Another retirement question

[RobG]

Sorry to hear about your experience man. That absolutely sucks! I think a lot of things in the industry have changed, especially because people are now seeing a lot of transparency with the internet. You can’t hide anymore if you’ve done stupid things. One of the things that you can do is go on FINRA broker check, work with CFP’s (certified financial planner), interview and ask questions, check out google reviews, ask for recommendations… and ultimately follow your gut instinct!

Finding a great advisor can make a world of difference. Best of luck with your journey, my dude.

Unfortunately, by the time you know enough to pick a good FA amongst the bad you know enough to do it on your own. If you don't want to study you are a sardine in sea of sharks.

After a lot of study I roll my own and ask the Bogleheads or my business accountant for ideas when I need help on more complex subjects, and then verify with an official source (i.e. the IRS).

 

[VikingsGuy]

I am tapping out as this has long passed its expiration date. Good luck to folks. Finance for the 99% of us is not rocket science, do a little bit of reading, spend less than you make, have a plan, be disciplined over the years, use only funds with less than 0.1% load, if you need one get an advisor that charges you a flat fee or by the hour (no big commissions or worse 1-3% compounding siphoning of your assets for decades), don't ever give power of attorney to any advisor to move funds on your behalf, and more importantly good luck in your tag draws and shoot straight when the big buck is in the crosshairs.

 

[Cheesehead]

Nothing I like more than insurance salesmen on a hunting forum.
Appreciate as always @VikingsGuy and his steady input.
To those early in the game, umm, don’t take on dumb debt, save and invest a lot (at least 15%), own livable real estate, use index funds a la bogleheads (google it and spend the $13), and avoid buying anything from anyone trying to sell you something.

Just another lowly CPA like @Big Fin who occasionally has to tell folks to tone down the salesmanship @mstevens317

Respectfully,
CH

 

[Cheesehead]

Booooo. Our firm is a national firm, fiduciaries AND I’m actually a hunter . Anyone can reach out via PM if they want to visit over the phone or zoom. Complimentary.

 

[grizzly_]

There are sure a lot of people casting aspersions on another's intentions and advice without knowing either.

I, for one, find the advice of various people often helpful. I've never used a FA and have done what many of you have been doing, but that doesn't mean I think I know all the best answers to every question. I've had discussions with two CFPs and a CFA about their viewpoints and have picked up nuggets from each. None of those were right for me and one told me specifically that I didn't need his services and to self-manage... I appreciated his honesty.

In the post above, I specifically offered to pay for @mstevens317 time as I don't take handouts, but if it were to cost $100 to have a phone chat and I picked up an item or two of benefit, that would be the best money I ever spent. And heck, maybe I'll be convinced of a path I didn't know about and be a new client. Who knows?

@VikingsGuy is an attorney, for example. I currently am actively working with four different attorneys and have several others that I work with regularly depending on whether it's corporate, litigation, contract, or real estate. I just hired a new law firm this week out of SLC to help with a different dispute we're working on with a municipality. My point is that I don't inherently view all attorneys as equal or qualified in all things and I don't believe financial advisors would fall under that description either.

I have a basic belief in life that you're never as good at something as somebody that does it every day.

If somebody can show me a way to do something better, I think it would be short-sighted of me to declare that item false before I even know what it is.

 

[Sytes]

$5mil or not... interesting read.

How to Retire With $5 Million

Even though $5 million is a significant sum, having a nest egg that size for retirement still requires that it be handled in a prudent manner. Here are several ways to make sure that such an amount covers your wants … Continue reading → The post How to Retire With $5 Million appeared first on...

finance.yahoo.com

 

[Cheesehead]

There are sure a lot of people casting aspersions on another's intentions and advice without knowing either.

I, for one, find the advice of various people often helpful. I've never used a FA and have done what many of you have been doing, but that doesn't mean I think I know all the best answers to every question. I've had discussions with two CFPs and a CFA about their viewpoints and have picked up nuggets from each. None of those were right for me and one told me specifically that I didn't need his services and to self-manage... I appreciated his honesty.

