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"why planning to work longer is not going to work"
I certainly know about that. I've been reminding our boys about this as well. In the world that moves forward "old" is just in the way. Sure there are outliers but realistically, probably 90% of us are not capable of 100% at 70, 75, 80, in a demanding job.
And the Golden Girls thing: I don't think most men will be down for this unless their is a contract to abide by. I certainly wouldn't want some hairy-legged dude sharing a kitchen with me when I finally get to an age I don't have to mind anyone. The precious few I would be willing to live with feel the same so the only way I see a commune of guys is each has his own shipping container on a yard with no grass or plants. And some way of signaling when willing to talk to others.
A true car guy. Just like my brother. I totally respect those who can work on their own cars, and both my bro and my first and second hubbies built vintage cars, so I totally get that. While my future DH was driving the pea green Malibutt, there was a fully restored pearl white '66 El Camino in his garage, along with a vintage Harley Low Rider. He bought them for cheap, restored and held them for over 30 years. It was sad when he sold them in the last couple years, but it was his choice to clear out the garage workshop for new toys. Rock on!
The car hobby is an enticingly appealing way to spend one's time in retirement, both as a worthwhile personal activity, and as a social outlet, and possibly even a side-business. There are however two major negatives.
The first is physical fitness. It's hard to crawl under cars on jackstands, to contort one's body, to be reaching under hoods and between engines and radiators, and so on. More than strength ("whaddaya bench?") or stamina ("what's your 10K time?"), it's a set of compound full-body motions, that's paradoxically harder for lifelong weightlifters with finicky backs, than for couch potatoes who suddenly have an epiphany at 55.
The second is real estate. It takes a sizeable garage to work on cars with any sort of efficiency. Equipment too. All of that requires not just owning a house, but the "right" sort of house, maybe in the countryside, where overall logistics are more fraught. One has to maintain and afford a fairly large footprint...harder to do, if the aim is to economize, especially if apart from the car-hobby one wanted a more urban or "walkable" neighborhood with closer access to amenities.
And the Golden Girls thing: I don't think most men will be down for this unless their is a contract to abide by. I certainly wouldn't want some hairy-legged dude sharing a kitchen with me when I finally get to an age I don't have to mind anyone. The precious few I would be willing to live with feel the same so the only way I see a commune of guys is each has his own shipping container on a yard with no grass or plants. And some way of signaling when willing to talk to others.
It's not enough of a plus for them to keep on older workers if they have developed a policy of forcing out older workers.
...But that's mostly done to keep healthcare costs down. If they don't force you out at 61 they're unlikely to at 65 or 67.
Quote:
Originally Posted by ohio_peasant
The car hobby is an enticingly appealing way to spend one's time in retirement, both as a worthwhile personal activity, and as a social outlet, and possibly even a side-business. There are however two major negatives.
The first is physical fitness. It's hard to crawl under cars on jackstands, to contort one's body, to be reaching under hoods and between engines and radiators, and so on. More than strength ("whaddaya bench?") or stamina ("what's your 10K time?"), it's a set of compound full-body motions, that's paradoxically harder for lifelong weightlifters with finicky backs, than for couch potatoes who suddenly have an epiphany at 55.
The second is real estate. It takes a sizeable garage to work on cars with any sort of efficiency. Equipment too. All of that requires not just owning a house, but the "right" sort of house, maybe in the countryside, where overall logistics are more fraught. One has to maintain and afford a fairly large footprint...harder to do, if the aim is to economize, especially if apart from the car-hobby one wanted a more urban or "walkable" neighborhood with closer access to amenities.
Agree on the RE question of that. You need space.
I had an uncle that did it in his retirement despite being disabled. But, he had ALL the equipment to make his hobby manageable and skills to make stuff to adapt. When we'd visit he'd have a few things he needed a young man to do...like pull a rear-end to his garage. But once there he'd manage, an electric crane made with a winch and an engine lift, that kind of thing.
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Agree on the RE question of that. You need space.
