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Catching up

3,110 Views | 39 Replies | Last: 5 hrs ago by woodiewood
BartInLA
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3:03a, 1/2/25
Turned 64. Degrees in mechanical engineering, and three graduate degrees; MBA and MS and PhD in psychology. Was a professor 8 years and the director of a psychiatric hospital.
Well, while I think I'm good with money my retirement fun is an absolute joke and the wife has a low paying job. I'm self-employed, no children.
Any suggestions on a path to take? Time is ticking. The only thing that comes to mind is entrepreneurial. Perhaps something out of the box.
Thought about having lunch with tax people to see what gems are overlooked. I don't have much room for error.
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OldArmyCT
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4:50a, 1/2/25
AG
My SIL is an attorney who makes an insane amount of money (owns a title company with 19 offices) and aside from having a brokerage account most people would die for he is also a minority owner in several franchises...Fuzzy Taco, Chick Salad Chick, Dave's Hot Chicken. I think he's invested in over 20 locations so far. Plus he's invested in a new bank, well, it's over 7 years now so it's not new anymore. And a few other gigs. His only failing that I can see so far is that he has completely failed to get any of his kids to go to either his alma mater or A&M, and he's tried really hard on the A&M part.
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Tumble Weed
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10:00a, 1/2/25
Sounds like you are going to learn how to live on Social Security. Better move to a city with cheap housing.

If you haven't figured it out by 64, then you probably aren't going to hit a home run.
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BenTheGoodAg
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10:21a, 1/2/25
AG
This is going to sound like a jerk question, but I really don't mean it to be.

The jobs you listed sound like they were at least decent pay. Between your career, no kids, and both of you working, where did all your money go? I think being able to answer that and understanding how to manage that moving forward will help you as much as figuring out how to bring more in.

I don't know how you quick-start an entrepreneurial venture without some capital injection. I'm not sure you want to risk what you do have without a good plan.
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Petrino1
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In reply to BartInLA • 10:28a, 1/2/25
BartInLA said:
Turned 64. Degrees in mechanical engineering, and three graduate degrees; MBA and MS and PhD in psychology. Was a professor 8 years and the director of a psychiatric hospital.
Well, while I think I'm good with money my retirement fun is an absolute joke and the wife has a low paying job. I'm self-employed, no children.
Any suggestions on a path to take? Time is ticking. The only thing that comes to mind is entrepreneurial. Perhaps something out of the box.
Thought about having lunch with tax people to see what gems are overlooked. I don't have much room for error.
We need more details. How much do you have saved for retirement? What are your expenses?
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MS08
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In reply to Petrino1 • 10:34a, 1/2/25
AG
Petrino1 said:
BartInLA said:
Turned 64. Degrees in mechanical engineering, and three graduate degrees; MBA and MS and PhD in psychology. Was a professor 8 years and the director of a psychiatric hospital.
Well, while I think I'm good with money my retirement fun is an absolute joke and the wife has a low paying job. I'm self-employed, no children.
Any suggestions on a path to take? Time is ticking. The only thing that comes to mind is entrepreneurial. Perhaps something out of the box.
Thought about having lunch with tax people to see what gems are overlooked. I don't have much room for error.
We need more details. How much do you have saved for retirement? What are your expenses?


Yep. And it is very possible your higher education expense versus your earnings yield are very disproportionate (in the wrong direction). What is your debt situation?
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BartInLA
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10:52a, 1/2/25
I worked for non-profit companies that didn't pay well when I left engineering. I was frugal but higher education costs (all public schools) was high. I'll figure out something. I focused on serving a little too much for a little too long but just need to put my own financial needs as more of a priority.
I appreciate the advice.
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one safe place
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In reply to Tumble Weed • 12:14p, 1/2/25
Tumble Weed said:
Sounds like you are going to learn how to live on Social Security. Better move to a city with cheap housing.

If you haven't figured it out by 64, then you probably aren't going to hit a home run.
My wife and i live on my social security (many get more than I do) and her Teacher Retirement. The trick is to not have any debt. Not saying I never had any, I did, but about five years before we retired we started making it go away until it was gone just before we retired.

For people with a house note, one or two car notes, possibly other notes, I don't see how they can retire without tapping IRA accounts or selling investments.
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techno-ag
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In reply to BartInLA • 12:55p, 1/2/25
AG
BartInLA said:
I worked for non-profit companies that didn't pay well when I left engineering. I was frugal but higher education costs (all public schools) was high. I'll figure out something. I focused on serving a little too much for a little too long but just need to put my own financial needs as more of a priority.
I appreciate the advice.
I would throw the most you can every month into some very high yielding monthly ETFs. Snowball it via dividend reinvestments until you get to 1,000 shares or more (preferably a lot more).

Pay close attention to your tax rate bearing in mind your effective tax rate is always lower than the statutory, especially as a married couple. Set aside and pay quarterly so there's no nasty surprise on next year's taxes.

In a year or so whenever you hit that 1000+ share mark you can take it off DRIP in your brokerage account and enjoy some extra monthly income as you start retirement.