In the post above, I specifically offered to pay for @mstevens317 time as I don't take handouts, but if it were to cost $100 to have a phone chat and I picked up an item or two of benefit, that would be the best money I ever spent. And heck, maybe I'll be convinced of a path I didn't know about and be a new client. Who knows?

@VikingsGuy is an attorney, for example. I currently am actively working with four different attorneys and have several others that I work with regularly depending on whether it's corporate, litigation, contract, or real estate. I just hired a new law firm this week out of SLC to help with a different dispute we're working on with a municipality. My point is that I don't inherently view all attorneys as equal or qualified in all things and I don't believe financial advisors would fall under that description either.

I have a basic belief in life that you're never as good at something as somebody that does it every day.

If somebody can show me a way to do something better, I think it would be short-sighted of me to declare that item false before I even know what it is.

Agreed. Have a wonderful conversation. Remember: 1) avoid buying anything from anyone trying to sell you something, 2) always google something before you buy it (ie, type in permanent life insurance and you’ll see that people also ask ‘Why Permanent life insurance is a bad investment?’ (Hint: it’s overpriced for what you get)
Enjoy every sandwich.

 

[sigpros]

I haven't made it all the way through this thread yet but I'm 8 years away from being able to retire at 49 from my job. That being said I have always counted on a pension and realized about 3 years ago how ignorant I was in that. I have started putting money in a 401K and I need to up it again. I probably will work 40 years and retire at 59. Mainly because I want something for the future generations of my family. I am going to keep upping my 401K as I can and hope to pay for 80-100 acres in the Ozarks to set up in a trust for my 2 children so they will always have a place to take their kids and hunt a whitetail, turkey, or squirrel. I started way to late and wish I would of been doing this a long time ago. my kids are 12 and 13 and I wish I knew more to get something started for them

 

[3855WIN]

All I know is my wife couldn’t retire on $300k, so I guess that means I couldn’t either.

Interesting question though. I’ve been thinking about retirement a lot lately. But I have a long way to go in both years and cash.

You could sell out in Montana and come back home and live like a king.

 

[3855WIN]

I've got a lot to learn about the FERS retirement. Had to look up the deferred retirement. Investing in the TSP but not sure when and why or how to retire. I started with the government at the age of 21. Now 34 and trying to figure out if I should stick with it until 60 or retire when I can and start something new until 60. I think I'm not allowed to collect any pension from the fed or reserves until 60. Any insight on the FERS system would be appreciated.

As for the other info on this thread, I'm in trouble if these numbers are correct in regard to the golden egg and 7 year rule's!

Max the TSP.

 

[Southern Elk]

You could sell out in Montana and come back home and live like a king.

True, but I’d rather work and live in MT, than retire to MS.

 

[3855WIN]

True, but I’d rather work and live in MT, than retire to MS.

Just means more white perch for me.

 

[3855WIN]

I visited with friends the other day. They retired early. The only sticking point was the money they owed on their home in Denver. They sold that home and moved to Arkansas. They bought a home on a lake, renovated it, and were able to do that and owe nothing on the Arkansas home when it was all done. The location worked for them because her parents lived nearby the new home.

 

[Southern Elk]

Just means more white perch for me.

I do miss that. Next time I go home my old man his going to send some back with me.

 

[C17loadclear]

I retired pretty early (52) when I retired... I had quit a job with plans to get another one when my wife and I had a meeting with our fidelity rep ( great bonus with using fidelity) and he encouraged me to enjoy life and stayed retired. My wife joined me 3 years later so now we are both retired.

Like everyone has said each situation is different..for example I don’t spend money like most people...even my wife is pretty frugal...we eat out once or twice a month..I try to fix things rather than buy new..

If I had one piece of advice it would be this...try to be 100 percent debt free to include your house. I had pulled the belt in really tight to get debt free and it is what made the difference

Good luck

 

[Flatbrimmer]

You could sell out in Montana and come back home and live like a king.

Truth. Get it while it’s hot.

 

[Don Fischer]

I retired pretty early (52) when I retired... I had quit a job with plans to get another one when my wife and I had a meeting with our fidelity rep ( great bonus with using fidelity) and he encouraged me to enjoy life and stayed retired. My wife joined me 3 years later so now we are both retired.

