For Those Who Are Retired

[Foggy47]

The old saw the financial planners use when asked about when to take SS payments is: "If you can tell me when your going to die....I can tell you when to begin receiving your SS."

I took mine as soon as I was eligible. Not sure what is right or wrong....as said above....but a bird in the hand is worth two in the bush.

 

[hunts_with_stick]

That's my hope as well Foggy.

 

[Foggy47]

That's my hope as well Foggy.

Good luck....retirement is great if you have planned well. As the sign on our outdoor fireplace says....."If you'r lucky enough to live at the lake....your lucky enough". We have been blessed.

 

[bwoods11]

That’s such a tough decision, I’m going to lean on waiting… depends on how long I work ? I think I have 10 yrs left ?

 

[Foggy47]

That’s such a tough decision, I’m going to lean on waiting… depends on how long I work ? I think I have 10 yrs left ?

Gotta say.....at most times I Loved my work and thought I would work until I tipped over. I met great people on a daily basis and worked alongside many of the best folks I have ever known. I really loved creating new products and finding new solutions to old issues. It was what I was made to do....and I feel I was good at it.

Still, in my case, I was quickly getting myself in...way over my head and especially I was spread way too thin. I had burned out a few times....and it was hard for me to recover at times. I needed some good people that could carry part of the load. I was unable to hire the right people to grow with me....and perform on what it takes to run a biz like mine. I hired a few that could not carry the weight.

So....finally, when I got some very attractive offers .....I had little choice but to sell.....or burn-out, yet again. I am happy with my decision....I got paid "enough" made sure my employees had a fair shake....and a variety of other requirements for my sale.....and our retirement has been great. I think everyone needs to decide this for himself. I admit...it was a tough decision for me....and my wife too. She was also at the top of her career and enjoyed and was great at what she did. At the time....we wondered if we had "enough" to retire at about 55 years old. We did.

Looking back....with 20/20 hindsight...it was absolutely the right thing for us....and our family. (even tho those dumb SOB's butchered some of my product line by their inept idiots....grin).

 

[Bill]

The old saw the financial planners use when asked about when to take SS payments is: "If you can tell me when your going to die....I can tell you when to begin receiving your SS."

I took mine as soon as I was eligible. Not sure what is right or wrong....as said above....but a bird in the hand is worth two in the bush.

I’m with you foggy. Going to take it as soon as I can. Within a year or 2. Might as well get what I can before a truck hits me….or something else unforeseen comes along.

But like you I would be ok even without it. So that helps in the decision.

 

[Foggy47]

I’m with you foggy. Going to take it as soon as I can. Within a year or 2. Might as well get what I can before a truck hits me….or something else unforeseen comes along.

But like you I would be ok even without it. So that helps in the decision.

Right on. I do not "need it" but I sure as hell paid for it. Take what is yours....I say. Nobody know's what the future holds. My 2 cents.

(BTW.....Bill, I really appreciate getting to know your principles and beliefs better over these past years. You have all the stuff that America needs to stay on the right track..and we are finally on those tracks now. I appreciate all that you do. Not easy to tolerate a site like this. I know I would choke few guys....lol. Carry on my friend. )

 

[b116757]

Not many people have the gumption for something like that to risk adverse and simply not enough drive sad to loose a friend over such a small amount invested. I’ve spent more and got less just to see if something was interesting enough to me to fool with as a hobby let alone a project that maybe had real commercial value takes a special personality to do that sort of thing few people possess.

 

[356]

Rekindling this thread for the encouragement if nothing else. I announced my plans to retire in December to our board. October 15th is the "planned date" and I have a month of vacation that will bump my final day on the job to September 14 (just in time for the September 15th deer season opener). I'll be 65 and have an adequate 403(b). My wife retired two years ago and is already drawing SS.

I had originally planned on retiring at 62, but a radical change from the academy to healthcare in early 2020 required staying on a little longer. I figure I have ten years of average health--although I know that can change in a day. We have done most, if not all, of our international travel, so the current plans are events such as New England fall colors, visiting friends in Orlando and Key West, a trip to Canada and Alaska and a cruise or two.

As long as I am healthy I will have ample opportunity to adjunct teach and consult, plus the farm will keep me out of trouble.

 

[Brian662]

Congrats @356 !!

It sounds like you have plenty to keep you busy and your wife already has her schedule set up!

