for retirement at all.

I thought I would be dead before then, based on family mortality.

I had a lot of money saved and plenty coming from my shop.

The change came from having another wife and kid, needed to provide for them.

I was 20 years older than my wife, needed to provide for them and coming of another new kid (later miscarried).

That all blew up and the money was gone, all behind my back.

The only thing I owe today and have had for 22 years is for the property taxes, general living expenses.

What you can base yours on is how much you cannot stop yourself from pissing away every month.

I still have some money saved but it is not used, only for emergencies.

I have well into six figures with the machineguns and regular ones, that is for the kid to have.

I spend virtually nothing on myself, don't care to, if I want something I will get it.

My last frivolous expenditure was for an electric PEX clamp crimper for $200.00?

Still have not played with or used it yet, time is coming.

[StratBastard]

As the man Inor said... debt free. That was #1 for me. I already own everything I need, so really only make a big purchase when something gives up the ghost. I feel I have enough savings left, even after putting two kids through college, and a good gold/silver stash. I am good on preps. I have my social security of course, and a postal pension. When I bought this place out a bit in the country, I was retreating to a stronger position: no mortgage, no property taxes, no water/garbage/sewer charges, and no city add-ons to the electric bill: this month it was $63. So my biggest expense is $600 a month to park my trailer out here. I am able to put about $1000 a month into savings even retired, so not too bad. So: debt free, some savings and PM's, get your preps good, and find a good cheap place to live safely. That's my list. Wait, one more: I kept my health insurance when I retired (federal Blue Cross/Blue Shield) even though I have Medicare now. If you have the chance to be double covered in retirement, crunch those numbers and see if it's a good idea for you... we're all just going to keep getting older LOL. My week in the ICU came with a bill of $36K, of which I paid not one nickel.

[Michael_Js]

Agree debt free is the way to go! Had a meeting with my financial advisor on Friday and with the split, an with cutting back on expenses, I need to now work to 67 (instead of 65) to fully retire. I will still need a part-time job afterwards. The trick will be to sell the house and get something much smaller that I can pay it off quickly. It does use SS as part of my retirement income, which bothers me since it might not be there in a few years, however, I am savings as much as I can. Will need a roommate in the new place to help offset any mortgage, but I'm OK with that...

Wish I planned better! I've been advising my daughter to save whatever she can (she's 31) and NOT to count on SS for her retirement at all!

Peace

[StratBastard]

Wish I planned better!

My friend, you can't plan for a divorce. It cuts us all in half or worse. You can only plan to not be in that boat again.

If I remember right, you're in your 50's? Gives you plenty of time to discover new ideas your financial planner didn't have in their usual narrow box of tricks. 10 to 15 years of opportunities coming of which you are currently unaware of. That's the thing about plans: they change over time. And you will be fully in charge of every one of them. My confidence for you is high, as I've seen this myself: when I got divorced, it narrowed my perspective to just getting through it... and I had no idea of the great stuff coming just over the horizon.

[Michael_Js]

My friend, you can't plan for a divorce. It cuts us all in half or worse. You can only plan to not be in that boat again.

If I remember right, you're in your 50's? Gives you plenty of time to discover new ideas your financial planner didn't have in their usual narrow box of tricks. 10 to 15 years of opportunities coming of which you are currently unaware of. That's the thing about plans: they change over time. And you will be fully in charge of every one of them. My confidence for you is high, as I've seen this myself: when I got divorced, it narrowed my perspective to just getting through it... and I had no idea of the great stuff coming just over the horizon.

Understood - I'm 63...not much time to continue saving...

And thank you! :) As Donna Summers said" I Will Survive! :)

[StratBastard]

Understood - I'm 63...not much time to continue saving...

And thank you! :) As Donna Summers said" I Will Survive! :)

Ah, a contemporary! Well, if you can still retire okay in 4 years, I'd be good with that. We all have the highest hopes for you Partner. We'll see you around the old K4nts campfire soon. Cheers!

[Jester-ND]

will do my job til I die, since there isn't any actual work involved, SS won't be there for me in 25 years, I am not the one to give advice. Older brother is a loner with a good career.... his death will be my wife's retirement, I always tell him when he sets up the targets downrange, his dismemberment clause will pay me handsomely!!

[T-Man 1066]

I had plans to be debt free - didn't work out quite so good. I am in a very good position to generate money, shop is doing ok, will be full time self employed 2 years in the next couple weeks. Lot of medical bills for T-Woman and T-son, life happens. Keep my nose to the grindstone... but yep, minimal or no debt is freedom, fo' sho!

[Slippy]

Being debt free is, in my opinion, the Number 1 priority for my retirement. Got debt free in 2012.

MY PROBLEM is that being debt free enables me to buy things that I;
1.) Need,
2.) Want,
3.) or Think I Need or Want!

So I probably don't save as much as I should. A couple of IRA's, a 401(k) all in a diversified mix of no load mutual funds, some cash, Slippy Lodge and of course Social Security (which I can't ignore since I've paid into it for so long) are our retirement plan.

I plan on working as long as its fun and its still fun for me. 5 maybe 10 more years? By then I hope to have enough stuff that I CAN live off of Social Security alone if I have to but have the others if I need them.

[BucketBack]

I retired at 61.5 yrs at beginning of COVID, with about 1 night of planning. They offered a layoff, which I took. I have 1.5K in interest free Credit Card debt that should be taken care of this month. Amazon Prime has been cancelled . :shitstorm: Mom's home has been paid for since 1974 ish. Taxes, utilities, insurances add up to about $600 / month.Well next month Medicare is $194 for me. so $800 then.

That leaves some $$$ for food, beer, gas, toys ....

My Patternmakers pension is still in limbo. Social Security, IRS and I know about it, but the pension fund doesn't.

