RV.Net Open Roads Forum: Around the Campfire: Retirement

RV Blog

  |  

RV Sales

  |  

Campgrounds

  |  

RV Parks

  |  

RV Club

  |  

RV Buyers Guide

  |  

Roadside Assistance

  |  

Extended Service Plan

  |  

RV Travel Assistance

  |  

RV Credit Card

  |  

RV Loans

Open Roads Forum Already a member? Login here.   If not, Register Today!  |  Help

Newest  |  Active  |  Popular  |  RVing FAQ Forum Rules  |  Forum Posting Help and Support  |  Contact  

Search:   Advanced Search

Search only in Around the Campfire


Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 6  
Prev  |  Next
Sponsored By:
Gdetrailer

PA

Senior Member

Joined: 01/05/2007

View Profile



Posted: 05/23/21 04:31pm Link  |  Quote  |  Print  |  Notify Moderator

AKsilvereagle wrote:

Unfortunately I have been a working stiff all my life and still am a working stiff....

This is my 43rd year in the workforce - as I am just a blue collar worker and still wished I was a BUSINESSMAN !



Be very glad you are not a "businessman".

I learned early on in my worklife that it takes a special person that doesn't mind working 24/7/365 per yr to own and run a business, especially a small business.

One small shop I worked at for a couple of yrs, the owner told me that if you want to own a business you will have to "marry" it. You don't own it, it owns you. You don't go on "vacation", if you get sick, you don't get sick days, you still have to run it. No one will take care of it as well as you would when absent.

That owner had several Son's and the day I told him I had a job offer he told me to take the job, he was keeping the company open for me. He built the company for his Son's but they never took any interest in the business.. He was thinking of handing his business over to me since I had taken a huge interest in the business. But at that time, consumer electronics had gotten so inexpensive it was difficult to find people that were willing to pay $100 to repair a TV when they could buy a new much larger TV for under $200..

We parted ways, he closed the shop and moved to Florida, he still dabbled in repairing stuff but he never really got to enjoy one day without working before he passed at 68 from Cancer..

The keys to my success was to keep as low of overhead as possible, bought a low cost old fixerupper house, rehabbed it when I had a few extra dollars. Did nearly all of the work myself, avoiding paying contractors as much as possible. Drove a old 70s' car up to 1999, it had 300K miles on it when I parked it. Because of a new job that required a 1hr drive each way I had to start buying new vehicles, had one last 13 yrs and had 240K miles when I sold it..

Anything bought on a loan was also paid off early, typically car loans on 5yr note was paid off in 2 yrs, the money that would have been going towards a loan payment was set back in savings as a down payment for the next vehicle.. The last two vehicles I bought, a 2019 and 2020 both were paid in full with the cash that was saved by not paying on a bank loan for the full 5yr term.. I paid myself the loan interest instead of a banker.

I also took advantage of company 401Ks, maxed out the company match, was lucky with one company that offered the match in company stock and offered additional company stock at a 15% price reduction when bought through the company payroll off the market value..

Any spare money was also invested in other investments outside of 401K..

winnietrey

seattle

Senior Member

Joined: 03/26/2005

View Profile



Posted: 05/23/21 05:52pm Link  |  Quote  |  Print  |  Notify Moderator

At almost 66, I hope to go another 10 years. Don't need the money, I work because I want to. I like/love what I do. But will start SS at FRA, as the earnings test goes away.

Retirement is a very individual thing, But these are my thoughts.

If you hate your job retirement is the best thing you can do. If you love it, it is the worst thing you can do.

Every human needs a purpose and a reason to get up. I have no hobbies, am not very good at anything except what I do. Would much rather work than say do yard work.

Why does one have to wait till they retire to do stuff, like travel? You maybe to old to sick to dead. From personal experience my DW died in 2019, for no good reason. We had traveled for the last almost 20 years both in a RV and overseas. Had we put it off I would regret it for the rest of my life.

GDE is half right, the first 20 years I would agree with him, but if you do things right, on the back end you can work as long and as hard as you like and still make good money. Going on my 42nd year in business.

Key I think is get a skill, something that is in demand, and you can call your own shots to a degree. and travel and experience things, while you are young enough, and healthy enough to enjoy it.

Before a person retires I think they should do some soul searching, do some research, figure out exactly what they want and what makes them happy. Not just assume that because they retire, life will be wonderful. It might, it might not. Very individual thing, not a one size fits all.

In the words of Willie Nelson, when asked when he was going to retire, he replied " retire to what? , I love making music, why would I give that up?)

AKsilvereagle

North Pole, Alaska

Senior Member

Joined: 04/17/2010

View Profile


Offline
Posted: 05/23/21 08:06pm Link  |  Quote  |  Print  |  Notify Moderator

Quote:

Be very glad you are not a "businessman".

