AK Retiree Club

[KingBubba]

I too did like snade described. I avoided borrowing for anything except my first car and my house, which was paid off in three years. I kept credit cards to low balances, which I could pay off easily. I let my cards keep balances and paid more than the minimums. The companies love people that keep a balance. It bumps up your credit rating up also. For my retirement, we bought a new house so our house payment is our only debt and we put so much down that the monthly payment is less than $500 per month.

I think it is personal for me. I do not like to owe anybody anything.

 

[yzzaj]

I think it is personal for me. I do not like to owe anybody anything.

I agree. I do not like to owe anybody anything, and I do not like anybody to owe me anything. Keeps life simpler.

 

[onepixel]

The day I rode Haleakalā it was absolutely gorgeous. 80°F at sea level at 8:30am, and only about 57°F at 1:00pm at the summit. The wind chill made it feel like the 40's though. The sun was out and kept it reasonable.

The legs were spent on the way up. The hands got tired on the way down from braking.

I don't think I would ever want to inline down it. After playing hockey (both ice and inline) for years, I'm a good skater, but it's much harder to brake on skates....

I'm a little older and wiser now also.

I was looking at an ATV skateboard and an Inline skates, both had bicycle style brakes. I wouldn't try it without them and a lot of padding.

 

[onepixel]

I enjoyed reading many of your comments about retirement.

I never use the word retired, but if you observed my life the last several years you would say I’m totally retired.

My career background was in financial services in a big-city banking world (Chicago).

I now live in Palm Beach County, Florida. I retired from the corporate world fairly young.

In the late 1980’s and 90’s I was fortunate to make good money - more than I expected. I never thought I was smart enough to make this much money long-term. I always figured management would eventually figure that out. I never adjusted my spending to the level of my compensation during those years.

I saved about 50 percent of my compensation for many years. And I paid down my mortgage and other debts.

I drove a Honda Accord although I could have easily bought a BMW.

When I got into my 50’s I was debt free and had a lot of money saved. Most of my savings was in US Treasury bonds, US Agency bonds (GNMA) and municipal bonds. In the 1990’s you could invest in these bonds and make about 6 to 7 percent interest. So the savings compounds and grows.

I still live on interest earnings from this nest egg I built up over many years. Rates are much lower today but this savings should work for me for many years.

My wife runs a not-for-profit that helps homeless and low income people here in Palm Beach County. I help my wife with that program. We are all volunteers. Funding is from church organizations and there are several foundations here in South Florida that support local organizations such as this one. There is no government funding and no red tape - it’s amazing how quickly assistance is given out for good things (avoid eviction, medical help, pay electric bills, etc.)

And I also play a lot of singles tennis, play around with vintage stereo and photography and a few other interests (biking, motorcycle, car shows).

The smartest thing I did during my career was to save a lot, and pay down debts. I knew the corporate career could easily get derailed by the next merger so I saved and spent wisely.

I feel very fortunate.

Cheers,

Snade

Sounds like you did it right. Relax and have fun!

 

[diamondsouled]

Retired a few years ago. Here's a Dzogchen thing about being retired.

"Mind and body are profoundly relaxed-uncontrived and genuinely present. Like an easygoing person who has nothing more to do, mind and body rest in whatever way is comfortable, for there is no tension or looseness. " ~ Longchenpa ~

 

[c.coyle]

I too did like snade described. I avoided borrowing for anything except my first car and my house, which was paid off in three years. I kept credit cards to low balances, which I could pay off easily. I let my cards keep balances and paid more than the minimums. The companies love people that keep a balance. It bumps up your credit rating up also. For my retirement, we bought a new house so our house payment is our only debt and we put so much down that the monthly payment is less than $500 per month.

I think it is personal for me. I do not like to owe anybody anything.

Same here, except for intentionally carrying credit card balances. Google "does carrying credit card balance increase credit score?"

Use debt sparingly, save methodically for retirement, and live slightly beneath your means.

 

[Snade]

Use debt sparingly, save methodically for retirement, and live slightly beneath your means.

Yes, that's it.

Also, the biggest retirement "buster" for our generation is college costs for children. You must try to balance your retirement savings goals with your college spending plan. That may mean telling your child to go to a community college for two years and then two years at a public college or university. The savings on that compared to four years at a private college are huge.

Cheers,

Snade

 

[c.coyle]

Yes, that's it.

Also, the biggest retirement "buster" for our generation is college costs for children. You must try to balance your retirement savings goals with your college spending plan. That may mean telling your child to go to a community college for two years and then two years at a public college or university. The savings on that compared to four years at a private college are huge.

