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It's Official: I'm Retiring!

MULTIZ321

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Maryanne, I followed your story very closely because prior to the company I am at now, my company was just as yours was and I knew I had to find a new job or they would force me and everyone else that was over 50 out the door. Thankfully I found an opportunity at a Japanese Company, which is known for hiring and retaining the mature worker. I plan to stay hopefully at this company till 65.

I'm looking for a FA fee only this year, because ever thou I'm in Finance I want someone for verify our stats and spreadsheets to ensure we can retire. The company I worked at for the bulk of my career had a pension but did not offer a 401K, when the company went bankrupt in 2009 (along with all of the other auto companies in Detroit during the great recession) In 2011 when the company finally got through the bankruptcy process their pension plan was so underfunded that I will only get a sliver of what I was to receive...so knowing that now I will only receive a $110 a month pension ( I've been told that the number could even be less by the time I qualify at age 65) I knew that I had to readjust my retirement planning.

I'm saving like crazy and being Uber frugal.

Can I ask how you found a fee only FA?
Hi Sugarcubesea,

Here is Barron's list of top financial adviors by state : https://www.barrons.com/report/top-financial-advisors/1000/2019.


Richard
 
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geekette

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Congratulations!

You can set any routine you want from Day 1. Or no routine, just goals. Or no goals beyond R&R. Fill your life with what you need, and a healthy dose of what you want, cut out what you don't need. I find that limiting computer time is a big deal for me, easy to get sucked in. I enjoy when I can noodle out some new whack storage solution and not have to be finished and all cleaned up by Sunday night. Flexible deadlines help me accomplish the larger things easier, so I can do it right vs do it quick and clean.
 

Rolltydr

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Congratulations!

You can set any routine you want from Day 1. Or no routine, just goals. Or no goals beyond R&R. Fill your life with what you need, and a healthy dose of what you want, cut out what you don't need. I find that limiting computer time is a big deal for me, easy to get sucked in. I enjoy when I can noodle out some new whack storage solution and not have to be finished and all cleaned up by Sunday night. Flexible deadlines help me accomplish the larger things easier, so I can do it right vs do it quick and clean.
You meant limiting computer time EXCEPT FOR TUG, right?
 

slip

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I’m glad my son has listened and worked the full ten years of his 20’s saving more than what was necessary for the company match. He is way ahead of what I had and I started at 23. I’m glad I started early.

I’m very jealous Dave, it will be a long 5 years for me and I don’t even mind my job :)
 

WinniWoman

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Maryanne, I followed your story very closely because prior to the company I am at now, my company was just as yours was and I knew I had to find a new job or they would force me and everyone else that was over 50 out the door. Thankfully I found an opportunity at a Japanese Company, which is known for hiring and retaining the mature worker. I plan to stay hopefully at this company till 65.

I'm looking for a FA fee only this year, because ever thou I'm in Finance I want someone for verify our stats and spreadsheets to ensure we can retire. The company I worked at for the bulk of my career had a pension but did not offer a 401K, when the company went bankrupt in 2009 (along with all of the other auto companies in Detroit during the great recession) In 2011 when the company finally got through the bankruptcy process their pension plan was so underfunded that I will only get a sliver of what I was to receive...so knowing that now I will only receive a $110 a month pension ( I've been told that the number could even be less by the time I qualify at age 65) I knew that I had to readjust my retirement planning.

I'm saving like crazy and being Uber frugal.

Can I ask how you found a fee only FA?

Wow. These darn companies these days.....terrible.

Anyway- I did a lot of research and inquiring about FA’s. A big part of me did not want to hand over our money to one that manages it and charges like 1% or more in fees each year to do so. That adds up to a lot of money! I would rather hand it to our son if I have to give it to someone.

One guy wanted $10,000 per year and wanted to take our assets and put them in TD Ameritrade so he could manage them. Another one we met with invests all your money in stocks!

