It continues to be a strong job seekers market, although Rays line of work is a bit more exclusive. Use your network to expand your search and be prepared to think laterally. Also although starting a business with a large investment is not a good retirement strategy, consulting businesses and coffee carts offer significant opportunities for tax avoidance.
I’ve heard that taking SS at 62 and investing that money can offset the amount you might get if you wait til 67 or 70. Plus what if you die in your 60s and haven’t collected anything?!
Seems unfair. 😉 Love to hear your thoughts on the investment concept.
We just got Matt's SS statement and I did the math - if he starts taking SS at 62 and invests it at a 5% rate of return, at 70 the money saved will cover the $2,000 difference in monthly SS benefits until he's 83. Hmmm. What are your thoughts on that?
I think I'm going to write about this, maybe next week or next. The issue is that if you have earned income, your SS income will be scaled back after you earn a certain amount. I have to look up all the details.
Love it - I was just looking at that as well. You can't make much between 62 to 67 before they scale back... Thank you for your interest in this. Matt is starting to obsess a bit about retirement so it's top of mind over here.
Last night, my spouse and I discussed people who continue working well into their eighties. She mentioned that employers cannot discriminate against these workers due to their age, which I found surprising. But why work at such an advanced age? Perhaps some people have no plan on how to successfully retire. Their work is the focus of their lives, and retirement will leave a void, so they keep clocking in. But if our country had universal retirement benefits with sufficient income and full healthcare, most people would retire as soon as they could - even these older workers, I bet.
But then you get people like Nancy Pelosi, Dick Durbin, Donald Trump, Mitch McConnell, and Joe Biden who love their jobs so much, they can't quit. Larry Fink might go in that category, too. He's 71.
This happened to me at age 48. My advice would be to slash spending and focus on bringing in revenue in any way you can. The greatest enemy of wealth preservation is zero - that is, months or weeks where you have no income.
We took an admittedly radical course, relocating to a much cheaper locale. And we didn't have kids to support. But a lot of people have a lot more flexibility than they think. They just have to take advantage of it.
It continues to be a strong job seekers market, although Rays line of work is a bit more exclusive. Use your network to expand your search and be prepared to think laterally. Also although starting a business with a large investment is not a good retirement strategy, consulting businesses and coffee carts offer significant opportunities for tax avoidance.
I’ve heard that taking SS at 62 and investing that money can offset the amount you might get if you wait til 67 or 70. Plus what if you die in your 60s and haven’t collected anything?!
Seems unfair. 😉 Love to hear your thoughts on the investment concept.
Very interesting. I like that idea.
We just got Matt's SS statement and I did the math - if he starts taking SS at 62 and invests it at a 5% rate of return, at 70 the money saved will cover the $2,000 difference in monthly SS benefits until he's 83. Hmmm. What are your thoughts on that?
I think I'm going to write about this, maybe next week or next. The issue is that if you have earned income, your SS income will be scaled back after you earn a certain amount. I have to look up all the details.
Love it - I was just looking at that as well. You can't make much between 62 to 67 before they scale back... Thank you for your interest in this. Matt is starting to obsess a bit about retirement so it's top of mind over here.
Last night, my spouse and I discussed people who continue working well into their eighties. She mentioned that employers cannot discriminate against these workers due to their age, which I found surprising. But why work at such an advanced age? Perhaps some people have no plan on how to successfully retire. Their work is the focus of their lives, and retirement will leave a void, so they keep clocking in. But if our country had universal retirement benefits with sufficient income and full healthcare, most people would retire as soon as they could - even these older workers, I bet.
But then you get people like Nancy Pelosi, Dick Durbin, Donald Trump, Mitch McConnell, and Joe Biden who love their jobs so much, they can't quit. Larry Fink might go in that category, too. He's 71.
This happened to me at age 48. My advice would be to slash spending and focus on bringing in revenue in any way you can. The greatest enemy of wealth preservation is zero - that is, months or weeks where you have no income.
We took an admittedly radical course, relocating to a much cheaper locale. And we didn't have kids to support. But a lot of people have a lot more flexibility than they think. They just have to take advantage of it.