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I have found another way to retire than most of you,, but, it is real, not just tooting my horn.
Marry a younger woman that has her own business , it works!
Now, before everyone disapproves , hear me out. We live in a society where divorice is more common than marriage , and as a large number of Retirees on here know, it can be quite expensive .Divorice can effect your retirement plans in the future, at any ago, especially if, like me it's the third time around. My justification, retiring while the spouse brings in the big bucks is nothing more than getting back. So much of what I lost in the former relationships. And it's not selfish ether, as i started the business, worked day and night for 40 years, that did take its toll , and left me with little to take with me in retirement, just getting my due by marring my much younger bookkeeper, just another way, like it or not.
I have found another way to retire than most of you,, but, it is real, not just tooting my horn.
Marry a younger woman that has her own business , it works!
Now, before everyone disapproves , hear me out. We live in a society where divorice is more common than marriage , and as a large number of Retirees on here know, it can be quite expensive .Divorice can effect your retirement plans in the future, at any ago, especially if, like me it's the third time around. My justification, retiring while the spouse brings in the big bucks is nothing more than getting back. So much of what I lost in the former relationships. And it's not selfish ether, as i started the business, worked day and night for 40 years, that did take its toll , and left me with little to take with me in retirement, just getting my due by marring my much younger bookkeeper, just another way, like it or not.
reminds me of the old joke.
he: what did you want for our anniversary?
she: a divorce!
he: oh , i wasn't planning on spending so much.
the biggest surprises in life that crush our plans are divorce, illness, job loss and having to bail out family members.
those cause more financial failures then anything else yet so few people have contingency plans for the what if's.
one of the reasons planners come up with these high numbers in savings for retirement planning is because of the reality of the above striking.
he: what did you want for our anniversary?
she: a divorce!
he: oh , i wasn't planning on spending so much.
the biggest surprises in life that crush our plans are divorce, illness, job loss and having to bail out family members.
those cause more financial failures then anything else yet so few people have contingency plans for the what if's.
one of the reasons planners come up with these high numbers in savings for retirement planning is because of the reality of the above striking.
I agree, but it would seem to me a little stealth planing could go a lot further when the worst happens.I have had several friends over the years that told me " do not involve your wife in ALL your finances, you will live to regret it ".I would have to say that is true judging from my past spouses, yet, I still let it happen again and again. At times you feel trapped in the relationship, with no way out. We all change as we grow older, so your "what Ifs" will, for most of us come true. The difference is I did not follow the stealth plan, I bet most are acting the same, we , are always our worst enemy .
I don't know how old you are - what government sector you worked in - and when you retired (if you're retired). Today - for a lot of middle income people - the public sector employment job is a much sweeter deal than the private sector employment job in terms of total lifetime benefits (including retirement). Robyn
I've worked in state and municipal government, not retired yet. When I started government work, I took a pay cut because I wasn't satisfied with my private sector job. At the time, I really didn't think about retirement benefits and I'd likely be in a similar position, abet with a little more uncertainty, had I stayed private. The only real benefit with government at the time, was retirement health coverage once you became vested.
So, other than the medical benefit, government pension vs. 401k plus a small corporate pension (subsequently rolled over to an IRA), there wouldn't have been much difference. What's happened over the years, the medical benefits have increased in value due to increasing medical costs. Granted, health coverage increases would add to expenses under the 401k, but the pay differential should have offset some or all of it (assuming it was saved). So yes, it's now a sweet deal but it wasn't as sweet at the time. I think I was lucky to have fallen into a government job.
Unfortunately, you only hear about the people who milked the system. The ones who padded their final years to get a bigger benefit. Most government workers don't fall into that class, only earning a respectable retirement benefit.
I agree, but it would seem to me a little stealth planing could go a lot further when the worst happens.I have had several friends over the years that told me " do not involve your wife in ALL your finances, you will live to regret it ".I would have to say that is true judging from my past spouses, yet, I still let it happen again and again. At times you feel trapped in the relationship, with no way out. We all change as we grow older, so your "what Ifs" will, for most of us come true. The difference is I did not follow the stealth plan, I bet most are acting the same, we , are always our worst enemy .
Does it work the other way around? Especially now that your younger wife is the bread winner? Should she keep some "stealth accounts" on the side? FWIW - my husband and I have been married for 42+ years now - and I can't imagine either of us hiding anything from one another (except perhaps if we're dealing with some aches and pains - we won't bit** over morning coffee all the time). Robyn
I've worked in state and municipal government, not retired yet. When I started government work, I took a pay cut because I wasn't satisfied with my private sector job. At the time, I really didn't think about retirement benefits and I'd likely be in a similar position, abet with a little more uncertainty, had I stayed private. The only real benefit with government at the time, was retirement health coverage once you became vested.
So, other than the medical benefit, government pension vs. 401k plus a small corporate pension (subsequently rolled over to an IRA), there wouldn't have been much difference. What's happened over the years, the medical benefits have increased in value due to increasing medical costs. Granted, health coverage increases would add to expenses under the 401k, but the pay differential should have offset some or all of it (assuming it was saved). So yes, it's now a sweet deal but it wasn't as sweet at the time. I think I was lucky to have fallen into a government job.
Unfortunately, you only hear about the people who milked the system. The ones who padded their final years to get a bigger benefit. Most government workers don't fall into that class, only earning a respectable retirement benefit.
I was pretty much (but not exclusively) talking about people younger than those in or facing retirement. Like people who are perhaps 30-50.
FWIW - the pension and medical things have become huge for average income people. IMO - my late FIL (who was born in 1920) was a member of the last generation that saw reasonable defined benefit pension plans and generous post-retirement health insurance in private sector jobs. The going is a lot tougher for people working in the private sector today. OTOH - I think the public sector will catch up with the private sector in the decades to come in these areas (because it can't afford to do otherwise). Robyn
Does it work the other way around? Especially now that your younger wife is the bread winner? Should she keep some "stealth accounts" on the side? FWIW - my husband and I have been married for 42+ years now - and I can't imagine either of us hiding anything from one another (except perhaps if we're dealing with some aches and pains - we won't bit** over morning coffee all the time). Robyn
Of coarse, whats good for one is good for the other ? I also may be jaded with my experiences 40 years ago with another wife, who was not honest at all.I wound up being bought out of my own business, cause, whoever controls the check book, controls the relationship.( I only got checks every month for less than 2 years, then she bankrupted the company and flew to South America. At lest then I was able to restart my life and my business as the non compete clause was mute.....So, yes I am paranoid from time to time still, much more so since I retired, I do not trust her , never will, its the way I have become. Not a real happy life I live in my Senior years. It was not that way in the old days ( 35 years now) , people change, or they finally show their spots.....( including me ).
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. Robyn
