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Retirement advice

Thinking about retiring from my present job.  Planning on talking with a Edward Jones retirement planner. Any thoughts or ideas.  Plan on working somewhere else,but draw my pension now.  Insurance on me and wife will eat up my monthly pension payment.Buying an annuity doesn't look good to me because of interest rates. 100,000 will payout about 400 a month.  10-15 years ago it would buy 1000 a month.

Replies

  • conchydongconchydong Pompano BeachPosts: 11,046 AG
    You need to plan on having at least 75% of your current income to think about retiring and that is if you are willing to live simple..

    “Everyone behaves badly--given the chance.”
    ― Ernest Hemingway

  • JKPJKP Posts: 3,211 Captain
    Not enough data points to offer any substantive advice. Stuff you probably wouldn't want to share anyway - age, income, savings, current net worth, debts, etc. 

    An advisor would be a good idea but I'd suggest starting with one that will provide some advice for a flat fee. 
  • JKPJKP Posts: 3,211 Captain
    and keep in mind it doesn't take much to be a "financial advisor". It pays to shop around. 
  • trout069trout069 Posts: 5,558 Admiral
    I can take early retirement, which I planned. Except you pay taxes on what get and having to pay some for a parent to live, is why I am not in Islamorda Tarpon fishing then out to Montana. Planned on 6 months off then back to work. Remember, at the age the Feds set, you can only work so many hours. 
  • stc1993stc1993 Albany, GA Carrabelle, FLPosts: 9,329 Admiral
    If your talking SS you can earn $17,600 a year.  If you go over they take $1 for ever $2 you go over.  I just looked into it last month.
  • amada8amada8 Posts: 837 Officer
    bb, my wife just retired in March,a year short of 65 when Medicare will kick in.  As you noted, medical insurance will eat into your budget until you qualify (if you qualify...don't know your situation).  I'm open to PMs if you don't want info out in the open.  I have a good financial advisor I trust based in Denver (we are now 80 miles to west of him).  Also have a good one (and great friend) in FL.


  • micci_manmicci_man Somewhere in FLPosts: 14,910 AG
    stc1993 said:
    If your talking SS you can earn $17,600 a year.  If you go over they take $1 for ever $2 you go over.  I just looked into it last month.
    Dad waited until he was 67 1/2 ( I think) then started drawing SS and he can make as much as he can each year without penalties. 
    Common Sense can't be bought, taught or gifted, yet it is one of the few things in life that is free, and most refuse to even attempt to possess it. - Miguel Cervantes
  • biglarbiglar Posts: 183 Deckhand
    micci_man said:
    stc1993 said:
    If your talking SS you can earn $17,600 a year.  If you go over they take $1 for ever $2 you go over.  I just looked into it last month.
    Dad waited until he was 67 1/2 ( I think) then started drawing SS and he can make as much as he can each year without penalties. 
    I did, too, cause I didn't want the restrictions.  It was at 66½.
  • amada8amada8 Posts: 837 Officer
    edited May 2019 #10
    66 and 2 months for me...two years from now.
  • stc1993stc1993 Albany, GA Carrabelle, FLPosts: 9,329 Admiral
    You can make aa much as you want after you reach your full retirement age.  That was if you start early at 62 y.o.

     i wasn't thinking.
  • Spanky DunlapSpanky Dunlap Posts: 703 Officer
    No to annuities. Yes to Edward Jones, of the advisors we deal with they are usually the best. 

    And......find a good CPA and make them part of your decision team. Taxes are an important aspect of retirement planning.
  • BodineBodine Posts: 3,078 Captain
    Yea, get a team of advisors, one shock to me was, thanks to lying Bill Clinton, you now pay taxes on your social security benifits, I said "****!" , You take my money, invest it, waste it, and then tax me further when you return it to me" F the Feds!
    F the feds
  • billybobbillybob Posts: 926 Officer
    Keep ideas deals and tips coming.  There is much for me to learn about this stuff.   Thank you 
  • Bubba1122Bubba1122 Posts: 7 Deckhand
    Carpenter's rule: measure twice, cut once. 

    Study it hard before you make the jump. Then start over and study it again.

    Spanky Dunlap gives very good advice: a good , conservative CPA will wade through the pie in the sky numbers some advisers will share reality with you. Make your decision on the most conservative scenario. 


