A little bit worried about retirement - Chevelle Tech
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post #1 of 31 (permalink) Old Apr 26th, 17, 4:27 PM Thread Starter
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Richard
 
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A little bit worried about retirement

Hi guys. I know quite a few of you are retired and enjoying life. I have to admit I'm a little worried about it. The money part of course. I've never made a great deal of money in my life, pretty much got by but managed to raise 3 sons with my sweet wife. Bought and paid for a house and gave my family what they needed, not always what they wanted but what they needed. I'm 67 and started drawing SS when I turned 65. Made a little too much in 2015 so this year SS is taking some of it back. I won't get another check until August but I'm still working so its ok.

The last five years I've made a little extra money and have managed to save a fair chunk of it. We have that, SS and a very small 401K. House is paid for, no bills except household utilities and such which will take about half of our SS.

I guess what I'm looking for is reassurance it'll be ok. The wife and I have struggled through some very trying times and have made it ok. But, I'm not as young as I use to be, lol. I'm tired and working 50+ hours a week is just too hard anymore.

Thanks for letting me ramble on. I'm sure we'll be ok.

Richard

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post #2 of 31 (permalink) Old Apr 26th, 17, 4:36 PM
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Tony
 
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Re: A little bit worried about retirement

Totally impossible to give you any reassurance based off of what you posted.

However, finding a local CPA or CFP (Certified Financial Planner) may not be a bad idea.

So long as your cash inflows are more than your cash outflows every month....and you have NO debdt, you should be OK.

Can you live strictly off your Social Security income once ALL of your monthly expenses are taken into account, including Health Care? (Probably on Medicare, I would assume.)

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post #3 of 31 (permalink) Old Apr 26th, 17, 4:51 PM
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Re: A little bit worried about retirement

I would recommend you take a listen to Bob Brinker on Money talk. You can develop a strategy of investing on your own. He is on most local Am stations on Sundays. Really good no-nonsense advice for small to large investors. Stay away from high cost money planners or managed investments.

check his sight here for your local area am broadcast:

Bob Brinker's Land of Critical Mass : bobbrinker.com Marketimer © Moneytalk Bob Brinker

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post #4 of 31 (permalink) Old Apr 26th, 17, 4:51 PM
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Re: A little bit worried about retirement

if you are concerned about money you can get a part time job or turn a hobby into a way to make money. I have several "retired" friends that work for the local race track just to keep busy, one even does about half a dozen races a year working one of the safety trucks at NHRA national events. Neither of those jobs pays well but it's interesting.

On the flip side, you might be fine. My parents, like you, have a mortgage free house and have a frugal lifestyle. They have been retired since 2001 and live on their social security they have never used their retirement savings to cover their expenses.

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post #5 of 31 (permalink) Old Apr 26th, 17, 5:01 PM
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Re: A little bit worried about retirement

Part time job for sure, preferably self employed so you can work when you want to and rest when you are tired.

I'm getting closer to the same situation, though I'm not as old as you yet. My home is paid for, cars are all paid for. 5 more years till the last kid is an adult. I'm going to take an early retirement at 50, work part time and not kill myself early working too hard. My plan is to do some hotshot trucking, like a dually and trailer uship sort of thing and also flip used cars. I can travel a bit with the trucking see all the places I want to, fix up and sell cars that interest me.

I two 401k that are decent but won't take those until 62 or 65 or whatever. I don't count on any SS being left for people my age.
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post #6 of 31 (permalink) Old Apr 26th, 17, 5:06 PM
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Re: A little bit worried about retirement

I believe an important goal is to keep your health both mental and physical into retirement. One way to maintain that is to never really quit working, exercising the mind and body whether you're self-employed or an employee.

Many industries value older experienced workers for their great work ethic, reliability and common sense, something missing from younger people these days.
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post #7 of 31 (permalink) Old Apr 26th, 17, 5:55 PM
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Re: A little bit worried about retirement

Being in Flariduh!, I see guys like you everyday. It's normal to worry about retirement, but just remember, there are always ways to kill the boredome besides golf, fishing, and the early bird specials. Alot of my retired guys either find volunteer work if money is ok or find something part time if retirement funds aren't cutting it. Delivering parts, pizza, flowers, there is alot to do if you have your health.

Either way, enjoy it. You made it to retirement. Spend some time getting bored and then worry a little later. You seem better off than some. I only hope to get where you are. Forty five now. Congrats on getting there.

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post #8 of 31 (permalink) Old Apr 26th, 17, 6:07 PM
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Re: A little bit worried about retirement

Make absolutely sure that you are signed up for Medicare Part D. That's the drug coverage. If you don't sign up when you are 65 there are penalties that grow every month past your 65th birthday. I found out about this when I was 73. Luckily I was able to sign on with my previous employer as a retiree and thus missed all of the penalties. They would have been staggering after all of the years I missed. Your spouse also needs to get on Part D.

Besides that enjoy your retirement. I am "living the life" right now and as long as my health maintains I will still play with my Chevelle and enjoy the camaraderie with my car club and it's activities. Life for me could be far worse. I love my retirement.


Bill
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post #9 of 31 (permalink) Old Apr 26th, 17, 6:44 PM
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Eric
 
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Re: A little bit worried about retirement

You never know whats going to happen. I basically retired at 55 and a short time later had a heart attack and found out I have type II diabetes. I still have a pretty good nest egg and do odd things on other peoples cars. The nice thing is I do what I want and when I want.

Your just jealous because you can't hear the voices!

