Retirement??

[MasterKwan]

Unless the idea of retiring depresses you, I'm not sure why people would suggest therapy. I do these thought experiments. I try to figure out how little I can live on, then I plan for that. Ideally things work out better than that but having some idea how bad it can be is where I start. Then anything that happens that's better than that is just gravy.

For example, wife is retired and gets her government check. If I decide to retire in 5 years, I can start getting mine. I've paid into the system my whole life so, I have no problem getting my money back out. I figure with the two checks, we can live just fine without much reduction in life style. It won't be great but it's doable. That's worst case for me because like you I have my 401K so, on top of my social security, I'll have my stock market gains. Even if the market ****s the bed, we can still eat and keep a roof over our head.

Once that pressure is off. Everything else I do, whether I keep working or not and how hard, is always backstopped. I don't have to worry about being homeless. As long as I have a roof over my head and can eat (and have internet access) everything else turns into a hobby.

[tarry99]

As I mentioned above..............."Retirement is a state of mind............everyone needs something to do."

If you already enjoy what you do and are not pushed into any schedule to complete things on a forced time limit.........your closer to already being retired and don't realize it...........and don't think you need to continue to set the world on fire every day..........you need to get into the mentality that it is OK to say No...........or perhaps you can find a person that has skills and wants some part time work which allows you to do what you want and give him the balance of the work........Lots of options.

[old jupiter]

[QUOTE=MMW;n591799]From old jupiter "Come back, MMW, tell us more."

What more do you want to know? Should I lay on the couch to have my mind dissected? .[/Q

Whoa, YOU were the one who started this, the one for whom a bunch of people took some of their time to think about it and bounce ideas off you and each other. If you're done, fine, we all have other things to do.

[MMW]

[QUOTE=old jupiter;n591846]

From old jupiter "Come back, MMW, tell us more."

What more do you want to know? Should I lay on the couch to have my mind dissected? .[/Q

Whoa, YOU were the one who started this, the one for whom a bunch of people took some of their time to think about it and bounce ideas off you and each other. If you're done, fine, we all have other things to do.

To "Old Jupiter" -- Didn't mean to offend you if I did. I meant "should I go to a shrink and have a serious discussion?" My first question was sincere in meaning "what else do you want to know about me?"

I'm still working since I have a few years to go but I am going to try to not take on new customers as the old ones drop off. Not saying I won't do the occasional one time job for people but try not to take on steady customers. Maybe at some point I will run into a younger guy starting out that I can work with and let him take over some of the stuff as I get closer? Maybe someone in the same boat as me and we can split up the workload? Who knows but I'll keep thinking about it and keep working for now. I definitely don't want to sell out and get rid of my equipment because I will always like to tinker with stuff and want the option to work if I wish.

[MMW]

As I mentioned above..............."Retirement is a state of mind............everyone needs something to do."

If you already enjoy what you do and are not pushed into any schedule to complete things on a forced time limit.........your closer to already being retired and don't realize it...........and don't think you need to continue to set the world on fire every day..........you need to get into the mentality that it is OK to say No...........or perhaps you can find a person that has skills and wants some part time work which allows you to do what you want and give him the balance of the work........Lots of options.

I like this one but I have trouble saying no. Whether it is one of my long time customers in a jam or just a referral that needs something asap. I know that feeling when things happen at the worst time, you need help now and don't know where to turn. That's where I always say yes and try to squeeze it in. Maybe I can find someone that I can call and pass stuff like that along instead of squeezing it in? I do know of other welders in the area but really don't know how good they actually are and what there skill set is. Maybe I'll start observing more.

[Noel]

https://www.youtube.com/watch?v=aZ6OSf1jKiI

[MMW]

Noel, Good video, now I just need to convince my wife and myself to live like this.

Moving along I just wrote last night about not taking on new customers. Phone rings 10 minutes ago while I am figuring a quote and my steel supplier has a guy there needing a set of stairs built. Sounded pretty basic and all designed with drawings. Before I could stop myself I told him sure I can do it. Old habits die hard. Going to meet up with him in the next week. At least I told him that I don't want to get involved in the install and he said ok. Guy wasn't in a jam but I don't have much work at the moment so I figured why not? Now that I agreed to do it is when my regular clients hit me with lots of work. This is going to take discipline.