It's not a mansion, but we have 6 1/4 acres of forest. We're being DINKS so only the $25 monthly phone bill from Macomb Correctional

Today, I get to drop off my Medicare form, cancel my $45 gym membership and get Silver Sneakers for free

Then comes food storage.

Before the merge, both of us were food hoarders, coming from parents who came from large families who had to fight over the last hot dog.

SO I have 4 flats of CHIK and Swine in the bottom of my heated fire safe in the barn, with more to follow.

I have no more room for food in the home, and it's gets cool here sometimes, so heat the mancave / doghouse this winter

The $250 fire safe in heated, but the 6K one isn't :crazy:

[Prepared One]

Being debt free is key in retirement for sure. That and save money! I was always told to pay yourself before paying anything else, i.e., put some money in the saving account before you pay bills and buy your toys. Do it religiously, no matter how much it is. My one regret is that I didn't listen earlier. In my teens and 20's I was bullet proof and didn't think I would see 30 much less 60. I wish I had all the money I spent in bars, hospitals, and bail money alone, never mind the work money.

Bottom line: Save your money!

One thing about retirement, It was a scary jump for me but I love it! Should have done it 40 years ago. :biglaugh: The key was I had a house, a decent 401K along with SS. When Melissa passed I lost my direction. Work was no longer the joy it once was. I was going through the motions not sure what direction I was going to go.
But then, thankfully, MG came storming into my life and everything just came together. She brought purpose and love back into my life and helped in my decision to take the plunge and retire. It's been a full year this past month since I retired and I don't regret a day of it. If you have the means, I highly recommend it. :bigthumbup:

[Prepared One]

Agree debt free is the way to go! Had a meeting with my financial advisor on Friday and with the split, an with cutting back on expenses, I need to now work to 67 (instead of 65) to fully retire. I will still need a part-time job afterwards. The trick will be to sell the house and get something much smaller that I can pay it off quickly. It does use SS as part of my retirement income, which bothers me since it might not be there in a few years, however, I am savings as much as I can. Will need a roommate in the new place to help offset any mortgage, but I'm OK with that...

Wish I planned better! I've been advising my daughter to save whatever she can (she's 31) and NOT to count on SS for her retirement at all!

Peace

Hang in there! I know life threw ya a curve ball, but you never know what's around the next corner.

[BucketBack]

For me it was when Mom died in 2018. I had no social life and hit the bottle for awhile. I just bought $300 worth of half off premium booze at Rite Aid that will get locked up in the " Booze" Safe. They're just a pantry with a lock.

When you retire you can see what you weren't doing to maintain your own property while you were working.

Now I have the choice at lunch time, do I put the wash in the dryer, or open up the heavy package the USPS lady just dropped off?

[MountainGirl]

^^ Yep. It's sweet having choices.

[Box of frogs]

I appreciate everybody’s input on this thread.
My situation is this…… I am 61 and if I wanted to I could retire now.
I still owe less than 10k on the balance of my Subaru and the tractor attachments and upgrades we had done this summer. I have the cash in the bank to pay these off today but the interest on both those loans is reasonable enough that it not tempting to dump all the $$$ at once. I’m sending 2x and 3x payments on both of these and they will be paid off before November.

Once that is done I will only have a mortgage to pay.
Wife has her financial stuff and we keep separate accounts, so I am not exactly positive how much more debt she is carrying but I believe it is small.

If stop work at the end of the year, my wife will have at least 9 more years to work. I am six years older than her. So I would ride her health insurance until I’m 65.
The mortgage the farm is low, and the rate is stupidly low. I put a large amount down when we bought it 30 months ago. She should be able to pay the mortgage if it came down to it. If I had to I could work part time at Kroger and make the payment….

I have always paid the mortgage, utilities, groceries, my personal expenses, out of my check.
She pays her Jeep note, insurance, and her personal expenses.

At this point work is no longer fun. It does present some challenges that keep me interested, so I’m not bored or just riding my time.
So it sort of feels like at this point I’m just piling money into an account for the future of futures.

[Ricekila]

A large mistake I made --- but not the bigest -- I also bowed out at 61 ------ calculate all things being the same ---- whatever you make yearly now - and what your SSI payment would be --- against if you wait to 65 ( even 67 ) - if you were to still have the same yearly income ----- in my case ----- the monthly payment between 61 & 65 was interesting -- interesting to the tune of $900-ish more a month --

Not even going into employer paid health insurance -- Medicare parts A & B --- aint no bargain --

Squeaky warned me not to leave that money on the table ----- did I listen ---- NOOOOOOOOOOOOOOOOOOOOOOOOOOOOO !

The Squeak on the other hand was planning on holding out to 67 --- then at 63 -- her employer offered her a very generous buyout ( at least I thought it was ---- she kept in touch with a few of her buddies -- 2 years later the buyout was crap ) --- 56 weeks of full pay W/ the company paying for her & my ins. --- then a very fat check from Tribune & Cablevision --

I married well -- LOL

P/S -- when Cablevision bought her newspaper -- we got all the cable channels for free -- so we had more to not watch - L

[1skrewsloose]

Everyone likes to say, if you wait till full retirement age you get more money, untrue, regardless of when you retire those at admin know they will pay out almost the same. Less money for more years or more money for less years, do your own math, it comes out almost the same. What bothers me now is because of Biden I may have to take a part time job, which I feel is a fate worst than hell. FJB!!!

No one can guarantee you'll live long enough to enjoy the extra (pretend) money. I hate thinking of having to get a job, in general, I really don't want to have to deal with assholes again. Guess I'm weird that way, I enjoy my own company over being with others.

















