fishinwrench Now I'm Going To Lose Sleep Because Of You

[tjm]

8 hours ago, tjm said:

take up a hobby  or gambling that can provide/justify added income that you can pay the taxes on?

Average USA working person takes 4.3 months (129 days) off work every year. That time can all or part  be spent doing a cash income hobby/job/business  that no one knows how much you might  make. You can pay yourself as much as you want doing that?

 

 

[Terrierman]

I was raised by two single women - Mother and Grandmother.  Hard workers both of them.  They taught me a lot about life, one of the important things being - care about your own future, don't rely on others to take care of you.

Stuck with me too, even as a young married man I always focused on caring for the family, our place and our future.  It took a while but by my 30's I was able to live beneath my means and save with IRA and 401K while employed by others and ultimately working for myself.  The failure of Social Security was preached about then and I believed I would likely never see much if anything from that quarter.  Glad I was wrong but had I been right we still would be OK.  Not wealthy by any means but solid comfortable retirement where we can do pretty well what we please.

The day I quit working for a paycheck from others changed everything for the better.  Tough work life but I always maxed out retirement savings contributions - even if it meant a staycation instead of a vacation.  Selling the business two years ago was the crowning achievement that put us out of worrying about money.  

It's hard for me to work up much sympathy for the able bodied people of our country who are like grasshoppers only living for today and don't have any actual retirement plan other than hope.  Good luck nonetheless.

[fishinwrench]

40 minutes ago, Terrierman said:

I was raised by two single women

That explains a lot😅 

You were chased around the yard with a broom, while I was beaten by a bricklayer, like he was in a bar fight. 🤕

[ollie]

10 hours ago, tjm said:

No one is going to retire in comfort on SS.

Well, you are wrong on that one. At least I knew of someone that did well on SS after they retired. My dead MIL was bringing in over 2K a month on hers. Everything she had was already paid for in full, so she did alright. The caveat of that though, was that she was drawing on like 2-3 dead husbands that made good money while they were alive. That is the only person I have ever seen that had that much coming in every month. 

[fishinwrench]

9 minutes ago, ollie said:

My dead MIL was bringing in over 2K a month on hers. Everything she had was already paid for in full, so she did alright. The caveat of that though, was that she was drawing on like 2-3 dead husbands that made good money while they were alive

My parents divorced when I was 15.

Mom never remarried, but Dad did.   

When my dad passed away, 27 years later, my mom started getting paid.   She didn't need it, and I'm sure it pissed off my step-mom...... but that's the way it works I guess. 🤷‍♂️

[tjm]

55 minutes ago, ollie said:

Everything she had was already paid for in full,

that in  itself is a retirement plan other than SS.

2K per month is equivalent to a $12.50/hr job, not exactly a comfort zone if you have payments/rent etc.

[snagged in outlet 3]

3 hours ago, Mitch f said:

I’m torn about buying a retirement home at LOZ to visit on the weekends. I don’t want to spend all my weekend time in maintenance though. I might just opt for a semi permanent boat slip rental at a preferred location on the lake, then just stay at a hotel or resort instead. 

I was going to build/buy a vacation/retirement house at Tablerock.  We were told about the condo we bought and after getting settled we are so glad we didn't get a house.  My buddies who have lake houses spend a lot of time with maintenance and upkeep.  Of course I have the monthly fee but it comes with pools, hot tubes, sauna, gym, boat yard and docks.  We love it!

[Terrierman]

2 hours ago, ollie said:

Well, you are wrong on that one. At least I knew of someone that did well on SS after they retired. My dead MIL was bringing in over 2K a month on hers. Everything she had was already paid for in full, so she did alright. The caveat of that though, was that she was drawing on like 2-3 dead husbands that made good money while they were alive. That is the only person I have ever seen that had that much coming in every month. 

My net deposit this year is $2790/month, after a $233.00 medicare supplement deduction.  And I don't have any dead husbands.  Being debt free is huge in retirement, may you all get there.

[Terrierman]

43 minutes ago, snagged in outlet 3 said:

I was going to build/buy a vacation/retirement house at Tablerock.  We were told about the condo we bought and after getting settled we are so glad we didn't get a house.  My buddies who have lake houses spend a lot of time with maintenance and upkeep.  Of course I have the monthly fee but it comes with pools, hot tubes, sauna, gym, boat yard and docks.  We love it!

When we leave this slice of heaven, it will be for something maintenance free - condo, duplex or townhome.  

[snagged in outlet 3]

55 minutes ago, Terrierman said:

When we leave this slice of heaven, it will be for something maintenance free - townhome.  

Don't get anything with steps.   That's what my older buddies tell me.