[lars66]

Noel, Good video, now I just need to convince my wife and myself to live like this.

Moving along I just wrote last night about not taking on new customers. Phone rings 10 minutes ago while I am figuring a quote and my steel supplier has a guy there needing a set of stairs built. Sounded pretty basic and all designed with drawings. Before I could stop myself I told him sure I can do it. Old habits die hard. Going to meet up with him in the next week. At least I told him that I don't want to get involved in the install and he said ok. Guy wasn't in a jam but I don't have much work at the moment so I figured why not? Now that I agreed to do it is when my regular clients hit me with lots of work. This is going to take discipline.

you have the same issue as me about saying no, be 80 next birthday and just lately started learning how to say no.

[Ltbadd]

MMW
Have you ever thought about selling the business? The assets and customers? You could have in the contract to work with the the new buyer for awhile, introduce him/her to your customers and provide a smooth transition...

Then use some of the $$ to buy whatever equipment you'd want for personal jobs/projects

[Noel]

Three stages of life. The beginning, the middle and the end.

If you're working towards a bigger plan, fantastic. But if you ever ask yourself how come you have no time left to do the things you'd rather be doing, things of interest you wish to pursue, you never had the time for...it's your time and you have to choose how to spend it. Working and making money is one way to pass that time. It's what we were programed to do.
Money allows you to spend more freely on things that aren't the necessities of life. Tough choice?

Just remember the show is going to end eventually.
It could be dependent on where you sit in the theater as the curtain falls whether you decide to leave for home or sit longer and watch the credits roll for a bit?

The work it seems will always be there. It hasn't gone away since I was born? Quit the scene? Seemingly there to pursue if one chooses, it comes down to risk and reward. Maybe take less risk and smaller reward?

I did a life insurance calculator that said my life expectancy is 72. I did that at 54, pulling the pin at 55, x dollars for x years.
I'm now 62. Slowly going broke, I'm starting the down sizing process. Free up some cash, clean up some of life's mess in the process.

While a lot can happen in 10 years...I choose poor and happy over dead with money in the bank as a choice.
The trick was to first slow down the spending followed by a stop to the spending on crap I didn't need. Cable TV was the first to go. I kept the internet so I'm not completely out of touch with the worlds troubles?

Truth be told, I followed the obits in the local paper and averaged the age men were dropping. Do that for a month or three, by most accounts, 72 is a good number to reach.

In passing and with mention, I have a LIRA that's government legislated, suggesting I'll live to be 90. How'd they come up with that lucky number?

The result however is a lessor slow dribble back of my money when I'm not yet drooling out the side of my mouth, crapping my pants, or forgetting all that I knew.

I'm looking forward to my yearly pay day in January. My estate will see a little of the left overs because 90 is pretty unobtainable for most walking the planet.

On the far chance I do live to be 90, I'll be the first to say, oops, I was wrong. I've always been open that math wasn't my strength.
But I'm not holding out hope "they" are more right then what nature and time has revealed to be for truth.

As Spock said to Jim, "live long and prosper". Living long we equate to years, what's prosper? If it's work ,then I've got it all wrong?

[sledsports]

I just want to weld aluminum wheels and fix sewing machines. I will be happy...Bob

