OT: retirement and 2nd "careers"

[NTDawg]

Good on you to have done your research. Good luck!

I have pretty good understanding of my pension benefits what I don’t know is what I want/can do with my time to stay active fulfilled and earn so additional income. Maybe I could get by without additional income but I seen first hand what happens to people that retire and sit around all day.

 

[NTDawg]

Thanks

 

[Baddmann]

If you live around Jackson, there are always state jobs opening in Hinds and Rankin. Pick one of those up and grab 10 or 12 years of state retirement.

^^^
My plan. Get something low stress and work it for minimum (5yrs?)to get state retirement.

 

[Rebeldude]

8 years to be vested in PERS now. FYI

 

[Watchdog999]

If you under 65 what do you do for health insurance..just curious on some options because I am in the same boat..Thanks

 

[Shmuley]

NT, WTF are you going to do for health insurance between 52-65?

 

[thatsbaseball]

I don't know if I could have done what so many of you so admirably did. Having the dedication and focus to work for one employer your whole career and then being able to comfortably retire from your job early is a great life IMO. I had bought or built and sold four different businesses by the time I was 50 then went work in management and help build a couple of more for other people . Never did anything over 10 years and was lucky enough to make every move profitably and on my own terms because I wanted a new challenge/opportunity. I have a great wife who taught school through it all and retired years ago after teaching 30 years. I packed it in last spring when the virus hit but the juices have started flowing again and I've started looking for my next adventure (whatever it is). I wish each of you the best in your endeavors too !

 

[Rebeldude]

If you are in my boat, Tricare. I retired with 26 years from the Army and now do contract work for the military. But in most cases, you are stuck with something that is expensive and sucks, or your spouse works somewhere that provides the insurance.

If you get a state job, they offer Blue Cross/Blue Shield, which is kinda expensive and sucks (from the guys who I know that have it)

 

[NTDawg]

I can continue my insurance with my current plan thru COBRA. The difference is I have pay it instead of my employer.

 

[Russ Wheeler]

Do you have any money? What about real estate?

 

[NTDawg]

I can continue my coverage at around $430 a month until 65

 

[johnson86-1]

To be honest I could make it without any additional income but some income on top of my pension will make it easier and if I’m not working I would be spending more.

If you really don't need money, it opens up a lot more options. Bar tending at the right spot would be a pretty sweet gig to me. A little bit of activity, a little bit of talk, and some untaxed cash in your pocket. But again, that requires the right spot. You don't want (or at least I wouldn't want) to be in a high volume bar. Also don't want to sit in an empty bar. A bar in a resort, a golf course bar, or a high end restaurant bar would be ideal to me. Not slammed busy, but high prices and presumably higher class clientele and a slow and steady stream of orders for the most part. If you were willing to take less busy shifts and be flexible it might not be that hard to get work.

High end restaurants where I live have trouble getting waitstaff that can relate to the clientele. If they had somebody that came from a managerial position, they might be willing to overlook the lack of experience and try to train if they felt like there was a decent chance you'd stick to it for a while. Might be too concerned you'd get bored with it before you got good at it or not be willing to deal with the occasional dickhead customer.

If you'd be interested in working a little more, there is a shortage of good property managers where I live (and I think basically anywhere and always). To make good money, you really have to scale up and it's not a stress free job. But if you just need some money, you can manage fewer doors and not be as stressed. You will still have to take late night calls (or hire somebody to take those calls) and deal with things like evictions, so not right for a lot of personality types. Have to be able to evict somebody and then not have that ruin your day. Biggest problem with this option is if you're good at it, you will quickly have people beating down your door to give you more doors to manage, and if you're not careful, you will have more than a full time job within a few years.

 

[NTDawg]

I hadn't thought about real estate.

 

[johnson86-1]

Good job.

Wasn't up to me. I've tried to find something new but at 59 few give me much more than the obligatory hello - goodbye - thanks!

It's partially my own fault for having many talents but expert of none that are in demand any longer.

I've seen this happen enough that I am really trying to plan to be able to retire at 55, just so I can afford to take a late career setback when it's hard to recover. If I don't have a setback, then I'll have several years to work that will set up some sort of financial legacy for my family and/or allow us a lot of flexibility in retirement. Looking good based on the stock market lately but I really think it's a bubble. Either that, or it's asset inflation driven by printing money and we'll eventually see inflation in goods and services when people start cashing in.

