@flga-2-2?ÿ
I've been really fortunate to stay out of the emergency department.?ÿ I have the scars to prove it too.
????
I suspect that inflation is going to be a growing part of our financial future.?ÿ ?ÿConsider the recent "economic assistance payments" received, then compare that to the loss of existing savings in buying power, due to inflation since said assistance.
My goal is to have my credit maxed out and all my money spent, by the time my time is up...
If it comes to assisted living, changing my diaper, wiping drool off my chin, and what not; please send in the big Indian with a pillow:
@lukenz & the original poster--
Predicting inflation is a big thing now, since a lot of norms have gone by the wayside. I'm a retired CPA but I do not have a reliable crystal ball.
You might seek out some high level advice from a trusted friend/advisor, like a CPA, financial counselor, a major respected house like T Rowe Price, Vanguard, Templeton are some that come to mind (TRP holds most of what we have, but there are others). ?ÿConsumer Reports, AARP, lots of good less biased advice out there.
Annuities average out the risk, for sure. ?ÿGive up the possibility of doing better in return for certainty. ?ÿSome have humongous fees built in, watch out. ?ÿSometimes non-profits like educational foundations have attractive deals, which might offer tax advantages for someone still working since an element of charitable giving is involved. ?ÿThat's especially true if you are holding some capital gains investments like appreciated stock (very much depends on your specific tax situation.
Overall annuities are a bit analogous to investing in mutual funds vs stock picking. ?ÿHow smart are you vs the safety of someone else taking the risks, etc.
Watch out for the fees on Reverse Mortgages, but do not rule one out if you own a valuable home. ?ÿThe fees are calculated on the full value of your property, not on the cash you actually receive, for example. ?ÿTom Selleck is after all an actor, not a CPA.
Am I saying it's a jungle out there? ?ÿI'd base my trust level on 1- Rep, 2- How well the contact listens and asks good questions.
Watch out for temptations like foreign relocation. ?ÿTalk about risks!! ?ÿAnd cost of living does vary across the USA, surprise.
There are just so many out there fishing for suckers, anxious to take and not give.
Off my soapbox and random thoughts spewing for now for this guy about to turn 71. ?ÿHaving fun continuing to work is a blessing and a big help but don't let it keep you from a good full retirement too long, maybe?
If it comes to assisted living, changing my diaper, wiping drool off my chin, and what not; please send in the big Indian with a pillow:
My MIL thought the same thing but it didn't work out that way.?ÿ
@flga-2-2?ÿ
?ÿ
To bad she didn't live in Oregon
Or maybe that's good...
?ÿ
I quit a county government job at 22 because all they talked about was retirement, ?ÿWasn??t interested in it then and I??m still not. ?ÿWorked ?ÿseasonally for the past 10 years and living my dream. ?ÿI want to be the Dr. Fauci of surveying. ?ÿLOL
Seasonally of course.
4 more years and start my pension. Will have 30 years in, should be pretty good. If they would??ve promoted me from 1st line supervisor to 2nd line supervisor it would??ve been really good but they promoted another person who will be way better at it than me, he??s got decades to go. I expected that result. He passed me up LOL.
Hope to keep working after retirement until the mortgage is paid off. Retired folks can work P/T in the government or F/T in private. Either way I??d prefer part time.
@dougie?ÿ
CHIEF!!!!
Will Sampson was a another brother Okie that wound up hitting it big.?ÿ At 6'7" he didn't really need the pillow.?ÿ
emergency department
Not the ED our friend is referring to. ?ÿI have dealt with mine since I was 37.
The reason I mentioned a funeral expense is that I expect for that to come up about three days after I retire.?ÿ Maybe two days, if the timing is right.
They will find me slumped over a hole in the middle of the road holding a digging bar and a big spoon.
I have no worries. Worked for the state for 31 years plus SS. Tidy sum in savings and IRA accounts. We live pretty simple, but plan to take some very nice family vacations funded by us to make more memories, just like my parents did.
@holy-cow :?ÿ Perfect financial planning is when the check to the undertaker bounces.
A local tire shop, had a cartoon, on the wall, in customer waiting:
Two scruffy looking hobos, under a bridge, one was heating a torn up can of Pork and Beans, with a stick through the lid, in a camp fire.?ÿ And the other had a stick stuck in an old cigar butt, drying it out over the fire. Caption read: "Me? I made mine in the tire business".
I know how to START a camp fire.
🙂
N
This is a question for a Certified Financial Planner, not a bunch of Surveyors (although I did enjoy some of the responses).
@jim-in-az cases like this we are more like family or beer or bowling buddies. ?ÿTotally appropriate to ask (almost?) anything here, in my opinion.
@holy-cow My plan B for when the market crashes and wipes out all of my savings is Cuenca, Ecuador.?ÿ
https://internationalliving.com/countries/ecuador/cuenca/
?ÿ