OV 35 Retirement thread

[mtpockets]

I could’ve retired at 34. I received 100% VA disability then, which became permanent and total not too long ago. At the present it’s almost 4k a month. I think that’s pretty good and can be lived on without working. I was offshore working at the time and making a TON of money between the both.

I have a lot of equity in my home and a semi-decent savings with a few even smaller investments. I have no plans to retire in the traditional sense because I’m an assistant pastor at my church, a fundamental Baptist church (not Westboro lol).

But I tell ya, as someone who struggled financially as a child because my mom struggled, it’s nice to know I don’t have financial worries.

My plan was always to retire at 50. Luckily, one of my earliest mentors convinced me that I could save 10% of my income and never miss it. Not entirely true about the never missing it part, but still some of the best advice I ever got. The same guy convinced me never to sell a house. That also worked out pretty well,... eventually. I do not have a mortgage.

I knew pretty early on that I was never going to earn much money so I invested heavily in cutting expenses.

I pay nothing for medical care and as soon as I can bring myself to pull the trigger on expanding my solar system, I will not have a power bill over $50.

I never drove a new car in my life. My hobbies were always athletic type things that were not particularly costly, and I do not care for expensive clothes or resteraunts. Bicycles have definately been my greatest personal expense and I ride mid priced bikes that I bought used. I bet I have spent less than $3k on bikes in 20 years.

I can get to almost anywhere in the world for under $600, and to most places for under $200.

My wife leases. That is our only real luxury. I drive a 2011 Tundra and am restoring an 85 F150.

I really enjoyed these posts. Nice work gentlemen...



Motivates me to post a little of my story which I will do when I have a bit more time.

[Cantplankwell]

Just throwing out my biased encouragement to move that one up on the priority list.

I love the languages.
Spanish, I can get by in a restaurant or asking some everyday questions but I still consider myself mono-lingual.
Astronomy, I love the sciences too.

Have a great day all....

Hi Wayne, going to send you a PM about the guitars!

Thanks

[steffo99]

Hard to say when this will be for me – could be next year, could be in 10 – all depends on how investments turn out. I don't have much in base expenses or needs and the luxury stuff like name brand stuff like suits, watches etc I have already bought and they should last a quite bit.

What I hope to do is spend time on hobbies and interest and perhaps if lucky even make a little side income from them – investing/trading/crypto, woodworking, and now starting up with photography. I'd love to have my schedule set up with multiple conventions around europe and the rest of the world for crypto etc to meet likeminded ppl and see new places at the same time....and snap some pics along the way.

If I get more into photography I guess that would be even more of an incentive to travel and find good spots for that.

A large turn of the century house with plenty of space to grow my own food is goal as well. If lucky, Ng could let me adopt some of his goats.

[eomrat]

you have been hit at least twice by cars

I got hit by the same guy, at nearly the same spot, at almost the same time Saturday morning, exactly one week apart. Both times dude was driving no more than 5 mph. Guy was drunker than Cooter Brown and just getting off work at the concrete plant. Interesting job he must have had.

[Wayne Evans]

Hi Wayne, going to send you a PM about the guitars! Thanks

Got it....I'll make another cup of mud and respond to your PM.

Have a great day everyone....

[Wayne Evans]

Hi Wayne, going to send you a PM about the guitars! Thanks

Just sent you a response.

Back to topic....

[Cantplankwell]

Got it....I'll make another cup of mud and respond to your PM.

Have a great day everyone....

I need to learn how to send PMs, not sure if it went , I will try again,

I checked my inbox nothing there

Thanks

[Wayne Evans]

I need to learn how to send PMs, not sure if it went , I will try again, I checked my inbox nothing thereThanks

I just re-sent you a PM so let me know.

I don't know WTF I'm doing wrong but I accept all accountability for my senior moments.

Back to topic....

EDIT: FOUND THE PROBLEM: my PM was too long. I didn't see the 'too long' message initially so I had to delete some info and re-sent.

[LWW]

You haven’t lived until you die in massive debt.

Stick it to ‘em!!!

[mtpockets]

You haven’t lived until you die in massive debt.

Stick it to ‘em!!!

Seriously?


No way I could do that.

I own everything and don't have any debt to speak of. I haven't for many many decades.

I do have a credit card that I make all my purchases and bills on but that gets paid off in full automatically monthly. Even my funeral expenses are paid for, when I croak my son will be set for life. Any debt left behind could come off my estate and take away from what he should receive, so it makes no sense to leave debt behind imo.

[Karl_Hungus]

You haven’t lived until you die in massive debt.

Stick it to ‘em!!!

That is a great way to insure that you always remain broke. I don't wanna owe anybody anything.

[Mark1T]

You haven’t lived until you die in massive debt.

Stick it to ‘em!!!

That is a great way to insure that you always remain broke. I don't wanna owe anybody anything.

In generalities, part of my business is educating Registered Investment Advisors on how to promote and sell Debt Elimination strategies to their clientele using permanent whole life insurance in addition to a specialized software for the strategy. A big part of financial freedom is getting rid of debt well before retirement.

So, Karlito, we are aligned

[Plateauplower]

In generalities, part of my business is educating Registered Investment Advisors on how to promote and sell Debt Elimination strategies to their clientele using permanent whole life insurance in addition to a specialized software for the strategy. A big part of financial freedom is getting rid of debt well before retirement.

So, Karlito, we are aligned

I’ve read about a strategy of buying life insurance to shield large estates from taxes, even if the cost of the policy is high. Basically more assets to the heirs without taxes.

