So you planned;did it all fall in place? (60+, state, retiree)
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For many years, business financial planning was my passion and my job. I do all the company budgets, long term financial plans and the like.
On the personal side, not so much. My wife and I generally worked for companies with no pension plans, so we expected little help there, so we did everything possible to maximize our 401(k) plans and IRAs. Our parents all were born in the depression and honestly, none of them had a pension plan but they were big savers. Only later, did we find out how good they were.
In 2011, we talked about retiring somewhere between 58 and 60. Again, no real plans. I think that the only thing we decided was to move away from Chicago as we were there only for our jobs (and to escape Ohio taxes). We started to at least make a few lists and start looking at the areas when we were on a vacation nearby.
In 2012, the company I worked for was placed up for sale. That really did not affect me as I had an employment contract for a while. The company was sold. After the sale, I still had a job. However, the new owners would change my position on a monthly basis. They were completely clueless and from what I hear, they remain so. My health was deteriorating throughout that period.
In January 2013, I decided to retire at 53. My wife went into a panic, "can we afford it." She wanted me to contact a FULL SERVICE broker that she met at church. My only comment was that of Bluto in Animal House, "Seven years of college down the drain ..." I took a couple of weeks to do a presentation and showed her it could be done.
I decided to resign around Easter. I took a week off in Lake Tahoe to think it over and then made the announcement.
Here are the things that I discovered since I retired:
1) Instead of one small pension, we will have four small pensions as we had pensions with several prior employers.
2) I actually started to research SS more and I had underestimated the benefit if I waited to FRA.
3) We stumbled across a place that we really like that happens to be a low COL vicinity.
Could I have done a lot more financial planning? Certainly.
Could have I worked 2-3 more years and gotten a severance package? Maybe.
I am also fortunate and there was some luck involved. However, I got most of my financial training from my father, and a couple of my grandparents who pounded in to me that you need to make a trip to the bank every week.
Homo proponit, sed Deus disponit. Man proposes but God disposes.
All went well and just as planned when we first retired in 2008 and moved to a new state in 2009. In 2012 I was hit by a severe medical issue from which I've yet to fully recover and my wife was struck down by a different one as well. As she was not Medicare eligible at the time and even with good insurance our funds were drained.
Thankfully my wife now has Medicare and with decent pensions and Social Security we will recover financially. Physically, it remains to be seen.
{{{{{{{{{{Curm}}}}}}}}}} heal and hale better, blessings to both of you and to us all <3
Thank you much. Today we started home health services for my wife which will relieve me of some of the current homecare issues, will take over wound management as well as pain management and are willing to do more if we so desire. They're also beginning monitoring services (the good 'ol "Help I've fallen...") with some additional safeguards which will give both of us some peace of mind on those days I have to go to town to run errands. It will also track me so if something happen to me it will not just send help but pinpoint my exact location. That will give my wife additional peace of mind.
Thank you much. Today we started home health services for my wife which will relieve me of some of the current homecare issues, will take over wound management as well as pain management and are willing to do more if we so desire. They're also beginning monitoring services (the good 'ol "Help I've fallen...") with some additional safeguards which will give both of us some peace of mind on those days I have to go to town to run errands. It will also track me so if something happen to me it will not just send help but pinpoint my exact location. That will give my wife additional peace of mind.
That's a big relief! So many of us are probably going to need outside help at some point. May I ask if Medicare covers any home care?
It does but it's intermittent homecare only. If full-time skilled services become necessary, get thee to "the home!"
We're counting on you and your DW to start that rest home in the Ozarks. We'll be there...do we get our own cabin? The old man can chop wood and he grows wheat and a few other useful things outdoors. I'm good with peeling potatoes, etc.
We're counting on you and your DW to start that rest home in the Ozarks. We'll be there...do we get our own cabin? The old man can chop wood and he grows wheat and a few other useful things outdoors. I'm good with peeling potatoes, etc.
The heck with the Ozarks. I'm movin' us to The Villages!
The heck with the Ozarks. I'm movin' us to The Villages!
hahaha, better get rid of your suspenders...
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