To those that are retired... advice wanted!

H

Hunter8282

US Veteran
Joined
Jan 4, 2013
Messages
1,169
Reaction score
1,179
Location
Michigan
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
 
Register to hide this ad
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.
 
Put away at least the equivalent of 6months of expenses as an emergency fund. You need to have a ready cash reserve for emergencies.

The other piece of advice is make sure your portfolio is well diversified. Me, I'm fully invested in a diversified portfolio of ETFs. That means the stock market. Regardless of what others may say, the stock market is your best best if you don't need the money for at least 5 years.

Last piece of advice is to make a sound financial plan and then stick to it. Don't get spooked out of the market. The naysayers are the ones who bailed when market was going down and locked in their losses and are now scared to get back in. The market will go through short term drops, but in the end, it will always bounce back. Back in 2008 I stuck to my plan, held on to all our mutual funds and maxed out our 401k contributions as well as the kids' college funds and even after-tax mutual funds. As the result, our positions more than doubled, almost tripled, in value, as of today's market close.
 
Last edited:
Your doing better than most young people your age you have a good head on your shoulders. The one thing you can't plan on is what's going to happen to you or your wife's health. Your life can change in a split second and your life savings can vanish faster than you could ever imagine even if you have health insurance. My advice would be enjoy some of that money now while your healthy a young because the odds are against you. The money will be spent for medical bills and prescriptions later on. It's good to plan for the future but it's just as good to enjoy life while you can because before you know it you will be asking yourself were did the time go to.
 
Easier said than done, but find a job you like so much you don't want to stop doing it. The goal isn't to reach the finish line, but to enjoy the ride or journey to the finish line.
 
Find a good certified financial planner, a person with time in the business and works for a fee (unlike others who get a commission from sales and will benefit from selling you something). Look for a company and planner who has been around for awhile. There is a lot to consider, your tolerance for risk, likely years in retirement, etc. As you get older you'll be less likely to recover from any mistakes. Get it right the first time.
 
Hunter,

Keep on doing what you have done so far. your results are very sound and reflect that you have a good head on your shoulders.

you DO NOT need a financial advisor. why pay for something that you already have a good knowledge of. hang on to all that real estate, it will be a real plus 20 years from now.

don't worry too much about S.S. and pension........what ever $$ they bring will give you some pocket money..

be happy, you and your wife, take care of each other..........
 
"Live below your means, save all you can, and once saved leave it alone."

I flunked every math course I ever took, but between that and making as few stupid moves as possible, it worked out. I could have done better, but I could also have done a lot worse.

Sounds like the Force is with you there.
 
Get out of Michigan! Move to the Dakota Oil Field country and buy/build small 3 bedroom houses and rent them out. Buy a large fifth wheel RV to live on jobsite while building houses. When you have built your 10th home, build the 11th as your dream house and live happily ever after. .......... Big Cholla
 
Find an investment adviser. Ric Edelman is one of the better ones. Take your information to someone like him, and let them advise you what strengths and weaknesses you have. One of the better books written on the subject is "The Lies About Money", by Mr. Edelman. Get it; read it.

One weakness is in your total assets. Don't count the cars. At some point they will need repair/replacement. And, real estate has ups and downs that aren't always predictable.

Don't consider, that because your home is paid off, that you're in good financial shape. Look at what happened to folks starting in 2006. A mortgage means that you have the bank's money, and it frees up your ability to invest more.

Cash is king.

Prepare to invest, and not worry about the rate of return for ten-to-thirty years. Avoid micromanaging your investments.

Avoid actual gold or silver. They're not good over the long haul.

Avoid annuities like the plague. The only people who make real money on them, are the ones selling them.

Consider ETF's instead of mutual funds.

Consider some type of fund(s) which mimics the S&P 500. It has been the single best indicator of investment success in history.
 
Sounds like I should take advice from you! I am 73 and retired 14 years ago. Your 38, thats about the age I was starting out! (First marrage, I was a late bloomer) I did a ton of wrong things. Three things I did do that I recommend. They already been mentioned here several times. Max out any 401K offered, they didnt have it when I was anywhere near your age but I think a Roth IRA is the best financial tool invented. The other thing is LTC insurance. (Long term care). Hopefully you wont need or use it but if you end up in a convalescent hospital due to stroke or Alzheimer`s you will eat up quickly no matter what you have saved if you last long. Wont make any difference to you, but it will to your wife or any heirs. It will preserve your estate. Also you need to do a living trust so courts and lawyers wont end up with more of your estate than your wife or other loved one. It avoids messing with probate court. Could be a big deal to the surviving spouse if they want to sell and relocate fast. I would say those three basics would be the first things I would cover.
1, 401K`s and IRA`s
2, Long term care insurance (LTC)
3, A living trust to avoid a lot of lengthy probate court and taxs.
 
You must log in or register to reply here.

Similar threads

T
Future retirement location?
2 3
Replies
77
Views
3K
Onomea
Onomea
Doug627
Relax And Smell The Roses
Replies
15
Views
1K
jeffrefrig
J
MelvinWalker
Well, I finally got a gun from my agency
Replies
19
Views
2K
jglsprings
jglsprings
Kiwi cop
Well it is finally over (almost)
Replies
7
Views
855
DirtyShirt
D
F
Lets hear it from those who could retire comfortably but choose to work
2
Replies
32
Views
2K
Dave_n
D

Latest posts

Back
Top