And another one that was with a nationally recognized company was ok, but then that annual fee- his I think was 2%. I did a virtual interview with him as he was out of state.

I checked into Dave Ramsey recommendations and all kinds of other ones, too.

So- I was on the Early Retirement Forum and someone mentioned the Garrett Network as true fee only FA’s.


Meaning a fee for advice, not a fee for managing your assets, though some of them do this as well.

There is so much confusion with the terminologies fee based, fee only, etc.

I saw there was a local guy and made an appt. Liked what he had to offer, his style and personality and the fact that he had a holistic approach to his planning. Spoke with us about our plans in retirement, what we envisioned our lives to be like. He was particularly concerned with how my husband planned to occupy his time. Wanted to know what we liked to do, hobbies, travel, etc.

He charges by the hour, or by the type of planning you want. We paid him I think $1200 or $1500 last year for a comprehensive financial/ retirement plan, which included a free introductory meeting and then a serious sit down one to go over everything. Also included access to him all year via email, phone or Skype, etc.

It also reinforced that how I had handled our finances up to this point was very good which made me feel better. But of course it is going forward that worries me as now instead of saving money we are spending it and we have to make it last.

This year we decided to put him on retainer for the year for $1000. We just met with him and he will revisit some things for us, like how to invest hubby’s pension money, what to do with his 401K, the ACA issue and how to withdraw our money to live on, etc. Being we are moving, our meetings will be virtual. He also has another plan that is a bit more money, but we can always upgrade or tack on hourly service ($200) if we feel we need more help.

I also think having a CPA do our taxes this year instead of me doing them might help give us more clarity as well.
 
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WinniWoman

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geist1223

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Dave once your Better Half Half retires you can join DENMAR in Henderson Nevada. Though I suggest you look at Boulder City. It is a bit cooler.
 

VacationForever

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Good point. I was called frequently by recruiters when I worked in Corporate America, however the opportunities did not feel right. When I left the time was right. In hindsight I should have left to start my company 5 years earlier - more money, more control over my schedule...

I now worry that health problems will prevent us from enjoying travel etc. when we eventually retire. We are making a priority to travel now but limited by vacation time off. Our biggest perceived limitation is healthcare. If Medicare was available to 55 or 60 I would retire.

Is there a way to estimate the cost of healthcare during the gap years to Medicare?
What we have done for me is to budget $15K per year, going to $20K at 64 before Medicare.
 

DaveNV

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Dave once your Better Half Half retires you can join DENMAR in Henderson Nevada. Though I suggest you look at Boulder City. It is a bit cooler.

Are you talking about the home builder, or the Tech Services company? We're undecided on where we want to end up living, and the search continues. Nevada is still on top of my list, but Hawaii continues to look very appealing. And I have no intention of going back to work. LOL! :D

Dave
 

geist1223

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DENMAR IS one of the Moderators on wmowners.com and moved to Henderson a couple years ago. Boulder City is in the Hills above Las Vegas area.
 

CalGalTraveler

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We currently pay $22k per year for a family of 4 with Kaiser on an employer plan that is partially employer subsidized. We spend another $5k a year on copays and dental bringing our healthcare to approx $27k per year. Our kids are on our plan until 26 so at least 4 more years of coverage unless one finds a decent job with medical included.

We always put away the maximum retirement starting in our early 20s. Skyrocketing college tuition, healthcare, taxes, unexpected healthcare for a child was much more than we originally budgeted for.
 
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DaveNV

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DENMAR IS one of the Moderators on wmowners.com and moved to Henderson a couple years ago. Boulder City is in the Hills above Las Vegas area.


Ok, now it makes sense. I had Googled it, so wasn't sure. I'm familiar with Boulder City. I should read wmowners more. LOL! :D

Dave
 

CalGalTraveler

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What we have done for me is to budget $15K per year, going to $20K at 64 before Medicare.
So based on this, ACA is very expensive until 65: $15 - 20k / per person compared to the approx $6,500 / year we are paying per person with an employer plan. Once my DH hits 65 and is eligible for Medicare, and our kids age out of coverage at 26 then perhaps this could be considered to cover the gap to 65 but still very expensive!

