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Old 04-15-2019, 12:08 PM   #21
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I think it was pretty common then for people to work until they were disabled or died. Retirement wasn't a thing, in those days. I will say, they were pretty famous within our own family history and stories. Most of the family were not so robust! My father's father left us at age 74, and my own father went at age 72. Average life expectancy in my family is about 84-85. The Uncles were on my Mother's side of the family, maybe they had better DNA. My Mother is 90 and still going strong.
Itís certainly true that people worked longer back then because they had to. But you donít have to go back very far to see life expectancies much lower than they are today. Lower level of medical care, a lack of understanding about the importance of good diet, little, if any awareness the job safety precautions, etc, all contributed to it. Heck, simply dealing with the pain associated with the wear and tear of a life of hard work was probably a huge reason for guys falling into alcohol abuse.

Iím pretty sure that the notion of a fairly long and ďhealthyĒ retirement is a relatively new phenomenon - and even then, only in first world countries.
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Old 04-15-2019, 12:18 PM   #22
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when my tires go bald, yeah. I'll retire.
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Old 04-15-2019, 12:23 PM   #23
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My Mothers 92 and lives in assisted living. She was a bookkeeper from the time she was seventeen until she hung up her adding machine when she was in her early '60's. I love her and know she was a good bookkeeper, but let's put it this way I wouldn't let her do my taxes, nowadays!

At 90, my Mom is still doing well on her own. Still has all her marbles and keeps a parrot for a companion. She would really put up a fight if we tried to get her into a home! My brother lives near by and keeps tabs on her as well as being her handyman and go-fer. Bess him!
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Old 04-15-2019, 12:24 PM   #24
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My dad finally retired early last Fall after spending 40+ years as a hands-on painting contractor, followed by 19 years as a boat captain, having worked his way up to a 100-ton license, in addition to serving in the USMC. He pretty much worked “every day” right up to the day he finally became immobile, ultimately succumbing to terminal illness last Tuesday.

I’m 48 years in the bucket (also starting at the age of 7 like JT did...which is just short of child abuse by today’s standards) and will probably follow my father’s suit, working until the day I drop too, or become so disabled that I can no longer work.

I tend to dabble in a lot of the more artisan/less labor intensive aspects of the craft as I’m getting older but can still hump a 40 ft ladder and out-produce any young & energetic athletically inclined painter without so much as busting a sweat, with an equally quick recovery time...poetry in motion as some of my audiences put it..

I enjoy mentoring to younger tradespersons, not limited to the painting field, passing on and imparting knowledge & skills which I find are getting lost with each new generation...it’s about giving back at this stage in my career.

I’ve enjoyed this site while tending to my dad the past few months, but now it’s time for me to get back to business as usual...many more miles to go before I can rest...Semper Fi..
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Old 04-15-2019, 12:31 PM   #25
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@Alchemy Redux I am sorry to hear you so recently lost your Dad! I know there are no words that are going to make it better but I do offer my sympathy.
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Old 04-15-2019, 12:36 PM   #26
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Had my yearly physical last week. My doctor told me he’d like to see me get a bit more exercise (which I suspect is a stock comment). It was all I could do to refrain from suggesting he come out and join me for a day in doing a vaulted ceiling or a two story entryway.
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Old 04-15-2019, 12:52 PM   #27
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@RH and to think some people pay to exercise. Maybe we could make money running an exercise program, giving the brushes and putting them on ladders.
I suppose it's not surprising I weigh more in the winter and start losing the pounds again in the early spring as work picks up. I even have winter and summer sized pants.
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Old 04-15-2019, 01:46 PM   #28
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@RH and to think some people pay to exercise. Maybe we could make money running an exercise program, giving the brushes and putting them on ladders.
I suppose it's not surprising I weigh more in the winter and start losing the pounds again in the early spring as work picks up. I even have winter and summer sized pants.
Same here.

Never had many issues with my weight whereas my dad was always on some sort a diet his entire life - all to no avail. My Mom rarely fluctuated a pound or two her entire life, so I guess I took after her.

However, when I turned 60 it was like a switch got flipped; I put on an extra 10 pounds and still havenít gotten rid of it. But have to admit I havenít worked real hard to fix that either. Maybe THAT will have to be another hobby when I do retire.
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Old 04-15-2019, 05:40 PM   #29
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I'm driven by the Social Security retirement model that should keep me firmly in the work force for another eight years. FRA is 67 for me.

As far as work goes, I developed some new skill sets that have made things a little more interesting. Enthusiasm is certainly a motivator.

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Old 04-15-2019, 05:59 PM   #30
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I'm driven by the Social Security retirement model that should keep me firmly in the work force for another eight years. FRA is 67 for me.