]

[Chiefster23]

Many years ago I overheard a very smart business man that owned a fleet of merchant ships make the following statement. Obviously, he looked at how much money he could make from any business deal. But his most important point was how much money could he lose if it all turned to shit. I’ve been guided by this observation all my life and it has served me well. When considering retirement, don’t look at it thru rose colored glasses. Consider what happens if things go bad. Sure, If SHTF we are all screwed. But it is prudent to consider possible/likely events like SS being cut in the near future. Can you still survive? Take a good honest look before you commit.

[BucketBack]

If SS is cut, the US will have a army of a new type of SS officers not unlike the Ukraine old timers on the front line.

[MountainGirl]

Everyone likes to say, if you wait till full retirement age you get more money, untrue, regardless of when you retire those at admin know they will pay out almost the same. Less money for more years or more money for less years, do your own math, it comes out almost the same. What bothers me now is because of Biden I may have to take a part time job, which I feel is a fate worst than hell. FJB!!!

No one can guarantee you'll live long enough to enjoy the extra (pretend) money. I hate thinking of having to get a job, in general, I really don't want to have to deal with assholes again. Guess I'm weird that way, I enjoy my own company over being with others.

I calc'd mine - and it would have taken me to age 87 before it would have been more money (overall) to wait.
Life turns on a dime. I'm tryin to just make it to 70. LOL

[MountainGirl]

If SS is cut, the US will have a army of a new type of SS officers not unlike the Ukraine old timers on the front line.

You know it, brother.
AND that's why, this side of a total collapse, SocSec will always be there.
It's that little 'total collapse' thing that's the precursor to ungodly hell.

[Prepared One]

You know it, brother.
AND that's why, this side of a total collapse, SocSec will always be there.
It's that little 'total collapse' thing that's the precursor to ungodly hell.

True that! Social Security is a sacred cow and neither side will mess with it, although each side accuses the other of wanting to. Short of a full blown shit storm hitting the fan blades the checks will keep coming. And if there is a full blown shit storm we will have bigger problems then not getting part of our stolen money back from the government on a monthly basis.

[Chiefster23]

SS is unsustainable in its current form, and only getting worse. Changes are coming. Could be some cuts, raising the minimum retirement age, or more probably means testing and increased taxes on your SS check. But changes are coming. So it might be prudent to look at possible changes and incorporate that into your retirement decision.

[Prepared One]

SS is unsustainable in its current form, and only getting worse. Changes are coming. Could be some cuts, raising the minimum retirement age, or more probably means testing and increased taxes on your SS check. But changes are coming. So it might be prudent to look at possible changes and incorporate that into your retirement decision.

I suspect if they do anything they will raise the minimum retirement age and force the current work force to pay increased contributions. I don't see either party messing with the current SSI payouts. More then likely tho, they will wind up kicking the can down the road like they always do. It's just too much of a hot potato. Still, we are prepared to do without if we have to.

[TJC44]

Very Interesting thread, and very timely.
I've been offline a few days since my hotspot ran out out of data, just got reset today.
I currently have a 401K with enough to last me a year, due to my divorce in '08, and my last employer started a 403?, which I can't roll over because of some stupid IRS rules, but it wasn't alot anyway, as I was only there 9 months (assholes!).
I am currently in my 3rd month of unemployment, I had a phone interview yesterday that was promising, and a Zoom meeting with another later today. The only debt I carry is this overpriced roof over my head. I'm now thinking I should have waited.
IF a job comes through, I will work to 65 (I am 60 now). I'm sure SS will recalculate what I will get at that time, but it shouldn't change much. I will continue to live as minimally as possible, for as long as possible. My family does not have an especially long lifeline, so I figure if I make 70, I am on bonus time.
That's my story, am I'm sticking to it.
TJC

[BucketBack]

I suspect if they do anything they will raise the minimum retirement age and force the current work force to pay increased contributions. I don't see either party messing with the current SSI payouts. More then likely tho, they will wind up kicking the can down the road like they always do. It's just too much of a hot potato. Still, we are prepared to do without if we have to.

If I have to do without what I paid into, I can deal with it. Now those that made me deal with it, will have to do some dealing with themselves

[StratBastard]

SS is unsustainable in its current form, and only getting worse. Changes are coming. Could be some cuts, raising the minimum retirement age, or more probably means testing and increased taxes on your SS check. But changes are coming. So it might be prudent to look at possible changes and incorporate that into your retirement decision.

Apparently there is a bill being presented which would do away with SS taxation... kicking the can miles down the road and buying grey votes.

[hawgrider]

Very Interesting thread, and very timely.
I've been offline a few days since my hotspot ran out out of data, just got reset today.
I currently have a 401K with enough to last me a year, due to my divorce in '08, and my last employer started a 403?, which I can't roll over because of some stupid IRS rules, but it wasn't alot anyway, as I was only there 9 months (assholes!).
I am currently in my 3rd month of unemployment, I had a phone interview yesterday that was promising, and a Zoom meeting with another later today. The only debt I carry is this overpriced roof over my head. I'm now thinking I should have waited.
IF a job comes through, I will work to 65 (I am 60 now). I'm sure SS will recalculate what I will get at that time, but it shouldn't change much. I will continue to live as minimally as possible, for as long as possible. My family does not have an especially long lifeline, so I figure if I make 70, I am on bonus time.
That's my story, am I'm sticking to it.
TJC

Did you come up with a solution to your winter heat pump problem ?

[stevekozak]

The only advice I am qualified to give is this:

BE DEBT FREE AS EARLY IN LIFE AS HUMANLY POSSIBLE!!! Anything after that is 100% gravy.

Any debt at all (mortgage, car loans, student debt, etc.) is slavery. The "smart people" differentiate between "good debt" (debt taken out to make money) and "bad debt" (debt taken out to spend more than you make). In my world, ALL debt is bad debt!

