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Planning for retirement - if, supposedly, at a predetermined time

23 years ago

Hello all of you employees getting a bit long in the tooth,

Some of you work where there is a definite age of retirement, usually at age 65. So you assume that you'll retire at that time - at least, you used to.

Some in recent years who worked on that assumption - found that they were "released" much earlier, not of their own volition. Some were offered an attractive settlement, some one much less so.

Suppose your employer made you such an offer tomorrow. If the potential income offered were adequate, you don't have a problem.

At the moment - but would your ongoing income be indexed to inflation? How close to the actual rate? Would it shrink when you become eligible for Soc Sec.? And would it foresee you applying as soon as you become eligible - so would have to suffer a major reduction in anual income from Soc. Sec.?

If such an offer were inadequate, have you given thought to what options you might have? Or could develop?

Would you be able to work as a consultant in your field? Or a related one?

If you were to sell a product, you'd have to source, buy, store and ship it. Or - work with a company that'd drop-ship.

Simpler these days to be a consultant. The product is in your head.

A major advantage developed in recent years - you can transmit the information by computer - at no additinal cost, as you are online currently (unless you now operate from one in a library). Or at work - and if you use it other than at (unpaid) lunch time, you're stealing a bit of time that you should be working for your employer, rather than yourself, n'est ce pas [aren't you]?

It greatly expands your area of potential service. My daughter, a consultant to people recently downsized, consults with a dozen at a time, in many locations, via computer - interactively.

She can work from Phoenix, Toronto, or here in London - just needs a high-quality internet connection. Can you beat that?

This should get the discussion rolling.

What ideas and opinions do you have to offer?

It's always a good idea to have more than one arrow in your quiver/string on your violin. Wouldn't you say?

Good wishes for wise and effective retirement planning - starting now.

ole joyful, 74, who (more or less) retired (about) 4 years ago

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Don't forget the ravages that inflation wreaks on our assets. There are two rats that eat our cheese. There's an agency that comes to almost all of us with a question ... and a statement ... annually. The question: "How much did you make?" The statement (for all but *very* low income people), "We want part of it!"! Income tax affects our income. For the parts of our asset base that we choose to invest where we have a guarantee that at the end of the period, we'll get back every dollar of the money that we invested there, along with the rent on the money ... ... there's another problem. Another rat comes along and nibbles a little piece off of one corner of every five dollar bill that's included in that investment ... and off of the corner of every other bill in it, as well. That rat is called "inflation" - $10,000.00 won't buy now what it would ten years ago ... and certainly nothing like what it would have, 30 years ago. Income tax hits our income ... ... inflation hits our guaranteed-dollar investments ... ... (the other investments, as well, really ... but a number of them carry the possibility of a net long-term increase in numbers, to offset the ravages of inflation). ole joyful
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Phoggie- I keep running into this plan, when I look up french country kitchens :) Anyway, I thought I'd link it for you...if you don't want a tub, it would be easy to put in a bigger shower with the toilet, and have the current toilet space increase the size of the mechanical room. I would make the laundry area larger, with the sink and more pantry space. This would give you work space on both sides...and easy access to the mechanical room. The garage could have the doors facing the front...and it could be two or three car size. I like the covered back deck, you have the dining room for your bigger table (could add a few feet on the front if necessary) and your nook would be a great breakfast/sunroom space! The kitchen has a really BIG island! The second bedroom could be the office and the guest room would have views out the back. I would put bigger windows looking out the back, from the master bedroom, with the small windows and bed on the 'west' wall. I like this plan...and I don't think you'd need the complicated roof lines. It's basically a rectangle with a garage on the front. A little front porch would be easy to add on, too. If my recommended changes aren't clear (and no one comes along to draw a much prettier house plan) I'll break out the white out and give it a try! LOL Here's the plan, with the link below, having more information. Hope it gives you some good ideas! It's 1800 square feet :) Here is a link that might be useful: Link to houseplan
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