Bear in mind this is risky. OTOH you are where you are so maybe a little more risk is warranted.

Best wishes.
Trump will fix it.
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agnerd
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1:08p, 1/2/25
AG
When you turn 65, start deferring your property tax and invest the money instead. You basically get an interest-free loan on your taxes that you can then invest with a return.

If you live long enough and your taxes are high enough, you can get to a situation where you owe more than the house is worth or its only worth a little more than the owed taxes. Then you drop your homeowners insurance. If something happens to the house, you move somewhere else and it becomes the county's problem. You likely made enough with your tax investment to buy a new house and defer those taxes too.
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Charismatic Megafauna
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In reply to agnerd • 6:49p, 1/2/25
AG
Absolutely fkn brilliant. I was going to suggest moving to guatemala or thailand but do this instead
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Baby Billy
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In reply to techno-ag • 12:01a, 1/3/25
AG
techno-ag said:
BartInLA said:
I worked for non-profit companies that didn't pay well when I left engineering. I was frugal but higher education costs (all public schools) was high. I'll figure out something. I focused on serving a little too much for a little too long but just need to put my own financial needs as more of a priority.
I appreciate the advice.
I would throw the most you can every month into some very high yielding monthly ETFs. Snowball it via dividend reinvestments until you get to 1,000 shares or more (preferably a lot more).

Pay close attention to your tax rate bearing in mind your effective tax rate is always lower than the statutory, especially as a married couple. Set aside and pay quarterly so there's no nasty surprise on next year's taxes.

In a year or so whenever you hit that 1000+ share mark you can take it off DRIP in your brokerage account and enjoy some extra monthly income as you start retirement.

Bear in mind this is risky. OTOH you are where you are so maybe a little more risk is warranted.

Best wishes.

With all due respect this is the stupidest thing I've ever read and the OP should listen to none of it.
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Baby Billy
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12:10a, 1/3/25
AG
Not sure how OP can expect to get any reasonable advice without divulging any details. We know you're a 64 year old doctor in psychology, that you think your retirement savings are a "joke", and that your wife makes no money.

If you want to know where you're at and can't or don't want to figure it out yourself then get some professional help. Key word there is professional.
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techno-ag
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In reply to Baby Billy • 7:23a, 1/3/25
AG
Baby Billy said:
techno-ag said:
BartInLA said:
I worked for non-profit companies that didn't pay well when I left engineering. I was frugal but higher education costs (all public schools) was high. I'll figure out something. I focused on serving a little too much for a little too long but just need to put my own financial needs as more of a priority.
I appreciate the advice.
I would throw the most you can every month into some very high yielding monthly ETFs. Snowball it via dividend reinvestments until you get to 1,000 shares or more (preferably a lot more).

Pay close attention to your tax rate bearing in mind your effective tax rate is always lower than the statutory, especially as a married couple. Set aside and pay quarterly so there's no nasty surprise on next year's taxes.

In a year or so whenever you hit that 1000+ share mark you can take it off DRIP in your brokerage account and enjoy some extra monthly income as you start retirement.

Bear in mind this is risky. OTOH you are where you are so maybe a little more risk is warranted.

Best wishes.

With all due respect this is the stupidest thing I've ever read and the OP should listen to none of it.

As you can see, OP, there are differences in opinion. If you thought that insult was bad you should see the bloodbaths the dividends vs. growth people get into on Reddit.

Ultimately ask different people, get different opinions and then decide for yourself. The pro route as this poster suggests is good, to an extent. Just remember that people who are paid to give you advice may not always give the best advice just because you're paying them.

And try to ignore the insults. It's the internet and there's a lot of tough guys behind these monitors.
Trump will fix it.
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Its Texas Aggies, dammit
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In reply to Charismatic Megafauna • 8:48a, 1/3/25
AG
Charismatic Megafauna said:
Absolutely fkn brilliant. I was going to suggest moving to guatemala or thailand but do this instead


This guy has over 1,000 episodes of his podcast about retiring in Central America. He contends a couple can live well in Guatemala or El Salvador on their social security checks. Might be worth a look.

https://podcasts.apple.com/us/podcast/the-expat-files-living-in-latin-america/id407532450
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the most cool guy
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In reply to BartInLA • 11:40a, 1/3/25
BartInLA said:
Turned 64. Degrees in mechanical engineering, and three graduate degrees; MBA and MS and PhD in psychology. Was a professor 8 years and the director of a psychiatric hospital.
Well, while I think I'm good with money my retirement fun is an absolute joke and the wife has a low paying job. I'm self-employed, no children.
Any suggestions on a path to take? Time is ticking. The only thing that comes to mind is entrepreneurial. Perhaps something out of the box.
Thought about having lunch with tax people to see what gems are overlooked. I don't have much room for error.

Really trying not to be a jerk here. Just trying to put the pieces together….

You're 64 years old, dual income, no kids, sounds like you've had some nice jobs, and you say you're good with money…

But your retirement account is a joke? Is that your primary retirement vehicle, or do you have a bunch of other money somewhere else that's not in a retirement account?

