How To Not Outlive Your Retirement

[VThillman]

It's only taxable after a certain amount. We just get Social Security now since last August. Our tax person told us how much we could take out of our 401K each year without being taxed, because it would be added as income to our SS. So we just stay under that number.

I have found it easy to "stay under that number".

 

[joel]

Those of you with living parents or close to this age(70), will know better than I & feel free to correct me.
I think once I am 70 something, health care, food & light, water & taxes will be all I need to worry about.
Not having energy to do much else, on Medicare, I will not be driving much, if any, maybe a little garden.

 

[Supervisor42]

Those of you with living parents or close to this age(70), will know better than I & feel free to correct me.
I think once I am 70 something, health care, food & light, water & taxes will be all I need to worry about.
Not having energy to do much else, on Medicare, I will not be driving much, if any, maybe a little garden.

What!!?
You aren't going to be shopping for a new jet ski?
But everybody's just gotta have one of these!

<sarcasm>

 

[dademoss]

Nah, 70 is the new 50!

 

[joel]

Sorry, I swim like a very large rock!
I did not do jet ski when I was young & more foolish.

 

[Supervisor42]

Sorry, I swim like a very large rock!
I did not do jet ski when I was young & more foolish.

Me too, until they taught me how to strap on a SCUBA tank.
Seen plenty of people on the dive boats that were in their 70's.
Get into the water, you are in zero-g. No walking .
One of a few things that older people can do to burn all that retirement money before the heirs show up.
(and you didn't think I could get back on topic)

 

[Spikedriver]

Those of you with living parents or close to this age(70), will know better than I & feel free to correct me.
I think once I am 70 something, health care, food & light, water & taxes will be all I need to worry about.
Not having energy to do much else, on Medicare, I will not be driving much, if any, maybe a little garden.

You might want to reconsider that idea.

My father is now 86. He survived a major heart attack in 1982 or 83, and two minor ones since. Only in the last two years has he slowed down because of ventricular tachycardia, which causes him to nearly pass out on occasion. Up until that started, and even for a few months after, he was driving 15-25,000 miles a year, mostly just to do things he and mom wanted to do and see things they wanted to see. After age 75 he drove from Iowa to the Texas Rio Grande valley, and back, 9 different times. He and mom drove to Yellowstone. Drove to Arizona. Drove to Florida. Drove to visit relatives in Washington State via Montana. Flew to Vegas. Went fishing in Canada...

You absolutely could be wore out at 70, but you just might surprise yourself and still be raising Cain at that age too...

 

[Bacpacker]

Nah, 70 is the new 50!

View attachment 66922View attachment 66924

I always tell the wife, I might get old, but I'll never grow up.

 

[Supervisor42]

One last tidbit.
I carefully planned my income for retirement.
One little piece that nobody mentioned: when you start on medicare, they deduct $149 from your meager monthly social-security check.
With $1565 per month, I have barely touched my IRA because of my budget.
Since I turned 65, it will be $1416 per month from now on.

 

[angie_nrs]

One little piece that nobody mentioned: when you start on medicare, they deduct $149 from your meager monthly social-security check.

Good info. I didn't know that.

When we started our retirement plan in our 20's, we planned to NOT get SS b/c we thought it'd go bankrupt and we didn't want to rely on the government for our retirement funds. So, if SS went bub-bye tomorrow, we'd be fine. I'd be pizzed....b/c we paid a crap load into it, be we'd be fine.

 

[Neb]

Good info. I didn't know that.

When we started our retirement plan in our 20's, we planned to NOT get SS b/c we thought it'd go bankrupt and we didn't want to rely on the government for our retirement funds. So, if SS went bub-bye tomorrow, we'd be fine. I'd be pizzed....b/c we paid a crap load into it, be we'd be fine.

Yeah same here. But oops we accidentally got old and SSI is still something. Hooda thought!

Provided forcing Gramma and Grampa to eat cat food never becomes politically expediant...

We can plan on SSI trending with inflation. I should start collecting SSI in about a month from now and The Princess about 5 years from now. So for the five years before she collects we are expecting about a 4% load on our nest egg annually.

For my family history I should only last another 10-15 years. But The Princess had a Grandmother that smoked a pack of Winsons a day until she she was 94. That means The Princess may be around for another 40 years!

The last thing I want is for her to be destitute in her old age.

That dictates that we can't sit back on our laurels and just draw down on our savings. We have to make them then work for us. That my dear fellow preppers is is where a good fiduciary advisor comes into play.

Ours has earned his his keep and is keeping us moving forward ..

So I humbly suggest that we all gather what we can in the fat years and make them last for the lean.

