"How to Retire Happily for Under a Million Dollars... - Page 7

Lucky Charm · ‎03-09-2010

@151949 wrote:
As for nursing home care - you are best off if you have no assets because then they keep you in on medicade. DH & I have long term care insurance thru Met Life. We have very good coverage - better than anything that can be purchased now. $350,000 a year. pays for at home care as well as nursing home.

@151949

Wow, you're lucky to have gotten that amount. Is that continuous or is there a cut-off (i.e. 7-10 years).

Quse · ‎09-05-2014

@Reba055 wrote:
@Quse wrote:
@SeaMaiden wrote:
@hoosieroriginal retiring on a small amount of savings is fine....but, what if you get sick( which is mist likely going to happen) and , what if you live way beyond your savings amount. Many people live longer than the average lifespan. If you retire with just enough to get by....you are probably going to run out of money. My Husband I have well over a million for retirement now , and I still worry about things that could at might come up and if we will have enough.
I often think of Frank.
Long ago, in a galaxy far away, when I was a teller in a bank, Frank worked from time to time in our branch. Frank was the annuity salesman...and he WAS a salesman. Personable, loved to talk about his grandkids and horses. Frank loved life, loved living, spent as much time as he could doing things he loved. His job was to help people plan financially...always looking to the future..would they have enough $$, etc...but Frank lived each day as if it was his last. HE didn't actually live like he constantly planned for the future, he just lived. (of course, he DID plan for the future, he just didn't get rankled about it)
Frank finally retired. I don't remember the exact age he was when he retired, but he was fairly young, probably mid to late 60's. Although in fairly good health (he also liked dining and all that comes with it), just a few months after he retired he had a massive aneurism and died. Had he planned all of his life, like so many of his clients did to start living when he retired (I'll have more time to ____ when I retire) he would have never lived.
I was young at the time and his life and death had a profound impact on me.
I think of Frank often.
Plan for the future, but live your life as you go.
@Quse Unfortunately that happens. Personally I wish I hadn't stopped working so early. Even though I had worked since 15 and was burnt out, I think I would have been more proactive in dealing with my spinal issues. Since I didn't have a job to get to, I think I allowed them to lolly gag around trying too many conservative treatments that didn't work. It might not have worked out differently but I think it would have. I would have had surgery years ago and kept on going. Now I'm in a big mess. It has really hindered my social interactions as well.

My dad is 80 and still working part time. He's in better shape than I am!! We all dream of retirement but working is actually very good for some people. It keeps you on a schedule (yes, that can be a bummer), keeps your mind active, and you interact with people everyday. I think sometimes people just need an extended vacation to recharge and relax, not retirement.

@Reba055 I'm sorry for what you are going through. Perhaps a future breakthrough is just around the corner for you.

My Dad will be 97 in April and he was active until about 94. He owned his own consulting business and worked until about 90. He's had various health problems on and off his whole life, from the stories he tells. Almost "bought the farm" several times, as he says. It's his attitude that amazes me, he just keeps on plugging on, taking every situation and working around it. Good sense of humor, loves to learn. He is currently taking a quantum physics course because it interests him. Before that, he was "brushing up" on calculus.

I'm 1/2 his age and can't hold a candle to him.

It's true. A recharge can often do a world of good.

Hoping for a better tomorrow for you. Peace.

151949 · ‎03-09-2010

@Lucky Charm OMG - I certainly hope & pray neither of us ever spend 7 to 10 years in a nursing home!!!!

RetRN · ‎10-01-2013

@Liverbird1 wrote:
yes I work the night shift on the floor dealing with pts .It is heavy stressful , emotional , mental challenging .Not reallly for the elderly .I will have to retire soon too

God bless you and all others who do what you do. It is a hard and often thankless job. It is why when I see posters like @chrystaltree bragging about their wonderful lives I want to throw up. She doesn't know what real work is.

Lucky Charm · ‎03-09-2010

@151949 wrote:
@Lucky Charm OMG - I certainly hope & pray neither of us ever spend 7 to 10 years in a nursing home!!!!

@151949--So the $350K is the entire benefit (per person I assume)?

That would include at home care, first and then nursing home, if necessary.

Our agent actually said that 3-5 years was the norm for nursing home *longevity*---he didn't use that word.

