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WHAT TO DO AFTER RETIREMENT $$$

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pburchett

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This is my 25th year teaching, (Chemistry-Physics) so this year and 2 more to go. My retirement income will be $28,500 per year before taxes. I will be taxed on this for 3 years-till I reach the age of 55 as the current retirement system dictate.
I live in the poorest most rural county in Kentucky, McCreary County. County population is less than 15,000 and the city population is less than 1,000. The national forest takes up something like 75% of the county. The government is the biggest employer with food stamps, welfare. There is a Kroger, a McDonalds and an Arby’s along with a Lumber King and a few privately owned gas stations and stores (pallet returns, thrift shop, and a couple of private restaurant’s). Worse than BFE: At least Egypt has the pyramids.
Wife teaches also but has another 12 years to go as she stayed home and raised our kids. They turned out good, no thanks to me. They will go to college debt free with their scholarships and our help.
Have a home with 11 acres of hills, a barn and a 24 x 36 concrete block shell in the back woods, vehicles and a Kubota with 3 years of payments left.

I will want a supplemental income. I can do about anything but lay brick/block, but I am also not as young or buff as I once was due to inside work most of the year. I don’t want a home business where people come to my property due to liability, but I could work from home or use it as a base. I wouldn’t buy into a franchise as similar businesses could be started independently without the large fee. Keep in mind I can move, but I’m not suited for big city life and the wife wants to move to the beach.
I figured with the vast amount of experience on here someone would have a suggestion.
 
I was in a similar situation 20 years ago when I had gone one year longer than necessary to get a full retirement at age 58. I had worked part-time at repairing cars and trucks, helped with building projects, and had driven truck during college to get through school. Many people will ask why you don't keep teaching, not knowing how much you would like to get outside a bit and see more of the world than four walls. I had a chance to drive part-time for a local concern, making about 1200 miles per week, and went for it. I basically drive on Mondays and Tuesdays and then have the other days off to pursue other hobbies and spend time with my wife, kids, and grandkids. It has worked out well as I have been doing it for all these 20 years. I have found the company to be great to deal with, and they were very understanding when I needed time off when I lost my first wife, and other times when I wished to take trips of a personal nature.
 
Alot of the retired public school teachers
teach a few days a week and the local
Lutheran schools.( there is 5
elementary/middle schools and one high
school in the county)
 
Would you be able to do some tutoring work. there is always people that need a little extra help' good luck with your retirement. Randy
 
(quoted from post at 12:03:19 07/01/18) This is my 25th year teaching, (Chemistry-Physics) so this year and 2 more to go. My retirement income will be $28,500 per year before taxes. I will be taxed on this for 3 years-till I reach the age of 55 as the current retirement system dictate.
I live in the poorest most rural county in Kentucky, McCreary County. County population is less than 15,000 and the city population is less than 1,000. The national forest takes up something like 75% of the county. The government is the biggest employer with food stamps, welfare. There is a Kroger, a McDonalds and an Arby’s along with a Lumber King and a few privately owned gas stations and stores (pallet returns, thrift shop, and a couple of private restaurant’s). Worse than BFE: At least Egypt has the pyramids.
Wife teaches also but has another 12 years to go as she stayed home and raised our kids. They turned out good, no thanks to me. They will go to college debt free with their scholarships and our help.
Have a home with 11 acres of hills, a barn and a 24 x 36 concrete block shell in the back woods, vehicles and a Kubota with 3 years of payments left.

I will want a supplemental income. I can do about anything but lay brick/block, but I am also not as young or buff as I once was due to inside work most of the year. I don’t want a home business where people come to my property due to liability, but I could work from home or use it as a base. I wouldn’t buy into a franchise as similar businesses could be started independently without the large fee. Keep in mind I can move, but I’m not suited for big city life and the wife wants to move to the beach.
I figured with the vast amount of experience on here someone would have a suggestion.
Click to expand...
I would suggest to start traveling and do not look back.
 
That?s exactly my thought, why not keep teaching? Sounds like you don?t have any options much if you stay in your town, do you have to take the retirement and leave?
 
Keep doing what you're doing,but with just a total change of attitude. Adopt the attityde of "I don't HAVE to do this ch it." I can do that now with farming,now that I know I'm not working without a net. I can take my SS any time,but it's not all that bad now,knowing that I don't have to if I don't want to.
 