Ok now for my input on retirement that may not mean much to you fellas as I just turned 42 but I'm gonna tell it anyways. I started public work in a small machine shop at 17 years old, 3 years of vocational in welding... every "state" certification they offered (all are dead and expired long ago) but I always enjoyed fabrication work. Left the small machine shop (sweat shop) at 18 and got into a small structural plant which actually did some remarkable things in it's time. Known well for fabricating the steel in the new river gorge bridge (held world record for worlds longest single span arch bridge for some time) and they did other things of larger proportions such as structural towers in suspension bridges. Learned alot there. Learned how to wield a hand torch like no ones business. Anyways moving forward layed off, called back, layed off, called back... fast forward to 20 years old I landed myself in a local trucking mechanic shop. Now I had played with farm tractors and equipment since I was a kid so road tractors and trailers kinda fell into the diesel thing. I learned a kenworth K100, T800, W900s and removable gooseneck heavy haul trailers fairly quickly and enjoyed it for the most part. It got absorbed by Best Cartage outta NC and H and W trucking was no more. I was fortunate to of obtain my CDL license while I was there. All along my father is worrying and talking to me about "landing a good paying job son. You shoulda went to college. Your gonna wanna retire someday... you have a nice broad skillset but doing what you want isn't gonna get what you need when you turn 62 or 65. Better get on a good place with a 401k and save your money... save you money... save your money" so I landed a nice paying job cleaning up train derailments. Again something I loved and loved to hate. Traveled the entire lower 48, 3 providence of Canada and Mexico several times planted on a 572 or a ol 583 sideboom. I did alotta wrecking, and did alotta the modifications to the Pipelayers to make the train capacity capable. When I want fixing them I was operating one. Loved the old booms... hated the Beeper and pagers that went with it so I quit when I got a job offer from the local Cummins Distributor. My old boss from H&W called me up and they wanted me too. So learned about coal mining equipment and big toys. Made the little ol D8s and 9s look like toys. Dad still screaming "save you money son, quit squandering it away on pulling tractors and tools" 3 years a Cummins marine dealer "stole" me because I had QMT 1 and 2 training. Knew K series industrial engines and by that time had quite a bit of diesel experience on just about everything. Dad still screaming "save your money son. Your gonna need it"... all the time in the back of my mind I'm dreaming about Yanking the clutch back and turning the brake loose on a 583 picking up a locomotive . I missed the men... the machines... didnt miss the 24/7/365 lifestyle... you thought I was gonna go back wrecking didnt you? Lol nope. Another local Towboating out fit stole me wit more money and better benefits. 7 years of more tow boats, diesels and more diesels. Became assistant port engineer 4 years into it. Then a special circumstance came up with a 4600 manitowoc crawler crane. This happened on March 15th 2018. Car body busted and was weighed out by myself, special projects manager and marine construction to dismantle and scrap and replace due to age, parts availability and expense of repair time and costs. So the construction guys rounded up the men and prepared this dinosaur to walk it off the barge. Keep in mind this thing hasn't moved under it's own tracks in 20 plus years. It hadn't seen land in 20 plus years. Tracks engaged and she crawled about 40 feet. When it hit dirt the left track drive pinion busted and there she sat. In the way of everything. With all eyes on me I say " we have 2 options fix it to make it move or tow it. I suggest tow it" they all laughed and said get it towed and we'll figure out how to tow it when you finished playing" you guessed it. I called my old wrecking buddies. "Bring me 2 booms and a bucket. Make it 3 booms for good measures". Ok. Be there 8 am in the morning. Went back to the construction superintendent said I'll have it moved tomorrow morning March 17th to its final resting place . He laughed and said "dont worry about it. I'm getting it moved . Be end of next week. They gotta build a towing yoke and bring 3 of their big dozers in and try You cant get that moved that fast. Your an idiot if you think you can. I laid 200 on the dash of my pickup and said it's yours if I fail. If I succeed you owe me 500. He said your on. He laughed said might as well pay me because you dont know nothing about moving anything heavy like that. 11:50 am march 17 2018 I recieved 500 dollars and proceeded ask if want the thing tore to little itty bitty pieces or just a show to watch these 3 sidebooms tear it in half brutally and forcefully before they load up? I got no comment other than "we owe those other guys money I had lined up" as he kicked the dirt and walked away. That brings us to March 19 2018 and my forced retirement .I was diagnosed with cancer in my Left kidney, T2 inside my spine, and my pelvis. No return to work, to pass go and no collect 200 dollars. All those years Dad had preached and basically "B-itched" about saving money and starting a 401k and stop squandering your money away did help somewhat. You know what? I was actually better prepared than I thought. I had invested in my 401k and taken a disability insurance program out when became vested in the company... the whole trainwrecking experience had left me with some funds I didnt realize I had forgotten about. Now retirement has came at a unexpected time I just cruise through it. I do what I feel like. I do a little bit of wrecking when feel good. I go to my Towboating outfit which has been extremely good to me. When feel good I have my finances secured. Lined out but most of all I get to spend quality time with the only 2 people that was there for me. Fixing Mommys sewing machines and welding up doodads with my retired dad. Dont sweat it brother. The grimmest darkest days may end up being your best. Tell your loved ones you love them often and mean it. Your worried about something that isn't promised.