We have friends who are already retired in their 50s, but they have retiree medical from their Fortune 500 company, or are government employee retirees and their kids are out of college and they are covered by an employer plan.
 
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Sugarcubesea

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Maryann: Thanks so much... I was looking for a fee only advisor... I had used a FA that was not fee only and I felt he only served his interests vs mine...I fired him 5 years ago and making more investing on my own thru Vanguard and the company 401K plan.

I will look at this list tonight after work thanks again
 

SandyPGravel

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I’m glad my son has listened and worked the full ten years of his 20’s saving more than what was necessary for the company match. He is way ahead of what I had and I started at 23. I’m glad I started early.

I’m very jealous Dave, it will be a long 5 years for me and I don’t even mind my job :)
I count myself lucky on saving for retirement. When I started we had a manager that would go around and talk to newbies about getting into the 401k we have(at the time just called profit sharing). At that time, and I kid you not, for every dollar we put in the company match was between $3 and $4 up to 2% of your earnings. It is no longer that good, just $1 to $1 and only if we put in at least 4%. Still I started saving at 22, couldn't participate until you were 21 and you had to have a copy of your birth certificate. Now you can join immediately when hired, with a drivers license and no 7 year waiting period to be vested.


Yes, but a long 5 years with a nice view!:cool:
 
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DancingWaters

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Congratulations, it sounds like you had a wonderful career, and after that many years have earned retirement!
 

DaveNV

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Congratulations, it sounds like you had a wonderful career, and after that many years have earned retirement!

Thank you! It's been a "colorful" career, for sure. I keep thinking I should write a book, but I doubt anyone would want to read it. LOL! :D

Dave
 

VacationForever

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So based on this, ACA is very expensive until 65: $15 - 20k / per person compared to the approx $6,500 / year we are paying per person with an employer plan. Once my DH hits 65 and is eligible for Medicare, and our kids age out of coverage at 26 then perhaps this could be considered to cover the gap to 65 but still very expensive!

We have friends who are already retired in their 50s, but they have retiree medical from their Fortune 500 company, or are government employee retirees and their kids are out of college and they are covered by an employer plan.

It is what it is. Large employers can afford to subsidize health insurance. Even before ACA came along, good coverage private individual plans were running at around the same amount for premium and they were always age banded, i.e. higher for older individuals. The huge difference is that after ACA came along, the deductibles and maximum out of pocket costs doubled. When we left the Fortune 500 company and started a small business, we paid for our own individual plans and also for our single employee who was 60 years old. That was before ACA and the premiums were about the same as post ACA but they had very low deductibles and maximum out of pocket costs.

I used to pay $200 per month for health and dental insurance for my son and I when I was working at a Fortune 500 company.
 

geist1223

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Dave: can your Wife transfer to a Costco in the greater Las Vegas area? Then you could move earlier.
 

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Dave: can your Wife transfer to a Costco in the greater Las Vegas area? Then you could move earlier.
@DaveNW Wait a minute...your wife can't retire. Where will we get our insider info? :ROFLMAO:
 

DaveNV

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DaveNV

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Dave: can your Wife transfer to a Costco in the greater Las Vegas area? Then you could move earlier.

The short answer is No. We've been trying, but it's a "slim to none" chance. The main issue is availability of a position. Refund Cashiers are a very limited number of people per warehouse - like less than a handful, (unlike Front End Cashiers, which can number in the dozens per warehouse.) Refund Cashier positions just don't come open very often. Last Spring we asked the Warehouse Manager in St George, Utah, about transferring in there. She said she hadn't had to fill a Refunder position in more than seven years. The staff in those positions just don't leave. (My spouse has worked in Refunds at our local Costco for nearly 20 years.)