Is there a community college close? You could teach some classes as an adjunct.
This may be time to think about pulling up stakes and moving as it doesn't sound like prospects are too promising where you are currently located.

Larry
 
pburchett- I'm from Eastern KY. Had the same dissatisfaction as
you. I sold my farm and walked out with the clothes we were
wearing and some tools. Bought a camper and searching for a new
home.

We are in Oregon now. The people are great, nice and friendly.
Jobs galore and no sales tax!

This is gonna be our new home....just gotta find where in this
state we want to land! lol!
 
Personally, I think you are retiring too early, retiring at 52 leaves a lot of life to fund.

If you were 65, then it is a different story.
 
Will you have any Social Security benefits, or have you been exempt all these years? Without SS check you're gonna be running bare-bones.
Like some of the others, you should re-think retirement unless you find a really good second career situation.
 
Here's another thought,is there some job in school administration outside of the classroom that you could move in to? Heck,drive a school bus for that matter.
 
this is something you should have thought about 25 years ago--if you need more than your pension to live on consider staying teaching until something comes along that will work for you--i could have retired after 25 years but worked the same job till i had 32 years in--never planned on or needed SS---that's just play money for me now so i can buy old tractors!
 
I'm a member of KTRS in the western end of the state (Graves Co.). Put in 33 yrs. + credit for 2 yrs. military. If you aren't completely burned out I would stay until you reach 55. Trust me, it will pass fast when you get there and look back. If my thinking is right you are now 49- 50 if you lack 3 yrs. and if you'll be taxed 3 after retirement until you are 55. By that time your wife will lack 7 years in KTRS and you don't want her to lose that benefit. Part time work is available here for retirees. I ran cars for a local dealer for a few years after retirement. How about raising produce for a farmer's market? That is a good business in our area. Good luck.
 
Being in as rural area as your in, I would second/third for staying teaching a little longer. At least until 55 or so. Your maxing out your income right now. Pay everything off, grow the nest egg a little more. I am willing to bet your in the top 25% of the wage earners in your county. So there is not going to be many non teaching jobs with hardly any benefits or reasonable wages. Just a fact. You have been insulated from the health care costs and lack of retirement the majority of the people in your area experience.

There just are not many options in your area. I bet the true unemployment number is 25% or higher. So finding a secondary income at your age is slim bet.
 
I don't have to retire in 3 years but it would be nice.

Moving is probably what will happen.

I can't draw my SS and teacher retirement. I have worked enough before teaching as an electrician to have paid all my SS credits in. So that sucks bad.

I do get a small break on my medical insurance so that will not be too bad.

I had a principal once that tried to get me to go into administration! I don't want that can of worms + I would have to go back to school as I have a Bachelors and Masters in chemistry. If I had to go back I would have a PHD in Chemistry.

No other schools here. Local community college even closed their branch. The community college in the other town pays $2000 a semester/class. The private college in the other direction/town pays about the same.

Oregon has a beach----tell me more.
 
Thars not early, my dad retired at 48. Worked his 30( they include the 2 years he was drafted in army like he was still working) and draws a full pension till last year when ss kicked in.
 
There is a good reason why younger teachers can’t wait to leave the profession. I will leave it at that.
 
pburchett- My entire family has been in education for decades in
Kentucky. Bevins is doing everything he can to undermine their
pension system.

Come to Oregon, you'll never go back! lol.
 
At 52 retirement was about the last thing I had on my mind. I am now 68 and I still can't get it in my mind it is time to quit. I have extremely good health for my age and I like to work. I do not have a retirement. Being self employed for 40 years and trying to build a business doesn't leave much for retirement. Thank your lucky stars that you have a retirement, but social security is years away and there may not be any when you get there. My advice is to keep working, you may outlive your income. I have a lot of friends that had good paying jobs that retired too early and had to go back to work just to pay their insurance. Most of them are working for half what they were making and working harder to get it. My two cents is you are too young to retire.
 
wat is doing to hurt the pension he is thee 1st and only gov to try and fix it --I hope baby beshear gets his way and breaks the pension which is what the teachers want --they have told all us taxpayers to live on less while they get more what a bunch of babies
 
Yep, I’m in the top 10% of the income bracket for sure for this area, which is sad as most 6 year college degrees make twice what I bring home.


