OT - "There are so many of the baby boomers that have not saved and/or invested for their retirement years that many must still work well into their late 60's"
Taking on investing a 401k for the guy I used to work with is a good example of what you are saying. Per our
discussion before we started, they were going to use the income only to make 3/4 house payments a year,
for three years, until their mortgage was paid. Both retired, 62 and 63, since last November 9th, his deposits
are $56,869, his withdrawals $32,000. I am loathe to tell people what to do with their money, but I
emailed them in May, telling them they would be out of money in early 2018 if they kept it up. They have
slowed withdrawals, but with this being all they have besides SS, they are on an edge I wouldn't want to be on.
Deposits minus withdrawals = $24,869 and the account has $28,596 so they shouldn't complain. I have
moments where I think I should sell it all and hand it over. I don't, because I know he was working driving
truck and has discovered some heart problems, cutting back on how much he can work. Tough spot.
I thought a little bit a few years ago of converting some to a Roth, but healthcare put the kibosh on that, just
like taking any funds from my IRA until I am 65.
The last two years, the wife has wondered who I am. Can this be the same guy that used to scrounge every
available dollar every month to put on a mortgage, land payment, or the girls college funds?
Probably a combination of getting older, having grandkids, financial peace of mind, and watching the circle of life.
I told our youngest I would go the first $4000 on her garage. I have the doors to install yet, but the final tab
will be $7300. I told her the part over $4000 was a Christmas present. She was upset, not wanting to be
"the kid whose parents always take care of her". I told her to let an old man do what makes him happy.
Hardest part is trying to keep things even, though there is no jealousy on their parts.
Told the oldest I would spring up to $1500 on a swing set/playset. We will get it delivered and put it up in the spring.
I had an uncle that was a miserable miserly old bastard. He died a very rich man, although his wife had
moved out years earlier, and his kids didn't talk to him his last couple of decades.
I think I figured out that my last big accomplishments were getting the girls through college debt free, and
allowing us to retire early. Having been a miserly young bastard, I don't want to follow my uncle.
I don't think I was wrong when I was younger. Working for someone else = selling the time of your life.
Money is a means to an end. The end gets 24 hours closer every day. :) |