I had an uncle that did it in his retirement despite being disabled. But, he had ALL the equipment to make his hobby manageable and skills to make stuff to adapt. When we'd visit he'd have a few things he needed a young man to do...like pull a rear-end to his garage. But once there he'd manage, an electric crane made with a winch and an engine lift, that kind of thing.
I had a full shop when I was younger, but in the last 22 years, I've done just fine with a standard 2 car, suburban garage. Engine work, suspension, paint, etc. We completely rebuilt from the frame up my son's hot rod Chevy pickup in that garage. The garage at the new place is sized like a standard 2 car garage, but there's only one garage door, which will be fine for my MINI Cooper Roadster, or any project car I'd want to get.
Complete restoration (drivetrain, electric, paint, interior) by my wife and I in the garage:
Below is my son's truck, built in that garage (engine, trans, suspension, frame, massive bodywork, etc.), one of my hot rods ('31 Ford), and finally the garage I'm moving into at the new house. Similar inside dimensions, but only one door (which is fine).
So no, you don't need a sizable footprint or much real cost (the house pictured below is only $200k, and I'm only about a mile from downtown).
I had a full shop when I was younger, but in the last 22 years, I've done just fine with a standard 2 car, suburban garage. Engine work, suspension, paint, etc. We completely rebuilt from the frame up my son's hot rod Chevy pickup in that garage. The garage at the new place is sized like a standard 2 car garage, but there's only one garage door, which will be fine for my MINI Cooper Roadster, or any project car I'd want to get.
Complete restoration (drivetrain, electric, paint, interior) by my wife and I in the garage:
Below is my son's truck, built in that garage (engine, trans, suspension, frame, massive bodywork, etc.), one of my hot rods ('31 Ford), and finally the garage I'm moving into at the new house. Similar inside dimensions, but only one door (which is fine).
So no, you don't need a sizable footprint or much real cost (the house pictured below is only $200k, and I'm only about a mile from downtown).
only thing was i was surprised the guest , who is a phd and acknowledged expert on this stuff said at the end spend your 401k first as ss is giving you 6 to 8% in return , which is not true as most of us know .
its zero until well down the road an increase is not a return.
but other then that i agree with what she said .
working longer is not our choice . its a choice determined by our employer , the economy , our health and the health of those we are responsible for .
most who claim they will work longer or until they drop , for one reason or another cant
I've thought the same thing and said similar things for years. I've said many times on the Personal Finance forum that lots of people think they're going to work until at least 65, but many lose good paying employment, for one reason or another, in their 50s. And that isn't really a new thing.
Most of my buddies retired from city or govt jobs early since after 20 years they can get a lower pension .
They figured they would get lower stress jobs.
Well, what they did is give up good paying jobs with good hours and benefits for lower end jobs.
They went into jobs they thought would be less stress and what they found is while they were off the radar at their old job as far as performance, now they were under the microscope of some grunt supervisor watching their every move.
They got crappy pay, little benefits and with no seniority they got the worst days and hours .
So they traded one stress for another.
That describes my situation almost to a tee.
The main difference is I had no illusions that any job I took was going to be lower stress than the one I had left.
Some minor differences is the supervisors aren't quite as grunt-like as the ones you mention (well, most of them, anyway). Benefits are nothing like my government job benefits were, but slightly better than I thought they'd be (crappy health benefits, but decent dental, and ok sick time and time off).
My planning to work longer is just going to cause me to pay huge penalties against my future SS income...I'm too young to start collecting now.
My income is too much to start taking SS at 66.5 when I'm eligible...they'll whack me in penalties.
Good problem to have, but I think it stinks not to give my my own money back because I'm still making a lot of money.
What penalties would you expect to be whacked with at full SS retirement age of 66.5? Other than paying a higher marginal tax rate if you're still raking it in?
That's my situation, but I may take SS anyway soon (I'll be 67.5 in September) even so ... SS is still important to my strategy, and with the Orange One having an even chance of getting in, and the rhetoric of the GOP around gutting SS ... I tend to think I ought to be grandfathered in -- it might be a little bit of protection.
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