Retirement and old-age

[DJD]

I’m re-living my childhood, Only THIS time I have money and can enjoy it more!!!!!

Any words of advice on how or what to invest in? Anything you wish you could have done sooner or better or wish you didn't...I'm talking about money here. Sounds like you did it right.

[BASSENATOR]

I am 73 years old and fished Newton lake for five hours Wed. Did catch several bass, I try to keep count but I loose count. Without stretching it a bit I had at least 25 bass the largest was 17 in. Didn't have any scales but the are chunks. All on a Red Eye Shad. Outside temp was 26 when I got there water temp at the ramp 58.
Bass Wishes Jim

[Tyme2fish]

Any words of advice on how or what to invest in? Anything you wish you could have done sooner or better or wish you didn't...I'm talking about money here. Sounds like you did it right.

Live below your income. As most here know, I was (am) a pharmacist. I received my license in 1977 and was never unemployed till I quitired in 2008.

Thankfully, I was always healthy and missed only 3 days of work in 31 years due to illness.

In the early years, my salary was comfortable but I was not rich (monetarily) by most definitions. The last few years of work,pharmacy pay was ridiculously high but we still maintained a lower style of living and invested our savings.

Except for our house, we never went into debt to purchase anything. Got a 15 year mortgage on our house and paid it off in 7 years. When we purchased a used vehicle,we drove it till it wouldn't run anymore.

We raised three children and two went to college. I had saved for that expense and the kids never had to take loans for their education.

I was lucky enough to have an excellent financial planner through Merrill Lynch. He was the one that selected which stock,bond,etc we invested in, always with our approval.

When I posted originally, I meant it as a joke. But truly, I am re-living my childhood now just like a baby. I'm losing teeth,hair, sleep fitfully, but fortunately I am still potty trained.

Since January 2008, we have lived off of our savings. No pension or medical benefits. In July 2011 I will receive Social Security benefits.

To those of you that struggle to pay expenses week to week, I apologize if it sounds like I'm boasting and bragging but I am proud of my accomplishments over my lifetime.

[apb]

... I am proud of my accomplishments over my lifetime.

As well you should be. You busted your butt to get where you are now. No reason that you should feel bad about enjoying it now. I would be happy if I could do the same.

Andrew

[Tim_T]

That is the way you hope retirment will turn out. Glad all your wise decisions paid off for you Robert. My dad took full retirement from Ford when he was 50. He was fortunate to get hired on when he was 19. After 30 years he was eligible for retirement and got out. Bought a nice boat, his house is paid for, got a big 5th wheel camper and lives in it in Florida all winter.

[Big Gills]

I think you are very wise to live below your means. I also try not to have more than one debt at one time. When I first bought my car I did not have a mortgage and didnt use the Visa much and paid it off each month. Once the car was paid off I got a mortgage and paid it off. THen it was time for a new car. I would never have a mortgage, car/truck, boat, excessive amount of pets etc that cost a ton of money. You will be digging yourself out of debt for the rest of your life. You lived smart Tyme and now you are enjoying your rewards. Enjoy it as you deserve it. By the way, love your house and property, very nice.

[DJD]

Thanks man. I was hoping u didn't take my question as too personal. I just think it's wise to hear advice from someone who made good decisions and things ended up working out right. Thanks!

[kygorski]

Got an early buy out in 93, moved to Ky. While never in the high income bracket, made a comfortable salary, had a good 401k. But, along came a great idea from my wife, travel trailer!!Winters on the gulf, summers in minnesota and upper michigan. Lost her several yrs ago, and the joy went out of my life for awhile.We used to talk about what would have happened if I put in another 5 yrs, but we both agreed, retire when you can enjoy it, and live life to the fullest. There are no pockets on coffins. 74 and the aches and pains atre getting worse,and if I had to do it all over again, sure would.

[Tim_T]

We used to talk about what would have happened if I put in another 5 yrs, but we both agreed, retire when you can enjoy it, and live life to the fullest. There are no pockets on coffins. 74 and the aches and pains atre getting worse,and if I had to do it all over again, sure would.

Gorski, you said something simialr to what my dad always says about people hoarding every penny: "I have never seen a hearse towing a u-haul!"

[GeoFisher]

Gorski, you said something simialr to what my dad always says about people hoarding every penny: "I have never seen a hearse towing a u-haul!"

Man, you are SO right..........

While I'm not very old, I've always done a good job of putting money away for a rainy day.....I've not taken vacations to Hawaii, been on a Cruise, spent a DAY on the beach in Mexico, etc, etc. ALL stuff I could afford to do.

I've always told my wife what we'd do that when we retire........or are close to it at least......

Well the last 3 years have HAMMERED my retirement funds, and I may NEVER retire..at least NOT how I'd like to.

At least I have my health and am still gainfully employed. Maybe in 10-20 years I will be in a position to retire again.

Later,

Geo

[kygorski]

After the wife died, went off the deep end big time. From being debt free to in hock. New truck, new boat. All on 6 yrs of easy payments. Figure I'm not going to make the last payment anyway. My children both graduated college,have good jobs,and while scratching their heads agree that they dont desperatly for anything.Got my funeral paid for, going to go up in a puff a smoke. That way theres no guilt trip about seeing dads grave.

[Tyme2fish]

I've always done a good job of putting money away for a rainy day.....I've not taken vacations to Hawaii, been on a Cruise, spent a DAY on the beach in Mexico, etc, etc. ALL stuff I could afford to do.


Geo

That's pretty much exactly how we handled trips and vacations. I've never been on a cruise,etc either, but we did take many trips to Gulf Shores and rented a nice luxury house on the beach for a week. Same thing with Tybee Island. Those trips included friends so the expense was shared.

I usually go on two fishing trips a year. One week at Lake Barkley and another week in Minnesota. That doesn't include the multiple day trips to local waters.

Our vacations mainly centered around traveling to see family in either Virginia or Arkansas. (Free lodging when you stay with family but we always paid for food and took our hosts out to dinner.)

We had a meeting with our financial adviser a few weeks ago and he wants us to start planning and going on at least two trips a year at 7K a trip. WTF!!

I might actually do that if it's a fishing trip to Alaska or an off shore trip somewhere.

Who knows. I may make an additional trip to Minnesota this year to check up on onemorecast56.