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post #10 of 31 (permalink) Old Apr 26th, 17, 6:46 PM
von
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Re: A little bit worried about retirement

I love retirement too. Since you're debt free, as I see it your main concerns would be health insurance for your family, as well as Medicare supplemental for you, insurance, taxes, food, and shelter. You can get by with a lesser budget if necessary for transportation, clothes, vacations, etc. You're the one that knows how much you really need. If at all you can swing it, do it. Life is too short to work the whole time. You never know when you'll get up for the last time. Money isn't everything.
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post #11 of 31 (permalink) Old Apr 26th, 17, 6:58 PM
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Hank
 
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Re: A little bit worried about retirement

Quote:
Originally Posted by RichardB View Post
The wife and I have struggled through some very trying times and have made it ok.
Thanks for letting me ramble on. I'm sure we'll be ok.

Richard
I was a Toolmaker all my life and retired January 4, 2013 at age 62 and started taking my SS at the same time. Because of being extremely over weight I just couldn't stand standing on my feet anymore. I too don't have a lot of money but like you everything is paid for. I left the part of your post that reminds me of my younger years when an older fellow I worked with told me the same exact thing. Think about it it's very true. At our age both you and me don't know if we will be here tomorrow. Let's face it were on the downside of our life now for years we have left on this earth. I don't know about you but I look back at old friends I had, people I worked with that were much healthier than I am and died at a much younger age than they should have and never even reached retirement. We should be thankful we made it this far. My father died in September of 2016 at the age of 91. He provided for us, lead a simple life didn't have a lot of money either. Around 2012 he had to go to a rest home. Because he never put anything into my sisters name or mine I had to sell his house, cash in any life insurance he had and use that money and the little he had left in his savings account to pay the rest home till that money was depleted and then he went on the state. He worried about money too and look where it got him. What he worked for all his life all ended up going to the state in the end. Retire and enjoy the time you have left, this isn't a dress rehearsal.

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Last edited by HKalin; Apr 26th, 17 at 8:04 PM.
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post #12 of 31 (permalink) Old Apr 26th, 17, 10:57 PM
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Re: A little bit worried about retirement

At 67, there is no penalty for making money as income, I retired on SSDI because of my back and shoulders being messed up. good luck in retirement!

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post #13 of 31 (permalink) Old Apr 27th, 17, 1:49 AM
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Re: A little bit worried about retirement

Richard, with house paid off, and just utilities, food, & med. ins. to worry about, you're better off than many. And that's a good thing. When I retired 2 yrs ago at age 59, I had went to a CFP who ran a "Monte Carlo Simulation" computer program on my finances, and it gives you a calculated percentage of successful outcome of having enough $ to last to your projected life span under 100 different scenarios! All based on your own personal data. I took that result and pulled the plug! Worth every penny. What I DON'T understand is people who work their A$$ off all their life, denying themselves any small luxuries, saving every penny, all to leave a Huge Lump Sum of cash for their heirs to fight over, when they prematurely pass away. Have some fun, cuz tomorrow could be your expiration date!
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post #14 of 31 (permalink) Old Apr 27th, 17, 7:18 AM
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Re: A little bit worried about retirement

Quote:
Originally Posted by Steve R View Post
if you are concerned about money you can turn a hobby into a way to make money
^^^^ this.....if you have a skill at something, anything, turn it into a small retirement business. You can set your prices, work when you want to, or go fishing if you feel like it!

Quote:
Originally Posted by T_R View Post
Part time job for sure, preferably self employed so you can work when you want to and rest when you are tired. My plan is to do some hotshot trucking, like a dually and trailer uship sort of thing. I can travel a bit with the trucking see all the places I want to
Good plan. I've done that too, after retirement. Only drawback is all the miles you put on a truck and trailer. These days I stay closer to home and concentrate on my classic auto upholstery biz.

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post #15 of 31 (permalink) Old Apr 27th, 17, 10:06 AM Thread Starter
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Richard
 
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Re: A little bit worried about retirement

Quote:
Originally Posted by HKalin View Post
I was a Toolmaker all my life and retired January 4, 2013 at age 62 and started taking my SS at the same time. Because of being extremely over weight I just couldn't stand standing on my feet anymore.
Hank, I too have been extremely overweight all my life. Still heavy but not nearly the way I use to be. In 1997 I weighed in at 480 lbs. We had a RC hobby shop that was failing. I knew I had to get out and get a job but had a hard time just walking a short distance. I joined Weight Watchers (for about the fourth time in my life) and lost 260 pounds. I was 50 at the time and got a pretty decent job. Caught up on all our debt. Paid everything off and started putting back as much as I could. Today I'm still a little overweight at 240 and its been pretty hard to stay there. I like to eat, lol. But I'm pretty healthy otherwise. The wife too.

Neither of us take any meds except vitamins and a low dose aspirin. We lead a very simple life. She has a small home daycare with just a couple of kids left. When their grown up enough for school she'll retire as well. All in all life is pretty good. I guess its just fear of the unknown. I know when I leave this job I'm sure I won't be able to get another one that pays as well.

I do plan to buy and sell a few cars and build a few radio control airplanes to sell. The airplanes pay pretty well, you just don't make much by the hour if you count that. I don't, my labor is pretty cheap, lol. I just don't want to burden my children with our problems. We have 3 boys. Their good boys, work everyday and take good care of their families. Like I've tried to do my whole life.

Thank all of you so much for the support and suggestions. That's one of the things I like about coming here. You can feel the camaraderie.

Thanks,
Richard
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