This is what I came here to say, but Inor done covered it!!

[Michael_Js]

Apparently there is a bill being presented which would do away with SS taxation... kicking the can miles down the road and buying grey votes.

Thanks to the demented potato puppet who not only added the FIRST tax on SS, but the 2nd as well! POS!!!

[TJC44]

Did you come up with a solution to your winter heat pump problem ?

Keep the woodstove cranking & HOT!
That's if & when the 2 cord of wood that I ordered show up! :pyro:

[Box of frogs]

Made a couple of move this week.
I paid off the balance on the loan for tractor attachments and hydraulic upgrades. The the balance on the Subaru was a little higher than I recalled, so I decided to knock this loan out first.
I’ll have the Subaru paid off by the end of September. After that my only debt will be the mortgage payment on the farm and whatever I spend on groceries.

I have reached out to two financial advisers and have an appointment with one of them next week.
I am bringing the wife along to these meetings so she is fully engaged in the process.

I will update this thread with the highlights from those discussions once I have met with both advisors.
Retirement just might be sooner than later. I am getting really sick of the horse shit at work.
BoF

[Ricekila]

reached out to two financial advisers

To take more money out of your pocket ?

I few years ago -- a buddy of mine tried that ----- as soon as he sat down --

"And just how much is this going to cost me" ?

"Well its complicated" --

"Give it a shot --- spitball me a figure" ?

"Well ------------------------------------------ it depends on how -----------"

He got up and walked out ---- the money he saved - he made another few credit card payments ----

[Chiefster23]

Over the years I have been involved with 4 financial advisers. All 4 made money for themselves. Me? Sometime yes, sometime no. I’ve got some really bad advice. I no longer waste my $ with them.
Go to the Schwab website. They have a product called ‘intelligent portfolios’. Answer all the questions truthfully , then judge the results. Zero management fees and this product has performed well for me.

Another option that no advisor will ever give you. Google the list of blue chip companies. Then check which pay dividends. Look for big established companies that have paid consistent dividends since forever (especially thru the 2008 downturn). Then just draw off dividends and interest, never touch the principal. Think IBM, EXXON-MOBIL, VERIZON, WALMART, UPS, JOHN DEERE, etc. only pick one company from each industry sector so you are well diversified. Good companies will pay ever increasing dividends even when the stock price goes down.

[Slippy]

Over the years I have been involved with 4 financial advisers. All 4 made money for themselves. Me? Sometime yes, sometime no. I’ve got some really bad advice. I no longer waste my $ with them.
Go to the Schwab website. They have a product called ‘intelligent portfolios’. Answer all the questions truthfully , then judge the results. Zero management fees and this product has performed well for me.

Another option that no advisor will ever give you. Google the list of blue chip companies. Then check which pay dividends. Look for big established companies that have paid consistent dividends since forever (especially thru the 2008 downturn). Then just draw off dividends and interest, never touch the principal. Think IBM, EXXON-MOBIL, VERIZON, WALMART, UPS, JOHN DEERE, etc. only pick one company from each industry sector so you are well diversified. Good companies will pay ever increasing dividends even when the stock price goes down.

I did something similar to that with Ameriprise for my Mom after Dad died. She has barely scratched her principal in over 20 years since Dad died. She lives off of her dividends, interest, Dad's pension and SS and his quite happy.

[Slippy]

Made a couple of move this week.
I paid off the balance on the loan for tractor attachments and hydraulic upgrades. The the balance on the Subaru was a little higher than I recalled, so I decided to knock this loan out first.
I’ll have the Subaru paid off by the end of September. After that my only debt will be the mortgage payment on the farm and whatever I spend on groceries.

I have reached out to two financial advisers and have an appointment with one of them next week.
I am bringing the wife along to these meetings so she is fully engaged in the process.

I will update this thread with the highlights from those discussions once I have met with both advisors.
Retirement just might be sooner than later. I am getting really sick of the horse shit at work.
BoF

BoF;

Allow me to suggest something other than retirement?

Its called "The Slippy Method of Fucking With People At Work and Hilarity Ensues"

I could go into details but it would blow the movie documentary and book deal that I am working on...:spankin:

But seriously, have fun with people at work when the "horse shit" starts. I do and the young folk just smile and chuckle and call me a boomer and go back to what they are doing.

I also "report" to the owner of the company and the folks who I interact with know that so I don't get a lot of horse shit. But when I do, I have a shit-ton-of-fun with it! :behindsofa:

[Prepared One]

BoF;

Allow me to suggest something other than retirement?

Its called "The Slippy Method of Fucking With People At Work and Hilarity Ensues"

I could go into details but it would blow the movie documentary and book deal that I am working on...:spankin:

But seriously, have fun with people at work when the "horse shit" starts. I do and the young folk just smile and chuckle and call me a boomer and go back to what they are doing.

I also "report" to the owner of the company and the folks who I interact with know that so I don't get a lot of horse shit. But when I do, I have a shit-ton-of-fun with it! :behindsofa:

Reporting directly to the owner does have it's advantages.

[Slippy]

Reporting directly to the owner does have it's advantages.

...and in some cases, its disadvantages! :smashfreak:

[Prepared One]

...and in some cases, its disadvantages! :smashfreak:

No joke. I was basically the GM as well as the sales manager so I spent a lot of time in the owners office. The guys out back would say here comes the right hand man, he has it easy. I would tell them you think it's easy going to the corner office and listening to him bitch and moan for 3 hours? They would ask what was he bitchin about. I said YOU GUYS! now get back to work. It was mostly pitch and catch idea sessions along with management and factory issues, but I liked to give the guys shit.

