Exit Stage Left....

[thecleaningdude]

I'm 41 now, but spend a fair amount of time trying to plan where I'll be when I'm 61 and especially 71+. It's a frightening prospect (for me at least).

I know most will say "I never plan on retiring" and similar. Still, you'll have to go at least part time at some point.

How many of you are on track for a proper retirement?

 

[Lee Stockwell]

63 and NO

 

[FB7777]

Yes, in fact I obsess about it .

The present plan for me is to scale back the physical work in 5 -7 years and either hand the business to one if my sons who is showing an interest , sell it or just hand pick my A+ work and charge a fortune for those jobs

I started investing early (20 yrs old) and aggressively by age 27 . I have a certain number in mind and thanks to an extremely bullish market over the past 6 years , am over 70% there.

The trick now is a more conservative investment approach to hedge the coming correction

 

[Desk Jockey]

Not even close but I have a backup plan. I've been putting time nights and weekends on it and I think its ready to trot out there.
"Hi Welcome to Walmart!".

 

[Jimmy L]

It's funny how one plans their life and then all the plans go to..........hell.

Deaths...............life.............

 

[FB7777]

So true Jimmy, so very true


A plan brings me comfort tho so STFU Cobb Crammer!

 

[Papa John]

I'll be 52 soon and I could retire now IF I could handle the boredom.. So I guess I'll enjoy working as long as my mind and body will let me.
Its easier to retire if you are Not a slave to your possessions, wants and desires... only spend money on needs and things that produce multiply sources on income.
But be sure to have a little fun along the way.

 

[hogjowl]

Things are set in order. I should be able to retire comfortably by 65. Economically speaking, of course. Physically, I should be in enough constant pain then to need illegal drugs.

I still work now because I need to. By then, I'll probably keep working to keep from going crazy.

I was at a family party today. One of the non-family guests, who is also a customer, mentioned to my son something about me going fishing now that my son was working for me. He told me that Brady's response was "you don't know my Dad. He doesn't play. He just works."

I thought about that for a minute, and realized that was how my Dad was, and my Grandfather before him.

And, as sad as it sounds, I'm happy with that.

I'll retire when it hurts too much to work.

 

[Ray Burnfield]

Things are set in order. I should be able to retire comfortably by 65. Economically speaking, of course. Physically, I should be in enough constant pain then to need illegal drugs.

I still work now because I need to. By then, I'll probably keep working to keep from going crazy.

I was at a family party today. One of the non-family guests, who is also a customer, mentioned to my son something about me going fishing now that my son was working for me. He told me that Brady's response was "you don't know my Dad. He doesn't play. He just works."

I thought about that for a minute, and realized that was how my Dad was, and my Grandfather before him.

And, as sad as it sounds, I'm happy with that.

I'll retire when it hurts too much to work.

Your son would love to see you go fishing while he handles the business. It would make him feel real good and you should do it.

 

[Desk Jockey]

Things are set in order. I should be able to retire comfortably by 65. Economically speaking, of course. Physically, I should be in enough constant pain then to need illegal drugs.

I still work now because I need to. By then, I'll probably keep working to keep from going crazy.

I was at a family party today. One of the non-family guests, who is also a customer, mentioned to my son something about me going fishing now that my son was working for me. He told me that Brady's response was "you don't know my Dad. He doesn't play. He just works."

I thought about that for a minute, and realized that was how my Dad was, and my Grandfather before him.

And, as sad as it sounds, I'm happy with that.

I'll retire when it hurts too much to work.

That's me too. My father had cut down to a few hours a day right to a month before he past.

 

[Askal]

I started backing off at 50. Now take about 4 months a year off and work 8 hours a week when I am here. I have an awesome staff that takes good care of me. I could never sell for what I can make being involved. 60 now and having a pretty good time. A pretty fortunate guy. I just ordered 10k printed envelopes so I have to keep at it for a bit!

 

[thecleaningdude]

How do you know you're on pace to meet your goal and retire?

Do you use a financial planner, 'wealth' manager or some other consultant? Or are you gutsy enough for a DIY retirement plan?

 

[bob vawter]

Life is something you do
while planning
OTHER things!!!

 

[QDCC-Barry]

It's funny how one plans their life and then all the plans go to..........hell.

Deaths...............life.............

Don't forget "Divorce"

Oh yeah ...that's a part of life isn't it?

 

[Papa John]

How do you know you're on pace to meet your goal and retire?

Do you use a financial planner, 'wealth' manager or some other consultant? Or are you gutsy enough for a DIY retirement plan?

It will be a challenge to retire If you are going to rely solely on a savings/retirement account or SSI-- Its best to have multiply investments that produce Income greater then inflation.
Build your business and don't sell it when you Retire.

 

[hogjowl]

How do you know you're on pace to meet your goal and retire?

Do you use a financial planner, 'wealth' manager or some other consultant? Or are you gutsy enough for a DIY retirement plan?

Nobody knows the future. You can only prepare for it by understanding the past.

 

[Shane Deubell]

Guess it depends what kind of retirement you have in mind.

$30k a year or $130k a year?
Big difference!

Who knows, i will work until i die. Part time hopefully ...

 

[FB7777]

My number is considerably north of the $130k / year . My goal is replace my current income, not have to budget during retirement

Regardless of your financial goal, the one thing seriously lacking in probably over 90% of us is a written plan and roadmap to where you expect to be at a designated time in the future

While it's true the trajectory may need to be adjusted over time due to unforeseen circumstances, you likely will live down to your expectations without one.

Why not construct a financial plan and attempt to live up to it?

 

[FB7777]

How do you know you're on pace to meet your goal and retire?

