Folks Of Interest Oh elders of the hamb, give me guidance

I've been retired for 18 years and still out there with my cars. I work a little slower now at age 75 but it is still fun to do. My mistake was not turning my pole barn into year round work area, Heat and cooling plus insulation and better lighting. Also ran out of work space with a 40 x 40 pole barn so I am now adding another garage with all the comfort features to work in year round. Something I should have done before I retired.

 

One serious illness will dispose of $500k so quickly it'll make your head swim ! Good to still be here , not much fun broke !

 

Oh, just thought of this, if you are retiring way early before you qualify for Medicare you’ll need to give some thought to medical insurance to tide you over until Medicare kicks in. Even when you’re on Medicare it’s a real good idea to have a supplemental policy to cover the gap that Medicare will leave you with. I can’t emphasize this enough…I retired at 62 and had to provide for my own medical insurance until I became eligible for Medicare. Once on Medicare I got a supplemental Blue Cross policy and it was literally a financial lifesaver when prostate cancer showed up in my 70’s. So far I have survived the cancer and my finances are in good shape because I had the supplemental coverage.

 

I will be going out at 58. I get to take my insurance with me, which has been pretty good so far. We haven’t had any catastrophic events and hope we never need to test that part out.

@arkiehotrods thanks for the vote of confidence !

 

LOL I think that we are not going to the home we will just be like one of those old scary movies. Cobwebs, dust and us.

Something I learned a long time ago, sometimes you have to put your life on hold for the kids (or in my case kid and grandkids and both mothers (one of which earned it in my case won't name her) ). You are already on the right track. You no doubt will do fine.

 

I have done Investment's most of my life & what I have learned
was Blue Chip Stock & S&P Poors 500 Index for the Long Run
if you have some Spare Change Ask your Broker about it & he will
tell you about.!
P.S. you can Hurt yourself very easey I pulled a Muscel in
the lower Back & Pain is in another World

Just my 3.5 cents

Live Learn & Die a Fool

 

LOL pain has been a part of life for me for 67 years. I started loosing discs in my back when I was 31. I feel for ya my friend. If you are offered PT sometimes that helps. Especially if it is a soft tissue problem.

OK back on track, looks like Root is gonna be OK.

 

I try to stay on good terms with my old boss so that I can sneak into the shop to use all those big tools I Can't afford and Don't have the space for.

 

I retired at a similar age and insurance situation - probably the same general employer. That health insurance deal is great.

John

 

That ain’t happening…..just saying

 

Plan for tomorrow but live one day at a time. I see no reason to buy everything now that you "think" you'll need or want after retirement. If you have a nest egg, and it sounds like you do, keep it invested, let it keep growing, and it will still be there for the things you need and want when you actually need them.

As far as insurance, it sounds like you have that covered, but in case things change and if you qualify, look into Christian Healthcare Ministries. I'm 69 so Medicare and supplemental policies have me covered, but my wife is almost 10 years younger than I. She just enrolled in CHM and saved about $700 a MONTH on her healthcare coverage.

Since retirement I've become much more active with volunteer things. I can relate to being as busy now as I was when working. I do spend time a lot of time in my shop but for most purposes 5:00 PM is still quitting time. It is retirement after all, not a different job.

Lynn

 

I have read all through this great thread, there are a lot of great suggestions, based upon individuals life experiences. Since you are already at the debt free zone, or there about's, and since you are only 52 at this point, and are now on the 5 year plan of what to do till retirement, here is my 8 cents worth.



During the last 7 years of my work career, I was back in a union position and it paid very well, and it paid weekly. I was diligent enough to stash a crisp $100.00 bill, a week into my little steel airtight fireproof box that I keep under lock and key, as time went by, I stepped it up to two crisp $100.00 bill's a week.

I have not regretted that one bit.

That particular amount of stashed money, doesn't include other stashes that the wife and I have jointly, that amount in the little steel box is pure cash that is there for what ever !

I worked till I was 66 and I retired back in 2019, I am pretty blessed that I have SS and the Teamster retirement benefits. Plus we don't have any kids to spoil, so we just spoil ourselves !

Our cat has his own chair !

