True Retirement

JWFilips

JWFilips

Well-Known Member
Well, Got the word from my boss: As of July 31st 2022, I will be fully retired and our company will be dissolved!
That is 17 days before I start my 50 th year of photography & for the same employer! That sucks!
Started sending out e-mails to my clients: Most are being answered and bringing tears to my eyes!
I'm trying to move my loyal clients to my associate of 40 years who has a photography business based out of our facility!
He is more of a people photographer however he expressed an interest in my Commercial clients! I told him if he puts me on as an employee I will come in to do the commercial jobs with him to show him the ropes ......taking me in to my 50th year of photography!
Hope it works out!
 
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richhodg66

Well-Known Member
Congratulations. In about four years, I should have enough built up in the state retirement to where between that and my army pension, I should be able to retire completely. I don't dislike my job, but I have to admit I am looking more and more forward to it all the time.
 
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Jeff H

NW Ohio
I hope it works out too. You are holding some valuable cards there, which should easily get you to 50. Would be a heck of deal for your associate as well.
 
Winelover

Winelover

North Central Arkansas
No such thing as True Retirement. You will always find work to do, might not get compensated for it..............occasionally it might be something you enjoy doing. If I'm not doing something, I'm bored. Been retired since July of 2008...............getting my money's worth from SS and pension.
 
Brad

Brad

Benevolent Overlord and site owner
Staff member
Color me jealous!

I have 4-6 years left, if the market turns around. OK, maybe more like 10.
 
Winelover

Winelover

North Central Arkansas
Piece of advice, stay out of the market...........if you have hopes of retiring early. Only the big boys can win at that. I know many people that thought that was a no brainer. Yeah, until the bottom fell out in the late 2000's. They lost half of their nest egg in the three figures :oops: .............make that six figures. The only monies, I ever lost was in the market, testing the waters. I did just fine, sticking to that policy and strictly FDIC insured investments.
 
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Brad

Brad

Benevolent Overlord and site owner
Staff member
Winelover said:
Piece of advice, stay out of the market...........if you have hopes of retiring early. Only the big boys can win at that. I know many people that thought that was a no brainer. Yeah, until the bottom fell out in the late 2000's. They lost half of their nest egg in the three figures. The only monies, I ever lost was in the market, testing the waters. I did just fine, sticking to that policy and strictly FDIC insured investments.
Click to expand...
401K is invested there.

No pension for me, all dependent on the market.

I will be fine, it may just mean I work and extra year or three.
 
Rick

Rick

Moderator
Staff member
The market is a dangerous place to have your entire future banked on. My pension plan has an IAP (Individual Account Plan) as part of the pension. The pension plan was heavily invested in the market when the bubble popped in the 90's and I lost over 50% of my IAP and it took me the rest of my working years to get back to where I was. Lucky for me the plan was also heavily invested in real estate, mostly commercial real estate or again in about 08 when the housing market crashed, I would have lost the rest of it.

Our IAP is fully employer funded, I didn't have a dime of my own money in it but it is still a critical part of the retirement package. In addition to the monthly pension checks when you retire you get the IAP in a lump sum check. That check is what bought this house, had I not lost half of it I would currently have a lot more house/land.

The only money that should ever be put in the market is money you can afford to lose. It's like making a bet in Las Vegas, only bet what you can afford to lose and when you do lose just walk away the poorer without your retirement being sacrificed.
 
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blackthorn

Active Member
"Our IAP is fully employer funded, I didn't have a dime of my own money in it but it is still a critical part of the retirement package."

Fully employer funded pension plans are (to me) simply deferred wages. Also you had better hope the employer does not go broke or likely there goes your pension! I retired (first time) in 2004. Four months later went back to work (same employer) on contract for two years and retired (second time). Then I was offered two short term contracts at a related job which lasted until the boss told me I needed to buy a Blackberry so she could get in touch with me on weekends. I told her "i don't work weekends" and I was not offered any further contracts.

Jim; best of luck with your retirement. May you have many, many years of fun.
 
Rick

Rick

Moderator
Staff member
Not too worried about the motion picture industry going broke, one of the best funded in the country.
 
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popper

Well-Known Member
Got retired years ago, now work for a different 'boss'. Once in a while I get to make a comment. SS and a couple small pensions that are 90% funded - so far. Taxes eat about 1/3. Told her she needs to begin thinking about when the 'tide' turns. Hoping for another 5 yrs of mobility.
 
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smokeywolf

smokeywolf

Well-Known Member
I got to test retirement about 5 years before I wanted to. Forced out early by NAFTA and technology that I helped advance. That was the transition from film to digital capture, storage, transmission and display. From 2010 to 2017 I got called back I think, 4 times, to consult and machine critical parts.
Finally fully retired and moved my IAP into an annuity to defer the 40% tax the feds wanted.

Blackthorn is correct; "Fully employer funded pension plans are simply deferred wages"; you earned it. Same goes for Rick's and my fully funded, 0 premium (until at 65 they force you to buy into Medicare) medical coverage.
 
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