i have now lived ” Retired” for nineteen years! An old expression ” the best laid plans of mice and men……..” sure fits my and most people’s experience after they retire I for one had a well thought out plan. I was sure I would be able to live a nice full life without any financial woes until it was time to pass on and leave what was left to my heirs.
I am amazed how all the financial experts cannot agree on much other than one should have a retirement plan. The so-called “pros” disagree on how to save for retirement and then how to spend down the savings once retired. It seems to me that all these advisors seem to be talking to people who are financially fortunate enough to be able to have enough monies left over after living expenses to save. The sooner one begins to save on a regular basis the better. I designed the Mathmatecum to be affordable to all including people who earn as little as the minimum wage. An unusual feature of Mathmatecum membership is that it is a onetime cost based upon age and that the members proportionate share of monies increases without future contributions from members. Yearly income is the same for all except the eldest ten members whose returns are greater on a yearly basis because of the age differentials between members.
When I chose to retire, I calculated what revenue streams I would have after I retired. I knew there would be Social Security, rental income, and income from a business. My first decision to make was when to take SS? Doing some basic math, I calculated that if I retired at 63 versus 62 – I would not be losing money until I reached 86 years of age which is well passed life expectancy. I have four more years before I will know if I chose correctly.
What I would like to share with you today is that since retirement I have seen a real estate collapse, a severe business downturn, a very costly illness, and a pandemic. What I have come to conclude as a result of this history is that my retirement sources should have been more geared to passive income. If I had done that, I would have not had to go back in and out of the work force and could have traveled more.
Speaking of travel, I will be taking a trip and not be back until mid-May. I will not publish this blog again until then.
JAI BABA
TTFN
JU