So you have 260 weeks of work left to go, according to your 5 year plan.
260 X $200.00 a week, works out to $52,000.00. Not bad for just saving a bit of cash per week.

As you have indicated, you have some pretty cool stuff already, and as you have stated, " you have too much crap " Don't we all. !

I would advise, to stash as much cash as possible, be thrifty and frugal, sure still attend swap meets, but don't drag more stuff home, take only $200.00 with you to the swap meets, stick with the smalls to potentially further decorate your shop or man cave, etc, etc, etc.

The real challenge is to go have fun at the swap meet, and buy a couple of smalls, and then try to return home with some of that mad money in your pocket, I know how hard that is, and lets face it, if there is something there at the swap meet that you just gotta have, then ask yourself the age old question based upon " NEED VERSUS WANT " That has always been a good rule to go by when wrestling with the demon of spending more money than you really want to !
YMMV !

This is just a little section of a collage I made, I think the center panel pretty much sums it up as a motivational poster !

Christmas is coming, " NEED VERSUS WANT " Go forth and sin no more, wait, sin was always the most fun!


Have fun, and have it often !
From Dennis.

 

Just thought of another bit of advise. Here is something not to do. I retired 18 years ago. Years ago I started collecting old car projects to restore after I retired. I had accumulated about 20 by the time I retired. I was going to build one a year or two and sell it to help finance my lifestyle. But I found out that I was way too slow of a builder to ever finish them. I found myself swamped going back and forth between cars and getting distracted. So I started selling them off a few years back. I like it much better with less "stuff".
I advise you not to do like me and buy up every old car you see thinking you will have the time and money to restore it. Unless you are like Sibley and can do a car in a weekend!

 

@Roothawg , you're looking to do what I did about 13 years ago. I could see retirement coming, my earning power was at it's peak, so I tried to buy what I thought I'd need and/or wanted. What I did was upgrade/expand my hand tool collection with careful select buying of new and used first-line tools on eBay, then looked at shop equipment. As I have always been a hobbyist and had no intention of doing paid work for others (but I'm willing to help my friends) I definitely tried for the most 'bang for the buck' with offshore equipment. I've had no reason to regret that choice to date.

Pretty much everything has been covered with two exceptions, which may not matter to you. One, put everything on wheels. If physical limitations come into play (as they have for me), this can be a lifesaver. I used almost all HF casters because of costs, the trick is to use ones rated for at least twice the load or multiples if height becomes an issue. They haven't let me down yet.

Second, think about shop space. If you have room for anything you want, more power to ya. If not, then it becomes a trade-off; will I use 'that' enough to justify the floor space it'll eat up? This where the wheels come into play.

At the time I did all this, some shop equipment was still relatively expensive (vehicle lifts in particular) compared to now so that's different now.

And the guys recommending stocking up on consumables are right; drills, taps, abrasives can all be things you'll go though, having plenty on hand will save you uncounted time and trips when doing projects. I buy odd lots of drills/taps off eBay for pennies on the $$ (for about $200 I got almost every helicoil kit size from 5/8" down as odd lots), and I've found buying abrasives in bulk pretty substantially reduces the price. I get mine here... Keen Abrasives - Manufacturer of Bonded & Coated Abrasives They have a $300 minimum, that lasts me several years if I order right. That's less than half of buying individually or even bulk locally.

And storage space. You simply can't have enough. Having all this 'stuff' is worthless if you can't find it. Whether it's store-bought or home-made, it's all useful. Bulk drill indexes, 'specialty' tool boxes are very handy. I currently have five separate tool boxes; a big 60" 21 drawer for hand tools, plus various sizes for body work/sheetmetal, machine tooling (two), and 'household/woodworking' tools. You don't need top quality for all of these, cheap used works just fine. Watching the local ads for take-out kitchen cabinets or store fixtures can turn up some deals. I've also bought damaged tool boxes and repaired or cut them down into counter-top storage.

As you can guess, my shop will never be one of those 'display' shops with it's mixture of new/used/garage sale/home-made pieces (although painting everything one color will help... LOL). But it's entirely functional, at the end of the day that's all that matters. Probably the biggest challenge will be getting everything organized but once you do it will pay dividends in time saved.

