Forced into retirement, but thanks to god, good planning and my sainted father, I'm doing fine :-)

[Ronn38]

Hey Everyone,

I had been Chair of a University Theatre Dept for 20 years when the school, a small lib-arts college, started cutting programs in 2014. It was a great place to work, wonderful people, and a dedicated student body--but an admin who didn't have the financial savvy to navigate tough times. It's still there, but mostly a boutique school for engineering and cybersecurity (find your niche, right).

I had always maxed my 401K w/matching, IRA, blah, blah, blah and saved, and thanks to my Father leaving a great nest egg to his 3 boys, I felt that in my early 50's I might be able to "freelance it"-- which is what I think modern retirement is. I had spent my last year employed full-time, reading every book I could on investing, coming to the conclusion that dividend investing was the right fit for me.

I moved my 401k into a self-directed IRA at Fidelity, and the inheritance into similar taxable accounts. I was able to work in theatre--no, really, there are some jobs there -- and adjunct teach until about 2020 without accessing the principal in any investment account, and even in just six years, compounding divy's are magic!!!

I completely stopped teaching and just started drawing on my IRA this year. As my wife still works (at the same university) I can essentially live off my investments now (going to wait another 2 years for SS). I am still directing and acting on stage, even though commercials are where the money is. Borning work is most profitable, go figure...

Anyway, when I turned sixty, I bought a C4 Corvette-- the model that came out when I graduated from college (though mine is about a decade newer)-- 'cause that's what us old guys do, right? SO I have fun driving that around, wife hates it, and traveling about the country or internationally, which my wife loves.

All-in-all, retirement is good, I highly advise it ;-)

Looking forward to reading and getting some good insights here!

Ronn

 

[Koolau]

Ronn, nice introduction. Thanks for joining us. I hope you feel welcome here and participate often.

 

[imjustawarrior]

Great to have you on board. I'm glad to hear you are enjoying your retirement.

 

[mebden]

Welcome to the club Ron and lots of knowledgeable people here don't be afraid to ask questions

 

[MarieIG]

Welcome Ronn. I'm looking forward to hearing more from you.

 

[SJhawkins]

Welcome, good group of folk's here, hang around and keep us updated and share with the next group coming up the ranks.

 

[street]

Welcome aboard.

 

[Out-to-Lunch]

Welcome to E-R.org!

 

[Diogenes]

I had been Chair of a University Theatre Dept for 20 years when the school, a small lib-arts college, started cutting programs in 2014. ...It's still there, but mostly a boutique school for engineering and cybersecurity (find your niche, right). ...

Anyway, when I turned sixty, I bought a C4 Corvette...

Engineering professor here. so I'll take the opposite side of that drama! No, but really... academia is "evolving", and not in a good way. It's been on downward slope for decades, with recent changes only accelerating the decline. Not a bade choice to retire, whether or not it's strictly voluntary.

As for Corvettes... yeah, it's been a lifelong dream. The cars themselves aren't expensive, but it would be silly to acquire one without first having a house (with a garage)... and the latter, in this market, is awfully hard to justify. I did read in the official cultural manual, that one must be at least 60 to legitimately drive a Corvette... so, congratulations on crossing that threshold! Some of us have a few years of waiting (for the car, or for a house...).

Oh, and welcome!

 

[Koolau]

As for Corvettes... yeah, it's been a lifelong dream. The cars themselves aren't expensive, but it would be silly to acquire one without first having a house (with a garage)... and the latter, in this market, is awfully hard to justify. I did read in the official cultural manual, that one must be at least 60 to legitimately drive a Corvette... so, congratulations on crossing that threshold! Some of us have a few years of waiting (for the car, or for a house...).

I had mine at age 22. It was a C-3 and pretty much a pile of junk - that would really go! Cured me of wanting a Vette - until lately. Now pushing 80, I'm still thinking about a C-6 through a C-8. DW thinks otherwise.

 

[Dtail]

I had mine at age 22. It was a C-3 and pretty much a pile of junk - that would really go! Cured me of wanting a Vette - until lately. Now pushing 80, I'm still thinking about a C-6 through a C-8. DW thinks otherwise.

The C8 is truly a magnificent looking car. Chevy got it right.

 

[Diogenes]

The C8 is truly a magnificent looking car. Chevy got it right.

Performance, yes. Aesthetics? Have to disagree. Too many swoops, scoops, flares and edges. Back end looks sawed-off.

 

[Koolau]

The C8 is truly a magnificent looking car. Chevy got it right.

Yeah, I got to ride in my friend's C-8 last summer. Just amazing. Great interior, decent ride, amazing performance, not ridiculously expensive, any Chevy dealer can probably w*rk on it.

My main issue with the C-8? Ingress/Egress! At 78, the old bones, cartilage, muscles and tendons just don't like that kind of a stretch. BUT, I'd still love to have one.

 

[Healthy Lifestyle]

Welcome to the forum. Your post put a smile on my face.

 

[Gumby]

Welcome Ronn38. I look forward to hearing more about your retirement journey. It's great to hear about your Corvette. My baby sister is big into Corvette racing; she was recently a national champion in the National Association of Corvette Clubs racing circuit. I'm pretty sure she drives a C4. I personally like the C2 models the best, but then I don't race..

