Retirement Investing: Reach for Income or Play It Safe? [View article]
Donn - - -
My advice is based on experience. I am 74 years old, retired from the corporate world at 56. The early retirement was prompted by major distress in the corp. I started a second career in financial services, but gave up the insurance and securities business after a few years to do fee only financial planning and investment advising.
My advice to "get a part-time job" is not "bullshit" (Old Houseboater). It is based on my personal experience and that of some of my clients. One client is past 80 and still consulting part-time (and loving it, by the way). I expect to work past 80 and hope it can be past 90. My own father worked through much of his 80s, writing a couple of books. This can be a very fulfilling life style, as well as providing economic benefits.
My clients past 80 are mostly concerned with return of capital more than return on capital. My clients under 70 have much more concern on returns on capital and growth of same. Comments in this stream, which seem to be in conflict with each other, almost certainly reflect each individual's interests and concerns correctly.
Financial planning and investment advice is at all times individual. One size never fits all.
Donn, you are correct about the need for secondary coverage needed with Medicare. My wife and I have $2,300 a year in supplemental premiums, part of which is group coverage obtained through my previous corporate employer. Prescription coverage has significant co-pay, but prescriptions are filled at a steep discount through Medco. My retired clients have (most of them) similar arrangements. One client was a small businessman and that couple has much more supplemental coverage premium expense (a little more than the $4,000 a year you report, Donn).
Better availability of group coverage for Medicare supplements would be a good thing.
Finally, I am not taking any new clients unless they are family members of existing clients. What I share on this site (and elsewhere) is a pro bono effort and not an attempt to attract new business.
PS: I actually found this comment stream to be very good. My comments should not be taken as disparaging what people had to say. I wanted to make my personal situation clear, if anyone had questions of my motives and perspective.
Retirement Investing: Reach for Income or Play It Safe? [View article]
saww - - -
As I mentioned in the discussion, financial planning has become substantially life planning. Many people do not analyze what they do in lifestyle that can dramatically affect their financial lives in the long term.
Retirement Investing: Reach for Income or Play It Safe? [View article]
My advice is based on experience. I am 74 years old, retired from the corporate world at 56. The early retirement was prompted by major distress in the corp. I started a second career in financial services, but gave up the insurance and securities business after a few years to do fee only financial planning and investment advising.
My advice to "get a part-time job" is not "bullshit" (Old Houseboater). It is based on my personal experience and that of some of my clients. One client is past 80 and still consulting part-time (and loving it, by the way). I expect to work past 80 and hope it can be past 90. My own father worked through much of his 80s, writing a couple of books. This can be a very fulfilling life style, as well as providing economic benefits.
My clients past 80 are mostly concerned with return of capital more than return on capital. My clients under 70 have much more concern on returns on capital and growth of same. Comments in this stream, which seem to be in conflict with each other, almost certainly reflect each individual's interests and concerns correctly.
Financial planning and investment advice is at all times individual. One size never fits all.
Donn, you are correct about the need for secondary coverage needed with Medicare. My wife and I have $2,300 a year in supplemental premiums, part of which is group coverage obtained through my previous corporate employer. Prescription coverage has significant co-pay, but prescriptions are filled at a steep discount through Medco. My retired clients have (most of them) similar arrangements. One client was a small businessman and that couple has much more supplemental coverage premium expense (a little more than the $4,000 a year you report, Donn).
Better availability of group coverage for Medicare supplements would be a good thing.
Finally, I am not taking any new clients unless they are family members of existing clients. What I share on this site (and elsewhere) is a pro bono effort and not an attempt to attract new business.
PS: I actually found this comment stream to be very good. My comments should not be taken as disparaging what people had to say. I wanted to make my personal situation clear, if anyone had questions of my motives and perspective.
Retirement Investing: Reach for Income or Play It Safe? [View article]
As I mentioned in the discussion, financial planning has become substantially life planning. Many people do not analyze what they do in lifestyle that can dramatically affect their financial lives in the long term.
Good comment.