retirement – TheTimeDok

Those were the words of one Elon Musk. Were they out of context? I hope so.

Should you retire?
The choice to retire is a personal one that depends on several factors, including financial stability, health, interests, and personal preferences. Here are a few significant points that should be considered.

To attain financial stability, one must possess ample savings, investments, or pension income to sufficiently cover one’s living expenses during retirement.

Now here is the rub: I don’t see Gen Z or even the Millennials preparing for retirement. What I see is them living for today and not planning for tomorrow. It’s almost as if they never heard of Dave Ramsey.

The simple fact is that many could not pull together $500 in case of an emergency. It’s true, and the credit card folks love it. If you save money, you know that .50% is about all you can get unless you adopt some high-yield account of 5.5%

Conversely, if you use a credit card, which many Americans do, the interest rate has reached an all-time high of 28.4% APR. We should ask why the current administration is allowing the fat cat bankers to do this, but we can deduce the reasoning.

This administration creates inflation, forces people to use their savings and borrow money, and allows bankers to raise interest rates to encourage predatory lending. I’m sure it’s all on the up and up.

I was curious about what it would cost to borrow $10,000 and repay the loan by making minimum payments. Are you ready for this?
The total cost of borrowing $10,000 at an APR of 28.4% with minimum payments is infinite.

The minimum payment is assumed to be 2% of the outstanding balance each month, a common minimum payment percentage for credit cards. Suppose the minimum payment is less than the interest accrued in a month. In that case, the balance increases, leading to a situation where the balance never decreases, and the total cost of borrowing becomes infinite.

Since they don’t seem to teach introductory economics or critical thinking skills, what are the chances of retirement? Is that why Elon says Retirement is stupid?

Health and wellness: Reflect on your existing state of health and the potential healthcare needs. The presence of a well-developed plan addressing potential health issues can enhance the comfort of one’s retirement. Until you are 65, health insurance is a budget killer. The sad fact is that many companies will not hire older Americans. By older I mean over 50. Yeah, I know the HR bit about not discriminating, but trust me, they do. Getting a job over 50 is doable, but not for the average Joe.

Your track record must be exceptional and free from the embellishments often found in contemporary resumes.

Playing video games is not a career move, nor would it impress a boss who needs someone with critical thinking skills. Unless you are a developer of such games, turn off the game and get your hands dirty.

It’s not enough to have funds or adequate health to retire. What will you do when the day of the week no longer matters?

All too often the day and time of the week only matter to retired folks when a medical appointment is looming. That’s a sad fact, stay healthy.

Consider your interests and hobbies when contemplating how you would prefer to allocate your time during retirement. Certain individuals may enjoy pursuing hobbies, traveling, or engaging in volunteer work, while others may prioritize spending additional time with family or friends.

The ability to lead a satisfying life post-retirement may be contingent upon preserving social connections and actively participating in social activities.

If one derives pleasure and contentment from their occupation, they may pursue part-time employment or a more flexible role. Consulting is a frequent option until the consultee gets what they need from your head and no longer requires your expertise.

The company typically lacks loyalty towards its employees. A paycheck is owed to you for the job or duration of service completed. That sums it up. It can be pretty difficult to accept when you put forth your utmost effort for the company only to have them opt for a more cost-effective alternative. When setting goals, consider yourself and the needs of your family first.

Ultimately, the decision to retire should be based on a thorough evaluation of your financial, health, and personal circumstances. It’s essential to weigh the pros and cons and make a decision that aligns with your goals and priorities.

With inflation, remember that the million you thought you had in the bank now has substantially less purchasing power than what you think you have. If trends continue, you might be in real trouble.

We should discuss the G-word here: Goals. If you have been successful, you are most certainly familiar with goal setting by now.

It would be best if you were goal-setting now, even forty years away from retirement. We do this for several reasons. One of them is setting an example to our progeny. They are watching. They absorb everything you say and do like sponges.

You don’t want to be the grandparent or parent who writes checks to cover your kids’ or grandkids’ bad decisions, sacrificing everything you worked for to bail them out of their bad choices.

I watch them and talk to them, and I must tell you that very few of them have a grasp on reality. It’s almost as if the video games that steal so much of their waking hours are their reality.

