Retirement idea, looking for advice and/or pitfalls.

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Mike69cuda said:
Can you go part time at your job, or find another part time to bridge the gap? It doesn’t have to be all or nothing. A couple extra days off can feel like retirement….
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I don't know about working P/T for this employer, as they need someone here 5 days/week. And I certainly don't want to tell them about my plans beforehand, as, theoretically, they could "show me the door" once I announce my retirement.

There are a few local places where I could work P/T (local small town Ma & Pa lumberyard/hardware store comes to mind), and I admit that could be kinda fun, but I was raised with a "give back" mentality, and since I've been forunate enough to have set aside a few bucks, right now I'm focusing my P/T search on local non-profits I believe in. Once I get that nailed down, and get some sort of regular schedule going, I'll certainly be looking for an additional P/T, paying, gig of some sort.
 
Mike69cuda said:
I retired about 5 years ago at 65. I have been working part time since and I like it. I have found that I need a reason to get up in the morning. If you don’t have that you will probably die young. I am not saying that you need to keep working, but you need a purpose in life, even in retirement.

I found you can only do so many home projects before you burn out on that. The things you didn't want to do when you were working - you still don’t want to do them after you retire.

Sounds like you have the start of a plan. Spend some money while you can still enjoy it.

Most financial planners are pretty conservative. You probably don’t need a million bucks in the bank when you are 80 and wearing a drool bib. If you ran out of money, would you even notice?
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Wow! Even though we're looking at this from "opposite sides" (pre and post retirement), I couldn't agree more!

There's a line from The Shawshank Redemption that keeps popping up in my head: "Either get busy living, or get busy dying". I had one grandfather who "got busy living", and he lived to be 93. The other simply "sat", and he died much younger (he "got busy dying").

I fully intend to do the former, rather than the latter.
 
Mike69cuda said:
If you use luxury vinyl tile flooring, it is warmer than tile. I have never had heated floors in the bathroom, but a friend says it costs as much as air conditioning to run, so they rarely use it.
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We had it in our previous home, and I'll admit we both got a little spoiled from it, as it is indeed a luxury.

But it's sooooooooooooo nice! :lol:
 
ProjectBazza said:
Wow! Even though we're looking at this from "opposite sides" (pre and post retirement), I couldn't agree more!

There's a line from The Shawshank Redemption that keeps popping up in my head: "Either get busy living, or get busy dying". I had one grandfather who "got busy living", and he lived to be 93. The other simply "sat", and he died much younger (he "got busy dying").

I fully intend to do the former, rather than the latter.
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One of my favorite philosophers, Jimmy Buffet, says I’d rather die while I’m living than live while I’m dead.

We too have been looking for opportunities to give back. We have been extremely blessed in our lives and feel that we still have room to contribute.

There is nothing biblical about retiring and becoming a useless member of society at any age.
 
Dartswinger70 said:
I would say take the 20k or whatever the wife allows find a way to make more money off that and buy as much of whatever you want. do swap meets and trades etc. I buy parts that I may never use but one day Ill sell the stuff at a swap meet or on here. Parts are parts and someone will buy them.
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That could be a slippery slope, for sure! Right now I have (almost) too many spare parts for my trucks that I'll most likely never use, but they're OEM parts, and given the quality of the aftermarket crap out there...

If I'm going to be buying clean vehicles down south (or west, or east), and then fixing and/or selling them here, I know for a fact I'll want to buy OEM parts for them as well. And given that, I'm pretty sure I'd run out of space if I had parts for somethign I didn't own!
 
Mike69cuda said:
One of my favorite philosophers, Jimmy Buffet, says I’d rather die while I’m living than live while I’m dead.

We too have been looking for opportunities to give back. We have been extremely blessed in our lives and feel that we still have room to contribute.

There is nothing biblical about retiring and becoming a useless member of society at any age.
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I like the Jimmy Buffet lyrics! (Well, I assume they're lyrics). We have some good friend who are "parrot heads", and I'll have to see if I can't get a copy of that tune from them.

