Forced retirement

[TexasBred]

CB you aren't painting a very good picture of the golden years

It is doable we retired with 2.5 times the income needed to live comfortable at the time. That is figuring on the average life expectancy .
You have to have your ducks lined up going in on debt. You have to be wise on money management as every year you get older the less potential to make it up to keep you from eating cat food or having the government to get everything but your last 2k.
Burying your money in a coffee can doesn't cut it either.
Lot of expenses go down lot go up like car insurance starting at 60 then they keep popping you, of course medical and health care.

He's just being brutally honest with you. Life is still very enjoyable but you do learn that there is a big difference between wants and needs. No reason anybody that has worked all his life, used common sense in managing his money can't live a happy and prosperous life when they retire.

 

[farmerjan]

If I lost my job today it would hurt but we would make it. Me and my wife work full time. Would have to make budget cuts. I WILL NEVER RETIRE. I will work until the day I die. I am almost 40 and have hardly anything saved in 401K. We have some property already paid off. The house will be paid off in less then 10 years. Either my career, raising cattle, goats, chickens, selling fruits and veggies at the farmers market or being a greeter at WalMart but I will work until the day I die. I was made that way. I dont have a retirement plan.

Your not in total control of that plan.
You assume that your body and health will cooperate with the plan
You are one day away from not working ever again.

I also said 5 years ago, that I would be working well past my retirement age of 66. But years of pounding on hard floors, concrete, both as a waitress and then in milking parlours both as a milker and as a milk tester for 25 years, has done a number on my joints. Add to that a head on car wreck in 07, the guy pulled across in front of me and I got some torn cartilage and meniscus in the knee because I wasn't going too fast right in the little town, and in 18 months it is so painful to walk some days I just want to sit and cry. Replacement of the knee has been talked about for 5 years, but the ankle is really bad and fusion is a last resort. I told my son the other day as I hobbled to the barn when we got some cows in, did he ever think 2 years ago that I would be unable to run after a cow to get the gate closed behind her. It is frustrating and makes me so mad that I could spit wooden nickels some days, and nearly cry from the pain others. The therapy that I am trying now will take some time although I know someone who has had it done with VERY good results. The dr. that founded this clinic told me that he didn't know how I was even walking with the condition that my joints were in. Said my pain tolerance was beyond most he'd ever seen or dealt with. But what do you do, just sit and give up?
So believe me, you are not in control of when things might just jump off the planned track. And you are not totally without a plan; if you look at what you wrote, you are planning to be as self-sufficient as possible, could sell the surplus off the farm, and retiring from a "paid job" is not the same as just quitting and sitting doing nothing. As long as I can get around some I will do whatever I can to help on the farm and raise a garden on stuff like that. So it is working of sorts, I also cannot just sit and "retire" to a rocking chair. But I do need to be able to have enough money in some form or fashion to pay the taxes, electricity and such. That is where some form of planning needs to be put in place.

 

[slick4591]

I'm not on expert on the disability part because my wife deals with it. She has a son that qualifies because he is MR. She found out the hard way that he can only have a max of 2k in the bank. Grandma gave him some money and mom deposited it in his savings. She declared it on one of the countless forms they send you and the next thing she knew they had cut his benefits until they were paid back.

You may being thinking about medicaid coverage. That is the way that works. Once on SSI there is not limit of the assets you can own and the same if you are on SS.

It very well could be. I don't handle it as the paperwork alone would drive me nuttier than I already am.

 

[farmerjan]

The big thing most don't account for is how is my income going to keep up with inflation.
When I retired in 07 income to maintain a comfortable lifestyle is 700 dollars more today.

That's what I've been saying. How can you even come close to making an educated guess what the cost of living will be in 20 years, or even 5 years for that matter. We received our 2017 health insurance premiums today. A few years ago we were paying $800 every other month. Then $800 per month, then $1000, then $1300. Now its $1800 PER MONTH. We are in our 40s with 3 daughters. Affordable Care Act. HA!!! I will retire when they shovel dirt over me.

Look at the thread "truly affordable health care" for the a christian based type of health sharing plan called samaritinministries. There is one advertised here on conservative talk radio an called medi-share. I am also looking at them if I do have to retire here early, as cobra will be unbearable, SS disability may qualify me for medicare early but the way we are reading it, it takes 2 years and I will reach 65 before that so probably won't help. Might be a viable alternative for your family....

 

[Anonymous]

The big thing most don't account for is how is my income going to keep up with inflation.
When I retired in 07 income to maintain a comfortable lifestyle is 700 dollars more today.

That's what I've been saying. How can you even come close to making an educated guess what the cost of living will be in 20 years, or even 5 years for that matter. We received our 2017 health insurance premiums today. A few years ago we were paying $800 every other month. Then $800 per month, then $1000, then $1300. Now its $1800 PER MONTH. We are in our 40s with 3 daughters. Affordable Care Act. HA!!! I will retire when they shovel dirt over me.