As far as work goes, I developed some new skill sets that have made things a little more interesting. Enthusiasm is certainly a motivator.
I get my first SS payment next month. Thatís partially why I will be retiring within the year. Just met with our accountant last week about the outcome of this yearís taxes and according to her we need to severely limit our painting income unless we want to jump up into the 22% tax bracket - and promptly begin paying a good bit more of what we earn to out dear old uncle.
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Old 04-16-2019, 01:06 PM   #31
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I get my first SS payment next month. Thatís partially why I will be retiring within the year. Just met with our accountant last week about the outcome of this yearís taxes and according to her we need to severely limit our painting income unless we want to jump up into the 22% tax bracket - and promptly begin paying a good bit more of what we earn to out dear old uncle.

That's interesting. I like the ability to earn up to $44K/year at FRA without incurring a SS penalty. And I like the idea of no limits on earnings if SS is collected after FRA. But I don't like the tax implications if either puts me in that 22% tax bracket.
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Old 04-16-2019, 02:08 PM   #32
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You should be able to earn more yet reduce your taxable income by investing in an IRA? Ask your accountant about this.

It would suck to lower your potential income just because youíre worried about paying more taxes. Iím sure that you can find other ways to reduce your taxable income if you do a google search.




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Old 04-16-2019, 07:57 PM   #33
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I get my first SS payment next month. Thatís partially why I will be retiring within the year. Just met with our accountant last week about the outcome of this yearís taxes and according to her we need to severely limit our painting income unless we want to jump up into the 22% tax bracket - and promptly begin paying a good bit more of what we earn to out dear old uncle.

I watch that pretty carefully! I want to keep within my current tax bracket. What CRA would want if I move up a notch would not be worth it!
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Old 04-23-2019, 10:42 PM   #34
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A CPA is worth their weight in gold. I meet with mine in September to deal with the current year and to plan for the next year. Too late to do anything in March.

I also pay the extra costs to have both a S corp and a C corp as I get to put 40% of my income away pre-tax by doing that. At 69 I am still keeping the business going as I have no confidence in the stock market with the banksters and no confidence in our government that is run by the likes of the Koch brothers and their ilk.

I was in Sweden, a country know for its high tax rates and while waiting at the hotel there was a group of tour bus drivers outside. I got to talking to them and they all owned their house free and clear and all had a vacation home that they also owned free and clear. In the USA most of the people I know are one serious illness away from losing their homes and being out of the streets and they have medical insurance.

My business income frees me from worry and enables me to get whatever healthcare I need without having coverage denied by some administrator at the insurance company. For me having to work until I die is the price I pay for living in this country and I accept this. It is my choice to stay and to live with the consequences.
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Old 04-24-2019, 02:25 AM   #35
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A CPA is worth their weight in gold. I meet with mine in September to deal with the current year and to plan for the next year. Too late to do anything in March.

I also pay the extra costs to have both a S corp and a C corp as I get to put 40% of my income away pre-tax by doing that. At 69 I am still keeping the business going as I have no confidence in the stock market with the banksters and no confidence in our government that is run by the likes of the Koch brothers and their ilk.

I was in Sweden, a country know for its high tax rates and while waiting at the hotel there was a group of tour bus drivers outside. I got to talking to them and they all owned their house free and clear and all had a vacation home that they also owned free and clear. In the USA most of the people I know are one serious illness away from losing their homes and being out of the streets and they have medical insurance.

My business income frees me from worry and enables me to get whatever healthcare I need without having coverage denied by some administrator at the insurance company. For me having to work until I die is the price I pay for living in this country and I accept this. It is my choice to stay and to live with the consequences.
Americans think they are the smartest, live the best and believe that nothing can go wrong, until one day it does and poof it's all gone.

People in Scandinavia do pay higher taxes, but don't have the worry of what will happen if something goes wrong. That's why they are among the happiest populaces in the world.
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Old 04-24-2019, 10:17 AM   #36
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You should be able to earn more yet reduce your taxable income by investing in an IRA? Ask your accountant about this.

It would suck to lower your potential income just because youíre worried about paying more taxes. Iím sure that you can find other ways to reduce your taxable income if you do a google search.

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Oh, believe me, we have had that conversion on several levels. We are currently pretty much maxing out our options for reducing our tax liability but will still be hitting the ceiling if we arenít careful. I just wish the brackets were a little less far apart; 12 to 22% seems a big too much of a jump IMO. But, guess that is a part of simplifying the process.

Starting many years ago, we began investing as much as possible and as a result, have a pretty decent investment portfolio built up. A strategy we used over those years is that whenever we took on a loan in order to make a big item purchase such as a car, when we paid the loan off we rolled the monthly payment amount into our investments. Sure it would have been nice to have that extra money to just spend but we figured that if our budget could handle the loan payment, it could handle that same amount going into a our retirement plan. Then, down the line it would be time to replace the other vehicle and we would eventually repeat the process. Also, we always staggered our vehicle purchases so we were never paying for more than one vehicle at a time and we always kept our rigs for a minimum of 10 years.
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