And Bless you for giving back! My wife and I don't have kids, so when we saw the projections of our net worth 20-25 years from now we simply said to each other, "What good would that do us then?"
 
Once your retirement planning has been established and all is looking fine at that point, do it. The freedom of not having to work has so many benefits for you and your spouse to live the life both of you had dreamed of. Plus the fact that this will be on your mind every day while still working making for longer days and dreading even having to work.

My wife is on Medicare and I have another 12 months to qualify. The health insurance is costly, but once my advisor said we had the funds to support what we need, it was the best decision for us.

We have downsized, unloaded unnecessary equipment/vehicles, upgraded our house to what we want, added a shop, and now I am looking for a car/truck project to flip. I have no desire nor need to work at this time.

Hard work does pay off, just need to ensure you spend it wisely and not wait too long.
 

rowinafour said:
Once your retirement planning has been established and all is looking fine at that point, do it. The freedom of not having to work has so many benefits for you and your spouse to live the life both of you had dreamed of. Plus the fact that this will be on your mind every day while still working making for longer days and dreading even having to work.

My wife is on Medicare and I have another 12 months to qualify. The health insurance is costly, but once my advisor said we had the funds to support what we need, it was the best decision for us.

We have downsized, unloaded unnecessary equipment/vehicles, upgraded our house to what we want, added a shop, and now I am looking for a car/truck project to flip. I have no desire nor need to work at this time.

Hard work does pay off, just need to ensure you spend it wisely and not wait too long.
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Bingo!

* "Downsized": Check!

* "Unloaded unnecessary equipment": Check! (Although I have to admit I'm having a hard time getting rid of some of my old trucks.)

* "Upgraded our house to what we want": Check! (We're working on this one right now, but still...)

* "Added a shop": Check! (This summer's project is to insulate and build-out the 24' x 42' metal building.)

* "Find a car/truck project to flip": Check!

Looks like I'm following in your same exact footsteps here!
 
I have been retired for 17 years now and my wife for 5. Here are some things we have discovered.
Definitely have good medical insurance. For us Medicare plus a Supplement plan works best. May cost a little more but safer.
If you have most of your money in an IRA, keep 2 years worth of living expense or Required Minimum Distribution in Bonds or Money Market. That way you don't have to sell stocks in a down market.

Good luck in your retirement.
 
ProjectBazza said:
Bingo!

* "Downsized": Check!

* "Unloaded unnecessary equipment": Check! (Although I have to admit I'm having a hard time getting rid of some of my old trucks.)

* "Upgraded our house to what we want": Check! (We're working on this one right now, but still...)

* "Added a shop": Check! (This summer's project is to insulate and build-out the 24' x 42' metal building.)

* "Find a car/truck project to flip": Check!

Looks like I'm following in your same exact footsteps here!
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You are correct about unloading stuff. It took many years to collect and less than 6 months to get rid of.
 
The surest $ to get back out if a classic is the $ you paid to buy it.
The hardest $ to get back out of a classic is the $ you spent working on it (unless just to get it running!)

My expectations are not as high as some.
Eating out is buying a Sams roticerrie chicken and the wife, and I (and dog) eating it picknic style in the pickup.
You know I was not a high roller when I lived 37 years in Missouri,,,,wood was my only source of heat.
In Texas now, you have AC in your home or die!!! It runs on electricity!!!!
Frivolity in the classic car hobby, for me, is spending more than $1500 on a good roller!!
on and on and on... :thumbsup:
 
Or if you're still in good shape, you could be a man *****.

MAN *****.jpg
 
barbee6043 said:
The surest $ to get back out if a classic is the $ you paid to buy it.
The hardest $ to get back out of a classic is the $ you spent working on it (unless just to get it running!)