But your right, you usually catch the hell before everyone else. :smashfreak::smashfreak:

[Slippy]

No joke. I was basically the GM as well as the sales manager so I spent a lot of time in the owners office. The guys out back would say here comes the right hand man, he has it easy. I would tell them you think it's easy going to the corner office and listening to him bitch and moan for 3 hours? They would ask what was he bitchin about. I said YOU GUYS! now get back to work. It was mostly pitch and catch idea sessions along with management and factory issues, but I liked to give the guys shit.

But your right, you usually catch the hell before everyone else. :smashfreak::smashfreak:

Amen!

[Box of frogs]

To take more money out of your pocket ?

I few years ago -- a buddy of mine tried that ----- as soon as he sat down --

"And just how much is this going to cost me" ?

"Well its complicated" --

"Give it a shot --- spitball me a figure" ?

He did the right thing. I have weeded out the dipshits already. Which is why I am down to two.
Fisher and Capital Investment Advisors.

CIA charges a 1% management fee. Accounts over 1mm get a .10% fee reduction for every 1mm in account. Accounts over 10mm are .5% fee and that’s the fee range

[Box of frogs]

Over the years I have been involved with 4 financial advisers. All 4 made money for themselves. Me? Sometime yes, sometime no. I’ve got some really bad advice. I no longer waste my $ with them.
Go to the Schwab website. They have a product called ‘intelligent portfolios’. Answer all the questions truthfully , then judge the results. Zero management fees and this product has performed well for me.

Another option that no advisor will ever give you. Google the list of blue chip companies. Then check which pay dividends. Look for big established companies that have paid consistent dividends since forever (especially thru the 2008 downturn). Then just draw off dividends and interest, never touch the principal. Think IBM, EXXON-MOBIL, VERIZON, WALMART, UPS, JOHN DEERE, etc. only pick one company from each industry sector so you are well diversified. Good companies will pay ever increasing dividends even when the stock price goes down.

I am currently using Schwab for my account now. I was not to impressed with their free financial advice. If I had listeria their recommendation two years ago I would be in tough shape right now.

I love dividend paying stocks. They will be and are currently part of my portfolio.
I like the 4% rule for managing withdrawals. I have run some return calculations and what I have would last to 99 years old at a 8% annual return, 4 percent withdrawal annual, and 1 percent in fees
If I move that up to 10% return annual the money never runs out and my great grandkids will have it made on my money

I just need an advisor to help me figure out the things I don’t know that I don’t know.

[Box of frogs]

BoF;

Allow me to suggest something other than retirement?

Its called "The Slippy Method of Fucking With People At Work and Hilarity Ensues"

I could go into details but it would blow the movie documentary and book deal that I am working on...:spankin:

But seriously, have fun with people at work when the "horse shit" starts. I do and the young folk just smile and chuckle and call me a boomer and go back to what they are doing.

I also "report" to the owner of the company and the folks who I interact with know that so I don't get a lot of horse shit. But when I do, I have a shit-ton-of-fun with it! :behindsofa:

Yup. I am number 2 on the totem pole at my manufacturing site. I report directly to the site manager.
I have all of manufacturing, and process engineering as direct reports.
I still sick of the dumb shit that trickles down from corporate.
OT freeze, Hiring freeze, no replacing the assholes I fire for being assholes.
The handcuffs placed in me this year are pretty much putting us in a position where the guys on the floor feel like they can call the shots
Plus we are being asked to bring in a new production line before year end. The equipment is already in route from Europe. We are repurposing one of our lines to utilize this new equipment. Impossible deadlines, project manager on site that is best buds with the global company owner. I could go on but it wouldn’t matter.

[BucketBack]

BoF;

Allow me to suggest something other than retirement?

Its called "The Slippy Method of Fucking With People At Work and Hilarity Ensues"

I could go into details but it would blow the movie documentary and book deal that I am working on...:spankin:

But seriously, have fun with people at work when the "horse shit" starts. I do and the young folk just smile and chuckle and call me a boomer and go back to what they are doing.

I also "report" to the owner of the company and the folks who I interact with know that so I don't get a lot of horse shit. But when I do, I have a shit-ton-of-fun with it! :behindsofa:


I've thought about going back for a week or 2
I've been offered my old job back I almost walked off on March 19, 2020. I took the layoff on the 20th :party:

[Inor]

I am currently using Schwab for my account now. I was not to impressed with their free financial advice. If I had listeria their recommendation two years ago I would be in tough shape right now.

I love dividend paying stocks. They will be and are currently part of my portfolio.
I like the 4% rule for managing withdrawals. I have run some return calculations and what I have would last to 99 years old at a 8% annual return, 4 percent withdrawal annual, and 1 percent in fees
If I move that up to 10% return annual the money never runs out and my great grandkids will have it made on my money

I just need an advisor to help me figure out the things I don’t know that I don’t know.

Keep a few dollars out of the financial advisor's hands just so you can play around with the markets yourself. It is a LOT of fun!

I have had an account with UBS for years. My old advisor did a GREAT job for us. He retired a little over a year ago and the jury is still out on his replacement. But that is where we put the money we want to conserve and earn a slow and steady return.

But I also keep about 10% back in a separate Schwab account to play with options, crypto, stocks, etc. and just generally have fun with the math. I treat it as just "casino money". It is not enough to get into serious trouble when/if I lose my ass. But I have made some pretty good money on it over the years. Hell, that is what paid for the land that M.T. Acres sits on and drilling our well. It also paid for a pretty good chunk of the build when we built the house. Of course, I have come close to totally wiping that account out a couple times too. But that is part of the fun.

[Box of frogs]

Keep a few dollars out of the financial advisor's hands just so you can play around with the markets yourself. It is a LOT of fun!

I have had an account with UBS for years. My old advisor did a GREAT job for us. He retired a little over a year ago and the jury is still out on his replacement. But that is where we put the money we want to conserve and earn a slow and steady return.