 

[Shmuley]

Can they bump the premiums on you annually?

 

[40 acres and a mule]

If you under 65 what do you do for health insurance..just curious on some options because I am in the same boat..Thanks

I suggest you check out a Golden Rule catastrophic policy. I have had one for my family for 10+ years. Has a $10,000 deductible so it may not be for everyone. The $10,000 decreased to $5000 in 5 years because they didn't pay out anything. Cost about $1800/quarter for a family of 4. Kids are out of the house now, so we a paying about $1500/ quarter. We were blessed with good health so it's all we needed.

 

[horshack.sixpack]

i agree and assuming I do something new I need to figure it out and develop that new skill over next 18 months

When you get far enough along to have a resume, dm me. I work with a lot of different entities around central MS, and elsewhere, and may have some contacts that can help.

 

[horshack.sixpack]

SQ5 is a sweet ride with plenty of power!

 

[horshack.sixpack]

My old boss told me that boats should be one foot long for every year old you are. Knock yourself out!

 

[NTDawg]

Yes but historically they haven't changed a lot

 

[NTDawg]

thanks

 

[Jeffreauxdawg]

Your skill set looks like a good one to manage a small business. Ideally you will have an ownership interest in it so in about 10 years you can "cash out" so to speak. There are a few ways to skin that cat.

A. Start a business of your own from scratch. (Requires capital and a whole lot of effort to bootstrap.)

B. Buy a franchise or an existing business in a space you like. (Requires a little more capital, but a little less effort.)

C. Run a franchised or purchased small business for a passive owner. You can probably negotiate an equity stake in exchange for a lower initial salary. Maybe put in a 10 year candy bar clause that has the owner buy you out and you get a portion of the proceeds if he sells early.


The thing I like about you having an equity stake in your 2nd act is you get to cash out at the end. There are some creative ways to fund businesses with retirement that let you use existing retirement funds to buy stock in the business and if you sell the business in 10 years (after 59.5 I think) the proceeds are not subject to capital gains... They just boost your retirement savings.

 

[IBleedMaroonDawg]

I was sorta in the same boat. I never took the time to get all the certificates to hang on the wall or list on a resume. Technology was passing me by and the cost of my experience was becoming a point of contention. My boss didn’t bat an eye when I gave him six weeks notice. Hired his son for the position, gave my assistant a .50 per hour raise and all the responsibilities.

I was up on the tech but health issues that really sidelined me. I feel like I could do something different but the job market really changed in my area. What's funny is that I was on a project to create a streaming channel, VOD database and move to online content in 2007 just before high speed internet and newer phones made streaming easy. 2008 economy hits and project is dumped. I limp along doing the projects no one wants until they discover they can make the internet their new home since TV is dying. Then I am dumped because these new younger savants know the new business.

 

[fedxdog]

You did not mention the possibility of a penalty for retiring early. With an age 60 retirement age, my company penalizes you 3%\year...retiring at 55 would cost you 15%.

 

[Dawgbite]

Many have asked about health insurance and it is a major concern. Luckily my wife can retire this year with a pension and keep her insurance. We have to pay for it of course but it is at the group rate which is about 1/3 the rates that I have researched on the open market. For those of you younger that would like to explore this I suggest talking to a good financial advisor who can help you make a plan. Live in less house than you can afford, drive an automobile at least ten years, and get out of debt.

 

[dog12]

I hadn't thought about real estate.

My wife and I own 2 rental properties (2 townhouses) in the local area (Northern Virginia).

One is paid off, and the other has a mortgage.

We're currently focusing on getting the mortgage paid off on the second property. Should be done around mid-2025.

Our cash flow for those properties should be really good at that point. (Knock on wood.)

I manage and maintain the properties in my spare time. Not too difficult.

Also, if I ever need a big chunk of cash (or, get tired of with the rental properties), then I can sell one/both properties.

Here are the secrets for success with a rental property: make SURE you find a good/great tenant (e.g., a single person with a stable job and makes a ton of money) . . . and NEVER take a tenant with questionable financial ability.

Currently, I have great tenants and life is easy. (Knock on wood.)

 

[Leeshouldveflanked]

I got a buddy that was in sales for 20 years.... he decided a couple of years ago to get a teaching/coaching/school bus driver job...he said it’s the easiest job he ever had, plus he will get state retirement one day.