My expectations are not as high as some.
Eating out is buying a Sams roticerrie chicken and the wife, and I (and dog) eating it picknic style in the pickup.
You know I was not a high roller when I lived 37 years in Missouri,,,,wood was my only source of heat.
In Texas now, you have AC in your home or die!!! It runs on electricity!!!!
Frivolity in the classic car hobby, for me, is spending more than $1500 on a good roller!!
on and on and on... :thumbsup:
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My labor to fix and/or work on anything would be Free, as this will be more of a hobby than anything else. I look at it this way: For my free/spare time, whether I'd be out fishing, shooting the bull with some buddies (I guess that's the same as fishing! LOL!), or working in the shed/shop, I wouldn't be making any money. Sure, once I sell whatever vehicle I've worked on I'd prefer to not lose money on it, but I'm not going to sweat it if that happens, nor am I going to add my Labor into my Costs.

Let me give you an example of what I'm thinking, Bill. Last year I bought a '92 F250 out in Portland, Oregon. Clean (very clean!) truck, second owner, and came with all of the paperwork from Day One.

BJCP5691.JPG


Here in MN this is a $15-18k truck any day of the week.

I paid $9k for it, and I've hardly had to put anything into it, other than gas, oil, wiper blades, etc.

Sure, I could flip this in a heartbeat, but I need a clean, non-rusted 3/4 ton, so it's not going anywhere.

And I know there are more vehicles like this out there, as I've done this a number of times in the past.

Will I get rich doing this? No way, nor is that The Plan.

But I'll enjoy myself, make some memories, meet some good people...

Seems like a nice hobby to have to me!
 
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Yup I picked up a 99 Ranger 4X4 back in 2018 guy was going to junk it I said "Ill give ya 2 grand" did some work it runs is worth 7 or 8 now. I didn't put that much into it so I have a truck paid for. That's what its all about. Do I need to keep after little things? yes its a 26 year old truck, but it looks good like any other Ranger on the road today etc. With these trucks its the electronics and rust that keep ya busy
 
Dartswinger70 said:
Yup I picked up a 99 Ranger 4X4 back in 2018 guy was going to junk it I said "Ill give ya 2 grand" did some work it runs is worth 7 or 8 now. I didn't put that much into it so I have a truck paid for. That's what its all about. Do I need to keep after little things? yes its a 26 year old truck, but it looks good like any other Ranger on the road today etc. With these trucks its the electronics and rust that keep ya busy
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Ay-yup! Recap the ECM (just did that on all three of mine), do you best to keep the rust at bay, put some tires on 'em, change the oil, and drive 'em into the ground!
 
One thing I just thought of. Talk to your financial planner to see if it would be a good idea to move your 401K to his private management before you announce the bounce out the door. If it is still under their administration, they could try to pull a fast one on you by letting you go 5 minutes after you mention your intentions to retire, so they could pull back any matching funds or dividends if applicable. I know a few people that happened to. Greedy middle managers will do anything to get their hand on the next rung up the ladder. :(
 
ProjectBazza said:
My labor to fix and/or work on anything would be Free, as this will be more of a hobby than anything else. I look at it this way: For my free/spare time, whether I'd be out fishing, shooting the bull with some buddies (I guess that's the same as fishing! LOL!), or working in the shed/shop, I wouldn't be making any money. Sure, once I sell whatever vehicle I've worked on I'd prefer to not lose money on it, but I'm not going to sweat it if that happens, nor am I going to add my Labor into my Costs.

Let me give you an example of what I'm thinking, Bill. Last year I bought a '92 F250 out in Portland, Oregon. Clean (very clean!) truck, second owner, and came with all of the paperwork from Day One.

View attachment 1716365658

Here in MN this is a $15-18k truck any day of the week.

I paid $9k for it, and I've hardly had to put anything into it, other than gas, oil, wiper blades, etc.

Sure, I could flip this in a heartbeat, but I need a clean, non-rusted 3/4 ton, so it's not going anywhere.

And I know there are more vehicles like this out there, as I've done this a number of times in the past.

Will I get rich doing this? No way, nor is that The Plan.

But I'll enjoy myself, make some memories, meet some good people...

