To those that are retired... advice wanted!

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Hunter8282

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I am 38. I am married, no children. Our primary residence (3bdr, 1/2 bath, on 1 acre) is paid for in full (30yr mortage paid off in 8 years). We have two vehicles both paid cash for. We also own 40 acres of vacant land a 4 acre lot near by both paid of.

We have about $280K in our investment portfolio and our net worth (bank accounts, investments, real estate, vehicles) is just a hair over $500K with zero debt.

I currently enough to my 401K to max it out for the year. I just vested in our pension plan before they froze it but it will only be $100/month or so. Social Security... not even sure what to think about that.

So my questions to those who are retired, what else should I be doing? What were your best pre-retirement moves? What do you regret doing or NOT doing?

At this time my health is good; no medications etc. and I am trying to keep it that way.

Thanks from a young grasshopper seeking advice. :D
 
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Real estate is always good over the long haul.Collector grade guns have done well over the last 5-7 years as has the stock market the last 3-4 years.My biggest regret was marrying a very risk averse and panicky girl.Too many missed opportunities to count.Being where you are now,I'd say you found a smart one.Good luck!
 
Hunter8282 said:
I am 38. I am married, no children. Our primary residence (3bdr, 1/2 bath, on 1 acre) is paid for in full (30yr mortage paid off in 8 years). We have two vehicles both paid cash for. We also own 40 acres of vacant land a 4 acre lot near by both paid of.

We have about $280K in our investment portfolio and our net worth (bank accounts, investments, real estate, vehicles) is just a hair over $500K with zero debt.

I currently enough to my 401K to max it out for the year. I just vested in our pension plan before they froze it but it will only be $100/month or so. Social Security... not even sure what to think about that.

So my questions to those who are retired, what else should I be doing? What were your best pre-retirement moves? What do you regret doing or NOT doing?

At this time my health is good; no medications etc. and I am trying to keep it that way.

Thanks from a young grasshopper seeking advice. :D
Click to expand...

I retired EARLY at 55 (now 68) from my construction union with a new paid for house. (Worked mega tons of overtime) I get a good pension and as of this time great health benefits.

Wife also has good pension and SS. I also have a decent portfolio (mostly good dividend payers) that I first started about 30 years ago.

You are definitely on the right track. :)

You mention SS quickly. I AS OF NOW also get good SS but for you all plans you make should consider that you will not get SS or get a few pennies. Now if SS does remain viable when you hit whatever age the politicians say you can get it you will be way ahead.
 
Arjay and lakesider both have the right idea. There is no better investment than land/real estate. If you ever have the opportunity to buy in to any land at pre-development prices that is a very good move. I don't know about your state but in Texas property taxes will be a factor so don't bite off more than you can chew. But in the long run if you don't get more than you can manage it will really be a nice soft cushion for what ever else you have going for you.

Sounds like you have been giving it a lot of thought and are headed for a comfortable retirement.

I agree with the above about SS. Even if you get SOMETHING the problem is and always has been that the dollar that was withheld years before will be worth pennies when/if you finally do get it.

I retired early too (01/01/01) at 55 1/2 and unfortunately the timing was all wrong and I got busted in the stock market so I'm now in serious danger of out living my money. The "nest egg" is not a good thing to put at risk. I know, I found out the hard way.

Best of luck to you.....
 
I will make a bizarre suggestion, get back to work . My dad worked for the city and they had mandatory retirement at 60. He aged 10 years in the first year he retired, kept waking up at 5AM to get ready for the drive to the plant.
Figure out what your wife and you like to do and find something in common that would keep you occupied.

I retired from the Army at 39 years, was on the new job fixing the same computers that I used as a soldier. Sixteen years later I am still doing the same job.
 
Pay attention to those around you that are doing well, ask them.;)

That is exactly what I did, I was 26 and worked with Frank who was 58, he gave me some advice which I followed.

Frank passed away many years ago, but he was exactly correct.

Don't devalue your purchasing power by paying monthly interest rates, via credit cards, loans, on items you want but don't really need, pay cash for that stuff.

At this point in your life I would say your on the right track and stay there.
 
I should have mentioned that we do have Roth IRAs and also a Roth option within my 401K. Currently I doing 50 Traditional / 50 Roth with my 401K contributions.

We also work with a financial planner who helps picking investment options etc.
 
You have a good start. No offense to anyone here, but, you should only be divulging your assets to a financial advisor. They can help you figure out what you need for the future. There are a lot of variables that are different for everyone.
Your biggest risk/ expense will be insurance. i assume since you are here that you have a gun. if you had to use it and someone is wounded or killed it may cost a minimum of $100,000, and the list goes on.
Like I said, you have a strong position now but an emergency could take it all away. Seek professional advice.
 
Hunter8282 said:
I should have mentioned that we do have Roth IRAs and also a Roth option within my 401K. Currently I doing 50 Traditional / 50 Roth with my 401K contributions.

We also work with a financial planner who helps picking investment options etc.
Click to expand...

Like my Daddy used to say "If it ain't broke, don't fix it." You sound like you ain't broke. Don't fix it. :D
 
Put some of that property & investable income to work

First the advice;

Retirement is NOT about having nothing to do, but the independence to be able to say "work can wait, today I'm going fishing."

You apparently have the resources for backing, consider a business of your own.

#1 choice, manufacture bullets - demand & market are both HIGH now.

#2 choice, manufacture 22 shells (same reason as #1)
 
At your age, look into a long term care policy for you and your wife. Used to be I wouldn't consider it but after forking out $50,000 a year for my Mom's care I came to look at it as an estate preservation tool. Find a good financial advisor. Establish a regular investment plan. I bought mutual funds that paid monthly dividends and until I retired had the dividends reinvest each month (a DRIP program). Spread sheet your monthly expenses so you will know how much income you will need to maintain your current life style.
 
Don't die young
Keep up the good work you are doing
Keep socking it away
When you think you have enough, get out and enjoy the rest of your life

BTW kids are fun and grand kids are even more fun
 
I retired at age 58. Sounds like you are doing very well for your age. My advice is to avoid debt as you are currently doing. Interest is like renting someone else's money. I don't care for non-liquid investments so I've avoided real estate. When it comes to buying equities I have consistently done the best with blue chip dividend paying stocks. The highs may not be as high but the risk is less and the lows in a down market won't be as low. Live below your means, save all you can, and once saved leave it alone. "Your money will work 24 hrs a day if you let it." Quote by my grandfather and likely a lot of other folks.
 
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