 

The point about putting everything on casters is a great point. I did that for a lot of my equipment and it has made a huge difference in increasing usable square footage of space, and increasing the usability of my equipment. I crammed my metal brake and shop press into the corner and just heel them out when I need them, I also put my Pexto 36" shear on casters and it helps when I need to cut something big, I can just roll it into the middle of the room.

I'd also add that one thing that people overlook in terms of tools but really come in handy is a VERY sturdy, steel table on casters, with enough room underneath that you can slide your TIG pedal under with no interference. A good, sturdy BIG vise that swivels is a must.

 

Yep, one of those things that can get overlooked but extremely handy. Mine is set up as a welding table, with my plasma cutter and arc welder on brackets underneath and enough room to roll my MIG welder between them. Mine was built out of free scrap metal gotten off a job while I was still working. One improvement I'd still like to do is add another layer on top of 1/2" thick material with tapped holes for holding/jigging things in place. I wish mine were larger, but I'm up against space considerations....

 

I retired on disability and not when I wanted to over four years ago. So, as was previously mentioned, you will face health issues as time goes on. Retirement has given me the time to straighten some of that out thankfully, so I'm in okay shape now but not anywhere NEAR the energy level or ability of when I was younger and COVID didn't help much in the energy department either! I go slower now but the extra time on my hands is great as there is rarely a deadline to get stuff done.

Friends who are still working and have big shops with lots of the equipment you need (lathes, mills, shears, plasma's, TIG's, etc. and so on) are a HUGE plus. I moved 5 hours away from a very good friend of mine like this but for the number of times I need any of that stuff, a quick trip "back home" to visit the kids and grandkids always leaves me some time to stop in and say hello and use the shop if I need to. I have found that I don't really need to buy any of that stuff anyway as I have finished all the work I needed any of the big stuff for. Truthfully, this friends company is more valuable than any of the tools in his shop!

I am happy and content with my Model A Hot Rod and my '54 Chevy 1/2 ton. I don't NEED to build another car and don't really want to. I've done enough of that already. I occasionally consider selling the A hot rod, but my wife always brings me back to Earth asking, "What will you buy next and will you enjoy it as much as this one that you've built yourself?"

Totally happy maintaining the old iron I have and spending most of my time, money and energy enjoying the company of my wife.

Andy

 

Man ain't that the truth. I was bored so I accepted a position with the Pharoahs Car Club. Now I work 7 days a week for free... Seriously though, I see a bunch of good advice here. Get all the big dollar tools you think you'll need to pursue your hobby and build a nice shop to hide out in while you can afford it. You and your spouse may get along great when you go off to work during the day and go home at night but when you're together 24/7 it's good to have a place to escape to. lol

 

I seem to be getting used to working more and getting less done, think that comes with age though. I banked all I could and was debt free 7 years before retiring, I figured from that point on, let the cards fall will they may. So far so good 7 years in.

 

I'm nowhere close to retirement but I learned alot from my father who was able to retire at 50. I'll spare the financial as that seems to be covered.. As far as that shop goes, insulation and 2 mini split heat/ac units makes it an easy decision to use your shop anytime without hesitation. We can put in longer days without the fatigue & do it as many days as we want and get alot more done in the same time frame without fighting the elements. Well worth the expense in the long run.

 

Great suggestions on here and I'm a big fan of putting things on casters and heavy duty dollies and have been for years. I added another tool to my arsenal which I wish I had added long ago. Installed an electric winch on my ceiling and reinforced through the rafters. Bought it for about a hundred bucks and I think it's good for about 400 pounds. I use it to empty my trailer, install heads, and have found dozens of other uses for it. It's one of those things that you don't realise how useful it is till you get it.

 

X10 on putting equipment on casters. You can do a bigger project in a smaller shop. Also, there are some great threads on the HAMB about building your own tools and modifying some of the cheap ones. Money saving, and fun projects. Useful, too!

