Hey old farts..how many over 50 yrs?

BarnBuster said:

The worst retirement advice I ever gave​

Ben Taatjes Financial Planning
May 25 2018

Five years ago, I made the biggest mistake of my career.

I gave some untimely advice to a new client and quickly realized the full impact our work can have on our clients’ lives — not just on their wallets.

When Jim first visited my office, he was 62 years old and simply gathering information to see if he could retire at 65. I saw he had built up a sizable nest egg in a 401(k) and was debt free. He was a diligent saver over his entire career and was in an excellent financial position, so I gave him the most surprising news of his life. I told him, “Jim, I have great news for you. If you want to, you can retire right now.” He replied, “You mean I don’t have to wait until I’m 65? Will I have enough money?”

“That’s right," I told him. "We’ve calculated for risks and inflation, and with your planned spending, you will have plenty of income to retire today."

About a week later, Jim visited our office and was very excited. He said, “Guess what, Ben? I took your advice and put in my two-week notice.” With that, Jim said goodbye and left happy as can be.

Now, you may be wondering why this was such bad advice. After all, the plan was financially sound, and he was certainly ready to retire — on paper, that is.

Three months later, Jim and his wife came into our office for a review. Even though only a few months had passed, he looked as if he had aged three years. I could immediately tell something was wrong.

As we talked, I learned that all of Jim’s friends were his former coworkers. Now that he had retired, he was spending most of his time alone, watching television while his wife was at work. Besides a small amount of yard work, he was bored and had no plan. Additionally, because he had such a physically demanding career, his new sedentary lifestyle was negatively affecting him. He was inactive, sleeping later and moving visibly slower. Mentally, he was already slower and seemed disengaged from life. He certainly wasn’t the same upbeat man who had strutted into my office celebrating his retirement. He seemed like a man disconnected from his purpose.

Without realizing it, Jim had left his purpose at work and didn’t have a new one to take its place. He didn’t retire to a fresh purpose, but rather from his old one. In essence, it was like he had moved into an empty house that he expected to be furnished. Reality did not match the dream.

What I finally understood was that Jim hadn’t initially come in to retire. He had been planning to retire at 65, and those three years would have given him much more time to process, to slowly say goodbye to his friends, and to prepare mentally for his retirement.

Jim helped me see that preparing well for retirement means far more than financial planning. To truly serve clients holistically, advisors should work with them to create plans that address their purpose, relationships, health and legacy.

Simply put, if you don’t address the non-financial issues, the financial ones will not matter.

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zeddd said:

Silly cunt

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18B said:

I retired at 48...i had several businesses that i sold...it is hard to go from 120 mph to 0...i had a hard time adjusting and yes finding things to do. Now i have hobbies and friends who are retired. I bought a boat, we fish the bay and Ocean which takes preparations etc...you just have to build a new life that has in it what you want.

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ttystikk said:

It's nice that you clearly label yourself so no one makes the mistake of taking you seriously.

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zeddd said:

Aw get off your hi horse man, the subject of that post was a fucking idiot, the guy gave good financial advice to an absolute muppet, no need to feel bad.

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ttystikk said:

You're a thoughtless mook. It's a good thing you'll never be in a position to retire.

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zeddd said:

If I do I’m going to watch tv and cry

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ttystikk said:

And how's that different from your normal routine?

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440Music said:

I don't know why they call it retirement, I seem to be doing a lot of sitting around and that's not making me tired!!!

I guess the first time I grew was the first seed I found which was the summer after 7th grade. I grew up in the almost country north of Milwaukee and there were lots of corn fields. I'd go from field to field planting seeds and making maps then in the fall just before harvest time I'd follow my maps and pull the plants. Today I live in the ig city and have a small condo so I had to be creative I built a TV Stand that doubles as a grow house. OH 1 more thing I'm over 50, I'm the self proclaimed Granddaddy of Internet Radio for Indie Music.

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Hotwired said:

I was born in 2012 bc. I have a 2000 year old skunk seed I found in my dads papyrus diary and I grew it out!! Is it worth money?!?!?!

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Roger A. Shrubber said:

at what point in the two thousand years did you lose your sense of humor? did it just fall off one day? or did it slowly wither away?

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ttystikk said:

What businesses were you involved in that allowed you to do this?

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