Simple Hacks For Retirees. Financial Or Otherwise. "On Topic"

[IVE GOTTA PACKAGE 4U]

Correct me if I’m wrong, but we can’t put more than $10000/yr in I Bond, right?

That is correct.

 

[beatupbrown]

Lots of hidden fees in annuities.
Buy some I bonds. They are paying 3.4% right now and you don't have to pay state income tax on them either.

Correct you get hammered with fees, crazy part some fees are hidden, my mom put around 250k got hit with 12k in fees after all said and done. I flipped out went to the state reported it, I could no nothing it was a he said she said the bank was huge chain bank they lied about the fees I could not prove it.

After that I did lot of research on annuities you can do much better using other vehicles to retire on. Never use an insurance/ bank for investment advice you need a fiduciary based advisor with a CFP, CFA, PFS the more the better.

Why Are Annuity Fees So High?

 

[IVE GOTTA PACKAGE 4U]

Correct you get hammered with fees, crazy part some fees are hidden, my mom put around 250k got hit with 12k in fees after all said and done. I flipped out went to the state reported it, I could no nothing it was a he said she said the bank was huge chain bank they lied about the fees I could not prove it.

After that I did lot of research on annuities you can do much better using other vehicles to retire on. Never use an insurance/ bank for investment advice you need a fiduciary based advisor with a CFP, CFA, PFS the more the better.

Why Are Annuity Fees So High?

That's why they all push annuities because they make a ton of money off of them

 

[MrWonderful]

Correct you get hammered with fees, crazy part some fees are hidden, my mom put around 250k got hit with 12k in fees after all said and done. I flipped out went to the state reported it, I could no nothing it was a he said she said the bank was huge chain bank they lied about the fees I could not prove it.

After that I did lot of research on annuities you can do much better using other vehicles to retire on. Never use an insurance/ bank for investment advice you need a fiduciary based advisor with a CFP, CFA, PFS the more the better.

Why Are Annuity Fees So High?

What type of annuity was it? Usually fixed ones don’t have any fee if you withdraw the money after 59.5 and keep the money for the duration of annuity years.

 

[olroadbeech]

Many retirees like to work part time jobs to stay busy or make extra money for special things , emergencies, helping children, grandchildren etc.
.
I almost took several jobs just to stay busy about 20 hours a week. School bus driver, auto parts driver, snowplow operator , etc.

I'm glad I didnt because the income from an employer is static. This covid mess has given businesses carte blanche on raising their prices 30-40 % or more in last year.

The advantage of having a side hustle is you can stay ahead of inflation. In my case parts prices has gone up around 50% in the last year . But I am able to recoup that in raising my prices. The demand for my service has increased and no one is complaining.

I don't like raising my prices but it is necessary. It is , however, an advantage of being your own boss. Whereas working for someone else you would be losing money and purchasing power.

 

[BMWMC]

I just took a job after 18 months of retirement. I had my requirements though.
1, No commuting. If I couldn't walk to the job forget it.
2, Flexible hours.
I want to work on the days I want and for the hours I want.
So the best candidate for me was the state liquor store down the street from me. 25 minute walk, 10 minutes by bike or 5 minutes by car.
About 15-17 hours a week 2 days a week at about an average of $15.50 an hour. The money helps but being around people again was more important. I couldn't stand the sudden and complete isolation of retirement..

 

[olroadbeech]

In the western states the Teamsters benefit trust has a Part D ( prescriptions ) for medicare so you don't have to pay for a supplement
plan.
We just get the minimum A and B which is $148 a month each.

My asthma med went from $40 every 2 months to $0. All the rest of our 90 days scripts are free or $2-3 . One is $5 but this is a big improvement from before this Teamster part D kicked in.

every little bit helps.

 

[Jackburton]

I just took a job after 18 months of retirement. I had my requirements though.
1, No commuting. If I couldn't walk to the job forget it.
2, Flexible hours.
I want to work on the days I want and for the hours I want.
So the best candidate for me was the state liquor store down the street from me. 25 minute walk, 10 minutes by bike or 5 minutes by car.
About 15-17 hours a week 2 days a week at about an average of $15.50 an hour. The money helps but being around people again was more important. I couldn't stand the sudden and complete isolation of retirement..

Now you have 750ml friends to keep you company, Jack, Jim, Capt Morgan, solid choice.

 

[BMWMC]

Now you have 750ml friends to keep you company, Jack, Jim, Capt Morgan, solid choice.

It would seem so, but I have found that to easy a relief. So, I have had to abstain from the obvious invitations to over indulgences. It actually has become a sort of counter influence to that state of mental need that without such I might have naturally undertaken regardless of this occupation. In fact, I find myself oddly and strangely, as well as unjustifiably, a moralistic observer of others needful libations. I say nothing; given my own weaknesses and guilt, but, still, know that, by observation, what I don't want to become. I can still make money, satisfy my loneliness, and be in total control of any temptation that wishes to escape or which cannot be avoided.

