Retirement - Managing your money

[lo2jones]

In San Francisco, some of the municipal marinas have a hoist. Once a group of crazy french guys bought a J 24 together and refused to follow my advice to use one of these almost free options. I insisted on their doing it my way. We used the halyards of larger boats on each side to support the mast while they lifted it out and laid it down. The funny part was replacing it. Whoever was inside placing the base into the step below decks was one of those over emotional Frenchmen who give everyone else a bad name. The sounds and curses coming from below deck sounded like someone was being brutally murdered.

Wow, its a carbon fiber mast! It might handled by one person. Get two friends to help you, and give it a test lift and take it from there . If it feels too heavy, doubt that it will, get two more friends to help.

[ChrisJHC]

Originally Posted by Simi 60

I always wonder why, if they are so good, are they still behind a desk instead of on a big boat behind an island sipping a refreshing adult beverage

I did a Marine Medical Course with a couple from the US who were cruising the world.
I asked him what he had done for a living and he replied that he was an investment advisor with (big financial firm) and had taken his own advice and now they are cruising full time.

[denverd0n]

Originally Posted by Captain Graham

...how many people are going to live past 90.

Actually, nowadays, quite a few.

Moreover, if your plan is to not live past 90, then what are you going to do if you end up 89-years-old and in good health?

See, I have never understood this reasoning that says "well, I'm probably not going to live past xx years old anyway."

Yeah, MAYBE not. But what if you DO!?! For myself, just dying young has never been a part of the plan.

[Simi 60]

Originally Posted by ChrisJHC

I did a Marine Medical Course with a couple from the US who were cruising the world.
I asked him what he had done for a living and he replied that he was an investment advisor with (big financial firm) and had taken his own advice and now they are cruising full time.

Well that's one.
And the rest are still chained to a desk.

[catalystcat]

An oft overlooked option - iBonds from Treasurydirect.gov. Current yield is 6.89%. (for freakish reasons, it was 9.62% earlier this year.)

You are capped at $10k annually unless you use a refund to add an extra $5k.

[valhalla360]

Originally Posted by goboatingnow

I find it easier to whinge to my politicians to raise my state pension. Going up by 7% now and in Q1 2023

Cant beat those bank transfer every two weeks. !!!

I sure can...

I've put less into my retirement savings vs what they took for social security yet, I'm looking at pulling around 3 times as much per year (forever...with fairly simple and conservative investing)...even with the recent downturn reducing the retirement savings.

Plus I don't have to worry if one of us dies that the bank transfers get cut.

Of course, the state is only raising it by 7% because they mucked things up increasing inflation by 12-15% creating a net loss in buying power.

No, I'll do the homework rather than trust the state, thank you very much.

[valhalla360]

Originally Posted by catalystcat

An oft overlooked option - iBonds from Treasurydirect.gov. Current yield is 6.89%. (for freakish reasons, it was 9.62% earlier this year.)

You are capped at $10k annually unless you use a refund to add an extra $5k.

6.89% is still freakish compared to recent history.

Since 2010, the rate has been below 2% (including the inflation adjustment)...

They can serve a purpose but don't expect rates comparable to being in the market for long and the $10k/yr limit means you can't really get much of your retirement nest egg into ibonds when the rate is up.

[MicHughV]

Best advice I can give anyone is to learn to be your own money manager.

Why trust someone else with your money ? First of all, they take a slice of your principle and profits, and If they screw up, they don't lose their own money, they lose yours and can just laugh it off.

It's not that difficult. Find some dividend paying stocks, and collect dividends every quarter. Whether the stock goes up or down becomes irrelevant, as long as that dividend rolls in. There are many well known dividend paying stocks. Do some research and see which one's appeal to you. Many dividend paying stocks are also able to increase their value over time as well.

When I say manage your own money, spend an hour or so a day to keep track of things. Get involved, read, study, don't guess.

Number two. find a paying hobby. I do artwork and do okay by it. I've come to know several retiree's that do a variety of things. Not only does it provide an income stream, it's also fun.

But, really the number one rule is to get rid of all debt. No mortgage, no car or boat payments, no credit card debt, nothing, zilch...nothing worse than having to pay some or other institution a big sum of money every month. Interest on credit card debt is insane.

Pretty simple really.

[rexposeidon]

100% for the best post, the last post

[rexposeidon]

My book is .99 cents US on Kindle. I retired 9 months ago. Age 52 yrs. 6 months. I'll never work again.

I did NOT retire by selling books. I wrote the book as my blue print for my children. So that they'd Never be able to say I never told them my secrets.

Cash -N- Checks

[Anders]

Originally Posted by Captain Graham

And as you said how many people are going to live past 90.

Anyone retiring at 60 has a 1 in 4 chance of living until 92 according to ons.gov.uk

[goboatingnow]

Originally Posted by Anders

Anyone retiring at 60 has a 1 in 4 chance of living until 92 according to ons.gov.uk

Indeed. It’s excercising the tax system thinking a lot at the moment as to how the public pension and other old age benefits are to be funded it will be a challenge , the free travel scheme already costs the state a fortune along with free telephones , reduced heating bills , zero medical costs and a host of other elderly benefits. Clearly loading this on younger tax payers is beginning to skew things a bit

I retired at 58 so should live forever !

[Captain Graham]

I have posted some videos from 2 guys that I like because they use common sense and explain things in simple terms.

https://www.youtube.com/@joekuhn3802
https://www.youtube.com/@rob_berger


Here is another video from Rob Berger.
Even in a difficult year such as 2022, we can retire with confidence. In this video we'll cover three things: (1) putting 2022 into perspective for retirees, (2) understanding what retirees can control, and (3) discussing the importance of remaining flexible in retirement.

https://www.youtube.com/watch?v=z2uEBHZFauM

[MicHughV]

Some years back now, I came across this elderly couple on a small fiberglass sloop, maybe 26' or thereabouts. My best guess would be that they were in their 80's. Their only means of navigation was a schoolboy atlas. They asked me for a "fix" as to their current location and further asked for "directions" to Bermuda, their intended landfall. I gave them a lat/long, pointed my finger at the horizon and said go thataway and off they went. They required nothing else.

These days, retiree's worry too much about their various financial portfolio's or other sources of income, when in fact, it takes little to shove off.
It really doesn't require a mega yacht laden with latest electronics and conveniences.

It requires a positive and youthful attitude.

[Captain Graham]

Originally Posted by MicHughV

Some years back now, I came across this elderly couple on a small fiberglass sloop, maybe 26' or thereabouts. My best guess would be that they were in their 80's. Their only means of navigation was a schoolboy atlas. They asked me for a "fix" as to their current location and further asked for "directions" to Bermuda, their intended landfall. I gave them a lat/long, pointed my finger at the horizon and said go thataway and off they went. They required nothing else.

These days, retiree's worry too much about their various financial portfolio's or other sources of income, when in fact, it takes little to shove off.
It really doesn't require a mega yacht laden with latest electronics and conveniences.

It requires a positive and youthful attitude.

In the example you gave they are very happy living day by day.
That is not me I am a planner so I plan.
Once I have a plan then I do not have to think about it anymore.

I expect to retire in 3 years and I am looking into the best way for me to manage my money in retirement.
This is a personal decision and I think by talking it out with others I get a better understanding of what I will be doing.

I still like the bucket system but I will be spending some time reviewing the concept of investing in dividend stock and living off just the dividends.