Ben

 

[Supervisor42]

I looked for a dormant thread to dump this poop in, but I just can't be quiet.
For a couple years we have been lectured weekly by the 'intelligent elite' about how tech-stocks were the future and if you weren't invested in them, you were stupid.
Their 'gold-chip' stocks were called the FAANG stocks.
Facebook, Amazon, Apple, Netflix, and Google.
I'm not one to say: "I toldya so!", oh wait, since I am an AH, I do .
Facebook lost 1/3 of it's value in February, evidently to never return, and there was much.
Today, Netflix is losing 1/3+ of it's value.
A lot of people's managed portfolios now have 2 huge gaping holes in them.
Fiduciary. You hear nonstop: "We do better when our clients do better".
What you never hear, is the rest: "... but if our clients lose money, we still do ok because we will still drain our share from their account".
I pay $0 in fees each year unless I pull some money out.
The Edward Jones guy was slobbering all over me wanting to get stuff under his thumb.
I told him I had shopped around and most wanted to pull $4,000 per year in fees.
He said he could do much better...only charging $3,500 per year.
Ah, that's a no.
...And your 'golden' tech stocks now look like this: FAANG .
*Forgot the disclaimer: Super has never owned any of the FAANG stocks.

 

[Neb]

I looked for a dormant thread to dump this poop in, but I just can't be quiet.
For a couple years we have been lectured weekly by the 'intelligent elite' about how tech-stocks were the future and if you weren't invested in them, you were stupid.
Their 'gold-chip' stocks were called the FAANG stocks.
Facebook, Amazon, Apple, Netflix, and Google.
I'm not one to say: "I toldya so!", oh wait, since I am an AH, I do .
Facebook lost 1/3 of it's value in February, evidently to never return, and there was much.
Today, Netflix is losing 1/3+ of it's value.
A lot of people's managed portfolios now have 2 huge gaping holes in them.
Fiduciary. You hear nonstop: "We do better when our clients do better".
What you never hear, is the rest: "... but if our clients lose money, we still do ok because we will still drain our share from their account".
I pay $0 in fees each year unless I pull some money out.
The Edward Jones guy was slobbering all over me wanting to get stuff under his thumb.
I told him I had shopped around and most wanted to pull $4,000 per year in fees.
He said he could do much better...only charging $3,500 per year.
Ah, that's a no.
...And your 'golden' tech stocks now look like this: FAANG .
*Forgot the disclaimer: Super has never owned any of the FAANG stocks.

Finding the right fiduciary advisor is not easy. Some people just want to let someone else to manage the details. The Princess and I are actively involved at meet with him via an hour long phone call every week to discuss how our portfolio needs to be adjusted. The wife enjoys the meetings since was the daughter of an IRS agent and learned about managing money young. She also actively seeks out possible investments. I participate as a technological advisor. I think he uses us as advisors to help him.

With his help we have gained far more than what he asks for his services.

I hope you find the right advisor.

Ben

 

[Supervisor42]

Finding the right fiduciary advisor is not easy. Some people just want to let someone else to manage the details. The Princess and I are actively involved at meet with him via an hour long phone call every week to discuss how our portfolio needs to be adjusted. The wife enjoys the meetings since was the daughter of an IRS agent and learned about managing money young. She also actively seeks out possible investments. I participate as a technological advisor. I think he uses us as advisors to help him.
With his help we have gained far more than what he asks for his services.
I hope you find the right advisor.

When I retired, I didn't want any job.
But I have to confess, riding herd on a dozen stocks just ain't that dang hard.
I'll reinvest that $3,500 every year instead (and pocket the 8% dividends).
BTW, seeing the money your 'fiduciary' siphons off is not easy, it is well hidden.
I guess being a mechanic kind of guy that looks under the hood of everything is what saved me.
OTOH, fiduciarys are great for people that don't want to learn a new field and would make a total mess of their savings, which would cause misery for a lifetime.

 

[Neb]

When I retired, I didn't want any job.
But I have to confess, riding herd on a dozen stocks just ain't that dang hard.
I'll reinvest that $3,500 every year instead (and pocket the 8% dividends).
BTW, seeing the money your 'fiduciary' siphons off is not easy, it is well hidden.
I guess being a mechanic kind of guy that looks under the hood of everything is what saved me.
OTOH, fiduciarys are great for people that don't want to learn a new field and would make a total mess of their savings, which would cause misery for a lifetime.

Our guy does more than just the investments. He negotiated on the real estate for 2 LLCs which is a skill I don't have. We will be talking about estate planning next week. The Princess is looking at limited partnerships outside his venue and tutors us and what is up with that.

Yeah I am a fan boy.

Ben

 

[Morgan101]

We put our house in order a couple of weeks ago. We went to an Elder Attorney, and had everything reviewed. It is very much an all-inclusive type of firm. They obviously provide legal advice, but they also do financial planning and taxes, insurance, assisted living and nursing home advice and assistance. I was very impressed. I have never seen anybody offer that complete a portfolio. Now everything is in one place all in a 3" binder. Should anything happen to us, my daughter can go to one law firm and one bank to take care of everything. It was not cheap, but I feel much better about being prepared for the end of days.

It took us far to long to find the right fiduciary. I spent way to many years chasing my tail. If I had found him five or ten years sooner I would be much better off.