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retirement planning

Blankpage said:
They're good if you don't need them. Don't happen to have a recent quote for open heart surgery or a liver transplant?
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LOL. Last three months have been about $80k for me. Maybe $500 out of pocket. That shit is expensive.
 
afm199 said:
The best plan is to not get old, and then get hit by a semi while riding your motorcycle when you do.
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That's my plan, but replace motorcycle with bicycle and semi with soccer mom in minivan.
 
When the time comes that I can’t do basic important stuff like ride I’m hoping a youthful acquaintance can get me a final hit of the good stuff. The downside being I have to remember what my plan is. Maybe if they know they’re in the will they’ll remind me! Too bad BARF is mostly OGs.
 
Passive income that tracks with inflation like rentals seems more like a requirement for retirement vs a nice to have.
 
gnahc79 said:
Passive income that tracks with inflation like rentals seems more like a requirement for retirement vs a nice to have.
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That rental income works really well until it doesn't.

Diversification is a great thing.
 
Provided you're not totally relying on it, which negates the requirement part, and can do without however many months of profit when something big comes up like a roof.
 
Agreed. To me rental income would be for optional expenses like trips, gifts etc.
 
FYI there’s massive evidence that working into retirement age, even for larger pensions, significantly reduces life expectancy
 
kevin 714 said:
There’s nothing passive about being a landlord
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yeah the term is misleading but relatively speaking being a typical landlord is not like working 9-5 every day. We're managing my FIL's two properties in Texas. We have a property management company that deals directly with the tenants and repairs. Every so often we have to review/approve repairs and deal with tenants paying late. Other than that the majority of the work is tax time.
 
kevin 714 said:
There’s nothing passive about being a landlord
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If you chase "market rate" and have constant turnover that is absolutely true.

If you charge reasonable rent and the tenants take better care of the homes than we do, and stay, then it's painless and great for cutting your tax rate while building your asset base,(assuming you have homes in an area like Santa Rosa as we do).
 
kevin 714 said:
FYI there’s massive evidence that working into retirement age, even for larger pensions, significantly reduces life expectancy
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What is retirement age tho? Anecdotally, my grandmother worked into early 90’s. She’s 96.

A different set, my grandfather died at 62 after they forced him to retire. He also smoked and drank heavily and had PTSD from WWII.

I know some sharp minds who retired and went back to teach or do part time work well into their 70’s. I guess it depends on the type of work and if you truly enjoy it or not. I have a couple decades before retirement but I could definitely see myself keep working part time even after I officially end my career.
 
I know a local Korean lady in her 80's who got a loan for and opened a bakery just a few years ago. She shows up for work there everyday with her granddaughters.
If you like what you're doing then do it up until death.
 
OP, sounds like you need to find a new career.

If you can combine a passion with earning, why not? Can you teach? Even if you can't, consider motorcycle training. It's super good money, even part-time. You can do classroom time or range time, or both.

Most retirees I know do a lot of volunteering at various charities. They're in their seventies and eighties. They seem incredibly happy and productive. They also stay active at the gym.

Other retirees I know play competitive softball. They're mostly in their sixties, seventies and eighties, with a few in their fifties. And they're playing for fun and bragging rights. They're terrific hitters for the most part and they share their knowledge while kidding the hell out of each other. If you want to join, that's the Walnut Creakers out of Walnut Creek.

A few retirees I know devote time and effort to helping the homeless by feeding them.

Whether you stay at your job or opt to retire early, the Bay Area has much to offer to you now. Carpe diem, as the Romans said.
 
thanks everyone for the responses. A lot of good points to consider.

health insurance I can continue through my employer after I retire for about $25 per month. I can continue dental but it costs about $700 a year and will only cover up to a grand, so not worth it.

2nd career is a definite consideration, not so much for the money but for satisfaction. Current work is not particularly hard, it's IT for a local municipality, but it's become not so satisfying.

Planning for possible long term care is also a concern. I'm single, no children, been living with the same women for 20 some years but the relationship has hit a rough patch, so I might have to plan for needing care with no relative or spouse to over see it,

Ultimately it's about a lifestyle change and when and how far to change it. I've had close friends die way to young and there is a fear of not changing in time to enjoy it.

Inflation and the economy can also effect quality of life, like AFM199 says you may live a lot longer than you planned on. I understand that 16 more months of work to get a bump from 37Gs a year to 47 seems like a no brainer but then it becomes 40 months to get 50Gs.

There is also the cost of going to work, transportation, food, clothes and paying others to do things that you could do if you didn't need to go to work.

I'm thinking I should have my broker and CPA crunch the numbers and then maybe get a 2nd opinion from an independent source.
 
tuxumino said:
thanks everyone for the responses. A lot of good points to consider.

health insurance I can continue through my employer after I retire for about $25 per month. I can continue dental but it costs about $700 a year and will only cover up to a grand, so not worth it.

2nd career is a definite consideration, not so much for the money but for satisfaction. Current work is not particularly hard, it's IT for a local municipality, but it's become not so satisfying.

Planning for possible long term care is also a concern. I'm single, no children, been living with the same women for 20 some years but the relationship has hit a rough patch, so I might have to plan for needing care with no relative or spouse to over see it,

Ultimately it's about a lifestyle change and when and how far to change it. I've had close friends die way to young and there is a fear of not changing in time to enjoy it.

Inflation and the economy can also effect quality of life, like AFM199 says you may live a lot longer than you planned on. I understand that 16 more months of work to get a bump from 37Gs a year to 47 seems like a no brainer but then it becomes 40 months to get 50Gs.

There is also the cost of going to work, transportation, food, clothes and paying others to do things that you could do if you didn't need to go to work.

I'm thinking I should have my broker and CPA crunch the numbers and then maybe get a 2nd opinion from an independent source.
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If you'd be going from $37,000/year to $47,000/year for the rest of your life, for only working another 1 1/2 years until age 60, I'd double down on my recommendation to stick it out. It seems the reward would outweigh the sacrifice and you'd be making, and you'd still be retiring younger than most. With inflation driven by rising minimum wages, among other things, you're probably going to need the extra money more than you think you will.
 
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