Howdy Folks,
MG here. I finally did it. I did the big R word…RETIRED. As you know the purpose of this site (by me and my high school buddy who is the website Brainiac) is to talk about retirement. I will give my insight into this change in life as I live it and what I pick up from others.
In the beginning I will discuss retirement in terms of planning, health and possible places to live in the golden years.
I figure it would be nice if I gave you a little bit of information about me. I am a male living in New Jersey, 58 years old, an ex-accounting professional with a CPA and a master’s degree.
I have worked in the private and public sectors. Oh…the most important thing is that I am an ex-guitarist/singer from a rock band that did its final gig this past January in my old neighborhood in Queens, New York. Quite frankly I really wanted a career in rock ‘n’ roll but as I always said, “I’d rather play the blues than live ‘em.” And the final bit of info is that I am married without kids. I’m not sure if a dog counts.
So at this point the wife goes to work…the dog and I hang out. I will periodically put tidbits on the site regarding this great stage of life. To a certain extent reading this stuff will be like looking at the old Saturday afternoon movie serials. Only I might not be as constant. That being said, as Ed Schultz says, “Let’s get to work.”
Planning
I began planning my retirement last summer. I knew I would qualify for a full pension this year as I would have the age and years necessary to retire without penalty. There were three things that I kept in mind:
My wife and I discussed this change (as an aside, it probably would be a good idea to discuss this with your spouse, partner or significant other). Investments would come into play with this decision. However, some of them are in IRA’s. So that means those funds can’t be touched until age 59 1/2. Since my place of employment had not given raises in four years it wasn’t worth it to stay to see if raises would be given which could possibly increase the pension. By not working in the city I was saving on paying for transportation. Between monthly train tickets and quarterly parking the yearly total was approximately $5,000. I would be saving on lunches and dry cleaning bills. So, in a way my pension would be close to my net pay that I brought home when employed.
It should be noted that each situation is different which is why one has to work out the numbers. If help is needed you might want to consult a financial advisor. They can run different scenarios for you based on when you want to retire. They can give you an idea when the move may be possible. It should be noted that the timetable can change based on the human and financial condition. But that is why you bring one of these individuals on. I feel it’s never too late to find one.
We have had one for approximately fourteen years. I have to give my wife credit about getting one. I wasn’t really enthused about doing this. My advisor was instrumental with helping me do well with my 401k that I started at my job. He guided us during the 2008 financial fiasco. Now advisors cost. If you are interested you can go online or go to the library to find one. You should shop for the best deal. You should feel comfortable with the individual. Possibly your bank can point you in the direction of a competent individual.
Now when you are conversing with these people you can get explanations that have no relation to the language you are speaking. Make sure you understand what they’re talking about before signing anything. Even when you take them on, if there is something you don’t understand keep asking them to explain until you are comfortable, especially when they are suggesting certain investments to make.
Don’t forget: THEY WORK FOR YOU AND THEY ARE GETTING A FEE. If you can’t afford an advisor, again, you can go try to do research at the library, online, etc. Just don’t ignore financial planning
Well, enough for now. Time to get something to quench my thirst. Stay tuned for more tidbits. And do feel free to comment, question and let others know about this installment and future discussions on this blog.
MG here. I finally did it. I did the big R word…RETIRED. As you know the purpose of this site (by me and my high school buddy who is the website Brainiac) is to talk about retirement. I will give my insight into this change in life as I live it and what I pick up from others.
In the beginning I will discuss retirement in terms of planning, health and possible places to live in the golden years.
I figure it would be nice if I gave you a little bit of information about me. I am a male living in New Jersey, 58 years old, an ex-accounting professional with a CPA and a master’s degree.
I have worked in the private and public sectors. Oh…the most important thing is that I am an ex-guitarist/singer from a rock band that did its final gig this past January in my old neighborhood in Queens, New York. Quite frankly I really wanted a career in rock ‘n’ roll but as I always said, “I’d rather play the blues than live ‘em.” And the final bit of info is that I am married without kids. I’m not sure if a dog counts.
So at this point the wife goes to work…the dog and I hang out. I will periodically put tidbits on the site regarding this great stage of life. To a certain extent reading this stuff will be like looking at the old Saturday afternoon movie serials. Only I might not be as constant. That being said, as Ed Schultz says, “Let’s get to work.”
Planning
I began planning my retirement last summer. I knew I would qualify for a full pension this year as I would have the age and years necessary to retire without penalty. There were three things that I kept in mind:
- Was I ready?
- Was this a good time to do this?
- Would we be financially OK with one full salary and a pension considering we would still have the same expenses (mortgage, real estate taxes, upkeep of house and property, living La Vida Loca etc.)?
My wife and I discussed this change (as an aside, it probably would be a good idea to discuss this with your spouse, partner or significant other). Investments would come into play with this decision. However, some of them are in IRA’s. So that means those funds can’t be touched until age 59 1/2. Since my place of employment had not given raises in four years it wasn’t worth it to stay to see if raises would be given which could possibly increase the pension. By not working in the city I was saving on paying for transportation. Between monthly train tickets and quarterly parking the yearly total was approximately $5,000. I would be saving on lunches and dry cleaning bills. So, in a way my pension would be close to my net pay that I brought home when employed.
It should be noted that each situation is different which is why one has to work out the numbers. If help is needed you might want to consult a financial advisor. They can run different scenarios for you based on when you want to retire. They can give you an idea when the move may be possible. It should be noted that the timetable can change based on the human and financial condition. But that is why you bring one of these individuals on. I feel it’s never too late to find one.
We have had one for approximately fourteen years. I have to give my wife credit about getting one. I wasn’t really enthused about doing this. My advisor was instrumental with helping me do well with my 401k that I started at my job. He guided us during the 2008 financial fiasco. Now advisors cost. If you are interested you can go online or go to the library to find one. You should shop for the best deal. You should feel comfortable with the individual. Possibly your bank can point you in the direction of a competent individual.
Now when you are conversing with these people you can get explanations that have no relation to the language you are speaking. Make sure you understand what they’re talking about before signing anything. Even when you take them on, if there is something you don’t understand keep asking them to explain until you are comfortable, especially when they are suggesting certain investments to make.
Don’t forget: THEY WORK FOR YOU AND THEY ARE GETTING A FEE. If you can’t afford an advisor, again, you can go try to do research at the library, online, etc. Just don’t ignore financial planning
Well, enough for now. Time to get something to quench my thirst. Stay tuned for more tidbits. And do feel free to comment, question and let others know about this installment and future discussions on this blog.
No comments:
Post a Comment