David asked each of MFO’s traditional contributors to share a few words about what we’ve been thinking as we watch events, both near and distant, personal and political, transpire.
I think I’m … Continue reading
I’ve been officially retired for just more than two years. During that time, I have been asked numerous times about when to take Social Security retirement benefits. My general response is that it pays to delay receipt of benefits to age 70. After that, there is no incentive to delay other than potential income taxes.
A recent study, “The Retirement Solution Hiding in Plain Sight” by United Income (June, 2019), indicates most people would say “yes” to making one simple retirement planning decision that could mean more income during retirement. But the same study shows that 96% of retirees take their first Social Security check at Continue reading
Readers of my previous blog posts know that since I retired more than 18 months ago, I don’t spend much time looking at the values of my investments. There are four main reasons for this. First, I spent more than 30 years watching the markets and client portfolio values on a daily basis. I was more than ready to pass that off to my former investment partners, and I don’t miss it one bit.
Second, I am blessed to Continue reading
It’s minus 3 degrees this morning, with a thick blanket of snow on the ground, and winds are making it feel like 20 below. There is little compelling reason for this retired guy to hustle around and get outdoors, so it’s as good a time as any to think about the so-called market meltdown of 2018 and offer some perspective on what is really important for individual investors to consider.
A quick look at my Schwab accounts tells me that since January 1, 2018, through January 18 of this year (12 ½ months), my total portfolio value is Continue reading
“Some people make more than a career out of their work. They make a difference.”
It’s been more than a year since I retired from my position as Portfolio Manager and Chief Compliance Officer with PDS Planning in Columbus, Ohio. One of the many retirement cards I received from clients and colleagues contained the above quote. We never talked specifically about “making a difference” while I was working. However, as I look back over 30-plus years, we certainly did make a difference for many, many individuals and families who entrusted us with their dreams.
People can choose to make a difference in any Continue reading
There have been many changes for me since August 31, 2017. On that day, I officially retired as partner and Chief Compliance Officer of PDS Planning, Inc. in Columbus. Having worked for a total of almost 50 years (five of those while I was in college), there was more than a bit of trepidation as I neared retirement. Would I really fill my time? Would I find myself longing to be at work again, missing the daily interactions with colleagues and meetings with clients? Would I be able to sit back and not be on top of the financial markets? These were just a few of the thoughts running through my 67 year-old brain as I cleaned out my desk and office.
Notice that I did include the future of the company I helped build in Continue reading
The fifth in a series of articles
For me there has always been a disconnect between the concept of wealthy living and the size of a person’s bank account, retirement account, or other traditional measure of wealth. Enjoying a wealthy life should not be determined by how much money one makes or has amassed. Wealthy living is doing those things that make life inspiring, rewarding and worth living – helping young people improve reading skills, assisting at a food pantry, sorting clothing at a resource center, collecting gifts for underserved children at holiday times, volunteering at a hospital or hospice, having a part-time, fun retirement job that is Continue reading
The fourth in a series of articles
My original intent was to retire when I turned 70. However, as I noted in Part 2 of this series, the realization that “it’s time” bumped up my retirement to this fall, when I turn 67. Thus the mental switch was flipped. Then the “Can I afford to retire?” review and decision was made. In my last blog (#3), I was able to determine the anticipated timing and amount of distributions from my retirement plan account. Now I come to health care – what might future costs be, how to survive the gauntlet of Medicare, Medicare Supplement Insurance, Prescription Drug Insurance, and other pieces of this constantly changing puzzle.
The changes since the Affordable Care Act was implemented are Continue reading
This is the third in a series of articles.
My original intent was to retire when I turned 70. However, as I noted in Part 2 of this series, the realization that “it’s time” bumped up my retirement to this fall, when I turn 67. Thus the mental switch was flipped, then the “Can I afford to retire?” review and decision was made. A large number of people find that their retirement plan (IRA, 401k, 403b, company pension, profit sharing, or other) account is the biggest part of their financial picture, often bigger than any Social Security benefits for which they qualify. My own picture is probably not that much different.
Social Security retirement benefits are much more modest than many people realize, according to the Center on Budget and Policy Priorities. Benefits represent Continue reading
This is the second in a series of articles.
Over 36 years of providing a financial advice, I have heard a number of clients tell me, “You will know when it’s time to retire.” My original plan was to work until I turn 70, since I truly love what I do. Over the last couple of years, however, a number of friends, relatives, and colleagues have passed away rather suddenly, or they developed chronic health issues that will greatly limit their quality of life. This caused me to re-consider my retirement timeline, especially in light of what my wife and I would like to do over the next ten years. I will be 67 in September of this year. It’s time.
As an owner of a small business, it’s easy to think Continue reading