 

[Shiftless]

I just took a job after 18 months of retirement. I had my requirements though.
1, No commuting. If I couldn't walk to the job forget it.
2, Flexible hours.
I want to work on the days I want and for the hours I want.
So the best candidate for me was the state liquor store down the street from me. 25 minute walk, 10 minutes by bike or 5 minutes by car.
About 15-17 hours a week 2 days a week at about an average of $15.50 an hour. The money helps but being around people again was more important. I couldn't stand the sudden and complete isolation of retirement..

It's all about choices! Good for you!

Altho I have been retired over 16 years, I have never once given thought to working for someone. I choose to play hard like the end is coming!

 

[BMWMC]

It's all about choices! Good for you!

Altho I have been retired over 16 years, I have never once given thought to working for someone. I choose to play hard like the end is coming!

Interesting outtake. I don't actually feel like I'm working for someone else, though, technically, that might be true. I can leave whenever I want and be no worse for wear, I choose to work because it meets needs that absolute retirement didn't. Retirement is different for everyone so congrats that you never felt that way. But, for me, I needed to be around people. Not just the same old faces either. I need to see strangers, who remind me of life's diversity.

 

[olroadbeech]

It's all about choices! Good for you!

Altho I have been retired over 16 years, I have never once given thought to working for someone. I choose to play hard like the end is coming!

I wish I could more like this but worry ( unnecessarily really ) about going broke. At 65 say I could live another 20-25 years it would be almost impossible for us to go broke with what we have now.
Being frugal all our lives have paid off but it's a very hard habit to break.

We went to In and Out burger a couple days ago and it was great!. we wouldnt have fun spending $100 on a steak dinner. same goes with the rest of our lifestyle. It's simple and that's the way we like it.

playing hard like the end is coming is just not in our DNA.

 

[BMWMC]

I wish I could more like this but worry ( unnecessarily really ) about going broke. At 65 say I could live another 20-25 years it would be almost impossible for us to go broke with what we have now.
Being frugal all our lives have paid off but it's a very hard habit to break.

We went to In and Out burger a couple days ago and it was great!. we wouldnt have fun spending $100 on a steak dinner. same goes with the rest of our lifestyle. It's simple and that's the way we like it.

playing hard like the end is coming is just not in our DNA.

I find your descriptions so apropo. I was a child born into a world of teenage parenthood. Poor and ignorant was our battle flag. Yet, somehow I found the light and reason to overcome my social and educational disabilities. Though, admittedly, its came very late in my life, I still feel blessed that I know what I know about the world in not just academic terms but in empirical ways. Playing hard, is actually code speak for a recognition that life is short and one needs to cut through as much bull as they can and don't miss what is most importants about living; which, is, loving!

 

[olroadbeech]

probably the best book I ever read for financial advice is called
"Your Money Or Your Life"

It helps you decide if time of your life spent working for something is worth it.
Probably helped me retire 4-5 years earlier .

Read this book when it first came out. Also has helped tremendously in retirement.

There are other books that helped shaped our financial life. The Greatest Salesman In The World, Millionaire Next Door , Dave Ramsey books. Jonathan Pond just to name a few.

For Investing the best book I ever read was by John Bogle , the creator of Vanguard Mutual Funds. It's about investing in index mutual funds instead of individual stocks. Any of his books are excellent.

 

[rod]

I all seriousness the thing that most kept me in touch with reality when I retired was getting back into motorcycling. Its something that is unexplainable but it works for me. Now we are headed into winter and the bike is put away in my heated shop along with a friends but I will still visit it most every day and start it up on occasion--- just to hear the noise. I also hang out at the local privately owned motorcycle shop and keep an eye on what the rest of the m/c community is up to.

 

[olroadbeech]

I all seriousness the thing that most kept me in touch with reality when I retired was getting back into motorcycling. Its something that is unexplainable but it works for me. Now we are headed into winter and the bike is put away in my heated shop along with a friends but I will still visit it most every day and start it up on occasion--- just to hear the noise. I also hang out at the local privately owned motorcycle shop and keep an eye on what the rest of the m/c community is up to.

ha, i used to the same thing with my bike. start it once in awhile and listen to it.

 

[olroadbeech]

Most places have free tax help for senior citizens.

 

[What'dyabringmetoday???]

Most places have free tax help for senior citizens.

Thank you for sharing your vast knowledge!

 

[olroadbeech]

Dollar stores are great for reading glasses. I used to have a co pay of $20 for my glasses.

Now they are a $1.

 

[IVE GOTTA PACKAGE 4U]

Dollar stores are great for reading glasses. I used to have a co pay of $20 for my glasses.

Now they are a $1.

Those glasses from the Dollar store have very bad optics.
They are good for a spare a pair of reading glasses but I would not screw my eyes to save a few dollars