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  1. #101
    Grandmaster BE Mike's Avatar

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    Quote Originally Posted by doddg View Post
    1. Thanks Be Mike! I really appreciate you taking the time.
    2. I read much of what you said to my wife and we marveled at your pension covering your basic expenses.
    3. Not so for a teacher pension, but since I get SS, that could even us up, and between the two for me: it will cover our basic expenses, and we will have a small "pile" to cover extra-ordinary expenses. When that runs out, we are in trouble, but we will still eat, and for fun, if I have the energy, there is always the wife who is my friend-with-benefits.
    We were married 10 years before we got our first home. We lived with lawn furniture for the living room and a picnic table for a dinner table. Luckily, when we moved, and we moved a lot, we were able to make a little money on each house. Now, we live in a decent neighborhood in a moderately nice house and our mortgage payment is very small compared to most people. My wife worked at various jobs over the years and now she gets much more SS than I. We also were able to save some money and invest it. I also saved enough college money to help pay for one kid's college, with her working part-time. The other didn't go to college. I did advance to a fairly high level and got into the old Civil Service Retirement System (pension system), which was a big draw for me entering government employment. I also was under hazardous duty retirement and worked a lot of overtime over the years. Although keeping up with house chores and repairs, as well as, lawn work keeps me pretty busy, and until recently, taking care of the elderly parents and their business affairs, I still find time for friends and hobbies. Some hobbies of mine are free, but the shooting related ones cost some. Like I said before, I think hobbies are important. I still like doing things with the wife, but I need to go to the man cave now and then and hang out with the old geezer buddies once in a while. I'm sure that going into the teaching profession, you'd never plan on getting rich. I know I never thought I'd get rich working for the government and my expectations were realized. Working part-time after retirement filled the gap for hobbies. Retirement is a big mental adjustment, as well as, financial. Some people so identify with their careers that they can't live without working. Hope you get to enjoy your retirement years.

  2. #102
    Master doddg's Avatar

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    Quote Originally Posted by BE Mike View Post
    We were married 10 years before we got our first home. We lived with lawn furniture for the living room and a picnic table for a dinner table. Luckily, when we moved, and we moved a lot, we were able to make a little money on each house. Now, we live in a decent neighborhood in a moderately nice house and our mortgage payment is very small compared to most people. My wife worked at various jobs over the years and now she gets much more SS than I. We also were able to save some money and invest it. I also saved enough college money to help pay for one kid's college, with her working part-time. The other didn't go to college. I did advance to a fairly high level and got into the old Civil Service Retirement System (pension system), which was a big draw for me entering government employment. I also was under hazardous duty retirement and worked a lot of overtime over the years. Although keeping up with house chores and repairs, as well as, lawn work keeps me pretty busy, and until recently, taking care of the elderly parents and their business affairs, I still find time for friends and hobbies. Some hobbies of mine are free, but the shooting related ones cost some. Like I said before, I think hobbies are important. I still like doing things with the wife, but I need to go to the man cave now and then and hang out with the old geezer buddies once in a while. I'm sure that going into the teaching profession, you'd never plan on getting rich. I know I never thought I'd get rich working for the government and my expectations were realized. Working part-time after retirement filled the gap for hobbies. Retirement is a big mental adjustment, as well as, financial. Some people so identify with their careers that they can't live without working. Hope you get to enjoy your retirement years.
    1. Enjoyed reading your post muchly. I identified with your approach and to many things and circumstances.
    2. In my case, my 2nd home (bought as a fixer-upper for $15k and sold for double that, giving me about $12k for the next house, $38kish), and so on.
    3. Love your story about your "lawn furniture" and "picnic table." My version was I grew up going to estate auctions, so it was in my blood to go to the weekly auction and buy all my furniture for dimes-on-the-dollar in used prices.
    4. I have discovered that my work is a big part of my "self-worth," but in the past few years I have not had a traditional teaching job where I "perform" but more of a "cheerleader." 95% of the fun I had "performing" in the classroom is gone, so it has been a good transition to what it is like to not have your job dictate your self-worth.
    5. I have other lives, but some of them have been curtailed or completely halted due to the creep of aging, which in my case has been unexpectedly more rapid than anticipated b/c of arthritis, but it could be worse, some here on the site as examples.
    6. I believe you about the hobbies being important. To me, as an escape, and as fun for as long as it is such.
    7. When younger, my hobbies were in the exercise world, as hard as that is for me to believe that now and wonder who that person was in my past.
    8. So, the emergence of range time as "exercise." A bit more expensive than the YMCA per month.
    9. My old "geezer buddies" have moved on years ago to different parts of the country, so I do worry about the loss of that when retired and lose even the guys "at the office."
    10. The reality and truth of your statement: "Retirement is a big mental adjustment, as well as, financial," is not lost on me.
    11. That will be where the real battle will be fought: loneliness, not financial, which is sobering.

