Author Topic: Retirement?  (Read 5335 times)

Offline euge

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Re: Retirement?
« Reply #15 on: February 23, 2012, 10:14:57 AM »
My neighbor retired at 55 with a $1000 per month pension. He hustles though. Buys and sells stuff. Odd jobs. He is happy and still provides for his wife, daughters and grandkids.

Right now he has a lawnmower torn apart and is working on it. :)

The first principle is that you must not fool yourself, and you are the easiest person to fool. -Richard P. Feynman

Offline corkybstewart

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Re: Retirement?
« Reply #16 on: February 23, 2012, 10:21:17 AM »
When I was 35(1992) I quit my day job and went into consulting figuring that for what I charged per day I could work 9 days per month and earn the same.  But success has it's costs and soon I was working 25-40 days per month and things were great.  But working that much(lots of times I was at one site for 5-8 days sleeping an hour or 2 at a time in my pickup) took it's toll and so in 2005 I was offered my old job back.  I expect to work another 8-10 years and be done with the oilfield forever.  My wife can retire from the public schools in 6 years with a full pension and maybe by then I'll have enough money that I can retire.  The problem really is that we plan on living a long time so retiring too early might leave us poor by age 90.  And with the current political BS going on we may not have access to Medicare or SS so that'll be another consideration.  I've payed into both for 40 years and will be more than a little upset to see them yanked away just when I plan to start needing them.
I'd really just rather be brewing in sunny Carlsbad New Mexico

Offline euge

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Re: Retirement?
« Reply #17 on: February 23, 2012, 10:28:50 AM »
Only 40 days a month? What a slacker! ;D

I don't even figure SSI into my calculations and ruminations. My fear also is living too long and running out of money, which is easily compounded by retiring early...
The first principle is that you must not fool yourself, and you are the easiest person to fool. -Richard P. Feynman

Offline richardt

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Re: Retirement?
« Reply #18 on: February 23, 2012, 10:57:19 AM »
The ones who do best seem to be the ones who spend less time retiring from something and spending more time retiring to something they enjoy doing.


Offline hopfenundmalz

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Re: Retirement?
« Reply #19 on: February 23, 2012, 11:42:54 AM »
The ones who do best seem to be the ones who spend less time retiring from something and spending more time retiring to something they enjoy doing.

Is anyone familiar with what is called the Boeing curve?
Jeff Rankert
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Offline euge

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Re: Retirement?
« Reply #20 on: February 23, 2012, 11:58:42 AM »
The ones who do best seem to be the ones who spend less time retiring from something and spending more time retiring to something they enjoy doing.

Is anyone familiar with what is called the Boeing curve?

Can you relate this to retirement finances? Or the state of Being in Retirement?
The first principle is that you must not fool yourself, and you are the easiest person to fool. -Richard P. Feynman

Offline hopfenundmalz

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Re: Retirement?
« Reply #21 on: February 23, 2012, 12:25:08 PM »
The Boeing curve shows that for every year that you work beyond 50, you can subtract one year off your life expectancy. Boeing study on their employees and retirement.

Remember it is statistics, does not hold for everyone, or every job or company.

Take away is that stress is bad.  If you retire early and find something to do that you like, you have the possibility of living longer.
Jeff Rankert
Ann Arbor Brewers Guild, AHA Member, BJCP Certified
Home-brewing, not just a hobby, it is a lifestyle!

Offline euge

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Re: Retirement?
« Reply #22 on: February 23, 2012, 12:47:46 PM »
The Boeing curve shows that for every year that you work beyond 50, you can subtract one year off your life expectancy. Boeing study on their employees and retirement.

Remember it is statistics, does not hold for everyone, or every job or company.

Take away is that stress is bad.  If you retire early and find something to do that you like, you have the possibility of living longer.