 

[Dtail]

Performance, yes. Aesthetics? Have to disagree. Too many swoops, scoops, flares and edges. Back end looks sawed-off.

We will agree to disagree on aesthetics. The look of the car is now exotic and can be mistaken for a Ferrari from further away. Of course this is very different than the prior looks of the Vette and that might not sit well for some.

 

[athena53]

Welcome! I also ER'd comfortably 11 years ago at age 61 thanks to the same factors. Dad started investing early in the late 1960s when stock trading was far less accessible. I liked to look at his Value Line charts and he'd talk about the successes and failures. He made a small fortune in Cray Research, which made high-speed (at the time) computers that they used where he worked, before the analysts found it. I also saw him "demoted" at age 59 and he and Mom sold the house, oved to Myrtle Beach and aid cash for a little house a mile from the ocean, dabbled at a few jobs and then fully retired to a life of golf and bridge. Mom died in 2016; Dad died in 2021 after 18 months in LTC and still left an estate of $1.4 million. It was split equally among the 5 of us but still a pleasant surprise. Anyway, I learned when Dad quit that there is no guarantee that you'll be able to have a lucrative job till age 65.

Not only is this a group of kindred spirits, but I've learned so much practical stuff I can't list it all but they'd include using Costco for hearing aids, Ting for cell phones, RequestaTest for no-hassle, no-surprise-billing lab tests on demand, and Peter Attia's podcasts on longevity. Great people here!

 

[Diogenes]

... I also saw him "demoted" at age 59 ... I learned when Dad quit that there is no guarantee that you'll be able to have a lucrative job till age 65.

This is a powerfully compelling reason for aiming for FI, but less so, for RE.

FI means that if the worst happens, we're lithesome and adaptable; we don't merely survive, but we continue more or less unimpeded, at least regarding matters outside of career/work. But the "no guarantee of a lucrative job" suggests that if we do happen to presently have a lucrative job, there's good cause in keeping it, for a while longer. We may never get a second chance!

 

[Flyfish1]

@Ronn38 Love your intro story. Congrats on retirement , dividend investing and especially the Corvette! This forum has been a great source of info and support for me, so enjoy and post often!

 

[Koolau]

Performance, yes. Aesthetics? Have to disagree. Too many swoops, scoops, flares and edges. Back end looks sawed-off.

Believe it or don't, but those are all functional - not esthetic. There are air intakes for the cooling system and for the brakes. There are splitters for better down force, a slashed off behind (on a car) is the 2nd best way to defeat drag at the back (better is a boat tail which would REALLY defy esthetic appeal.)

Form following function is aesthetic to a car nerd.

 

[Koolau]

We will agree to disagree on aesthetics. The look of the car is now exotic and can be mistaken for a Ferrari from further away. Of course this is very different than the prior looks of the Vette and that might not sit well for some.

I just wish Zora Arkus-Dutov could have seen the C-8. It's how he always envisioned the Corvette.

 

[Koolau]

This is a powerfully compelling reason for aiming for FI, but less so, for RE.

FI means that if the worst happens, we're lithesome and adaptable; we don't merely survive, but we continue more or less unimpeded, at least regarding matters outside of career/work. But the "no guarantee of a lucrative job" suggests that if we do happen to presently have a lucrative job, there's good cause in keeping it, for a while longer. We may never get a second chance!

True, but retirement means leaving a j*b. Is it better to leave a lucrative one or a mediocre one? Sooner or later, you have to leave. I think I'd rather leave at the top of my game. When you can turn your back on a lucrative j*b, you likely know you're okay financially - otherwise, you wouldn't leave. YMMV of course.

 

[Diogenes]

True, but retirement means leaving a j*b. Is it better to leave a lucrative one or a mediocre one? Sooner or later, you have to leave. I think I'd rather leave at the top of my game. When you can turn your back on a lucrative j*b, you likely know you're okay financially - otherwise, you wouldn't leave. YMMV of course.

It's invariably better to leave on one's own terms, whether that's at age 40 or 80 or anything in between. The OP, like several of us, was forced out. This is wrenching and debilitating, even if one is well-prepared financially. As I keep saying, the only difference between being retired and being unemployed, is that the retired person has more money.

We should distinguish between strategic and tactical preparation. In 1941, the US could - and did - reasonably expect to be drawn into WW2. It was strategically prepared. But Pearl Harbor was a tactical surprise. The US was caught tactically unprepared. It recovered, of course, and went on to thrive... but the experience would have been vastly smoother, had the tactical preparation matched the strategic. Well, a person who is FI is strategically prepared for retirement, but may still be tactically surprised, if one day HR calls him into what appears to be a routine performance-review, but ends up being a precipitous layoff. Our hero may have spent a decade or longer in chest-thumping self-congratulation of being thrifty and a good investor and being ready for anything... "Bring it on!"... but yeah, once it is suddenly brought-on, the shock is staggering, and the recovery not easy.

To my earlier point, if Smith presently has a rewarding and lucrative job, it behooves him to mentally prepare for an exit, maybe years before actually doing so... I mean, he's financially already prepared. Yay, Smith! But if that chance meeting with the CEO leads to sudden termination, OK, Smith isn't clairvoyant... but if he mentally had one foot out the door already for a year or two, then that second foot will be much easier to drag across the threshold.

 

[pacergal]

Welcome to the forum!