  3. #103
    Grandmaster BE Mike's Avatar

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    Quote Originally Posted by doddg View Post
    1. Enjoyed reading your post muchly. I identified with your approach and to many things and circumstances.
    2. In my case, my 2nd home (bought as a fixer-upper for $15k and sold for double that, giving me about $12k for the next house, $38kish), and so on.
    3. Love your story about your "lawn furniture" and "picnic table." My version was I grew up going to estate auctions, so it was in my blood to go to the weekly auction and buy all my furniture for dimes-on-the-dollar in used prices.
    4. I have discovered that my work is a big part of my "self-worth," but in the past few years I have not had a traditional teaching job where I "perform" but more of a "cheerleader." 95% of the fun I had "performing" in the classroom is gone, so it has been a good transition to what it is like to not have your job dictate your self-worth.
    5. I have other lives, but some of them have been curtailed or completely halted due to the creep of aging, which in my case has been unexpectedly more rapid than anticipated b/c of arthritis, but it could be worse, some here on the site as examples.
    6. I believe you about the hobbies being important. To me, as an escape, and as fun for as long as it is such.
    7. When younger, my hobbies were in the exercise world, as hard as that is for me to believe that now and wonder who that person was in my past.
    8. So, the emergence of range time as "exercise." A bit more expensive than the YMCA per month.
    9. My old "geezer buddies" have moved on years ago to different parts of the country, so I do worry about the loss of that when retired and lose even the guys "at the office."
    10. The reality and truth of your statement: "Retirement is a big mental adjustment, as well as, financial," is not lost on me.
    11. That will be where the real battle will be fought: loneliness, not financial, which is sobering.
    I was born and raised here, but moved away to live with Uncle Sam after high school. Married my high school sweetheart and took her away with me. After retirement we came back to help our elderly parents. I renewed my relationship with many of my childhood friends. Most of them are gun people. That being said, one fellow I met when I moved back is avid about guns, etc. and although he wasn't a childhood friend (childhood friends introduced us), we hit it off. We shoot about once a week and are members of our local indoor range. You may find a similar shooting buddy who likes to shoot, reload, etc. and talk about it when not actually doing it. I've met other seniors at the range who have similar interests. One is a retired teacher. We shouldn't be afraid to start new friendships at our age. Many of my old friends are passing away or becoming unable to physically get out and participate in hobbies. I try not to get stuck in the same ruts. My wife was a long time GSA leader. I learned this: "Make new friends, but keep the old. One is silver and the other is gold!"

  4. #104
    Master doddg's Avatar

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    I had the pre-retirement meeting in the Fall, but today I had the real one.

    At 2:15 pm today I met with my retirement/investment counselor and we filed for retirement to start in July, with the 1st pension check starting in August.
    I discovered a mistake in my computations concerning comparing my present monthly income with my retirement monthly income, which means I'll be taking a $400/month hit I didn't expect, all b/c I forgot to compute the extra check I presently get twice per year b/c paid 26 checks/year instead of 24/yr.
    The loss of the two checks is equivalent of about $400/per month loss spread out over the year when comparing.
    Then, today I found out my anticipated monthly pension figures didn't reflect a $280 less/month amount b/c I forgot to figure in my wife getting 100% of my pension in the event of my death.
    After an appropriate amount of mourning, I want her to have all of my pension, not 2/3 of it or 50% of it to celebrate life with. She's earned it.
    Bummer that my pension can't start in July, but has to wait till August.