Do you use a financial planner, 'wealth' manager or some other consultant? Or are you gutsy enough for a DIY retirement plan?

Personally, I'd caution against using an independent planner, as they can get hefty commissions that will seriously effect your returns over the years.

Ive been using Vanguard Group ( the. Index Funds guys and also have extremely low expense ratios) for over 20 years .

Lots of planning tools on their site

It's a passion of mine and. I actively trade options on many of my holdings.

If you just want to invest and not manage then selecting a basket of diversified index funs and setting up automated monthly direct deposit is a very sound approach

 

[Shane Deubell]

Personally, I'd caution against using an independent planner, as they can get hefty commissions that will seriously effect your returns over the years.

Ive been using Vanguard Group ( the. Index Funds guys and also have extremely low expense ratios) for over 20 years .

Lots of planning tools on their site

It's a passion of mine and. I actively trade options on many of my holdings.

If you just want to invest and not manage then selecting a basket of diversified index funs and setting up automated monthly direct deposit is a very sound approach

Exactly!!!
Over 20 years those commissions add up.

Although i do talk to an advisor at least 1x year, he doesnt have access to my accounts.
Just for ideas.

 

[FB7777]

Warren Buffett has a million dollar bet with a hedge fund group ( Protege. Ptnrs I believe) that the Vanguard Admiral Shares S&P 500 Index Fund will outperform 5 of Proteges actively managed funds over a ten year period

So far, entering their 7th year of the bet , Vanguard S&P 500 is outperforming by about 37% !!!!

Not bad for a fund that essentially is automatically balanced based on the 500 stocks it represents .

Trading fees and commissions is responsible for a majority of the lag in performance, but also the speculative ( emotional ) trading of the managers

Says a lot about the nature of investing and leaving your emotions at the door

 

[Mikey P]

Fred

Is that fund one of your "aggressives" that you'll be backing out of?

 

[FB7777]

I'm assuming you mean S&P 500? I hold that fund in my taxable account so no I have no intention of trading out of that position, as it will trigger a cap gains tax event. when it does drop at least the dividends will purchase lower priced shares.

A majority of my hedging will be using a strategy involving at the money covered calls. You continue to hold the investment but you are paid an option premium to short your position.

 

[Shane Deubell]

Fred is really on it!

For next 15-20 years thats what i need to do. I keep taking money out or diverting the automatic payment to something else.
Turns out i am a crappy landlord, among other things... who knew ?

 

[hogjowl]

There's a book titled "The Wealthy Barber" by David Chilton. It's a super book for a young person to read just as they enter the work world.

 

[Papa John]

Since I believe Greece's present Is USA's future--- I'm Straddling two countries. USA n Thailand.
My farm in Thailand has Rice, Bananas, chickens, ducks, cows and a Dump truck for hire which can provide income and food for my family. we also have a small garden for our personal use. Taxes and insurance are relatively low on land and wages-- with the exception of the Dump truck--

I don't think I could afford to retire in the USA. Taxes, insurance, and Meds are just too high.

 

[thecleaningdude]

That's cool.

Not sure, but I thought I had read something that said owning land in Thailand is very difficult and that even leasing can be problematic. Something about needing a responsible party or business partner that is also a Thai citizen.

Is that the case?

Since I believe Greece's present Is USA's future--- I'm Straddling two countries. USA n Thailand.
My farm in Thailand has Rice, Bananas, chickens, ducks, cows and a Dump truck for hire which can provide income and food for my family. we also have a small garden for our personal use. Taxes and insurance are relatively low on land and wages-- with the exception of the Dump truck--

I don't think I could afford to retire in the USA. Taxes, insurance, and Meds are just too high.

 

[Papa John]

That's cool.

Not sure, but I thought I had read something that said owning land in Thailand is very difficult and that even leasing can be problematic. Something about needing a responsible party or business partner that is also a Thai citizen.

Is that the case?

That's is true--- I married a Thai lady and can own land in both our names but She basically has my financial "Balls" in her hands--- Its almost like "Prepaid" divorce. So I better be good to her. She is a Good Girl and a Farmer's Daughter... Almost Too boring for Me... She don't Drink- She don't Dance.

Warning-- many people have been screwed financially by corrupt people. They were/are 2 "mafias" in Thailand--- The Green (Military) and The Brown (Police)-- But the latest Coup has changed a lot of that..
The New PM (former Military General) has arrested many "Untouchable" people. I really like the new PM and he has been a positive force in Thailand. IMHO.--

Costa Rico is also a good place to retire-- many Americans are there--
Maybe same is true for Nevada?

 

[thecleaningdude]

I've read that Ecuador is the new 'go to' for expats. Don't know how true that is though.

Thailand would be awesome, but like you mentioned, corruption is an issue. Would be great if they can clean it up, though these kinds of things are often times ingrained in a culture. What would be the monthly nut in Thailand for a first world westerner to live a lifestyle that s/he is accustom to?

Costa Rica is supposedly very expensive now, but who knows.

That's is true--- I married a Thai lady and can own land in both our names but She basically has my financial "Balls" in her hands--- Its almost like "Prepaid" divorce. So I better be good to her. She is a Good Girl and a Farmer's Daughter... Almost Too boring for Me... She don't Drink- She don't Dance.

Warning-- many people have been screwed financially by corrupt people. They were/are 2 "mafias" in Thailand--- The Green (Military) and The Brown (Police)-- But the latest Coup has changed a lot of that..
The New PM (former Military General) has arrested many "Untouchable" people. I really like the new PM and he has been a positive force in Thailand. IMHO.--

Costa Rico is also a good place to retire-- many Americans are there--
Maybe same is true for Nevada?

 

[hogjowl]

Just move to Mississippi.