But I also keep about 10% back in a separate Schwab account to play with options, crypto, stocks, etc. and just generally have fun with the math. I treat it as just "casino money". It is not enough to get into serious trouble when/if I lose my ass. But I have made some pretty good money on it over the years. Hell, that is what paid for the land that M.T. Acres sits on and drilling our well. It also paid for a pretty good chunk of the build when we built the house. Of course, I have come close to totally wiping that account out a couple times too. But that is part of the fun.

Thank you for the advice.
I plan to keep 10% in Schwab but roll it to a IRA where I have more investment options.
My current Schwab 401k has a limited choice of funds but I feel I am in the best 4 they offer. YTD I am about 14.6% on return.
That account will be my hunch money. Gotta hun h on this stock/fund let’s throw a few dollars on it and see what happens. Lol.

[Slippy]

BoF,

Seriously, and my advise is not worth the keyboard that I type it on but here goes and its how I TRY to live;

We all have to make the best out of everything we do.

Can't win 'em all.

Attitude is everything.

Smile and have fun, or act like you're having fun.

Get tough when you need to, and get compassionate when you need to.

Have a snip or three of good whisky (or tequila) when you can justify it.

Buy or build something for yourself that will occupy your time. It helps remove evil thoughts. (At least it works for me!)

Make the best choice for you and yours and own it.

Say a prayer or 3 when you need to, it does help.

[MountainGirl]

BoF,

Seriously, and my advise is not worth the keyboard that I type it on but here goes and its how I TRY to live;

We all have to make the best out of everything we do.

Can't win 'em all.

Attitude is everything.

Smile and have fun, or act like you're having fun.

Get tough when you need to, and get compassionate when you need to.

Have a snip or three of good whisky (or tequila) when you can justify it.

Buy or build something for yourself that will occupy your time. It helps remove evil thoughts. (At least it works for me!)

Make the best choice for you and yours and own it.

Say a prayer or 3 when you need to, it does help.

:potd:

[Michael_Js]

Been using Edward Jones for almost 2 years. Yes, they are expensive...so far, happy with the advisor. I'm going their least expensive route and it's still pricey. I always tell him how unhappy I am at all the money I'm losing, and their large fees - still doing OK though and fairly diversified with IRA, stocks, and a few shorter term bonds. As stated earlier, had to change back to 67 yo to retire from a comfortable 65. We'll see what the future brings.

Just separated our joint bank accounts - the ex and I. Now we pool bills, like the roommate she wanted me to be. Had to apply for a new credit card through my credit union which was the only way to break that last joint part - taking her off the account was easy since it was in my name.. We're waiting to see what mortgage interests rate do to see about selling/refinancing the house. It will be some months if we can make it.

[Prepared One]

Thank you for the advice.
I plan to keep 10% in Schwab but roll it to a IRA where I have more investment options.
My current Schwab 401k has a limited choice of funds but I feel I am in the best 4 they offer. YTD I am about 14.6% on return.
That account will be my hunch money. Gotta hun h on this stock/fund let’s throw a few dollars on it and see what happens. Lol.

The last time I had a hunch the horse broke his damn leg coming out of the gate. Oh well, easy come, easy go. :biglaugh:

[Piratesailor]

I have a mixed bag. I have a schwab intelligent portfolio that’s doing well. I have it pretty conservative. I have a large IRA that is mainly in treasuries right now and I have what I call my slush fund that I play with. I also have a chunk with a financial advisor that is doing well for me. Overall, I’m up. Not huge but better than a poke in the eye.

I manage my slush fund myself and last year, I beat my advisor regarding returns. He was down 7% and I was up 4%. The S&P was down 20%.

So for me, I spread it and seem to do well. I won’t need any withdrawal for 3 more years so I think I’m set.

The key is diversity.

And lately I’m thinking I need to figure out the bitcoin type stuff.

[MountainGirl]

I have some cash in my drawer and no headaches or worries whatsoever. :mocking:

[Michael_Js]

I have some cash in my drawers too - not too much that it makes them uncomfortable - could use a LOT more!
:violin:

[MountainGirl]

I have some cash in my drawers too - not too much that it makes them uncomfortable - could use a LOT more!
:violin:

:biglaugh:

[shootbrownelk]

That reminds me of the saying, "he who dies with the most wins". wtf, wins what?? @MG:)

It's "He who dies with the MOST TOYS wins" Mountain Girl. I have always thought that was a stupid outlook on life. Kathy and I are debt free, we own our home and paid off our cars. I have debts in the form of property taxes, insurance on our vehicles and the house/garage, gas/electric/utilities. That's it, and we try to live as cheaply as possible. Hard thing to do with "Bidenomics" and all. :banghead:

[MountainGirl]

It's "He who dies with the MOST TOYS wins" Mountain Girl. ...
Whenever someone told me that I'd counter with: He who dies with the most toys PAID OFF wins.
I think we're all pretty much in agreement on this! :thumb:

[Jester-ND]

if the system/dollar collapses, ownership/debt seems highly irrelevant!

[BucketBack]

BoF,

Seriously, and my advise is not worth the keyboard that I type it on but here goes and its how I TRY to live;

We all have to make the best out of everything we do.

Can't win 'em all.

Attitude is everything.

Smile and have fun, or act like you're having fun.

Get tough when you need to, and get compassionate when you need to.

Have a snip or three of good whisky (or tequila) when you can justify it.

Buy or build something for yourself that will occupy your time. It helps remove evil thoughts. (At least it works for me!)

Make the best choice for you and yours and own it.

Say a prayer or 3 when you need to, it does help.