    I will file Social Security later, but early enough to be sure the 1st check will be in July (near end of month b/c of my year of birth) to pay for August 1st bills.
    Not knowing/anticipating/predicting how slow SS will be is an X factor. My counselor wants to file sooner than later, which will cost me a loss of $16 - $30/month.

    I wanted to put off filing till the last possible month, b/c for every month a person puts off collecting after reaching FRA, it means more money per month for life.
    In my case, only $16 more for each month, but hey, that ammo for the month since I won't be able to afford 300 rounds shot twice/week at the range when retired.

    I intend to tell my Principal tomorrow since she would find out in 2-4 weeks anyway.
    B/C she loves to micro-manage, I'm loving how she will learn (next year when I'm gone) of the dozen different things I did that noone knows about to make things go along smoothly.
    The other teachers already hate me b/c of the extra paperwork I do which the Principal uses as an example to prompt them to go the extra mile: they don't.
    There is a learning curve to the job, and due to the clientele, it is not a job for just anyone (alternative ed. students who would normally not graduate).

    Due to my "attitude" about money, the counselor said I had positioned myself very well for retirement compared to other teachers in general:
    knowing to the dollar what my expenses were due to strict "tracking" or budgeting,
    balancing out my investment accounts with a good mix of low/moderate/high risk.

    In my main "pile" of retirement/investment money (which I haven't figured in at all for the monthly income), I staggered in 5 main accounts.
    Ironically enough, even though I started with the same amount in each account (gradient risk in each), the "riskiest" account (more stocks than bonds) is about 20% further ahead in growth than my most conservative account (more bonds than stocks), even through up/downs of the market in the past 15 yrs.

    Just goes to show you that you need to be diversified but have even that moderated from slight risk to moderate risk to most risk (in my case still fairly conservative).
    I'm more of a "moderate" risk taker. I won't get rich but won't lose everything. Small pockets of money I will let ride on the 500, just for fun, but not my main accounts.
    Once, in 1 quarter, when I had everything in only the Index 500, I lost $8000, and panicked, took the loss and put the "pile" in more conservative accounts: stupid.
    I knew better intellectually, but I panicked.
    If I would have left it alone, and let it ride and recover (which I told my son to do b/c of his youth), I would have had much more in my acct. after the good ride we have had lately.
    Even after my accts. suffered here recently, b/c of the nature of my accts. I didn't lose much and recovered nearly all of it already.
    You got to leave some monies in growth accts. of some sort.
    I have two friends who both have 10 times the amount in their accts. (not teachers, ha!), and they have frozen them so as not to lose anything b/c they don't need the growth. With their other retirement income they would have to live 50 more years to drain it all out.
    I'm just trying to get 16 yrs. out of my "pile" by minimal usage. Not for ammo.

  5. #105
    Grandmaster actaeon277's Avatar

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    I'm loving how she will learn (next year when I'm gone) of the dozen different things I did that noone knows about to make things go along smoothly.

    She won't care.
    It's not her "business/company".
    I work for a large steel mill. People retire thinking, "won't they be surprised".
    And no one cares.
    The company loses money. Then they figure it out.
    "Una salus victis nullam sperare salutem."

    "A citizen may not be required to offer a 'good and substantial reason' why he should be permitted to exercise his rights. The rights existence is all the reason he needs." Benson Everett Legg - Woolard v. Sheridan

    If you're a noob, develop thick skin, and read the FAQs

    Actaeon - act'-tee-on
    The death of Actaeon - http://www.paleothea.com/Myths/Actaeon.html


  6. #106
    Master doddg's Avatar

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    Quote Originally Posted by actaeon277 View Post
    I'm loving how she will learn (next year when I'm gone) of the dozen different things I did that noone knows about to make things go along smoothly.

