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05-18-2014, 07:14 AM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,176
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Retirement is the fix in?
Like all of us hopefully one day will receive SS along with other retirement funds.
Now bare with me because this is still formulating as a coherent consideration of current ongoing events.
I have been going to these "dinners" and seminars for what or how to do in retirement. Like long term care insurance annuities work later I could on and on. The wife could go at any time so we go.
A common thread in all of the pitches (sales??) is work longer save more. Well on the outside smart advise for sure. But like I told the wife after the last one Thursday, if we had waited until now to be planning we are late to the game. Number one be debt free, own your home or two. Have money in the bank.
The talk was about going onto SS at the earliest chance or waiting. Taking the spousal portion and leaving yours alone. That sorta thing. Their nudging was to work till 70. Others have been on annuities, long term care investment strategies ect....
That is when the eureka moment occurred!
THESE FINANCIAL ADVISERS JUST WANT MY MONEY! YEP!
They want me to keep it in a fund and not spend it. EVER! They don't want to pay it out but keep it, so they can keep making money off of it. Keep you working till your seventy if able, but if not then you go into a home that is probably in one of their investment portfolios. Not that the Government will be upset at the thought of someone dying before they can claim SS either!
They keep saying we are living longer. Yes we are but just how many of the years are good ones? No one of use have a crystal ball and know just how many active years are left.
So as most will agree the years have a value. Retire at 63 and have ten plus good years to enjoy. All the time living within your means. Or work till 70 then just sit at home because of aliments limiting your movements, but have plenty of money.
Barney
Last edited by Oerets; 05-18-2014 at 07:17 AM.
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05-18-2014, 07:25 AM
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Ready
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Join Date: Oct 2013
Posts: 19,122
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You've got it figured out, Barney. If they can't get you to commit to going to 70, a 'financial adviser' will always have reasons why you should retire next year. Never this year.
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05-18-2014, 07:30 AM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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The whole world wants you to work until you die, Barney. The government wants to spend your SS money, the bankers want to keep your 401k, Republicans hate it when ANYONE stops working (Except themselves, of course, because they "earned" it and you didn't. ), Democrats want you to keep paying taxes.....................
F**k'em all, Barney. You make up your mind when you're ready and just do it.
Dave
__________________
"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
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05-18-2014, 07:34 AM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,176
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Quote:
Originally Posted by donquixote99
You've got it figured out, Barney. If they can't get you to commit to going to 70, a 'financial adviser' will always have reasons why you should retire next year. Never this year.
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I used some of my retirement funds to purchase a rental property. The adviser wanted me to borrow it instead. Pay interest to me along with paying it back.
I told him that the amount needed would earn me a couple of hundred $ a month right now over what it is earning now with them. No payment to make either and own something other then paper or in the ether.
After it was over he admitted doing the same thing too!
Barney
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05-18-2014, 07:39 AM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,176
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Quote:
Originally Posted by BlueStreak
The whole world wants you to work until you die, Barney. The government wants to spend your SS money, the bankers want to keep your 401k, Republicans hate it when ANYONE stops working (Except themselves, of course, because they "earned" it and you didn't. ), Democrats want you to keep paying taxes.....................
F**k'em all, Barney. You make up your mind when you're ready and just do it.
Dave
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I already get a retirement check! But not from the company I worked for. Seems they figured out going bankrupt made them money!!!! Workers not so much!
Now the government pays me monthly. (PBGC) Lost insurance but still get a check.
Barney
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05-18-2014, 07:47 AM
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Ready
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Join Date: Oct 2013
Posts: 19,122
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Quote:
Originally Posted by Oerets
I used some of my retirement funds to purchase a rental property. The adviser wanted me to borrow it instead. Pay interest to me along with paying it back.
I told him that the amount needed would earn me a couple of hundred $ a month right now over what it is earning now with them. No payment to make either and own something other then paper or in the ether.
After it was over he admitted doing the same thing too!
Barney
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I trust the last bit got him fired? Like, he admitted to giving you bad, self-serving advice, which was not what he does in his own case.
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05-18-2014, 07:52 AM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,176
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Quote:
Originally Posted by donquixote99
I trust the last bit got him fired? Like, he admitted to giving you bad, self-serving advice, which was not what he does in his own case.
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Not the guy we use anymore. He moved on to greener pastures. Went out on his own now. Tried to poach us a few months ago from our current guy. Got a free meal out of it anyway.
Barney
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05-18-2014, 09:20 AM
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Senior Member
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Join Date: Jan 2012
Posts: 5,172
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I'm getting close to retirement and have a lot of questions... Any retires here that can give advice?
My thoughts are that my spending habits will change in retirement. Won't have to buy clothes for work, won't be spending money on gas for my daily work commute.
And that sounds like I'm saving money for daily living expenses..... But does it really work out that way? Are those savings from not working spent in other ways during retirement? Will my day to day expenses be more or less than when working?
I realize the answers depend on many variables.... I'm just trying to figure it all out.
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05-18-2014, 09:43 AM
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Ready
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Join Date: Oct 2013
Posts: 19,122
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Expenses can go up for the things to which you newly devote more time and attention: for travel, for hobbies, for landscaping, for fancy cooking, for 'community causes' in which you may be involved, for dropping quarters in slot machines if that's you're thing (which I doubt in your case), for attending fund-raisers, for whatever activities or interests involve you.
As ever, the trick is to keep outgo inside of income, on average.
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05-18-2014, 09:49 AM
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Ready
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Join Date: Oct 2013
Posts: 19,122
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Of course, a biggie is medical expenses. Depending on your personal situation, premiums, deductables, and co-pays can really mount up. If you're in a fortunate situation, it's mostly covered, but for many, these expenses shoot way up when employer coverage is lost, even if they are on medicare.
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