I'm on the lookout for deals so I can buy on arfcom and sell in person, or just sell, sell, buy. sell, buy.buy

[red442joe]

Whenever someone told me that I'd counter with: He who dies with the most toys PAID OFF wins.
I think we're all pretty much in agreement on this! :thumb:

Whomever dies with the most toys, paid for or not, is still dead....the next place guy is the real winner!
Or, good for a marauder!

Joe

[red442joe]

if the system/dollar collapses, ownership/debt seems highly irrelevant!

I just caught sumpin' 'bout "debt" should a digital currancy come about...
If a digital currency gets mandated, all current debts, contracts, in "cash" become void.

Joe

[Chiefster23]

I just caught sumpin' 'bout "debt" should a digital currancy come about...
If a digital currency gets mandated, all current debts, contracts, in "cash" become void.

Joe

I very highly doubt that any debt is going to be voided or forgiven. The big banks and big money boys are not going to let that happen. They are the ones making the rules and they are always going to make sure that they get paid one way or the other.

Example: FJB says he wants to forgive college debt. He isn’t forgiving anything! He’s just transferring the debt onto the taxpayers. The lenders are still gonna get paid.

[Prepared One]

I very highly doubt that any debt is going to be voided or forgiven. The big banks and big money boys are not going to let that happen. They are the ones making the rules and they are always going to make sure that they get paid one way or the other.

Example: FJB says he wants to forgive college debt. He isn’t forgiving anything! He’s just transferring the debt onto the taxpayers. The lenders are still gonna get paid.

Exactly, debt is never forgiven, it is merely transferred. Whoever holds the marker will get paid. Now, if you're Dementia Joe and the demonrats, that debt gets transferred to the taxpayer every time. The republicans aren't much better.

[Jester-ND]

my point was... in a total collapse where all your debts are on a computer with no power, on paper people are starting their cooking fires with or wiping their ass, and only known by people who are worm food.... what difference does it make at that point?

[MountainGirl]

I just caught sumpin' 'bout "debt" should a digital currancy come about...
If a digital currency gets mandated, all current debts, contracts, in "cash" become void.

Joe

I see where you're coming from.

Contracts, those that I've seen anyway, do not specify in what the 'form' of payment must be.

Any contract, that specifies payment must be made in Cash Only ("Only" being germane to your point) - is unlikely to be recorded anywhere the purview of the gov exists... if, in fact, the terms of the agreement were in writing at all...

And my guess is those who enter that type of 'contract' would find a way to collect the debt. IYKWIM. :bigboss:

[shootbrownelk]

I suspect if they do anything they will raise the minimum retirement age and force the current work force to pay increased contributions. I don't see either party messing with the current SSI payouts. More then likely tho, they will wind up kicking the can down the road like they always do. It's just too much of a hot potato. Still, we are prepared to do without if we have to.

I see means testing as the only option for the Feds. Pitting the wealthier citizens against the poorest. It seems like everyone wants to punish those that saved and invested and accumulated wealth.

[1skrewsloose]

Unless the gov has DNA on everyone, just disappear, fake ID's are available everywhere and in daily use and accepted as true and legit. At my age, someone else can suck it up. Sorry guys, you (meaning the gov) fork with me, I fork you back. I've thought about just leaving everything behind again. I've started with nothing and made a good life a few times.

It's really not that hard to start over.

What you had before are just "things".

[Broncosfan]

Although I like to be debt free and we were mostly until my Mom and Stepdad passed in 2020. I took out a mortgage. I done it so we could do a few things before the estate settled. I decided to keep the mortgage. The rate is so low I'm actually making more interest in keeping the money in a savings account. The mortgage company actually called me over the weekend. He basically wanted me to borrow more money. I told him I didn't need to refinance. He ask me if I wanted help in figuring out how to pay it off early. I don't think he got the response he thought he would get. I bought the Kubota with interest free financing. Although I might have saved a few $'s paying cash again I'm making more keeping it in the savings. I don't have a financial advisor that I pay. I have an uncle that is very good. We have made some very good investments and made descent amount in the market last year. Although I'm not working I don't consider myself retired. My wife does work and she make fairly good money. I have guaranteed income for 7 more years that I have to take or else I pay a huge penalty to the IRS. I'm slowly getting things done the way we want it and it case SHTF! It things do go to h*ll in a hand basket I doubt the bank will be about to collect anything. We already seen the government step in and stop just about everything. Could it happen again I thing so. Only time will tell but I plan to enjoy life a bit just in case I need to keep my *ss on these 35 acres. I don't plan to leave I plan to hold the fort down come h*ll or high water!

[Prepared One]

Although I like to be debt free and we were mostly until my Mom and Stepdad passed in 2020. I took out a mortgage. I done it so we could do a few things before the estate settled. I decided to keep the mortgage. The rate is so low I'm actually making more interest in keeping the money in a savings account. The mortgage company actually called me over the weekend. He basically wanted me to borrow more money. I told him I didn't need to refinance. He ask me if I wanted help in figuring out how to pay it off early. I don't think he got the response he thought he would get. I bought the Kubota with interest free financing. Although I might have saved a few $'s paying cash again I'm making more keeping it in the savings. I don't have a financial advisor that I pay. I have an uncle that is very good. We have made some very good investments and made descent amount in the market last year. Although I'm not working I don't consider myself retired. My wife does work and she make fairly good money. I have guaranteed income for 7 more years that I have to take or else I pay a huge penalty to the IRS. I'm slowly getting things done the way we want it and it case SHTF! It things do go to h*ll in a hand basket I doubt the bank will be about to collect anything. We already seen the government step in and stop just about everything. Could it happen again I thing so. Only time will tell but I plan to enjoy life a bit just in case I need to keep my *ss on these 35 acres. I don't plan to leave I plan to hold the fort down come h*ll or high water!

