No. of Recommendations: 3
I am 63, still working full time although wanting to slow down and sell out over the next 19 months. I have a service business where I can earn a good living, but the amount that I can sell it for is based on which clients I have that the new buyer can retain. That is very hard to determine or predict as being a very personal service business many clients could decide to leave rather than stick with the new buyer. What I get paid is out of actual revenues for retained clients. Thus, I get paid nothing for a client that does not “stick”. So my best guess at this point is that source of income when I retire could be about $25,000 to $35,000 per year for 7 years. More than likely it will be more in the first few years then head down from there, but ultimately it is a guess.
Given that assumption then, I also have another source of income that is very stable which will come in at around $10,000 per year. My investments/retirement then will need to run about $50,000 to $65,000 per year more and should be able to generate that fairly easily in dividends. Then when I turn 70 I will get a pay raise as I start collecting social security (assuming it does not collapse by then, God forbid). Both parents are still doing well at 93 and 91 so I feel like I have a lot of years left and that waiting on social security will easily pay for itself assuming no drastic changes in the law. Hopefully that is not a bad assumption on my part. Time will tell.
My problem is that I do not feel any of the current Motley Fool portfolios approach things in a way that matches my situation. The Phoenix Portfolios in Supernova are similar except it seems they are geared toward selling securities to be used during the retirement years, but I am hoping to not sell as I should have sufficient income from dividends and outside income. Although I have not studied it as close as I should, at first glance the Instant Income portfolio does not quite generate the income I want. But I am open to others experience and that maybe I have not studied the options as best as I could. Open to suggestions.
I am hopeful then, that I can fairly easily structure a portfolio that will generate the income I need AND have funds left over that I can keep along the Motley Fool portfolios that I have so enjoyed these past years. Maybe the best of both worlds then. I have excellent health and with my parents genes I really need to have a long term outlook as well – more so than what retirees have been prepared for in the past. I believe taking a long term approach pays well and since I should live another 30 years a long term approach is important with that part of my portfolio that can be invested as such.
The next issue is then, how do I get from here to there? I think I will need some help. I can do it myself but probably always be second guessing myself and would really like to lean on someone who has done this before. So I would love feedback along these lines form those who have done this before or are in the same boat as I am currently and how they are proceeding/coping.
Please share your thoughts/experiences. Thank you.

mwhite0494
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