MY thoughts EXACTLY! My sole source of stress is my job.
The first principle is that you must not fool yourself, and you are the easiest person to fool. -Richard P. Feynman

Offline beersk

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Re: Retirement?
« Reply #23 on: February 23, 2012, 01:45:47 PM »
My neighbor retired at 55 with a $1000 per month pension. He hustles though. Buys and sells stuff. Odd jobs. He is happy and still provides for his wife, daughters and grandkids.

Right now he has a lawnmower torn apart and is working on it. :)


Still provides for them? What is this, 1950?

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Online morticaixavier

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Re: Retirement?
« Reply #24 on: February 23, 2012, 01:59:45 PM »
Have wondered about immediate annuities both fixed and variable and if a sufficient lump sum might provide an income until retirement and beyond. Or at the very least augment my current income to where I could work less hours per week. A semi-retirement if you will. ;) Any ideas about annuities?

I plan to talk to a professional advisor because without a realistic plan it's all a scary pipe dream. :o

do talk to a professional as it is all very complex but I have just 'finished' building an annuity system (programmer/database designer) and from what I gathered the feds don't like it if you take your money too soon. If you withdraw before 59.5 years of age you pay taxes as income (~20%) which is still better than taking a 401k or IRA early but still a chunk of change.
"Creativity is the residue of wasted time" - A. Einstein

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Offline hokerer

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Re: Retirement?
« Reply #25 on: February 23, 2012, 02:11:44 PM »
If you withdraw before 59.5 years of age you pay taxes as income (~20%) which is still better than taking a 401k or IRA early but still a chunk of change.

Actually, if you turn 55 and are still working for the company with which you have your 401K, you can begin penalty-free withdrawals at any time after that that you retire (including before 59 1/2)
Joe

Online morticaixavier

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Re: Retirement?
« Reply #26 on: February 23, 2012, 02:14:26 PM »
If you withdraw before 59.5 years of age you pay taxes as income (~20%) which is still better than taking a 401k or IRA early but still a chunk of change.

Actually, if you turn 55 and are still working for the company with which you have your 401K, you can begin penalty-free withdrawals at any time after that that you retire (including before 59 1/2)

interesting, so if you have a 401k and you roll your annuity over to it at 55 and then retire you can get your money tax free before 59.5? clever. again IANAIB (I Am Not An Investment Banker) check with the pros
"Creativity is the residue of wasted time" - A. Einstein

Jonathan I Fuller

Offline brewmichigan

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Re: Retirement?
« Reply #27 on: February 23, 2012, 02:25:09 PM »
If you withdraw before 59.5 years of age you pay taxes as income (~20%) which is still better than taking a 401k or IRA early but still a chunk of change.

Actually, if you turn 55 and are still working for the company with which you have your 401K, you can begin penalty-free withdrawals at any time after that that you retire (including before 59 1/2)


interesting, so if you have a 401k and you roll your annuity over to it at 55 and then retire you can get your money tax free before 59.5? clever. again IANAIB (I Am Not An Investment Banker) check with the pros

He said Penalty-free, not tax free  ;)
Mike --- Flint, Michigan

Online morticaixavier

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Re: Retirement?
« Reply #28 on: February 23, 2012, 02:25:50 PM »
If you withdraw before 59.5 years of age you pay taxes as income (~20%) which is still better than taking a 401k or IRA early but still a chunk of change.

Actually, if you turn 55 and are still working for the company with which you have your 401K, you can begin penalty-free withdrawals at any time after that that you retire (including before 59 1/2)


interesting, so if you have a 401k and you roll your annuity over to it at 55 and then retire you can get your money tax free before 59.5? clever. again IANAIB (I Am Not An Investment Banker) check with the pros

He said Penalty-free, not tax free  ;)

ahh well then...
"Creativity is the residue of wasted time" - A. Einstein

Jonathan I Fuller

Offline beersk

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Re: Retirement?
« Reply #29 on: February 23, 2012, 02:29:36 PM »

 again IANAIB (I Am Not An Investment Banker) check with the pros
Nice acronym ya big goon! ;)

haha, that's a particularly dumb one too...
« Last Edit: February 23, 2012, 02:32:18 PM by beersk »
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