Let's Talk Retirement.

Discussion in 'Lets talk Business!' started by Mikey P, Dec 27, 2017.

By Mikey P on Dec 27, 2017 at 1:46 PM
  1. Mikey P
    Mikey P

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    For some an ugly subject that gets put off year after year untill it's toolate but to kid yourself

    For others it's constant thought and probably thier main hobby.

    Some of us have working wives who may be able to float the boat once our backs can no longer devastate soiled floors as owner op super heros.
    Some, few, very few actually have a business with a value that can fund our survival
    Some are fit enough to wand their way into the grave.

    And some like @Radar Foster and @Wandslinger have it figured out with enough side action that they could quit today, make a few adjustments and be fine..

    Let's talk about what your parents did, what your kids will do and most importantly, what you're doing right now.
    Matt Wood and Derrick T. like this.

Comments

Discussion in 'Lets talk Business!' started by Mikey P, Dec 27, 2017.

    1. hogjowl
      hogjowl

      @

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      Marty Sutley
      So ... you were high!
      steve_64 and Radar Foster like this.
    2. The Great Oz
      The Great Oz

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      Nobody mentioned living off their kids? I didn't put them all though college for nothing! Lately I've been talking about how well those three generation Indian families do, and how the most successful child "wins" the grandparents.

      I'm pretty handy too, so could build my own apartment in the basement.
    3. rider0992
      rider0992

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      Kenny Hayes
      I’m with Marty, who’s retiring? I’m 66 and draw half of my partner’s SS. She draws her full SS plus a small pension from phone co. Leaving mine alone till 70. We have 25 employees and our 2 girls 39-41 working with us. What’s to quit, making money?
      Last edited: Dec 29, 2017
    4. SamIam
      SamIam

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      Lucky!
    5. SamIam
      SamIam

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      sam miller
      We switched to a 15 year mortgage, a few years ago, paid about 7-8 years on a 30 year mortgage before switching.

      Running a LLC and putting max into my simple IRA

      Plus my wife has a personal IRA we put the max in.

      Between the house the IRA’s SS and some change she might inherit from her mom.

      And my life insurance she’s set!

      That’s only if I die in the next 10 years though.

      I plan on working at least until I’m Zerkie’s age 360i and a paid off truckmount.

      And a youngling to show the ways of the Force.

      Try not to touch anything until I have to, and hope a couple huge spurts in the stock market.


      Things could be ok.

      Technically we could become dependents of my daughter whose a school teacher and get some decent health care.

      Until then I’ll just eat my spinach!
    6. Mikey P
      Mikey P

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      Bill ain't worth billions?
    7. SamIam
      SamIam

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      Ya that’s why he Uber’s if he is he ain’t sharing.
      Mikey P likes this.
    8. Mark Saiger
      Mark Saiger

      Mr Happy!

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      Mark Saiger
      Well, I quit teaching 5.5 years early, so I only get half of a retirement (which really sucks after all those years) and no medical or retirement medical I would have had starting next year...but I couldn't take one more minute of budget cuts, and more responsibility for less pay...and just plain the craziness with being in the public eye of having one of the best band programs in the country at the time...just like coaches finally burn out.

      We keep making plans for transferring the business to Aron and family...and drawing some income off of it (kind of reverse rolls)

      We area also investing in our simple IRA accounts as an LLC...and we are not doing too bad...but I am not the kind of guy to just sit around...so the Sauce is another potential future business that could maybe bring in some retirement....and then help our kids out as well (hope college education fund for grandkids, maybe some beer money for me....) Who knows....other offers have been made as well too....

      We bought a piece of property this year a mile from us with a modular home and new garage with the intentions of keeping 2 acres of the 12.8 acres to build a new shop...then Aron and our Daughter suddenly change the plans, and sell their house in town to move to a larger house and 22 acres just a mile from us also. It has a large shop on it now but needs work to really work for us.

      Both pieces of property are absolutely beautiful and perfect locations...but we are selling off the first property to our youngest daughter and fiancé with the new grandson...and then investing more of our money (yes ...already have money in the Aron and Jean property) to establish the business there in a year possibly.