Like everyone has said each situation is different..for example I don’t spend money like most people...even my wife is pretty frugal...we eat out once or twice a month..I try to fix things rather than buy new..

If I had one piece of advice it would be this...try to be 100 percent debt free to include your house. I had pulled the belt in really tight to get debt free and it is what made the difference

Good luck

Good advice. I decided at 50 to get out of debt and pay off the property before retirement. had to retire at 60 as was medically disqualified from what i did. But got almost all the bills paid off and the property was paid off. From there I learned to live on my income, I do not try to keep up with the Joane's! With only S.S. I do not live like a king but I am comfortable. I don't do long trips and by pass expensive trips. A matter of teaching yourself to live within your income. I think very few people really plan out their retirement and even less are comfortable with learning to live withing their income. Americans live on credit!

 

[hank4elk]

I took the early retirement @ 54,after the nest egg wipeout occured in 09'. Rather than wait for the maybe it will grow back and get the full 2%@55,20+ yrs,I left.
1st, I paid off all my debts,including the property I bought. Invested in my property infrastructure,wells,power,septic.
Could I live on half of what I used to make? SS? Medicare? Jobs paid nothing. Traveling to work cost me.

12 years later,yes I can live on half of what I used to make. I live simple. Do not travel anymore. I have most of what I require and have savings again to spend on my home.
I make more on my little pension & SS than most folks working full time here.I got another 3% cola last year,again.
Most everyone I knew in my old life are still working,deep in debt and or work after retirement,and are not living comfortably.

I live alone with Rio. In a very different place than most here and can do things myself. I can build, fix things,etc. I was also in the building trades for most of my life before the career job as a Park Ranger.
Now my math & economy knowledge lacks what many have , but I can add & subtract.
I am lucky too also have good health @ 66. Hell, I should be dead,the doctors have said....many times before. I take no meds nor need any. So medicare works fine for me,with no supply mental...don't do stupid things,when your not 40 and indestructable. Your far from it....

Keep your health,pay off debt,live simple.

 

[Steiny]

I retired at 57 four years ago. A big consideration pre Medicare age is the cost of private health insurance which is purchased through ACA Affordable Care Act / Obamacare. For 18 months post retirement we were able to stay on company insurance via COBRA and pay the full amount which was approx. $700 per month for myself and spouse. When COBRA runs out, you have to buy private which we did to the tune of approx. $1500 per month, $18,000 annually.

If you had taxable income over $67k, you were not eligible for any discounts and had to pay full amount, $1500 / mo for us, so we've been paying that high priced health insurance for a couple years now. Just re-upped our insurance for 2022, and got a pleasant surprise. With all BS Covid hardships, handouts, etc. they raised that $67k income amount to $250k, so anyone with under $250k annual income is now eligible for discounts. This affected us and reduced our health insurance costs for 2022 by approx. $8,000.

Look into private health insurance costs if you plan to retire pre Medicare age.

 

[peterk1234]

I retired pretty early (52) when I retired... I had quit a job with plans to get another one when my wife and I had a meeting with our fidelity rep ( great bonus with using fidelity) and he encouraged me to enjoy life and stayed retired. My wife joined me 3 years later so now we are both retired.

Like everyone has said each situation is different..for example I don’t spend money like most people...even my wife is pretty frugal...we eat out once or twice a month..I try to fix things rather than buy new..

If I had one piece of advice it would be this...try to be 100 percent debt free to include your house. I had pulled the belt in really tight to get debt free and it is what made the difference

Good luck

Great advice right here. I'm 54. Been debt free since 50. Talk about no pressure. The other thing we stumbled onto is getting into an expensive home and moving to an area where service are just less costly. The house we purchased was supposed to be temporary, eventually to be used as a rental. But we really like it. Ya, it would be great to have a huge chunk of land and a big barn. But there is something to be said for a home and property that can be cleaned in 20 minutes, the taxes are $1500 a year and utilities average a little over $100 a month. Those things can really add up on a large home in a fancy town with a lot of amenities.