Hey old farts..how many over 50 yrs?

zeddd

zeddd

Well-Known Member
BarnBuster said:
The worst retirement advice I ever gave​
Ben Taatjes Financial Planning
May 25 2018

Five years ago, I made the biggest mistake of my career.

I gave some untimely advice to a new client and quickly realized the full impact our work can have on our clients’ lives — not just on their wallets.

When Jim first visited my office, he was 62 years old and simply gathering information to see if he could retire at 65. I saw he had built up a sizable nest egg in a 401(k) and was debt free. He was a diligent saver over his entire career and was in an excellent financial position, so I gave him the most surprising news of his life. I told him, “Jim, I have great news for you. If you want to, you can retire right now.” He replied, “You mean I don’t have to wait until I’m 65? Will I have enough money?”

“That’s right," I told him. "We’ve calculated for risks and inflation, and with your planned spending, you will have plenty of income to retire today."

About a week later, Jim visited our office and was very excited. He said, “Guess what, Ben? I took your advice and put in my two-week notice.” With that, Jim said goodbye and left happy as can be.

Now, you may be wondering why this was such bad advice. After all, the plan was financially sound, and he was certainly ready to retire — on paper, that is.

Three months later, Jim and his wife came into our office for a review. Even though only a few months had passed, he looked as if he had aged three years. I could immediately tell something was wrong.

As we talked, I learned that all of Jim’s friends were his former coworkers. Now that he had retired, he was spending most of his time alone, watching television while his wife was at work. Besides a small amount of yard work, he was bored and had no plan. Additionally, because he had such a physically demanding career, his new sedentary lifestyle was negatively affecting him. He was inactive, sleeping later and moving visibly slower. Mentally, he was already slower and seemed disengaged from life. He certainly wasn’t the same upbeat man who had strutted into my office celebrating his retirement. He seemed like a man disconnected from his purpose.

Without realizing it, Jim had left his purpose at work and didn’t have a new one to take its place. He didn’t retire to a fresh purpose, but rather from his old one. In essence, it was like he had moved into an empty house that he expected to be furnished. Reality did not match the dream.

What I finally understood was that Jim hadn’t initially come in to retire. He had been planning to retire at 65, and those three years would have given him much more time to process, to slowly say goodbye to his friends, and to prepare mentally for his retirement.

Jim helped me see that preparing well for retirement means far more than financial planning. To truly serve clients holistically, advisors should work with them to create plans that address their purpose, relationships, health and legacy.

Simply put, if you don’t address the non-financial issues, the financial ones will not matter.
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Silly cunt
 
ttystikk

ttystikk

Well-Known Member
18B said:
I retired at 48...i had several businesses that i sold...it is hard to go from 120 mph to 0...i had a hard time adjusting and yes finding things to do. Now i have hobbies and friends who are retired. I bought a boat, we fish the bay and Ocean which takes preparations etc...you just have to build a new life that has in it what you want.
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What businesses were you involved in that allowed you to do this?
 
zeddd

zeddd

Well-Known Member
ttystikk said:
It's nice that you clearly label yourself so no one makes the mistake of taking you seriously.
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Aw get off your hi horse man, the subject of that post was a fucking idiot, the guy gave good financial advice to an absolute muppet, no need to feel bad.
 
ttystikk

ttystikk

Well-Known Member
zeddd said:
Aw get off your hi horse man, the subject of that post was a fucking idiot, the guy gave good financial advice to an absolute muppet, no need to feel bad.
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And you're a thoughtless mook. It's a good thing you'll never be in a position to retire so you won't have to experience what he went through.
 
440Music

440Music

New Member
I don't know why they call it retirement, I seem to be doing a lot of sitting around and that's not making me tired!!!

I guess the first time I grew was the first seed I found which was the summer after 7th grade. I grew up in the almost country north of Milwaukee and there were lots of corn fields. I'd go from field to field planting seeds and making maps then in the fall just before harvest time I'd follow my maps and pull the plants. Today I live in the ig city and have a small condo so I had to be creative I built a TV Stand that doubles as a grow house. OH 1 more thing I'm over 50, I'm the self proclaimed Granddaddy of Internet Radio for Indie Music.
 
ttystikk

ttystikk

Well-Known Member
440Music said:
I don't know why they call it retirement, I seem to be doing a lot of sitting around and that's not making me tired!!!