I learned early on in my worklife that it takes a special person that doesn't mind working 24/7/365 per yr to own and run a business, especially a small business.

One small shop I worked at for a couple of yrs, the owner told me that if you want to own a business you will have to "marry" it. You don't own it, it owns you. You don't go on "vacation", if you get sick, you don't get sick days, you still have to run it. No one will take care of it as well as you would when absent.


I clearly understand and can relate to all of this....

My boss had his business sold 5 years ago, he is a multi millionaire at now 66 years old and told the buyers to take a hike after the final day of transition as the buyers kept presenting changes to the provisions of my boss' firm agreements, so my boss continues to be married to a phone and tells me - we all won't live forever, however after that turning point, now I can't seem to think about doing anything else.

Another friend that owns a large landscaping and construction business says I am not the owner of the company, the company owns me - and still fully commits to 24 hour situations, works the longest hours over all his crew, and never takes vacations... he tells me and everyone else he knew what he was in for when he committed to take on his business.

My one business dream entrepreneurship was wanting to own my own laundrymat and arcade .... fully coin op with the least overhead and minimum employees to worry about while not fully committing to the 24-7 stress of running or owning a business like many - however I never had the capital to endure into it.

I can work on commercial laundry machines which would save me a great deal of expenses if I had the capital, so of course I stayed a blue collar worker while always making someone else rich...

I knew this dear friend semi truck driver that has the most experience on the North Slope since it's existence, the real ice road trucker that no one got to ever see him on TV because he refused to act or say false narratives that the production staff wanted him scripted - which was a big mistake because this guy just being his true self would have shot the ratings thru the roof ....

I was glad he decided to finally retire at 66 and told me about the house being built along the lakeside in Washington State after working all his life - Went from having his own trucking business and downgraded to working for the company that he sold his business with as he no longer dealt with the business aspect....

Then they asked him to come back to work for the following summer and I was surprised to see him again, as he tells me the company needs more experience on the roads until the replacement young bucks get more acclimated as 5 other people retired, so he came back to work right at turning 67...

His semi was found off the side of the road 30 miles south of Prudhoe Bay as he died of a brain aneurysm - he never got to enjoy his retirement as over 400 semi trucks motorcaded on a 500 mile stretch in his honored memory.

This is one major factor and the math telling me I want to retire as early as I can to reach a steady income.


1975 Ford F250 2WD Ranger XLT (Owned June 2013)
460 V8- C6 Trans- 3.73:1 (176K Total Mi)
2000 Fleetwood Angler 8ft Cabover
Air Lift 1000 (Front)
Hellwig 3500 lb Helper Springs (rear)
Hellwig Front and Rear Sway Bars
Goodyear G971 LT Series (siped)


pitch

NY

Senior Member

Joined: 06/08/2005

View Profile



Good Sam RV Club Member

Offline
Posted: 05/24/21 06:07am Link  |  Quote  |  Print  |  Notify Moderator

4x4ord wrote:

I didn’t retire at 52.... no regrets. Now 58 and still not retired .... still no regrets. I’m waiting for a worthwhile reason to retire.


Some work to live, some live to work. Thank the Lord I am the former!

Gdetrailer

PA

Senior Member

Joined: 01/05/2007

View Profile



Posted: 05/24/21 07:54am Link  |  Quote  |  Print  |  Notify Moderator

winnietrey wrote:


#1 If you hate your job retirement is the best thing you can do. If you love it, it is the worst thing you can do.

#2 Every human needs a purpose and a reason to get up. I have no hobbies, am not very good at anything except what I do. Would much rather work than say do yard work.

#3 Why does one have to wait till they retire to do stuff, like travel? You maybe to old to sick to dead. From personal experience my DW died in 2019, for no good reason. We had traveled for the last almost 20 years both in a RV and overseas. Had we put it off I would regret it for the rest of my life.

#4 GDE is half right, the first 20 years I would agree with him, but if you do things right, on the back end you can work as long and as hard as you like and still make good money. Going on my 42nd year in business.



#1 I loved what I did in my job, however hated the new management and new owner of the last business I was working at. Glad I quit, the remaining folks are now mopping and scrubbing the floor of the company with zero products to build since the new company owners bought us to get rid of their competition.. I was planning to retire in another 3 yrs anyways.

#2 Yes, everyone needs a reason to get out of bed, retirement doesn't mean you quit doing that. Just means now instead of punching a time clock for a business you now are punching your own time clock for yourself and your family. In otherwords you now are the boss of your own personal company, you now have the time to try new things outside your comfortable box.