I like to work and cannot just stop doing anything, which is why I wondered what the experienced bunch on here thought.

I had been thinking about insurance sales (property & casualty) and/or real estate in combination with a move to a more prosperous region.
 
I retired from a federal agency in the electrical
generating portion after 26 years with a full
pension at age 47. Rather than change career paths
I chose a different portion, that of electrical
distribution with a medium size city utility. 16
years later I retired at age 64 with a full state
pension.
 
If its like many Gov't pension funds its been under funded for years with no way possible to pay out what has been promised.Two choices either cut the pensions back or let the
pension fund go broke at some point in the future and the future ain't too far away for many.
 
Before you get locked into a retirement date, or make any big, permanent changes, here are a few things to consider:

Look into where you want to retire. If there is someplace your better half thinks she wants to be, vacation there for a week and see if you both still think a move would be a good idea. What are the job
prospects there for you? What kind of money would you need to make the move? Keep in mind that you could time the move to the best fit for each of your retirement plans.

Become an expert on healthcare costs. Know the availability of excellent care facilities, both at your present location, and anywhere you are thinking about moving. If one of you needs a knee or a hip, you
will need $, insurance, and skilled care to do the job right. Ask you life insurance provider how long you can both be expected to live, and make your plans past the average dates.

Before you jump into a career change, talk to several people who are already doing the work that you think you would like. Ask how long they think it will take you to get established in the business,
especially if it is something that involves self employment (like Real Estate) Find out what the average income is, both in your current area, and any where you are thinking about moving. Consider your
current work - would a move to another state improve your circumstances if you were doing the same or similar work in a different location.

Last, and sometimes most important, how close are your family ties? Would a big move away from family and friends be something you both would find acceptable?

This list seems like a lot of work, and it is. You and your spouse are the only ones who can make these decisions. The last thing you want to do is quit before you have some good, solid opportunities. The
other last thing you want to do is to move a long distance, and regret it shortly after the move. Good Luck, and may God bless you in your choices!
 
I would keep teaching for a while. I was eligible to go at 53 from my truck driven job but went 5 more years until 58. I always worked a 60 hour week plus part time farmed but decided after 35 years I was ready. That was nine years ago.

Now I run my small farm selling corn and straw off a wagon year round out front, feed out about ten steers a year and sell them off to private sales for freezer beef. I sell eggs from chickens and feed out some turkeys every year to sell at thanksgiving. I also do about 4 acers of pumpkins to sell in my stand in front of my house along with other fall d?cor and do weekend hay rides during the fall. I also do custom rototilling and brush Hogging and drive school bus part time. I'm just giving you some ideas of what you can do. I am way busier then I really need to be but it does subsidize my retirement as I'm still able to save for real retirement if I ever do so.
 
First off, I'll say that you are way better off than most retirees of any age. Second off, the best advice anyone ever gave to a high school graduate is the same I will give to you...Look inside and honestly tell yourself what your absolute "passion" is. If you are truly passionate at something, you will strive to do it so well that the $$$$$will come automaatically . Also, when you follow your passion, you will never " WORK " again a day in your life . Passions do change from high school until 55 yrs old but the same advice works for both. Therefore , no one on here can answer your question but you. If more people were coached to do this , the untapped potential of millions would have been boon to our country. Everyone is "groomed" to work for "the man" and / or "punch a clock" even after thousands in college debt and people end up hating and being a "slave" to a job they hate. I love the small "hobby" / "passion" that I've taken up in my retirement. The internet has made it possible through thousands of customers at my fingertips. My market is on here , my suppliers are on here and a lot of times I get paid on here and even ship from home too. I could do what I do in a wheelchair and provide a valuable service to JD tractor hobby. Follow your passion !
 
Retire? You?, I would keep working and wait for your wife to retire with you (she did a good job raising Your kids). You have debt, get that paid off, like others have said build the next egg, put your nose to the grind stone and work, you have the best job right now.
 
You should have come to IL before this year and become a superintendent. The school board gave you a 6% raise for 3 years and then you could use that amount as the basis for your retirement. Almost as good as being a polition. Sorry, but now it is down to 3%.
 