I guess the first time I grew was the first seed I found which was the summer after 7th grade. I grew up in the almost country north of Milwaukee and there were lots of corn fields. I'd go from field to field planting seeds and making maps then in the fall just before harvest time I'd follow my maps and pull the plants. Today I live in the ig city and have a small condo so I had to be creative I built a TV Stand that doubles as a grow house. OH 1 more thing I'm over 50, I'm the self proclaimed Granddaddy of Internet Radio for Indie Music.
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Very cool. I'll check out your channel.

Welcome!

I'm 52 and I just got my medical card renewed. I'm in Colorado. I guess my career has been this industry. Never a dull moment...
 
Hotwired

Hotwired

Well-Known Member
I was born in 2012 bc. I have a 2000 year old skunk seed I found in my dads papyrus diary and I grew it out!! Is it worth money?!?!?! :blsmoke:
 
ttystikk

ttystikk

Well-Known Member
Hotwired said:
I was born in 2012 bc. I have a 2000 year old skunk seed I found in my dads papyrus diary and I grew it out!! Is it worth money?!?!?! :blsmoke:
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To someone making hemp paper?

You might make more money selling your secret to long life- but only to people you can live with for millennia!
 
BarnBuster

BarnBuster

Virtually Unknown Member
The Talk to Have With Your Kids Before You Retire​
US News By Rodney Brooks, Contributor |June 8, 2018, at 10:21 a.m.

Give plenty of notice. Your retirement could have an impact on your children, especially if you plan to move or are helping them financially.

Phase out financial support. Some parents have been paying their kid's bills for years, including cellphone bills, cable bills and even mortgages

Be up front with boomerang kids. Some adult children come back to live with their parents. “If you do have a child living with you in the house and you’re helping to pay for them, start coming up with a game plan to get them off your payroll

Disclose your estate plan. Talking to your children about who will inherit what can help to avoid confusion and sibling rivalry at a very emotional time.

rest of article...
https://money.usnews.com/money/retirement/baby-boomers/articles/2018-06-08/the-talk-to-have-with-your-kids-before-you-retire
 
BarnBuster

BarnBuster

Virtually Unknown Member
14 Retirement Mistakes You Will Regret Forever
By Bob Niedt, Online Editor Kiplinger Magazine | June 19, 2018

Relocating on a Whim
Falling for Too-Good-To-Be-True Offers
Planning to Work Indefinitely
Putting Off Saving for Retirement
Claiming Social Security Too Early
Borrowing From Your 401(k)
Decluttering to the Extreme
Neglecting Estate Planning

... you get the idea. Rest of article here:
https://www.kiplinger.com/slideshow/retirement/T047-S001-retirement-mistakes-you-will-regret-forever/index.html

 
aquafuge

aquafuge

Active Member
acid, weed, and angel dust in the 70's then went to Africa from '78-2001. Came back to Canada and got back on the horse around 2008 and started growing outdoors last year. Hey, 4 plants are legal here...well soon. Just a weekend warrior but wow! what a war on Friday and Saturday nights! 59 and livin' on the edge... maybe not on the edge, but having fun!
 
18B

18B

Well-Known Member
ttystikk said:
What businesses were you involved in that allowed you to do this?
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I had a Commercial Electrical Contracting company with over 30 employees and trucks, Snow Removal..had 25 tandem axle dumps and 15 small trucks all with blades and spreaders...a few other odd businesses and things in an area outside of Wash DC...i just got fed up with regulations, payoffs, TRAFFIC, bidding, the hustle...everything...i had it...sold the Electrical as a whole and was absorbed by a larger company..a year later same thing with all the snow trucks...sold them off...done...the other things i still do but they are at your leisure..
I have a lot of retired friends now..we fuck around...remodel a few houses...or flip them etc...just keep busy...i feel i was fortunate...i never put a limit on what anyone can do...i help a few younger people with their businesses too...money loans, advice, help..
 
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