Hobbies are easy to get, and sometimes difficult to master. I have a friend who once told me that his hobby was getting hobbies..

Everyone has a dream about something they would love to do if they were not spending all that time making money for someone else..

I tell my DW, I now have many "hats" to wear, I am "building maintenance", "Mechanic", "Electrician", "Grounds Maintenance", "Mail Room", "Grocery Guy", "IT guy", "Plumber", "painter", "Carpenter" and so on.. Lots of new jobs and counting..

#3 we have been "traveling" via camping since around 2000, but typically due to DW and my old work schedules we were limited to about 2 weeks per yr to go camping. DW is still working but now with me no longer working we can now do more things besides camping together.. I have an antique auto and enjoy going to car cruises but was not able to go to cruises during the work weeks. Now we can consider car cruises during the work week..

#4 Starting and owning your own company can be very rewarding and profitable or it can be a dismal failure jeopardizing your health, finances, marriage, friends and mental health.

Very fine line between success and failure and you as the owner make or break it by adapting to market change or not responding to market change. Selecting the proper thing to be in business with at the right time and finding good trustworthy key employees is critical to eventually being able to step back and hand the reins over to others. Often that transition never happens because you couldn't find good employees or a sudden change in the market makes your business no longer viable.

Some folks can pivot quickly and some don't.

I am thankful that I worked in a few small shops, learned a lot about small business and realized that for myself it wasn't for me.

I know a few very successful one owner businesses that have managed to earn enough to retire but I also know of a lot more that may never retire since they put their house on the line, filled credit cards to the max and the best they can hope for is losing it all and taking the small amount of SS they are entitled to..

Alex and Tee

Jacksonville , FL

Full Member

Joined: 05/19/2021

View Profile



Good Sam RV Club Member

Offline
Posted: 05/24/21 05:01pm Link  |  Quote  |  Print  |  Notify Moderator

I will be 62 in September and am pulling the plug on my career. I am selling my two houses and cashing in the 401K. With that and $2K a month in SS I can make do. None of us are guaranteed tomorrow so live for today.


Alex & Teresa

2022 Allegro Open Road
2021 Colorado 4x4

steveh27

Grosse Pointe Woods, MI

Senior Member

Joined: 08/21/2004

View Profile



Good Sam RV Club Member


Posted: 05/25/21 05:07am Link  |  Quote  |  Print  |  Notify Moderator

Sold out of my business at 49 and 'retired'. Still have my previous residence I rent out so there may be some work there, but not much. Started SS at 62. I ran the numbers in my situation and found that 85 was the breakeven point of taking it early or not. While I hoped to live to 87 I have since gotten a blood cancer, multiple myeloma, had months of chemo, needed a partial hip transplant and then a stem cell transplant. In remission now but it will come back. I am glad I retired at 49, bought a Class B, Xplorer 230XL, traveled a lot, and started SS at 62.

dave54

Northeast CA.

Senior Member

Joined: 02/12/2004

View Profile



Posted: 05/26/21 10:28pm Link  |  Quote  |  Print  |  Notify Moderator

Retired the first time at age 50. After 6 months DW told me to go back to work. She was still working and thought it was not fair. So I was outvoted 1 to 1.
Went to work for local county government and put in ten years. Qualified for a second pension. DW was ready to retire too, by then. Both retired on the same day.
Maxed the county 457 plan while working. So I retired at the same take home pay as working.
Took SS at age 62. Ran the numbers and it was to my benefit.
Never regretted it.


=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=
So many campsites, so little time...
~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~

wing_zealot

East of the Mississippi

Senior Member

Joined: 12/31/2007

View Profile


Offline
Posted: 05/27/21 10:44am Link  |  Quote  |  Print  |  Notify Moderator

dave54 wrote:

...Took SS at age 62. Ran the numbers and it was to my benefit.
Never regretted it.
The only way it could be to your benefit is if you don't plan on living much past 80.

colliehauler

Mc Pherson KS USA

Senior Member

Joined: 01/27/2004

View Profile






Posted: 05/27/21 12:36pm Link  |  Quote  |  Print  |  Notify Moderator

wing_zealot wrote:

dave54 wrote:

...Took SS at age 62. Ran the numbers and it was to my benefit.
Never regretted it.
The only way it could be to your benefit is if you don't plan on living much past 80.
I beleive the current life expectancy of a US male is 78.54 years.

To borrow a line from Clint Eastwood (do you feel lucky)

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 6  
Prev  |  Next

Search:   Advanced Search

Search only in Around the Campfire


New posts No new posts
Closed, new posts Closed, no new posts
Moved, new posts Moved, no new posts

Adjust text size:




© 2021 CWI, Inc. © 2021 Good Sam Enterprises, LLC. All Rights Reserved.