At what age did you retire?
9 years ago
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- 9 years agolast modified: 9 years ago
- 9 years ago
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What did you do on the first day of retirement?
Comments (17)I retired in 2005. My last day of work was a Friday, the boss let me go an hour early as a final gift. Went home and felt nothing different on Saturday morning. I still had to run errands, clean house, and do everything else as usual. I was the first of "my crowd" to retire, so I had to find activities to keep busy- adult ed classes, sewing, visits to parks and beaches. One thing that never changed is, I still get up early, always before 7 am, like when I was working. I go out for breakfast coffee at a diner that opens at 7, I tend to get all my errands and shopping and housework done before noon, so my afternoons are pretty much free. My husband is severly disabled with MS (multiple sclerosis) so he needs a caretaker and chauffeur and that takes up a lot of my time. And the best thing is, I worked for 31 years in a busy public-contact government office and there was always a problem scheduling vacations and getting off work the Friday after US Thanksgiving, around Christmas,etc. Now I never have to ask for time off and risk getting turned down. It's all good....See MoreFolks at retirement age worried about starting to draw down asset
Comments (7)Greetings again, folks, And when did you ever see a G I C ... ... produce any growth? The only return that they'll produce ... is produced now ... and taxed now ... at top rate. The stock that I bought 45 years ago for about $4.20 or so was paying about 10 - 12 cents annual dividend ... which was taxed then at low rate, plus for the latest six years at an even lower rate. In June of '07, when I could have sold it for $107.00, it was paying me $3.08 per year, at that even lower tax rate than earlier, and the annual payment increased to $3.48 later that year. Their involvement with the U.S. financial fiasco resulted in the price of the stock sslliding tto $40.00 - but they maintained the dividend at $3.48. The price has recovered to about $75.00 now ... and they recently increased the dividend to $3.60. That current income is taxed at a much lower rate than interest that I might earn. And I haven't had to talk to the income tax people about the increase in value of the asset, during all of those years. I don't have to report to the income tax people until I either sell the stock ... or die ... neither of which I plan to do, this week or next. When I sell the stock, I deduct the $4.20 that I paid from the, e.g. $74.20? proceeds of sale, to produce a capital gain of $70.00 ... and I pay tax at regular rate on half of that amount. But not until I sell, or die - nothing till then. However - if I transfer the stock to a charity, I get a tax-deductible receipt for the full amount - and I pay no income tax on that increase. And didn't pay about 2.5% of the value annually to a management company, as I'd have to with a mutual fund. You figure it: 45 years at 2.5% of the ongoing value of the fund ... comes out to about 112.5%, doesn't it? No wonder few mutual funds grow faster than the segment of the market in which the manager operates! Looks like a good deal, to me. ole joyful...See MoreQuestions on planning for retirement
Comments (4)We were very fortunate that I am an insecure person. LOL "I" did everything right and my husband trusted me enough to go along with my plans. When I entered my second marriage and we got on our feet, I encouraged my husband to save and save and save. I saw buying a new house as an investment and in a few years it was worth a lot more than we paid for it. I also saw that the 30 year loan was paid off in 15 years. We charged nothing except a new car every 5 years. When he retired we were debt free except maybe a car payment. Now for your questions. He retired at 65, there is nothing I regret about how I handled the retirement. We use Blue Cross Blue Shield as our supplemental medical insurance and took out an umbrella policy to protect us against law suits. I found we had more money to live on than when he was working full time because was saved most of it. We stayed in our home, I would not downsize unless we needed money to live on. My husband would have retired at 55 if he could have. We are lucky that he was able to stay with the same employer for 37 years. We have a nice retirement from that company, that with our social security we are very comfortable. I have only worked outside the home about 4 years in my lifetime. The only difficulty I had with my husband's retirement was losing my freedom and having him questioning me, where are you going, what did you buy, etc.. That took some getting used to, but we worked it out....See MoreWhen did you start planning retirement?
Comments (38)I see my post caused a bit of a stir. First, we live in Canada so the benefits of an LLC are not applicable here. In Canada, we can set up a business as a sole proprietorship, partnership, or incorporation. With both sole and partner, the individual(s) personal income and assets are liable if the business goes south. In incorporating, personal is separate from business. Ultimately, incorporating is most beneficial. However, we decided to go for a partnership and for a couple of reasons. One, we don't foresee making oodles of money in our first year. Secondly, we will invest our own money into the business. And because our income and business are interlinked in a partnership, any moneys we use (income and profits) will help lower our tax (that's the general idea). Our plan is to throw all profits right back into the business. Doing this will show we are actually "losing" money and so the amount of taxes we will pay will be lower. Once enough money is made so that we can let go of our 9-to-5 jobs and focus solely on our business, we will then switch from partnership to incorporation. First thing we did when dreaming up this concept was to secure an accountant and have been following his advice....See More- 9 years agolast modified: 9 years ago
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