    She won't care.
    It's not her "business/company".
    I work for a large steel mill. People retire thinking, "won't they be surprised".
    And no one cares.
    The company loses money. Then they figure it out.
    1. Wise words. Thanks for sharing them.
    2. I, like everyone else before me, likes to think they are irreplaceable, but the older I get, the more that I see that is just self-importance looming its egocentric head.
    3. Our particular program is very small (not a school), so that allows me to think that I'm indispensable, but I am gone in my mind already.

  7. #107
    Master NHT3's Avatar

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    Quote Originally Posted by doddg View Post
    but I am gone in my mind already.

    We have already surmised that.... Sorry, I couldn't resist Congrats on your retirement, you won't regret it.

    NRA Life Member / Basic Pistol instructor / RSO

    "Under pressure, you don't rise to the occasion, you sink to the level of your training. That's why we train so hard"
    Unnamed Navy Seal

    “Ego is the reason many men do not shoot competition. They don't want to suck in public”

    Aron Bright
    Any man can make mistakes but only and idiot persists in his error.. Cicero 200 BC

  8. #108
    Expert MarkC's Avatar

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    Quote Originally Posted by doddg View Post
    I had the pre-retirement meeting in the Fall, but today I had the real one.

    At 2:15 pm today I met with my retirement/investment counselor and we filed for retirement to start in July, with the 1st pension check starting in August.
    I discovered a mistake in my computations concerning comparing my present monthly income with my retirement monthly income, which means I'll be taking a $400/month hit I didn't expect, all b/c I forgot to compute the extra check I presently get twice per year b/c paid 26 checks/year instead of 24/yr.
    The loss of the two checks is equivalent of about $400/per month loss spread out over the year when comparing.
    Then, today I found out my anticipated monthly pension figures didn't reflect a $280 less/month amount b/c I forgot to figure in my wife getting 100% of my pension in the event of my death.
    After an appropriate amount of mourning, I want her to have all of my pension, not 2/3 of it or 50% of it to celebrate life with. She's earned it.
    Bummer that my pension can't start in July, but has to wait till August.

    I will file Social Security later, but early enough to be sure the 1st check will be in July (near end of month b/c of my year of birth) to pay for August 1st bills.
    Not knowing/anticipating/predicting how slow SS will be is an X factor. My counselor wants to file sooner than later, which will cost me a loss of $16 - $30/month.

    I wanted to put off filing till the last possible month, b/c for every month a person puts off collecting after reaching FRA, it means more money per month for life.
    In my case, only $16 more for each month, but hey, that ammo for the month since I won't be able to afford 300 rounds shot twice/week at the range when retired.

    I intend to tell my Principal tomorrow since she would find out in 2-4 weeks anyway.
    B/C she loves to micro-manage, I'm loving how she will learn (next year when I'm gone) of the dozen different things I did that noone knows about to make things go along smoothly.
    The other teachers already hate me b/c of the extra paperwork I do which the Principal uses as an example to prompt them to go the extra mile: they don't.
    There is a learning curve to the job, and due to the clientele, it is not a job for just anyone (alternative ed. students who would normally not graduate).

    Due to my "attitude" about money, the counselor said I had positioned myself very well for retirement compared to other teachers in general:
    knowing to the dollar what my expenses were due to strict "tracking" or budgeting,
    balancing out my investment accounts with a good mix of low/moderate/high risk.

    In my main "pile" of retirement/investment money (which I haven't figured in at all for the monthly income), I staggered in 5 main accounts.
    Ironically enough, even though I started with the same amount in each account (gradient risk in each), the "riskiest" account (more stocks than bonds) is about 20% further ahead in growth than my most conservative account (more bonds than stocks), even through up/downs of the market in the past 15 yrs.