Look at the thread "truly affordable health care" for the a christian based type of health sharing plan called samaritinministries. There is one advertised here on conservative talk radio an called medi-share. I am also looking at them if I do have to retire here early, as cobra will be unbearable, SS disability may qualify me for medicare early but the way we are reading it, it takes 2 years and I will reach 65 before that so probably won't help. Might be a viable alternative for your family....

Thank you. I will check that.

 

[BK9954]

If I lost my job today it would hurt but we would make it. Me and my wife work full time. Would have to make budget cuts. I WILL NEVER RETIRE. I will work until the day I die. I am almost 40 and have hardly anything saved in 401K. We have some property already paid off. The house will be paid off in less then 10 years. Either my career, raising cattle, goats, chickens, selling fruits and veggies at the farmers market or being a greeter at WalMart but I will work until the day I die. I was made that way. I dont have a retirement plan.

Your not in total control of that plan.
You assume that your body and health will cooperate with the plan
You are one day away from not working ever again.

Yes God willing I can work til the day I die. He knows my fate.

 

[GMN]

I decided I'm working forever !

 

[TexasBred]

I decided I'm working forever !

If it's considered work I'm not doing it. Too many other things to do that I consider enjoyable, relaxing and still keeps me active.

 

[farmerjan]

I decided I'm working forever !

If it's considered work I'm not doing it. Too many other things to do that I consider enjoyable, relaxing and still keeps me active.

:lol2: :lol2: :lol2:

 

[pdfangus]

To many people screwed outta so called retirement. I'll just take my money as I
Make it ,and save and manage it myself.

You will get on the government tit at 65 cause you want your money back you paid on over the last 40 years.
There will come a day when it takes you all day to do what you used to do in a couple of hours.
The real wake up call is when realize you don't have any marketable skills anyone wants anymore

right on.....I hit that wall quite a few years ago.....survived doing heavy labor for three years til I found this job....
got hurt four times in three years but never missed a day....could not go back and do that again....not the man I was then...68 now and the plan is to work til seventy .....do not know what then..... as I work for the health insurance and my wife challenges the coverage. been in the hospital at least once a year for the last ten years....maybe longer.

ps...already drawing the social security when I found out I could and still work...

 

[callmefence]

To many people screwed outta so called retirement. I'll just take my money as I
Make it ,and save and manage it myself.

You will get on the government tit at 65 cause you want your money back you paid on over the last 40 years.
There will come a day when it takes you all day to do what you used to do in a couple of hours.
The real wake up call is when realize you don't have any marketable skills anyone wants anymore

right on.....I hit that wall quite a few years ago.....survived doing heavy labor for three years til I found this job....
got hurt four times in three years but never missed a day....could not go back and do that again....not the man I was then...68 now and the plan is to work til seventy .....do not know what then..... as I work for the health insurance and my wife challenges the coverage. been in the hospital at least once a year for the last ten years....maybe longer.

ps...already drawing the social security when I found out I could and still work...

Fyi a profitable small business with a good name and good numbers can be sold for a considerable amount. I've seen it done.
..many times.
Any one depending on the government teat as a end game if a fool

 

[TexasBred]

Absolutely !!!!! Your Rolodex with all your customers contacts should be worth a pretty good chunk of change.

 

[True Grit Farms]

Fyi a profitable small business with a good name and good numbers can be sold for a considerable amount. I've seen it done.
..many times.
Any one depending on the government teat as a end game if a fool[/quote]

The restaurant and airport- taxi shuttle business was a good build and sell opportunity at one time. And any business that's a 50-50 cash business sells good. ;-)

 

[backhoeboogie]

This is just a post to you for a heads up it could happen and are you in a financial shape to tough it out until another job came along. What if that job paid less could you survive.

I've turned down offers over and over for years. Other plants made offers last year.

I sold the farm and practically all the cows. There's only 5 cows left at the house and it wouldn't be hard to liquidate. I would have to move out of state but my salary would more than double. Or I could go back to contracting for really big bucks.

I've been socking it away for years. Got out of stocks 8 years ago before the crash after O got elected. 401K's looking good. Retirement buy out from years ago looking good. IRA's looking good. CDs aren't earning much at all but they are there.

Feeling froggy about the markets under the new regime, but I haven't jumped yet. May not.

Didn't buy another farm. Just ate the capital gains on the last one.

I'm not too concerned.

 

[hillbilly beef man]

If I lost my job today it would hurt but we would make it. Me and my wife work full time. Would have to make budget cuts. I WILL NEVER RETIRE. I will work until the day I die. I am almost 40 and have hardly anything saved in 401K. We have some property already paid off. The house will be paid off in less then 10 years. Either my career, raising cattle, goats, chickens, selling fruits and veggies at the farmers market or being a greeter at WalMart but I will work until the day I die. I was made that way. I dont have a retirement plan.

Your not in total control of that plan.
You assume that your body and health will cooperate with the plan
You are one day away from not working ever again.

Not a one of us are more than one mis-step away from never being able to work another day. God forbid that day ever comes you can starve or get on the Goverment tit. Any one who thinks otherwise is fooling themselves.