I retired 5 years ago at 55. When I say retired that means retired from having a job working for a company and having a boss. I still do some work out of my own shop, but just fun things. Brings in a bit of money, but nothing to get excited about. That's OK, I don't need the extra, but it's nice to have to buy some toys (tools) with.

If anyone were to ask me about retiring at a young age, I'd say do it, if it is at all possible. Even if it meant going back into work at 65 or so. I've seen a few guys get into their mid to late 60s before they retired and by then their health was such that they could not do some of the things they hoped to do after retiring. I saw my dad pass away just 2 weeks before he was set to retire. All the things he and mom talked about doing after he retired went out the window.
 
After reading your other posts that came after mine so I will add some thoughts. Living in an economically dead area of the country will poison your outlook on life. Asked Greg1959 how he is liking life now he is not in a economically blighted area???? There are a lot of good people and areas in this great country.

My wife and I both have relatives that live in Eastern Kentucky and South-West, West Virginia. We visit the area about every 3-4 years. The economic outlook for that entire area is not good. The sad thing I have noticed is the people are actually Proud of being poor. They embrace it like it is some kind of an accomplishment. A better work ethic, a little better education/training, and some ambition would get the majority of them into a better life. That seems to have been replaced with the goal of getting a government check. Live the high life on Uncle Sam's disability checks/hand outs. I get mad every time I go. You have to want a better life enough to improve yourself. No one else is going to "give" it to you for no effort.

So if your wife is willing to move than I would retire ASAP and head out for greener pastures. Even other areas of Kentucky would be better than where your currently at. Your wife's seniority would transfer in state too.

Plus sell your property while it is worth some thing. My wife's Aunt has a nice home in WV. Ten years ago it was worth $100K. Now with the mines dead it is currently worth under $50K. She has had it on the market now for over two year and can not get any reasonable offers. The sad part is she turned down $103K in 2007 for the house/acreage.
 
Might be of interest.
Long Beach Washington
Punch it up on computer.
I don't know why housing is way below state average.
 
I retired as a federal employee at age 55, wife was a banker and she retired at the same time. BUT,
we had no debt and had always lived below our means. We were pretty careful till we were 62 and we
could get SS. Health care is a huge expense unless your State retirement has something built in....
most do.

AGAIN, IF YOU HAVE ANY DEBT, KEEP WORKING AND PAY IT OFF AND YOU WILL BE GOLDEN!

Bill
 
Cheesehead Fred---Good advice all around. We have been traveling and the wife’s list of where she does not like is bigger that the likes.

Self-employment was the rout I was thinking of, but similar work in a different location would be ok as long as it was a college setting. The public education setting has changed so much most people are leaving and those close to retirement cannot leave. I have worked in an environmental lab, as a butcher, a store clerk, an electrician, grocery stores and tire shops and on a dozer and back hoe plus all the farming activities and must haves associated with it. The farmers market/produce would only work around here if you could take the EBT card (food stamps).

My family list is short (wife and 2 kids) hers includes her mom and grandfather. With the jobs my children are going to college for (nurse and engineer) they will need to be in a better location anyways. The house and property should be easy to unload since it is well kept and the government owns the majority of the land and housing is hard to find.


Thanks for all of the comments.
 
.....AGAIN, IF YOU HAVE ANY DEBT, KEEP WORKING AND PAY IT OFF AND YOU WILL BE GOLDEN!
Click to expand...

This ^ is #1 advice.

I started working toward being debt free when I was ~30. By 45 I owed nothing to anyone. Had my home and a rental house paid for too. There are a lot of things that one can whizz away a lot of money on that will keep you owing. Learn to say no to those, and it gets pretty easy.
 
(quoted from post at 16:58:52 07/01/18)

I can't draw my SS and teacher retirement. I have worked enough before teaching as an electrician to have paid all my SS credits in. So that sucks bad.
Click to expand...

Please triple check that statement. A ton of the policemen I served with were under the impression that we could not draw SS and police retirement, but that is not true and I draw both. There is a penalty with SS for having a "government" retirement at the same time but unless you are unusual the penalty does not wipe out the SS completely. SS surchrges me $400 per month but I still get $1500 SS a month after that surcharge. Not bad considering that I had thought I would get nothing.
 
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