Our plan as well. We are going to hold the fort come Dementia Joe, heels up Harris, or Newsom. We can easily live on our SSI and what's in the bank. If the SSI stops coming and the money in the bank goes poof, we figure we will have a bigger devil to deal with then money. Hell, if it all goes to hell sideways money won't mean much anyways. Until then, MG and I are going to fly low under the radar, watch the horizon, enjoy each other, and have fun. Fire up the pit and pass me a cold beer!

[BucketBack]

I had to get my pension app notarized yesterday. The IRS says I should have $29 / month, SS says it should be $22 month, pension fund says $127 / month.

My records says $120 month, which isn't much more than a fill up and a case of Coors Light.

It is a defined benefit pension , $60 / month for each year worked.The union switched to a defined contribution because the union bosses were buying cars and boats with our pension money.

Plus in order to get more shops in the Pattern & Model Makers Union of Warren and Vicinity, they were giving away 10 years of vested pension. That didn't help either.

Then I had to find my last day worked...None of the shops I worked at were still in business, so I referred to my resume....about February 1996, when I quit to work at GM Truck & Bus in Troy MI. Ironic that it was non-union. I thought it was a U Ain't Working place.

So I'll see what actually shows up in my account and for how many months or years. Even $20/ month would buy a case of Keystone Light.:needbeer:

Then I lost 2 shotguns, the step grandsons each wanted one. I met " Jackson" yesterday, while "Tristan" has been in the picture for a year and a half.

I still need a bigger safe.

[BucketBack]

Well, the $29 amount is from AutoDynamics from 1986, for 6 months worked- App being processed

The $22 amount is from The Becker Group - Can't find them yet

So I have 2 small pensions, when I wasn't expecting any.

All 3 would pay my Medicare

[Box of frogs]

After almost two months of research and interviews over the phone I pulled the trigger on a financial advisor yesterday.

I was down to two agencies and I went with Fisher investments.
This was sort of a surprise in the end because I had basically went into this step thinking that I’d use Capital Investment Advisors in Atlanta.
I’m listening to their podcasts and radio program weekly and really like their perspective on investing.
When it got down to the interviews between them, Fisher blew them out of the water.

They analyzed the hell out of the data and their predictive analytics are way the hell more in depth.
Their track record has been outstanding for decades. They were the more expensive of the two but I think the extra dollars will be well earned in greater returns.
They are the only group that agreed that at my age a 100% equities portfolio was the best fit.
Every other group was trying to slide in some portion of bond, even if it was a very small percentage.

So. Thanks for everyone playing along and giving me advice on the thread.
BoF

[BucketBack]

Fisher is a good name investor

[1skrewsloose]

I guess they're's good and bad results no matter who you pick. Had $5k with Fisher, one month I got .01 (one Penney) I said Bye. My credit union does way than that with my savings acct. I know, a penney return on investment might have been a fluke, but holy cow, while they used my money for a whole month free of charge.

[Box of frogs]

Transfer complete

Ill give it 6 months and post back if I make more $$ with them or with the way my old 401K was set up...
bof

[Box of frogs]

Ill give it 6 months and post back if I make more $$ with them or with the way my old 401K was set up...
BoF

Not quite 6 months but Im gonna update this anyway.
Fisher has been a good move for me. They are beating what I left in my old 401k by a margin big enough that they are paying for themselves and making me money. Having a professional watching over what is essentially my life’s savings gives me some peace. Of course I still watch the market and check the balance every day.
The stock market has been favorable since last September and the IRA portfolio has done so well that I have decided to stop working for a year.
My 40 year anniversary is coming up in July and I will “retire” after that. I need to get my small farm whipped into shape and just having weekends to accomplish my goals is not enough time. Once the place looks and runs the way I envisioned it then I can decide if I want to pick up “working for the man” again or not.
Anyways it’s good to have options.
BoF

[BucketBack]

Not quite 6 months but Im gonna update this anyway.
Fisher has been a good move for me. They are beating what I left in my old 401k by a margin big enough that they are paying for themselves and making me money. Having a professional watching over what is essentially my life’s savings gives me some peace. Of course I still watch the market and check the balance every day.
The stock market has been favorable since last September and the IRA portfolio has done so well that I have decided to stop working for a year.
My 40 year anniversary is coming up in July and I will “retire” after that. I need to get my small farm whipped into shape and just having weekends to accomplish my goals is not enough time. Once the place looks and runs the way I envisioned it then I can decide if I want to pick up “working for the man” again or not.
Anyways it’s good to have options.
BoF

Fisher is spelled correct for 3/17, it needs the "c" to be square though

[bigwheel]

I retired 14 years ago after near 40 years in the po po business. Drawing two old cop pensions one bigger than the other plus the Warden and I drawing SS. Making about as much as when I was working which wasnt a heck of a lot. I sat around on my rectum for the first 5 years but eventually went stir crazy and went to back to work 4 years ago as a school crossing guard mainly to get out of the house. Having a blast at it thus far. Pays peanuts but enough to cover most of my bad habits.

[StratBastard]

I retired 14 years ago after near 40 years in the po po business. Drawing two old cop pensions one bigger than the other plus the Warden and I drawing SS. Making about as much as when I was working which wasnt a heck of a lot. I sat around on my rectum for the first 5 years but eventually went stir crazy and went to back to work 4 years ago as a school crossing guard mainly to get out of the house. Having a blast at it thus far. Pays peanuts but enough to cover most of my bad habits.

AND they have a seasoned cop at the schoolgrounds... so these folks are getting like 4 times their money's worth.

[Prepared One]

Retiring is sorta like getting married, buying a house, or having kids. If you wait for the perfect time you'll never do it. Sometimes you have to just say ready or not, here I come. It will be 2 years retired for me come this July and I have no regrets.