 

AC is a must have just like heat/insulation IMO. If you have 3 phase electric power available check into cost of bringing it to your property, much cheaper per kilowatt usage and 3 phase AC units are available, cooled my Tool & Die/Pattern shop for all the years I had it and my hobby garages have had window type in wall since 70's. I still remember an evening back in 70's I was running the valves on my racer with my wife spraying mosquito spray and trying to keep the skeeters off me, real bad hot/damp that summer AND the light bulb came on ! Dumb Ass ! buy an AC unit for garage ! The best tool I purchased that year and have not been without AC in a hobby garage since. IMO IF you can afford hobby cars you can afford heat/insulation/AC, it's your best friend, every change of season I read on here the whining about too hot, too cold, we can't change the weather, but we can make it more comfortable to live with. Good luck with your retirement, sounds like your planning for it, reread my post # 55 I planned, made it happen, enjoying, made memories all my life before retirement, things can change, with age, health issues arise and life plans adjust/adapt.

 

I retired 6 years ago at 51 with an occupationa pension indexed linked and a lump sum that in reality these days was a pittance but it was more than I ever saved .
I cut my cloth to suit , but still manage to run a 30 coupe hot rod , a classic land rover , a classic VW camper, and have a 28 roadster project in the wings .. along with enough vintage crap to build it gathered over the preceeding 40 years . I sifted throuh the stuff and retained the wheat and sold the chaff. That brought in a "bank" and paid for hobby stuff .. Ive never been an investor, I dont see the point in hoarding money. Its there to be spent and for us to enjoy it while we can . I have a brotherinlaw who works in finance and pensions , what I see is other folks money paying him not only an inflated salary but regular dividends enabling him and folk like him to have 2 homes, super xpensive cars, a collection of watches and swanky suits and champagne life style .. I survive with what I got and enjoy doing it .. lifes to short to be overly concerned with finances . If i need to I dont mind doing some work for folk to get a little in .. I also dont really have any attachment to the stuff I have gathered .I would sell all of it tommorow if I felt the need . EXCEPT the 30 coupe ..lol I would hang onto that and spend the cash gathered running it into the ground before I expired .. The roof over my head is paid for , and when I go there aint no one to leave it to, so I cant see any point leaving a huge sum of cash behind .. You will be surprised just how cheap you can live for ..You will also be surprised how time flys when your etired and all these fantasy projects you plan , well trust me there just isnt enough hours in the day to fit it all in..

Select the car you want to keep, and a project you want to build , realise you wont need a shop filled with tools but some tools are handier than others , Keep your keeper well oiled and use it lots, and build the project to a high standard . When its done enjoy them both, travle the country , see the things you never thought you would see and spend time enriching your life rather that locking yourself away in a shed with a whim.. What you save NOT building stuff by then will swell your pocket book and you will be pretty happy and content .. Really leisure time is a great stress reliever , work and car building are both pretty stresfull activities , driving your hot rod on a warm day on a quiet road through a rural plane is incredibly relaxing and will prolong your life and promote your health and well being .. Im packing in and elling my tools when I hit 60 , I plan to retain the essentials , thin down the stable and enjoy them for as long as I can .

I dont belive these old classics and hot rods will remain good investments for much longer, when the enviromental mob get there way and everyones lifestyle is forced to change the age group following our hobby will be dying off faster than covid on a wet wipe, the new blod is running thin its there but its rare, and our old tubs will end up in sheds gathering dust,much the same as those old hot rods we love to recover from old barns, stashed away in the 60s .. but I dont see a resurgence in 2060 ..lol

Thin out , chill out , and get out and about while you still can and spend your money, if there is a financial collapse ( which could be around the corner ) then your investments so coveted could be worthless ,, but you an always fire up the old hot rod and go for a run

just went on a small 150 mile circular with a few buddies .. A mid week excursion , not a commuter in sight and clear roads in front and behind This is what retirement is all about

 

I like the cut of your jib. (Pirate talk for" Well said")

 

Beverly, Bench box and pan brake, band saw. Get your favorite car, restore it so you can ride it around after you retire. Sell your Lawnmower and Leaf Blower.

 

Five years will go by fast. The first thing that I would do is inventory the status of the big ticket items in house and shop - roof, heating and/or AC, windows, doors, etc. - and get them up to speed so you won't be messing with that stuff in retirement.

 

This guy is retiring 20 years early ( 50 something) , major home systems only last 10 -20 years , hell be stuck having to deal with them like everyone else ...

 

It doesn’t feel early….