As my wife and age and I see my mother’s estate taking more of my time…I am wondering about retirement.
I realize it is a big step and have been told it takes planning but I have tried and failed to plan anything in my life
I am of the opinion that if you plan too.mcuh GoD thinks it’s hilarious to fuk with you and show you how he can wreck things fore you and your arrogant little ways.
At any rate…how many of you are retired and what’s your source of income…is it enough…do you wish you had waited…do you wish you had done retirement earlier? Do you have a side hustle or a backup plan? Hows medicaire working for you?
I have a teachers retirement that’s available but very paltrey and my social.security…but paying for health insurance with be expensive…
I’m 64 next week and can draw teachers retirement in 12 months…apply for meifcaire and in two years get a “full benefit” social security.
Develop revenue streams to help with retirement.
Examples
Set up an annuity
Buy Preferred Stocks
Municipal Bond Closed-End Fund
High Yield Savings or CD Accounts
Dividend Stocks
My only advice is…. Start collecting your Social Security as soon as you can. You should come out with more $$$ than if you wait for 67. Unless its an income thing.
I have not decided if I am semi-retired or just a bum. 
I was semi retired for 30 years.
My mom and dad had a substantial estate
Mom is in memory care and it’s gonna take a huge part of the estate depending on how long she lives.
We will access a small section of it this year and I’m debating whether to pay off my house or put it in a llc and invest it
In revenue generating investments
My gut wants my home paid off but I know that’s not always the best choice for tax purposes etc
This will be an interesting thread as I am hoping to also retire in the next 4-7 years.
I agree the cost of medicare and healthcare are going to be significant. For a married couple I am estimating 10-15K per year.
Social Security may cover about 30-40% of what you earned during your working years so saving a nice nest egg is key I think for a secure retirement.
If I can I may wait to 70 to collect social security. Every year one waits past full retirement age it goes up by 8%.
Another thing that is interesting right now are immediate annuities. With rates at a 20 year high they are paying more than in recent years. Right now someone in their mid to late 60s can generate $7K in income per $100K in annuities. Much better than the old 4% rule that would tell a person they could safely withdrawl $4K per year an not run out of money in retirement.
Definitely a lot to plan for and to think about!
I have no faith I will ever be able to retire.
I don’t see SS being around much longer.
Oh they still send checks out, but inflation
And God knows what will ruin the purchasing power
If the dollar doesn’t collapse this year.
What pisses me off are the retards willing to
Accept fake digital money from the same assholes
Who ripped off Half the world
Well all of it until Russia and China said
Maybe we should have a gold backed currency.
Thanks Tricky Dick Nixon
The blame for the destroyed purchasing power of the dollar and the unlimited printing press is the 1913 federal reserve act and Woodrow Wilson who signed.
I don’t believe we will see a true collapse as that would trigger a massive world wide socialist revolution. Instead we see a gradual and glacial wearing away of the middle class as we have seen since …Nixon.
It’s like the gradual boiling of the lobster and we are the lobsters.
Yes please.
It’s 2024 and the digital age is upon us. Look up Bitcoin if you haven’t already. The Bitcoin ETF just got approved a few days ago.
That 100k would pay off my place…or pay for.my health insurance for the little bit until returns start dropping…thats the kind of thing I gotta figure out
I don’t like the digital dollar for more than a few reasons…but it would make it easier to see what money is in whose wallets and who they send it to and receive it from.
I think it’ll be my daughter’s generation (she’s 10 now) that they’ll have it all in place…gonna be a scary time.
I’m retired somewhat…I retired when I was 45, I traveled for 14 years had 3 different girlfriends during my retirement and now I have none…been single the past 2.5 years and I got bored, all I did was hang out at my local bars every day, it’s not a healthy lifestyle…During Lent last year I decided to get a part time job to keep me outa the bars, just 2-3 days a week working 5-6 hrs. a day…
I can’t even collect my social security yet, I will be 60 next month…money is not a problem for me, I still trade and have my stocks that I acquired throughout the years…I usually use the money from my part time job for partying, utility bills and gas…This is the 1st. time in my life that I’ve used so much gas, that’s because I don’t live in Chicago anymore, I live in a small town in central Illinois and everything is at least 75-80 miles away round trip…when I lived in the city I lived within 5 miles radius from everything…
I do like my freedom though, do anything/everything when ever I want…They also like me at work too, I can take 1-2 wks. off when ever I want…I can go hunting/fishing every day if I wanted to but I don’t…I got a part time job to stay away from the bars but it doesn’t help when they give me 4-5 days off in a row…During those 4-5 days off in a row where do guys think I go, to my friend’s bars…Anyway life is still good though.
Fishing in the gulf, Panama City Beach…
Bit coin is a illusion according to Shift.
It’s true smart money made money on it this year.
But, and i may be wrong but you can’t withdraw it?
Like hold it in your hand?
I don’t trust anything reliant upon our grid as money.
I’m old, money is Gold, silver, land,
Commities.
No expert, I suppose if I were rich and could afford
To invest in it I prolly would educate myself more
About it.
It seems to me to be electronic currency.
Money is Gold etc
I don’t understand it either but my son n law has made a killing off of bitcoin…on paper anyway
My Daughter has been begging him to cash it out and pay off stuff.
But yea…I’m with you. I don’t trust it.
I would.much rather have a clear title to 5 acres and some weaponry to protect it.
Almost the same ballistic here, and i’m glad to don’t be the only one to don’t see it plainly as the “you’re lucky” generally commented. The main difference with you is that i’m not more wealthy or more free ($ too) than before, but the reverse. It’s due to the very expensive context, capital incomes over-taxed as fck, taxes on everything you can imagine (even on things that no longer exist since decades lol) and insane cost of life here.
Sons (no longer kids) growing in a devastated economical context too, they need support until they find their way. And studies are not free here … you have to pay to give them a chance. The “French medicare” isn’t what think most of foreign buddies too, i’m gonna spend the price of a new (mid-tier) german car in surgery next month, with expensive insurances that hit my annual budget badly (for 4). That’s one of the thing you also don’t really realize when you’re a young retired dreamer (late 30), by example.
The first 5 years was a dream, then … i started to be fcking bored and craving for economical activities. I don’t have a capital enough big to make it a full time job, and it was my own error of judgement back in the days. I “sublimated” the retirement as an “end game goal” until i tasted it, in a way. I think some are build to work until the last breath. I’m in, it’s no longer a supposition. It’s not about money youngsters, but about leaving a circuit and an active network. You don’t often realize while you’re at it, but there is a lot of phone calls that cut your expenses when you’re active.
I can’t give more details but an opinion : think twice between retiring too soon, it imply a resilience that is not always easy to plan (covid, inflation, economic dynamism of the country you retire …), even in counting large.
In just a dozen years, i losted a third of my firepower. My main error was to return in my country for the kids, a more resilient country with lower taxes (not hard to find lol) was a better option.
I know my daughter is gonna be ok…she is a entrepreneur with more capital than her dad…granddaughter is in the airforce and can stay employed and insured as well…even if she is sitting between Ukraine and Israel right now.
You’ve posed some complicated questions without providing much detail. It depends is the best answer right now.
With a little more detail, it makes the answers easier and more concrete.
For example,
What is your current tax situation? Do you pay state tax? What percentage of Fed/State tax do you pay of total income?
What investments do you currently have? What is the pension invested in?
Do you own any non qualified (non-ira/401k) retirement accounts? Reason I ask this is tax and medicare based.
What’s the rate on the mortgage? How many years left? Original term of mortgage?
How much are your bills each month?
Do you have a budget?