|
|
panlives Inner circle 2087 Posts |
"Experts have repeatedly pointed up the salutary effects of staying busy in retirement, arguing that activity confers physical and mental benefits and leads to greater happiness. But it isn't necessarily true."
Read more: http://moneyland.time.com/2012/01/24/is-......uZ7TYBmW
"Is there any point to which you would wish to draw my attention?"
"To the curious incident of the dog in the night-time." "The dog did nothing in the night-time." "That was the curious incident," remarked Sherlock Holmes. |
balducci Loyal user Canada 227 Posts |
I've been thinking about retirement lately. Still have a ways to go, but not so far that I am not thinking about what comes next.
For anyone who wants to chime in ... Are you retired? Or close to? Will you have a significant pension? Or rely on savings? Will it be a working retirement, or will you just rely on pension / savings?
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
|
MagicSanta Inner circle Northern Nevada 5841 Posts |
My retirement money is gone in the wind.
|
Dr. Delusion Special user Eugene, Oregon. 733 Posts |
I've got a little over 4 years to go. I work for the City and have PERS. I just refinaced my house, so I'll still have to pay on that. I'm single, have my Son with Autism living with me. The good thing he's getting SSI and has state funded health insurance. My main concern is being able to afford insurance for myself.
I'll be 55 when I retire, I hope to continure perform magic shows for extra money after I retire. I really don't have much in savings. Hopefully everything will work out. Bob. |
Tom Jorgenson Inner circle LOOSE ANGLES, CALIFORNIA 4451 Posts |
My retirement plan relies heavily on the California Lottery.
We dance an invisible dance to music they cannot hear.
|
mastermindreader 1949 - 2017 Seattle, WA 12586 Posts |
I can't imagine ever retiring from doing what I love. Nor could I ever afford to!
|
Bob1Dog Inner circle Wife: It's me or this houseful of 1159 Posts |
Quote:
On 2012-05-11 15:09, balducci wrote: I retired from my real job in 2007 at age 59 after working most of my life from the time I was about thirteen, even though that was part time. I had a professional career for thirty years with the same company and five years after that just to keep me working and was able to accrue a great retirement plan, and medical benefits. The retirment plan started out as a profit sharing plan and later converted to a 401K plan. I took a voluntary buyout at age 54 and worked five more years in a similar capacity at a reduce pay rate for a non profit. That proved to be a great move because when I retired five years later, I was able to retire at about the same income level I'd become accustomed to at the non profit, from my corporate retirement plan. I thank my wife for kicking me in the butt to retire. My goal had always been to retire at 59 but when I got close, I got scared. I was afraid about not having that regular paycheck and having to play with the market with regards to my 401k. However with some excellent financial advice, I was able to turn my 401k into two variable annuities and essentially create my own defined benefit plan that is typical of the pension plans offered by most employers today. And I have plenty of cash in reserve to deal with whatever comes along including market hiccups. Retiring was the smartest thing I did. I got to play more with my magic; and lots of other things as well. One of the biggest problems in retiring is that all our lives we're taught to save, save, save for retirement, but when we get there, ther's not a whole lot available to tell you how to continue to save, invest and spend. That's the most important challenge of retiring. Once you get it down to the right formula, you can live for the rest of your life without ever having to worry about running out of money. It also involves living within your means, and a disciplined approach to investing and taking income. And an additional dilemma is that you still must pay taxes in retirement. Don't let anyone tell you that taxes get cheaper when you retire. They don't. You still have to pay the piper. The best advice I can give to anyone considering retirement in the next few years is to put as much money as you can into Roth IRAs. You pay absolutely nothing on withdrawal, unlike paying ordinary income tax on traditional IRAs. For the last five years I have been contributing to Roths in retirement and have achieved a level of tax free income for the future, that, coupled with my regular IRA withdrawals and Social Security income to keep taxes at a manageable level. That has cost me at current tax levels each year. But if you work under the assumption that taxes will only go up and never go down, you're ahead in the long run. If you can contribute to a Roth [b]before[/i] you retire, so much the better. Do not be afraid of retiring. With investment and tax planning, anyone can do it. I highly recommend it. I'm having the time of my life and I'm not even sixty-five yet (later this year). Balducci, if you have any questions, PM me.
What if the Hokey Pokey really IS what it's all about?
My neighbor rang my doorbell at 2:30 a.m. this morning, can you believe that, 2:30 a.m.!? Lucky for him I was still up playing my drums. |
The Magic Cafe Forum Index » » Not very magical, still... » » Are you retired and busy? Happy? (0 Likes) |
[ Top of Page ] |
All content & postings Copyright © 2001-2024 Steve Brooks. All Rights Reserved. This page was created in 0.03 seconds requiring 5 database queries. |
The views and comments expressed on The Magic Café are not necessarily those of The Magic Café, Steve Brooks, or Steve Brooks Magic. > Privacy Statement < |