When you think about it, being a Refund Cashier is one of the best positions at Costco - where everyone else is trying to take a Member's money, the Refund Cashier is handing money out. The pay scale is the same as working as a Front End Cashier, but it's a very specific, highly-trained position in a much smaller department. About the only time a Refund Cashier position opens up is when a new warehouse opens up in an area that has other warehouses, (like the new SW Henderson warehouse that opened in LV a couple of years ago.) The job opening will be either in the new warehouse, or to backfill a position in the old warehouse, if someone from there transfers to the new warehouse. Either way, Refund Cashier positions are choice, and very rarely available. So while not impossible, a lateral transfer is pretty much out of the question.

However, all is not lost. We plan to take some advice from others in this thread, and investigate whether we can just have my spouse retire early. If we can afford to live on one income, we may be able to move somewhere much sooner. Lots to think about, and some very interesting conversations to have. (Thanks to all of you for suggesting the Financial Advisor idea - it didn't occur to us that it may be an option for us until I read it in this thread.)

Dave
 

Rolltydr

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Good luck. Hopefully, it will work out so she can retire and start enjoying the good life!
 
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pedro47

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Is it true you must be 62 to retire at Costco even if you have 30 plus years of service?

Based on the limited information I know about Costco, they have an excellent retirement and health plans. Plus, if your spouse purchased Costco stock for the last twenty (20) years; you guys are set for life. IMHO.
 
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WinniWoman

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The short answer is No. We've been trying, but it's a "slim to none" chance. The main issue is availability of a position. Refund Cashiers are a very limited number of people per warehouse - like less than a handful, (unlike Front End Cashiers, which can number in the dozens per warehouse.) Refund Cashier positions just don't come open very often. Last Spring we asked the Warehouse Manager in St George, Utah, about transferring in there. She said she hadn't had to fill a Refunder position in more than seven years. The staff in those positions just don't leave. (My spouse has worked in Refunds at our local Costco for nearly 20 years.)

When you think about it, being a Refund Cashier is one of the best positions at Costco - where everyone else is trying to take a Member's money, the Refund Cashier is handing money out. The pay scale is the same as working as a Front End Cashier, but it's a very specific, highly-trained position in a much smaller department. About the only time a Refund Cashier position opens up is when a new warehouse opens up in an area that has other warehouses, (like the new SW Henderson warehouse that opened in LV a couple of years ago.) The job opening will be either in the new warehouse, or to backfill a position in the old warehouse, if someone from there transfers to the new warehouse. Either way, Refund Cashier positions are choice, and very rarely available. So while not impossible, a lateral transfer is pretty much out of the question.

However, all is not lost. We plan to take some advice from others in this thread, and investigate whether we can just have my spouse retire early. If we can afford to live on one income, we may be able to move somewhere much sooner. Lots to think about, and some very interesting conversations to have. (Thanks to all of you for suggesting the Financial Advisor idea - it didn't occur to us that it may be an option for us until I read it in this thread.)

Dave


Really- research about hiring a fee only advisor (not fee or commission based if you can find one. Or simply a CPA that does Financial Planning- I was going that route until I found our guy. I still think a CPA that is also a certified financial planner would be the best option- or work with the two for two perspectives (use the CPA to help with taxes, etc., which is what we are going to do).

Anyway, if it weren't for the FA we would have never realized we actually could buy our retirement home before even putting our home on the market, or that my husband could have retired sooner. Poor guy would have been slaving away for another year, more or less.

Of course, if your wife loves her job and you like having that extra money coming in, by all means stay put and enjoy your home.

As it is- the whole retirement thing is a longer process than people realize and implementing a plan takes a little time and a lot of energy if you plan to move at some point.

But as Panina stated in her thread about moving, IF you are going to move, do not wait because it is exhausting as you get older. I would never want to go through this again. We have 2 weeks to go and I hope we make it. Not easy. Hoping the weather holds out because we are beyond ready to get settled and can't take much more.
 
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