If you want to give them a dose of reality, kill the power so that even the smartphones will not work. That topic deserves a book but unless it was in the form of a video game they would most probably never know of its existence.

Your final goal is to run out of money and life simultaneously. When you slide into the home plate (the grave), have it paid for in advance. Whatever your residual is, is what it is. If you teach your children right, they won’t be counting on your investments for their retirement.

Should you retire?
Stress comes out of your hide. Those gray hairs and wrinkles are badges of honor and a price paid for being the best you could be.

In a future blog, I want to explore the subject of jobs. What should you or your child focus on for a career choice? Is college the only way to go?

Stay tuned, follow and comment.

In case you’re new to this blog…I am a writer.
With several works in process.

My books are here, and your support is always appreciated.

-Best

Yesterday is gone

As I ponder retirement and what that will look like, I realized that I have decades upon decades of accumulated stuff; and staying here in this house is not the plan.

People waiting to bid on someone's forgotten stuff. — People waiting to bid on someone’s forgotten stuff.

While planning for one’s retirement financially is important; planning on what one will do to keep busy and setting goals to make that happen are equally essential.

Many when they retire simply plan for the financial aspect and let life take care of itself. This often times causes one to fall into depression, shortening their golden years to just a few. Planning on actual events much like you were working will actually extend your life, and make it much happier.

Having said all that to say this; I was talked into spring cleaning by way of eBay and unfortunately a garage sale.

The process of a garage sale mandates evaluating “your stuff” and figuring out what you can live without and then, placing some sort of value on it.

Garage sales are not a money making business “for most.” Garage sales are in fact a venue for shedding your garage or house of extra stuff or clutter that has accumulated over the years and getting some sort of remuneration by way of cash to make your efforts seem worthwhile.

This garage sale went something like this. Up until 1:34 am getting everything ready. Back up at 5:30 to finish getting everything ready and then be surprised to learn that the sun does actually come up in the east!

Before morning light however there are people driving around neighborhoods with trucks and trailers looking for garage sales to acquire things like cheap furniture, lawn mowers and other yard equipment and bulkier things that require trailers.

Several times during the morning people came buy with phone in hand searching Amazon and other sites looking for the item’s that you were selling to determine if they were worth anything. I felt like I was in some sort of digital age of pickers because these folks were professional with it.

Then there were the thieves. Yep, people who would get their kids to distract you while they pocketed things, watched them do it. Now keep in mind the item if it were worth a $100.00 is already marked down to $5 but, $5 is too much so they just pocket it knowing that you have no inventory control and will never miss it.

Old people who too should be paring down, were picking up things and bargaining with you for a long time over .25 cents or less.

During the garage sale experience, the neighbor’s sprinklers went off twice, both times flooding the sidewalk. Other neighbors came out and mowed, weed whacked and then used the obligatory leaf blower to blow the debris either into the street or their neighbor’s lawn.

This is what mowed the grass... — This is what mowed the grass…

Noon time found the traffic down to a scant few, and found me ready to take the rest of it to some donation place as I was done with it. Many of the dust-ables are now in someone else’s house and the rest will find its way into some thrift store for others to pick over and figure out what to do with it.

eBay will end up with some of it because; eBay attracts a larger base than a garage sale and your chances of getting something more than a few cents is much higher than haggling with the deal seekers.

Garage sale attenders for the most part are serious deal hunters and I suspect take your dust-ables back to some place where they make a business out of it.

Unless you are filthy rich, when you decide to clean out your house take the time to look your items up on eBay or Amazon and see what they are worth. If they are worth a few dollars do the garage sale bit and prepare to give them away for a few cents on the dollar.

I would not consider and antique mall as those places make all the money for renting you a small place. While they bring in customers the ends rarely justify the means. You must necessarily have turnover in an antique mall so unless you are buying cheap at garage sales and stocking a small space continually at such a place don’t do it.

You might consider buying such a place and leasing out small chunks of it to people who think they are going to get rich by selling clutter but; that is the only financial entanglement I would have with such a place.

Now, if you are filthy rich and don’t have anyone to ruin their lives with tax issues having too much money, consider making me one of those people who would love to have too much money to deal with.

-Best to you and those that you care about!