Seems like a nice hobby to have to me!
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Like in real estate, it is location, location, location. And the old car (truck) hobby, many times it is condition, condition, etc... Texas is a "truck" state, there are millions here...99% percent with a zillion miles, and wore out but NO rust!!!! Especially if within commuting distance of the city! I pay no attention to late model trucks for sale! I have no clue. You would be doing good to find a '92 truck here for sale, that even runs!
Yes that is a slick "sub burbman" looking truck!!!! Hard to find such a mint pickup here. And. It would never bring that here, IMHO but I am cheap!!!!
Just like in the old car hobby, go North for engines and interiors, and go South for bodies. Go to Ga. for "shine". Never mind!!

There have been 2 times I figured I actually could make a small profit on a classic since the 80s. Missouri.
Back in the 80s, 90s. Maybe early 2000s. Back the, I could not swing a dead cat without someone wanting to sell me a V code E body, or a AAR and TA. Even a few hemi car "builders". 383 Road Runners, Super Bees were everywhere. Meat on the bone. If not in my backyard , I would drive 500 mi. or more for the right car. I never hardly ever made a dine, restoring most to perfect. But I built more than a few. But I could find the right car, clean it, get it running if not, and sell it for a profit, usually some one willing to drive at least a little ways. Back then up till about 2010 or so, occasionally I would run up on a good build worth the $ and make a few $$. The market has always been up and down, then so many of the ignorant silly $ guys buy at the auctions, and as time goes on, so many of whats for sale got too high, too rusty, then people don't want to drive or pay a transport..... now days few good projects left and 95% of whats out there have stupid high ask prices.. but don't sell!

Why would anyone today, put all the hours and so many dollars building a HIGH $ desirable car UNLESS for himself to enjoy.
But. Like a guy said, he spent $35,000 on his "baby" and he prays he can get his $$ back. But then there is the guy that explains, if he enjoys his car for 5 years, sells it and losses $10,000, it only cost him $2000 a year for that enjoyment!!!!! $165 per month, plus gas, oil and insurance!!!!:thumbsup:
 
I've had a lot of customers over the years retire. It seems like half of them have a hobby or part time job that keeps them busy, the other half seem board. Whenever the conversation of possibly retiring comes up everyone always says they want to wait until they can get the health insurance. If you've got the money I don't know why anybody wouldn't pull the trigger at 62, it's a gamble either way but I'd choose offense. We've had customers have health issues less than a year after retirement, they didn't even get to enjoy it. I'm currently 40 and enjoy talking about it, I'd like to think I'd be into the same thing. Road trip adventures to pick up rust free shitboxes :lol:
Best of luck, sounds like you're sitting in a good spot.
 
skep419 said:
I've had a lot of customers over the years retire. It seems like half of them have a hobby or part time job that keeps them busy, the other half seem board. Whenever the conversation of possibly retiring comes up everyone always says they want to wait until they can get the health insurance. If you've got the money I don't know why anybody wouldn't pull the trigger at 62, it's a gamble either way but I'd choose offense. We've had customers have health issues less than a year after retirement, they didn't even get to enjoy it. I'm currently 40 and enjoy talking about it, I'd like to think I'd be into the same thing. Road trip adventures to pick up rust free shitboxes :lol:
Best of luck, sounds like you're sitting in a good spot.
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When my father retired at 62 he got his Certification to be a Truth In Housing inspector for the cities of Mpls, St. Paul, and St. Louis Park (those three are the toughest to get, I understand), and only a couple of years ago, at the age of 88, did he quit doing this, mainly because the City of Mpls now requires inspectors to drill a hole in an exterior wall and record the type, and quality, of insulation in the wall. Dad absolutely loved being an inspector, as it "kept him on his toes", as he puts it, but he wanted no part of this BS, so...Done!

But I digress....

Yeah, health insurance is a Big Deal, and I didn't fully realize, much less think about this, until a few years ago.

As for roadtrips to pickup rust-free shitboxes: You get it! Have truck, camper, and car hauler....Will travel!

Hopefully sometime in the near future, that is.
 
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