---Or is it $350,000 a year as in your post?

151949 · ‎03-09-2010

@RetRN wrote:
@Liverbird1 wrote:
yes I work the night shift on the floor dealing with pts .It is heavy stressful , emotional , mental challenging .Not reallly for the elderly .I will have to retire soon too
God bless you and all others who do what you do. It is a hard and often thankless job. It is why when I see posters like @chrystaltree bragging about their wonderful lives I want to throw up. She doesn't know what real work is.

I crack up when posters here say - I am 86 and still work every day - clearly you think this makes you a better person than everyone else - it doesn't. Those of us who really worked hard deserve our retirements. We had both hard physical labor and mental stress.

When I was in school I worked in my family's bakery. If that would have been my life long career I could have done it til I die, easiest job ever. But not every job is one that can be done forever.

Nonametoday · ‎03-09-2010

I don't think anyone should judge another for the timing and/or reasons they retire. These are all personal and some are painful I had to quit work due to my physical condition and I doubt many persons would have worked as long as I did. I will not state the physical reasons nor my age because it is personal and I did have a good savings but much of that has gone due to my husband's forced early retirement and specialty meds. Don't tread on me or anyone else. Many people do nothing when they retire, some volunteer and others vacation, play golf, play dominoes, work with those in worse physical condition or mental condition than they, or find it useful to help with their grandchildren. I detest anyone who judges another for their retirement, the money they have or might not have or what they do with their time.

Tinkrbl44 · ‎08-23-2010

I haven't read every single post, but I'm noticing that many may have prepared for retirement financially, but they don't give much thought to what they'll do with their TIME.

Start a new career? Volunteer? Garden? Travel? ... What hobbies do you like?

Back when my father was coming up on retirement, he made plans to restore a 1930 Model A from the tires up. To do so, while he was still working, he extended his garage from 1 1/2 cars to 3 cars and installed a furnace for the winter months. Dad came across a rusted out Model A sitting in a field in PA and towed it home.

After retirement, little by little, he restored that Model A into a show piece ... it took about 3 years to do so! He subsequently took the Model A to Classic car shows and ended up with more than 25 First Place trophies!

Years later he mused that he was afraid of all that free time, and OMG what would he do. Well, he was so busy that if he had to go back to work again, he had no idea how he'd fit it into his busy schedule! LOL

golding76 · ‎05-19-2012

151949, your response was sensible and addresses the difference in stress levels that exist in different occupations. For instance, the FAA has a mandatory retirement age of 56 for its Air Traffic Controllers. That is a position that I could never occupy because I would melt under the intense pressure of keeping aircraft separated in air and on the ground.

In case you think that the mandatory retirement age is related to not being as sharp after the age of 56, I would like to add this. Several years ago I visited a FAA Terminal Radar Approach Control Facility, known as a TRACON, and had an opportunity to speak with someone who was higher up in management. I asked if the controllers lose much of their quickness, and for safety's sake, they are mandated to leave after reaching the age of 56 . His answer was that it had more to do with their health. The job takes a huge toll on their well-being and quite a few retire on disability. Don't know if I would ever consider working such a job if that is the case. My "nerves" are easily frazzled, and I'm certain I would not make it through basic training for that sort of post. LOL

Carmie · ‎10-25-2010

IMO and in my plans, it was not important to have a million dollars or any other amount. Money in an account in today's world is not making money. Interest is pretty low,

Your portfolio should have investments that make you a good monthly income and don't run out.

i believe in having investments like property that can be rented out. We own four attached garages in a business district. They were not expensive to buy, but the rent on them is fantastic income for us.

i own a hair salon, I no longer work as a hairdresser, but I am still receiving an income from that business.

My father owned several apartment buildings and rooms for rent buildings. He had a very good income from them.

i have a friend who has been buying property since she was in her 20's. I don't know how many she owns now, but I am sure it's a lot. She hired a RE agent to screen people and collect the rent and do the upkeep. She retired from her job at the State when she was 50. Between her pension and income from her properties, she is set up.

You can try to save cash which is good, but your worth can grow faster by investing a little cash and letting someone else pay your mortgage and when the mortgage is paid off, the income continues until you sell at a a profit.

You do have to be careful that your properties are located in an area, where the value will not depreciate so that you lose your investment.