    Just goes to show you that you need to be diversified but have even that moderated from slight risk to moderate risk to most risk (in my case still fairly conservative).
    I'm more of a "moderate" risk taker. I won't get rich but won't lose everything. Small pockets of money I will let ride on the 500, just for fun, but not my main accounts.
    Once, in 1 quarter, when I had everything in only the Index 500, I lost $8000, and panicked, took the loss and put the "pile" in more conservative accounts: stupid.
    I knew better intellectually, but I panicked.
    If I would have left it alone, and let it ride and recover (which I told my son to do b/c of his youth), I would have had much more in my acct. after the good ride we have had lately.
    Even after my accts. suffered here recently, b/c of the nature of my accts. I didn't lose much and recovered nearly all of it already.
    You got to leave some monies in growth accts. of some sort.
    I have two friends who both have 10 times the amount in their accts. (not teachers, ha!), and they have frozen them so as not to lose anything b/c they don't need the growth. With their other retirement income they would have to live 50 more years to drain it all out.
    I'm just trying to get 16 yrs. out of my "pile" by minimal usage. Not for ammo.
    You are an inspiration, someone who has clearly tried to do things "right" and plan ahead, and has an intimate knowledge of your financial status. You also understand that you have 100% ownership of your situation. That acceptance of responsibility is something sorely lacking in today's world.

    My "plan" appears to be work for some part of state government until I die. I've worked in two of the three branches (executive and judicial), now if I can get a position in the legislative branch, I'll have hit the trifecta!

    Congratulations on your meticulous planning, and I sincerely wish you the joy in retirement you deserve!

  9. #109
    Master doddg's Avatar

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    Quote Originally Posted by NHT3 View Post
    We have already surmised that.... Sorry, I couldn't resist Congrats on your retirement, you won't regret it.
    NRA Life Member / Basic Pistol instructor / RSO
    "Under pressure, you don't rise to the occasion, you sink to the level of your training. That's why we train so hard"
    Unnamed Navy Seal
    “Ego is the reason many men do not shoot competition. They don't want to suck in public”
    Aron Bright
    1. I enjoyed the humor! As you might "surmise," humor is the nectar of life to me!
    2. I have enjoyed every chapter, every phase of my life to the fullest, and am truly curious as to what retirement will bring, as I can't imagine not having to work.
    3. Regret? I used to be so glad when school started up in the Fall after working like a real man all summer in some type of construction (in my younger days), but lately, if summer vacation just continued, I would be fine with it, and this is the summer that it will happen after 5 decades that I will not have to go back to work at end of summer.



    Quote Originally Posted by MarkC View Post
    You are an inspiration, someone who has clearly tried to do things "right" and plan ahead, and has an intimate knowledge of your financial status. You also understand that you have 100% ownership of your situation. That acceptance of responsibility is something sorely lacking in today's world.
    My "plan" appears to be work for some part of state government until I die. I've worked in two of the three branches (executive and judicial), now if I can get a position in the legislative branch, I'll have hit the trifecta!
    Congratulations on your meticulous planning, and I sincerely wish you the joy in retirement you deserve!
    4. Wow! You are really feeding that sense of importance to which I referred! Very kind words, and I thank you sincerely.
    5. With all the processing I do about buying a simple few hundred dollar handgun, you can imagine how I've been going to retirement seminars for years to educate myself to be sure of my choices.
    6. I had always planned to literally work until 70 to maximize my retirement income quite handsomely over what it will now be (in my eyes).
    7. I think my hip surgery last summer and future one hanging over my head has pushed me into some urgency about not letting all my remaining health be spent in the classroom: I'm ready for something different in my "end times." (you know when writing how I love the dramatic!)

    8. Your last sentence truly cheered me. I always second guess myself and overthink, especially when I found out this pm that I was going to be $700 "short" of what I was expecting in my monthly income (the "padding" I was counting on), but I have been determined that I can get back to my frugal roots, despite my reckless hobby this past nearly 2 yrs.
    9. I will hate having to actually walk the walk about trimming instead of just talking the talk. But, I do love to talk something to death before actually doing a thing.
    10. Do you think anyone notices?

  10. #110
    Expert

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    If you haven't already taken care of it, consider setting your son up with power of attorney, medical POA, etc.

    Hopefully none of it will be needed for decades but it sure is nice to have it if it is needed.

    After seeing how well the appropriate estate planning worked out for my parents, my sister and myself, I took care of it all and have both my daughters legally set up to step in if needed.

    Congrats on retirement. I have no doubts that you will enjoy it.

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