Seven years left for me, can't wait!

 

[Foggy47]

Congrats 356. Been retired for 20 years now. There were times, at first, where I didn't know what to do with myself....but that soon passed as I bought my deer property and built a new home and took up golf in earnest. Now my time is divided between golf and habitat work. Not sure how much habitat work I could get done anymore without my tractor and drill.

My ability to do the manual labor is reduced from the early days...plus I like messing around with machinery. Even rain days, or excessive heat don't prevent me from mowing or brush work. The cab and HVAC make those things possible. I love mowing when the deer flies are thick....lol. My wife and I did some travel after retirement....but in recent years had no desire to that anymore.....especially international travel. Also the "tour bus' type travel (where you dont have to plan much) had allot of appeal to us in recent times.

Good luck in your retirement!

 

[Foggy47]

I retired from my main job at 57 and started SS at 62. My sideline job I never made more that 13,000 salary and took any extra as profit. I was never penalized on SS. In fact, as long as I am paying into SS, they readjust upward a little every year. Am 70 now, and will start minimum distributions n three years - I hope

After a very long battle with heart failure....my wife passed in December just a day after her 76th birthday.....and so, I have had allot of issues to attend to with her passing...including a funeral recently. Couple things came to the fore, and some I have not considered for some time. Kinda hard to write about money now....but here it is anyway:

1. I always took a quite low salary from my biz....in order to reduce my income taxes....and instead would pay myself in the way of dividends (sub S corp). My wife had a fairly high paying job....and at retirement for us.....she drew a far higher SS payment each month than did I. Now, however, I am told that I can draw her SS income, instead of mine. That's going to add some income each month. It's significant....not huge but still. Never considered such.

2. I just had to meet with our accountant on some other issues.....and I was reminded of this: Moving our primary residence to AZ over 5 years back just paid a huge benefit. There are but a few western states that have "community property law". That law allows all assets to transfer to the surviving spouse when one passes. No probate no paperwork....the surviving spouse just gets all the marbles. AND, more importantly gets all assets at the stepped-up basis values at time of death. Thus, I just avoided some pretty big capital gains taxes on stocks that had appreciated quite allot over the past years.

There is more advantages to living in OZ vs MN....but I do not want to write a book here. Two sure things....death and taxes. Something to consider tho.......as states like MN are looking for more ways to fleece the taxpayers living in these times.

 

[Jerry-B-WI]

I'm finding that half the battle of being retired is tax planning.
How much to roll from IRA to Roth IRA without hitting the limits for IRMAA and get it moved before 73 and the RMD's.
I have 120 acres with a cabin that most likely won't be passed to either of the kids, they both live 1000 to 1500 miles away. I'm sure that sale will trigger a bunch of capital gains.
Maybe I need a trust?

 

[Brian662]

I'm finding that half the battle of being retired is tax planning.
How much to roll from IRA to Roth IRA without hitting the limits for IRMAA and get it moved before 73 and the RMD's.
I have 120 acres with a cabin that most likely won't be passed to either of the kids, they both live 1000 to 1500 miles away. I'm sure that sale will trigger a bunch of capital gains.
Maybe I need a trust?

That's definitely one benefit of retiring early is having a lower earned income which allows for some cheap conversions. Once SS and others trigger, the tax escalator can get away quick.

You can set up your trust to sell off the land and cabin at your passing so the kids get the step up in basis and don't get hit on the taxes like you would, unless you'll need the cash. A trust can also help keep the nursing home from seizing your assets, especially with your kids so far away.

Setting up a trust is our next order of business, too.

 

[Foggy47]

I'm finding that half the battle of being retired is tax planning.
How much to roll from IRA to Roth IRA without hitting the limits for IRMAA and get it moved before 73 and the RMD's.
I have 120 acres with a cabin that most likely won't be passed to either of the kids, they both live 1000 to 1500 miles away. I'm sure that sale will trigger a bunch of capital gains.
Maybe I need a trust?

Actually your heirs will get the "step -up" valuation at the time you pass on. <----that is the good news....the bad news is you gotta die to make this happen for them.

Thus if you bought at $1000 / acre and the property is worth $4000 / acre....they get to use that higher valuation when they sell it. (The tax assessor figures the current value based on sales of similar properties). It can get a little complicated.....but it should not be as painful as you may think. Now estate and inheritance taxes can be a whole
another can of worms.