Any tips for us approaching retirement ?

[mmcmdl]

I know many of us are nearing the time and some have just retired . I believe I am very close to having make a decision on what I need to do . I just turned 63 and just found out I have no long term disability thru work . So not making paychecks since April and can't return to work until being released by the docs . The wife just retired this past week . I'm trying to crunch numbers which makes my head spin . I am down to one option that would keep me in the workforce for now , although I don't know for how long . Tough decision but either way , we'll get by .

 

[rabler]

Lots of things that are personal decisions. But crunching numbers is the right approach, whatever decision you make is best made knowing what it means financially.
Some questions I asked in your position:
What is your long term prognosis?
Any ideas when the doc will release you back to work?
What can you sell to make financial situation cleaner?
What are you going to do if you don't have a day job?
What big expenses are on your horizon?

P.S. Once you get an idea of your direction, give yourself a couple weeks to chew on it before committing to anything.

 

[jbobb1]

Assuming you're talking about SS, how will you be with medical insurance?
Can you go out as being disabled?

 

[pdentrem]

Line up all your debts / assets and income.
Once that is done you will have a better handle on the financial big picture.
Health plays a big part for all of us. Short term and long term. Family history can be something to look at as well.
Future income - pensions, savings etc.
My financial guy had me fill out a 10 page package to list all of this and plugs it into a program with assumptions. He is conservative and no blue sky stuff. The report was interesting to say the least. Lots of calculators online but they are not as sophisticated as his.
Pierre

 

[mmcmdl]

I have been planning on this for quite some time , even before the operation . My situation is I have no long term debt . I have PLENTY to keep me busy during the days/nights . My thoughts were to start taking SS and stay away from disability , this way I could still work PT legally and make a few bucks if needed or just to keep me occupied . If I did this along with taking the interest off savings it adds up to more than I make working 40 hr weeks but I always worked lots of OT . I think the question I need to answer is , do I really want to get back into the workforce full swing . I never had time to do much when I was . Insurance has already been taken care of also , so this is not an issue . I would like to keep the door open as work goes but not sure if I can .

 

[mikey]

With all due respect for the members of the forum, my suggestion is to go see a professional financial advisor, Dave. Most investment houses have account managers/advisors who will help you evaluate your specific situation and advise you as needed, then set up accounts for you to minimize any and all hassles on your part. There is no doubt in my mind that this is the way to go. PLEASE think this over carefully.

I use Charles Schwab and could not be more impressed by their services. Look into it.

 

[mmcmdl]

I'm all set up Mike as far as finances . Just have to pull the trigger !

You think I could get by with just 1/4 of my junk ?

 

[Cadillac]

Besides to economy going to **** inflation through the roof I would retire as soon as one could. Enjoy your life it can be taken at any time. Just had a coworker of 25yrs die of a heart attack on Memorial Day. Sad only 50 with three young kids and a sick wife that needs care. Enjoy life retire!

 

[pdentrem]

For what it is worth, I noticed that once 75 is reached things change and usually not for the better. Jump off the stress inducing job and work for your own pleasure.
If the company calls back, your hour rate is $150. Funny thing they might not even blink at that! Couple guys I know/heard of have done this and are working a few hours a week.
Pierre