Cheers,

Snade

Great point. I was last a student in 1979, and I think I had $25,000 to pay off. I just retired at the end of 2018, after training a 31 year old associate who gets it and is going to be very good. But she told me that she has over $100,000 in student loan debt! I was floored. I am pretty sure that's a lot more than what I had to pay off, even when adjusted for inflation.

Lots of debt before you even get started skews decisions to marry, buy a house, start a family, and start early saving for retirement, and for your kids' college.

 

[Snade]

Great point. I was last a student in 1979, and I think I had $25,000 to pay off. I just retired at the end of 2018, after training a 31 year old associate who gets it and is going to be very good. But she told me that she has over $100,000 in student loan debt! I was floored. I am pretty sure that's a lot more than what I had to pay off, even when adjusted for inflation.

Lots of debt before you even get started skews decisions to marry, buy a house, start a family, and start early saving for retirement, and for your kids' college.

Absolutely correct! Good points.

 

[mkane]

No debt here. I need to curb my spending as I like to buy stuff like the big brake upgrade for my car.

 

[Quadman2]

No debt here. I need to curb my spending as I like to buy stuff like the big brake upgrade for my car.

Considering debt. How's this for comparison?

Read the other day, on "Yahoo.ca" that 46% of Canadians are $200 each month away from bankruptcy. I'd like to believe that this is a gross error in stats and is an example of journalistic sensationalism at it's worst, or best, dep on your POV. But even if the stats are 1/2 correct...it's damned scary out there. I do know that mortgage levels owing are really steep.

Q

 

[c.coyle]

Considering debt. How's this for comparison?

Read the other day, on "Yahoo.ca" that 46% of Canadians are $200 each month away from bankruptcy. I'd like to believe that this is a gross error in stats and is an example of journalistic sensationalism at it's worst, or best, dep on your POV. But even if the stats are 1/2 correct...it's damned scary out there. I do know that mortgage levels owing are really steep.

Q

I don't know what that means. It sounds like they are saying that 46% of Canadians are living paycheck-to-paycheck.

 

[usedto]

A heads-up for you California retirees - there is a little known tax law in CA that allows people over 55 to sell their primary residence and transfer their property tax base to the new residence.

If I understand it correctly, this is how it will work for me:

The property tax on the place I just sold was just over $4300.00/year. The tax on the new place is going to be just over $6700.00/yr. By using this one-time transfer, I can retain my $4300 tax base, saving $2400.00 a year.

There are a few catches, the biggest being the new purchase must be LESS than what the old one sold for.

Also, the new home must be in the same county, or one of the 7 or 8 that allow inter-county transfer.

Not too bad!!!

 

[parman]

Use debt sparingly, save methodically for retirement, and live slightly beneath your means.

If you live slightly below your means you would have more money when you die than you have now, I'm planning to leave little or none.

 

[c.coyle]

If you live slightly below your means you would have more money when you die than you have now, I'm planning to leave little or none.

I meant primarily during the accumulation years before retirement. My wife and I never splurged beyond the cottage on the Cape and the chalet in Aspen. And the spare Mercedes we kept at each for those runs to Whole Foods on the help's off days.

My goal at almost 65 is to make my money last 20 years, and not run out before then. Some retirees do. If I have fun until I croak and there's dinero left over, I'll have one helluva wake and the balance will go to the Institute for the Study and Preservation of Magic Interconnects.

 

[parman]

I meant primarily during the accumulation years before retirement. My wife and I never splurged beyond the cottage on the Cape and the chalet in Aspen. And the spare Mercedes we kept at each for those runs to Whole Foods on the help's off days.

My goal at almost 65 is to make my money last 20 years, and not run out before then. Some retirees do. If I have fun until I croak and there's dinero left over, I'll have one helluva wake and the balance will go to the Institute for the Study and Preservation of Magic Interconnects.

ya those second and third homes are just part of livin !! You give your help days off!!?? what's the world comin to

 

[parman]

By time your in a home life sucks and nothings gonna make it better. Hopefully we'll all lay down to take a nap one day and just not wake up

 

[Snade]

My goal at almost 65 is to make my money last 20 years, and not run out before then. Some retirees do. If I have fun until I croak and there's dinero left over, I'll have one helluva wake and the balance will go to the Institute for the Study and Preservation of Magic Interconnects.

At my wake, everyone will be given a restored pair of Dynaco A25s and some Zeppelin vinyl.

 

[onepixel]

F to laying down for a nap and not waking up. I'm not even thinking of dying for at least 40+ years.

Until then, I'm living life to the fullest.

 

[Quadman2]

I don't know what that means. It sounds like they are saying that 46% of Canadians are living paycheck-to-paycheck.

You are on target with these of reported stats. Not sure how they were measured or who gave/took the survey. As already pointed out, until I find out more about this research, it's up in the air for me. In contrast, really high mortgage debt is highly controlled and shared by the lending institutions.

Q