      So plans are being made, but we have also discovered this year....plans can change fast...you need to make plans that can be ready to adjust....and sometimes...you just cannot plan...but be as ready as possible....

      I plan to be away for this ice box more though...and wife has to decide if she wants to stick around more to babysit in the winter, or come visit me and the puppies on the beaches....I have had enough of this cold!

      My parents, dad is 80 years of age and Mom 78....they have had health issues....money issues....

      When they sold the business, they did not set it up very well...and sold it to a family member for contract for deed....and then that family member sold it to someone who ran it down in a year....to eventually nothing and not much to even recover for money....

      So my lesson learned...I will be in control of most of this business until I feel it can be set with the kids in place running it, successfully...or I am bought off....(so I could go to my grave wearing a Blue Saiger's shirt)

      But the business is important to me...it is important to me to offer quality service to my community and be an important part of giving back to the community....

      I also want my grand kids to have the option to work with it...or move on, but at least in some way, continue to help my family in the future...and maybe even future generations....

      Grass does not grow under my feet really...and I am a creative person that needs something to do....

      We are right now in planning stages of when I should start drawing some of my retirement, and what we would use it for...or keep it in funds...

      Just had a person have a massive heart attach and die Christmas eve our family knows....age of 54....

      Spend money now and have some fun...or die...or continue to save...kind of a crap shoot.....
      KSL, Lee Stockwell and Mikey P like this.
    9. Radar Foster
      Radar Foster

      Mr Personality

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      Definitely prudent to do both... save for the future and live for today


      And to the young bucks as it pertains to saving for retirement ....


      The best time to plant a tree is 20 years ago
    10. Willy P
      Willy P

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      Thanks to an investment smart well employed wife and not living beyond our means, we're pretty well set for the golden years. I keep my paws off and let her run the money side of things as she's done very well over the years. I'm 61 now and I could retire but I still like my career and will probably wait for 65 to hang up the wand if I choose to.
    11. bob vawter
      bob vawter

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      you...are harshing my mellow.....
      keep working.....pay yor taxes
      and think of me when yor filling out them tax forms!
      Bruce Humphrey and Mikey P like this.
    12. Radar Foster
      Radar Foster

      Mr Personality

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      Anyone that lives off social security set their sites waaaay too low

      At my max contribution level, I qualify for $4000/month

      That ain't living
    13. bob vawter
      bob vawter

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      Well I guess YOU never stashed yor
      Money in a Fred Flintstone lunch box and stuffed it in a hollow tree?

      Btw....I hear banks will be cutting down on the amount you can take out at one time...starting Jan 10
    14. Radar Foster
      Radar Foster

      Mr Personality

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      Your information is worse than a fortune teller
      PrimaDonna, Lee Stockwell and Mikey P like this.
    15. rider0992
      rider0992

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    16. Wandslinger
      Wandslinger

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      So some of you know by now that I have a full time job outside of cleaning and will be collecting a fat government check from Kalifornia when I retire. Actually I don't trust the crooks with my pension so I have been steadily investing in real estate for a few years now. Became debt free including house seven years ago. My goal is to build as much passive income through rentals and hard money loans to survive without an actual paycheck. A 401 K and Roth IRA's should supplement that quite nicely. My best advice is to live debt free. I owe the majority of this mindset to Dave Ramsey. Pretty easy concept when you read his book, listen to his podcasts and follow the steps.

      Wealth really starts accumulating when there is no money going out. Looking back the only thing I would have done differently would be is to start a carpet cleaning forum board. I think that is where the real money is....
      Last edited: Dec 31, 2017
    17. Mikey P
      Mikey P

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      The real money is in free pre spray and wands..... .
      Last edited: Jan 1, 2018
    18. rider0992
      rider0992

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      Different Stokes for different folks. One mans trash is another’s treasure, blah, blah. If I had rentals I’d slit both of my wrists:hopeless: Just a matter of how we’re gonna bleed to death:cool:
      Mikey P likes this.
    19. Lee Stockwell
      Lee Stockwell

      FOJL

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      Nice guys make lousy landlords.
      rider0992, Matt Wood and Radar Foster like this.
    20. rider0992
      rider0992

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