If you're good with money, or even just remotely aware of what's happening with your money, how do you not have anything to retire on at 64 with two incomes and no kids?

Also, what is a joke? Are we talking less than $1 million?

Did you just come to this realization at age 64, or did something happen recently that destroyed your retirement net worth?

I honestly don't know what to tell you. Making a career change and starting to save for retirement at 64 is a pretty crazy proposition.
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MS08
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11:54a, 1/3/25
AG
Or, OP, could be trolling, for whatever reason. Odd subject for trolling though.
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WGann3
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1:54p, 1/3/25
AG
Figured this thread from the past might be worth sharing.

https://texags.com/forums/30/topics/3435784
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AgOutsideAustin
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2:47p, 1/3/25
AG
Maybe he's just trying to balance out the millionaire thread ?
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BartInLA
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3:36p, 1/3/25
Have less than 500K with no debt. 1/2 of that is the home equity though (4 years to pay off).
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Baby Billy
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In reply to BartInLA • 3:47p, 1/3/25
AG
BartInLA said:
Have less than 500K with no debt

Making some assumptions based on your income and lack of savings at 64….you aren't retiring anytime in the next 10-15 years without significantly changing your lifestyle.
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Petrino1
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In reply to Baby Billy • 4:02p, 1/3/25
Baby Billy said:
BartInLA said:
Have less than 500K with no debt

Making some assumptions based on your income and lack of savings at 64….you aren't retiring anytime in the next 10-15 years without significantly changing your lifestyle.
If the OP has no debt, Im assuming a paid off house, max SS benefits, his wife is still working, I think he will be ok with $500k as long as his expenses arent out of control.
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MS08
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4:14p, 1/3/25
AG
I say why stop working? Keeping having a wage/compensation of some kind for another 5-6 years.

Also, get some professional help. I'm not sure yourself as a case study would result in "being good with money" but, like another poster said, we lack a lot of details to understand the full picture.
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Marauder Blue 6
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4:16p, 1/3/25
AG
Extend your working timeline until age 70 at minimum to give what you have time to grow and max out your SS benefits. Figure on having a part-time job or monetizing a hobby after 70.

OP says he has no children. How'd he get rid of the 12 yo?

https://texags.com/forums/30/topics/3510453/replies/69096718
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WGann3
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In reply to Marauder Blue 6 • 4:19p, 1/3/25
AG
Marauder Blue 6 said:
OP says he has no children. How'd he get rid of the 12 yo?

https://texags.com/forums/30/topics/3510453/replies/69096718
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Diggity
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4:22p, 1/3/25
AG
I guess that's one way to cut costs
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WGann3
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In reply to Marauder Blue 6 • 4:30p, 1/3/25
AG
I uncovered even more. This posting history is absolutely insane.

https://texags.com/forums/34/topics/3472772
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rilloaggie
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In reply to WGann3 • 4:45p, 1/3/25
AG
WGann3 said:
I uncovered even more. This posting history is absolutely insane.

https://texags.com/forums/34/topics/3472772
Even more insane when you look at former users "Paul Dirac" and "Quantum Entanglement". Same dude. Wish staff could undelete some of his real doozies.
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MS08
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In reply to WGann3 • 4:48p, 1/3/25
AG
WGann3 said:
I uncovered even more. This posting history is absolutely insane.

https://texags.com/forums/34/topics/3472772


So a troll after all! Knew it!
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WGann3
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In reply to MS08 • 4:50p, 1/3/25
AG
I'm leaning more towards a bot. There's just always been something off.
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txaggie_08
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6:39p, 1/3/25
AG
https://texags.com/forums/5/topics/3505012/replies/68950380

BartInLA said:
Class of '39 here. You new Ags lack patience. We won it in 17, 19, 27, and 39. Heck, we went two straight years without even getting scored on (the class of 19 never let us forget what real defense was).
Last year we were one game from being the national baseball champions and then there's track & field, softball, women's basketball, and I'm not even going to bring up equestrian.
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txaggie_08
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6:41p, 1/3/25
AG
https://texags.com/forums/16/topics/3507581/replies/69019722

BartInLA said:
BS - Cultural Sociology
MS - Micro-aggression Management

Working my way up to assistant drive through manager at a Starbucks
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BartInLA
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In reply to WGann3 • 10:46p, 1/3/25
I guess I (we) owe you rent money. I and apparently two of my alter egos have been living in your head rent free. Oh and if I'm paying rent please have the AC fixed.
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WGann3
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In reply to BartInLA • 10:51p, 1/3/25
AG
BartInLA said:
I guess I (we) owe you rent money. I and apparently two of my alter egos have been living in your head rent free. Oh and if I'm paying rent please have the AC fixed.
Hey, it'll chip away at the money dilemma you're facing.
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BartInLA
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In reply to WGann3 • 11:03p, 1/3/25
A good Ag and with such sharp wit. The doc bows to the kind gentleman.
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