  • Gary SGary S Posts: 2,902 Captain
    Try and be debt free. You will know when it is time to go. I heard that all my life and did't understand what they meant, until it was my time. I knew.  Also now I don't know how I had time to work, I get up and it seems like it is time to go to bed. 
  • skyway andeskyway ande Posts: 3,813 Captain
    My parents who are retired and semi-retired do well for themselves.
    They spend every dollar on AMEX to gather cash back or points for travel expenses.
    They pay it off every month.
    No second Mortgage!
    No Home Equity Line of Credit.
    I’m poor so that’s all I got....
    All the best!
    Gary S it’s good to hear from you again 
    God, save the South!
  • CranfieldCranfield Posts: 1,538 Captain
    Making your self debt free is the best advice you can get.
    Other things will be personal options, but debt free is the first step.
  • swampwalkerswampwalker Posts: 2,359 Captain
    I agree on being debt free. If not, you'll be having to budget retirement dollars for unseen issues, while paying off debt. As far as advisors, they will usually paint you a high earning interest scenario to get your investment. There are some wiley posters on here that, I'd like to pick their brains around a campfire, regarding retirement and investments. Also, we're all different, so there is no one size fits all for knowing when the time is right.
    The original - "Renaissance Redneck"
  • billybobbillybob Posts: 926 Officer
     I am working on debt free as in paying down mortgage.Balance down to 20000. Payment at 125 week with 108 going to principle. 
  • FamilyfisherFamilyfisher Posts: 3,154 Captain
    edited May 2019 #21
    Lora retired last year with 37 years in, so she is getting 74% of her salary plus working 49% with the school system.  In her retirement checks, she actually brings home $48 more than when she was employed full time.  Her 49% job basically paid our extra taxes last year.

    I'm retiring in December with 28 years plus sick time, so I'll be drawing about 60% of my salary and haven't decided if I want to do anything after retirement...other than seeing if it's possible to get tired of fishing.

    House is paid for, but we keep our home equity credit line open for vehicle and other large purchases.  

    We will have to make it for a year and a half before we're eligible for social security at 62, which we have both decided to apply for at that time.  We've got enough socked away that, should it become necessary, we could draw $1k monthly for several years.  We also have some in 401k plans available if push comes to shove.  We'll start taking the RMD for those later.  We're fairly confident we'll be alright.

    Much like Ande's folks, we use a Discover card for most of our purchases for the cash back option.  1% on everything but 5% on selected merchants quarterly.  No balance carried.

    We're excited for more travel opportunities and I look forward to only setting an alarm to go fishing, hunting, or to the airport!
    Proverbs 13:3
  • Spanky DunlapSpanky Dunlap Posts: 703 Officer
    It's always interesting to me to hear all the different attitudes re social security. We have clients that wait until age 70, and others that start a 62. IF you can tell me when you are going to die I can tell you the perfect time to start drawing. 

    One of our biggest concerns is health insurance. Since we are self-employed we pay for our own out of our business profits. This year it's going to be roughly $21,000 for 3 of us and rising $2,500 every year. So we are holding on til age 65 when we can get on Medicare and reduce our cost to just a good supplemental plan. It will be like getting a $20k raise.  :) 
  • BodineBodine Posts: 3,078 Captain
    edited May 2019 #23
    I waited till 65 so I would not be penalized for my regular income, SS is a joke, I could have taken the money they took from me and done much better.
    You should have the option to opt out.
    F the feds
  • amada8amada8 Posts: 837 Officer
    Bodine said:
    You should have the option to opt out.
    I don't agree with this statement because of the fallout caused when millions (...then billions) fail to fund any sort of retirement.  Consider the millions added to just the Medicaid rolls....and who will ultimately pay.  (hint: you and me)
  • billybobbillybob Posts: 926 Officer
    My cost of insurance if I retired today would be 20,400 for my wife and I. My pension after 28 yrs would cover that today.  None left over to eat.  Figure to live 5-10 more years
  • FamilyfisherFamilyfisher Posts: 3,154 Captain
    I'm fortunate to be in one of the best retirement systems in the country with TRSGA.  My insurance will run about $300/month after retirement.  I choose to draw SS at 62 because my dad died at 61 and 1/2.  I don't know how long I may be able to draw so I'm getting it while the getting's good.
    Proverbs 13:3
  • ANUMBER1ANUMBER1 Posts: 12,505 AG
    my wife started her SS at 62, since we still have our business it's deposited into a TOD account with Edward Jones and then invested into low risk funds.
    I am glad to only be a bird hunter with bird dogs...being a shooter or dog handler or whatever other niche exists to separate appears to generate far too much about which to worry.
  • BodineBodine Posts: 3,078 Captain
    amada8 said:
    Bodine said:
    You should have the option to opt out.
    I don't agree with this statement because of the fallout caused when millions (...then billions) fail to fund any sort of retirement.  Consider the millions added to just the Medicaid rolls....and who will ultimately pay.  (hint: you and me)

    And under today's thinking you are correct sir. However Ol Bodine thinks that you should be responsible for yourself and if you run out of money because you are dumb and did not prepare for the future you should lay in bed and die.
    Good gosh, if I can figure it out, so should everyone else, but we live in a nanny state where no one takes responsibility for themselves. Are we past the point of no return?
    Love ya Dave,,,,,,,come on down sometime.
    F the feds
  • stc1993stc1993 Albany, GA Carrabelle, FLPosts: 9,329 Admiral
    I opted for my SS early.  I looked at the chart on SS web site & i would have to live to be 78 to break even on the money if i waited for my full benefit age of 66 yrs 2 mths.
  • dcrdcr Posts: 365 Deckhand
    Being debt free is very good advice. I don't trust my $$ to anyone.  Learn how to invest;  it's not that hard.  I've been living off my investments for 17 years and have more $$ now than when I started.  I still make plenty of mistakes, but taking someone else's advice who's getting paid to give it, isn't one of them.
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