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Topic: Retirement / What am I working for?

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847badgerfan

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Re: Retirement / What am I working for?
« Reply #98 on: March 26, 2024, 02:55:20 PM »
Current, really.

Did you have a rough exit from your old employer? I've had one and it was not fun.
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iahawk15

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Re: Retirement / What am I working for?
« Reply #99 on: March 26, 2024, 03:21:36 PM »
Quote from: 847badgerfan on March 26, 2024, 02:55:20 PM
Current, really.

Did you have a rough exit from your old employer? I've had one and it was not fun.
Our current exit plan is non-existent. Two person company, no SOP's or process documentation. I can't hold our licenses without her qualifications, she can't run the company without my technical knowledge.

I lost a good friend to a work accident last month and it set off some alarm bells for getting our shit together.

We have a portfolio of five websites that could be sold off for roughly 1.5 million, but the company as a whole would not currently be an attractive acquisition target.

Work exit was rough, but not personal. PepsiCo bought our corporate distributorship then gutted pay and benefits over a period of 18 months. I made it less than a year after that.
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Gigem

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Re: Retirement / What am I working for?
« Reply #100 on: March 26, 2024, 09:46:43 PM »
Really great contribution to the thread iahawk.  

The hard part for me is I’m ok with my job. And I’m in the home stretch with regards to whatever benefits there are available to me, plus a great 401k match, and decent cheap medical insurance. I think the whole family is covered for about $500-600 per month. Low deductible. Of course I’ve hardly ever needed much insurance, but the possibility is always there. 
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #101 on: March 27, 2024, 07:24:38 AM »
Quote from: iahawk15 on March 26, 2024, 03:21:36 PM
Our current exit plan is non-existent. Two person company, no SOP's or process documentation. I can't hold our licenses without her qualifications, she can't run the company without my technical knowledge.

I lost a good friend to a work accident last month and it set off some alarm bells for getting our shit together.

We have a portfolio of five websites that could be sold off for roughly 1.5 million, but the company as a whole would not currently be an attractive acquisition target.

Work exit was rough, but not personal. PepsiCo bought our corporate distributorship then gutted pay and benefits over a period of 18 months. I made it less than a year after that.
Do you have an operating agreement and shareholder agreement?
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #102 on: March 27, 2024, 07:33:49 AM »
I started work with noble intentions, I suppose, and enthusiasm and drive and whatever else, and ended the last decade or so "Get me through this so I can retire."  I viewed work solely as a means to an end, comfortable retirement.

I admire you folks who can go out on your own taking risks and hopefully doing well with what you want to do.
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Riffraft

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Re: Retirement / What am I working for?
« Reply #103 on: March 27, 2024, 05:53:09 PM »
Quote from: Cincydawg on March 27, 2024, 07:33:49 AM
I started work with noble intentions, I suppose, and enthusiasm and drive and whatever else, and ended the last decade or so "Get me through this so I can retire."  I viewed work solely as a means to an end, comfortable retirement.

I admire you folks who can go out on your own taking risks and hopefully doing well with what you want to do.
I agree with both of your sentiments 
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Gigem

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Re: Retirement / What am I working for?
« Reply #104 on: Today at 09:20:28 AM »
So a funny thing happened from the time I started this thread and now.  When I started this thread, I was 47 and at least 2-3 calendar years away from retirement.  Nothing has changed for me, except now I'm 48 and basically 1.5 years away from being able to say I'm retired.  I'll leave stuff on the table, but 2025 is not that far away.  I'll have to wait until the end of the year (2025) to make the finish line, but it seems really close.  I made a remark to a co-worker in the know that I don't know how much longer I can keep this up, and he said sure you can.  So I guess unless something unexpected happens between now and Dec 2025 I'm going to finish out my term.  

So in about 576 days I will turn 50 and have 22 years of service and officially eligible to retire with "full" benefits.  Full is in quotes because I won't get as much as I could if I stayed another 10 years.  I'll probably not actually pull the trigger until 2026, as my vacation and stuff will re-set so I'll probably wait until the first quarter to put in my paperwork.  
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #105 on: Today at 09:27:27 AM »
A good friend of mine in Cincy just announced his retirement after 37 years working in the power industry.  Another couple was just visiting and the husband is looking at it next year.  They both had "discussions" with me, I can't of course provide any hard advice, just some thoughts.  It's often a complex transition in many ways.  I suggest getting real tax advice in most cases.  And sign up for Medicare when you hit 65, don't miss that window.  When to take SS depends on other stuff.

I'm delighted to be retired, I mostly do what I want every day.  
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #106 on: Today at 09:27:39 AM »
How is the new endeavor coming along?
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #107 on: Today at 09:31:36 AM »
My last day of work will be January 2, 2029. I'll be 62 on January 3.

I will take SS immediately, as I don't trust how long the program will continue. Plus, I'd have to hit about 80 to realize the difference if I were to wait until 67. Not happening.

My wife is taking it already. She's 62. We pretend it doesn't exist and just put it away, maxing out our Roth contributions first, and then just savings.
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Gigem

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Re: Retirement / What am I working for?
« Reply #108 on: Today at 09:33:24 AM »
Quote from: 847badgerfan on Today at 09:27:39 AM
How is the new endeavor coming along?
Early part of this year almost killed us, I had to put several tens of thousands into the business just to pay bills.  March was good, April was OK, and we're getting better all the time.  My son will be home from college this week and will take a good amount of the load off me, and my other son will be out for the summer to help as well.  We need to get more efficient at what we do, and we need to get prices up ASAP.  I have some employees that are getting more experience all the time and getting more efficient.  So it's up and down overall, but trending up.  
Building seems to be strong here, we've put in at least 3-4 systems for new homes this year with several on the books.  
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #109 on: Today at 09:33:53 AM »
The SSTF now is projected to run dry in 2035.   IF nothing is done, it would cut payments by about 25%, folks would still get a check.

I EXPECT a series of bandaids from Congress.  They show no inclination NOW to do anything in any bipartisan manner.  Any suggestion of any charge is the third rail thing.
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Gigem

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Re: Retirement / What am I working for?
« Reply #110 on: Today at 09:44:24 AM »
As I've often stated, I just wish the politicians would do something, instead of kicking the can down the road.  Cut spending, raise taxes, shrink the gov't, whatever it takes.  I personally think some measure of all three could be combined, especially shrinking the gov't and cutting spending.  I think we could cut so much wasteful spending (Ukraine $$$ and other bullshit) it would go a long way, and be smart about what taxes to raise and when.  
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #111 on: Today at 09:47:16 AM »
I wish a lot of things, but they tend not to happen for various reasons.  So, I no longer expect much of anything good coming from Congress.

Fixing SS should be fairly easy, but isn't.  It would require serious compromise that would "PO both sides".  Politicians don't want it, so it doesn't happen.

As for spending and the deficit, it's not going to get fixed, ever.
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