[weiss1967]

I can't wait to retire but I love my job most days so I have mixed feels.

same here. I have a stack of hobbies to fill my days in retirement. But I will miss work.

[mtpockets]

I got hit by the same guy, at nearly the same spot, at almost the same time Saturday morning, exactly one week apart. Both times dude was driving no more than 5 mph. Guy was drunker than Cooter Brown and just getting off work at the concrete plant. Interesting job he must have had.

That's crazy, were you injured any damage to the bike?

[mtpockets]

Friends of mine from the cross-fit gym I go to and his wife decided to quit the rat race and retire, they are both outdoors people in their early 40's with 2 young children. They purchased a bunch of acreage on a lake with a small river running through it with plans to create a self-sufficient homestead and have been preparing for this for quite some time. Needless to say they are very excited and I am excited for them.

I haven't seen the property yet but this weekend I am supposed to go with him to haul in his band saw mill, set it up and show him how to run it so I will get a peek at it then. I don't know if it is because of the pandemic or what, but over the last couple of years I am seeing more folks moving to a simpler life and leaving the cities behind. it's pretty good timing for some, my friends had purchased this property in 2019 and made a killing selling their home and cottage during the pandemic, it was actually a driving factor in them making this move a year or so earlier than planned.

[Mark1T]

I’ve read about a strategy of buying life insurance to shield large estates from taxes, even if the cost of the policy is high. Basically more assets to the heirs without taxes.

Yes, there are many strategies where whole life insurance can benefit estates and businesses and high net worths.

Friends of mine from the cross-fit gym I go to and his wife decided to quit the rat race and retire, they are both outdoors people in their early 40's with 2 young children. They purchased a bunch of acreage on a lake with a small river running through it with plans to create a self-sufficient homestead and have been preparing for this for quite some time. Needless to say they are very excited and I am excited for them.

I haven't seen the property yet but this weekend I am supposed to go with him to haul in his band saw mill, set it up and show him how to run it so I will get a peek at it then. I don't know if it is because of the pandemic or what, but over the last couple of years I am seeing more folks moving to a simpler life and leaving the cities behind. it's pretty good timing for some, my friends had purchased this property in 2019 and made a killing selling their home and cottage during the pandemic, it was actually a driving factor in them making this move a year or so earlier than planned.

This is very cool and what a great story. Very smart, too. With agriculture and animals, it will help on their taxes.

[NorwichGrad]

I gave up my US citizen and moved back to the Philippines.

I plan to illegally return to America via Mexico so I can get all the FREE $HIT.

And if you White People do not support my retirement, you fukkers are racist.

[Cantplankwell]

Yes, there are many strategies where whole life insurance can benefit estates and businesses and high net worths.



This is very cool and what a great story. Very smart, too. With agriculture and animals, it will help on their taxes.

Not sure in the US but here if you own a business and property it occupies you can create a holding company to move surplus cash out of your business (and move shares of a retiring family member with it {ie elderly parents..the former management regime}) You can transfer ownership of the property to the holdco as well. You can invest the money inside the holdco and not remove it (for future years), if by then you have sold the business (OPCO) the proceeds can remain inside the holdco. This way you can take any money out in smaller tax efficient amounts in your future lower income years. Since you are possibly into the rental business by this time you still have a going concern that can hold the money. This is way more tax efficient then selling out and cashing in and paying massive capital gains.

We are going thru this process right now.

However I am still going to be working for quite some time. All my retired neighbors sit around and burn cash, if there is money to be made I still want to do so as long as it is not stressfull.


Like the idea of the homestead, Its one of my things I would like try, especially the growing your own food part...maybe some chickens, but no goats....they scare the hell out of me.

[Mark1T]

Not sure in the US but here if you own a business and property it occupies you can create a holding company to move surplus cash out of your business (and move shares of a retiring family member with it {ie elderly parents..the former management regime}) You can transfer ownership of the property to the holdco as well. You can invest the money inside the holdco and not remove it (for future years), if by then you have sold the business (OPCO) the proceeds can remain inside the holdco. This way you can take any money out in smaller tax efficient amounts in your future lower income years. Since you are possibly into the rental business by this time you still have a going concern that can hold the money. This is way more tax efficient then selling out and cashing in and paying massive capital gains.

We are going thru this process right now.

However I am still going to be working for quite some time. All my retired neighbors sit around and burn cash, if there is money to be made I still want to do so as long as it is not stressfull.


Like the idea of the homestead, Its one of my things I would like try, especially the growing your own food part...maybe some chickens, but no goats....they scare the hell out of me.

Very interesting. I will never retire probably. Too much to do

[PrisonWallet]

I'm 43 and want to retire yesterday, but having a newborn and a toddler, will probably be working until 55 at minimum. Wife is 7 years younger, so she will work at least 7 years past the age I retire, unless she changes her mind. Mortgage will be paid off within 6 years and hopefully we'll be able to hammer everything possible into retirement investments to top up before retirement.

Great benefits with my job, though, may stick around until the kids have jobs with benefits of their own... Freedom 85, baby!

[mtpockets]

I'm 43 and want to retire yesterday, but having a newborn and a toddler, will probably be working until 55 at minimum. Wife is 7 years younger, so she will work at least 7 years past the age I retire, unless she changes her mind. Mortgage will be paid off within 6 years and hopefully we'll be able to hammer everything possible into retirement investments to top up before retirement.

Great benefits with my job, though, may stick around until the kids have jobs with benefits of their own... Freedom 85, baby!

Right on PW, sounds like you have a plan, good luck with your goals.