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Looking baack with hindsight, what is the single most important thing to do preparing for retirement?

My wife and I protected our nest egg by taking out long-term health care insurance, and asking our son to do the same.

The importance of this came home to me as my mother's estate was depleted by $300,000 over the five-year period she lived in a nursing home.
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Looking baack with hindsight, what is the single most important thing to do preparing for retirement?

Get a decent set of clubs (not necessarily expensive) and a decent set of woods. Spend some time at the driving range. Definitely work on your short game. Become deadly with your putter. Enjoy your retirement and don't worry about it. You earned it!!! Now go spend all that money you've been saving for the past 40 years.

Regards,
ImAGolfer (retired '03)
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Looking baack with hindsight, what is the single most important thing to do preparing for retirement?

The thread immediately preceding this one has a whole bunch of ideas.

Phil
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Sorry, it was not my intention to change the thread. I'm new and couldn't figure out how to post the subject without re-typing it. I've since discovered "post new" and "post reply."

Again, sorry. It won't happen again.
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Welcome to the Fool LeRoy, if this is your biggest trangression here, I'd say you're still far ahead :)


MG
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LeRoy105 writes,

Looking baack with hindsight, what is the single most important thing to do preparing for retirement?

My wife and I protected our nest egg by taking out long-term health care insurance, and asking our son to do the same.

The importance of this came home to me as my mother's estate was depleted by $300,000 over the five-year period she lived in a nursing home.


How much will the long-term care insurance premiums "deplete your estate" over your lifetime?

intercst

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Looking back with hindsight, what is the single most important thing to do preparing for retirement?

Get a decent set of clubs (not necessarily expensive) and a decent set of woods. Spend some time at the driving range. Definitely work on your short game. Become deadly with your putter. Enjoy your retirement and don't worry about it. You earned it!!! Now go spend all that money you've been saving for the past 40 years.

Regards,

ImAGolfer (retired '03)


Isn't golf described as 'a good walk spoiled'? Far better is what I did (he says pontificating): buy a good fishing boat, spend a year getting it into perfection, then go out in the saltchuck going for salmon.

For years I rented boats then I got a 1996 20-ft Bayliner 2002 Walkaround, stripped out everything not perfect, installed downriggers, depth finder, GPS, rod holders, new four-stroke engine, VHF, the whole shebang. Turtle is the perfect fishing platform for the Georgia Straits and Puget Sound.

MichaelR (retired 04)


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. . . a good fishing boat,



+++
+++


Isn't a boat described as 'a hole in the water that you keep throwing money into'?

sunray
p.s. There are no gubbermint regs on where & when you can golf, nor how many birdies, eagles &/or double-eagles you can keep.

LOL -- we all have our favorite 'addictions'


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Isn't a boat described as 'a hole in the water that you keep throwing money into'?

sunray


Arrrr, matey. That it are. Another definition of boat: 'Bring Over Another Thousand'.

There's a cartoon strip by Raeside of a man buying a screw. The counterman says, “That's 25 cents.” The buyer says, “It's for my boat.” The counterman says, “That'll be $12.”

I've always wanted a boat. I would look at 32-footers and figure out how to pay for one like it not realizing that what I wanted was a small boat nimble enough to fish out of and have more protection against the elements than my collar. I bought a cuddy boat that's a bare step above camping. It's a day boat: up early, fish all day, then come back to the dock and put the boat back on its trailer.

But boating is seasonal and I had to find something to do. So I formed a marine company, Brigantine Marine Group Sales and Service Inc. Hired people who know far more than me and now we're just coming to the end of our first year. So I'm retired but not.

I started working at 18 and now, coming into my 67th year, after almost 50 years of working, I find it terribly hard not to work. Sure, since officially retiring I have laxer hours (I no longer work 60 hours a week) but retiring to do nothing is a recipe for boredom.

To me filling time can be done but why? Possibly retirement is an opportunity to do something different. My mother, at 65, took up painting and became quite good. My neighbors, in their 80s, are not just gardeners but bordering on horticulture mavens.

My task is that, in ten years, I will be a recognized authority on boats. I will then write a book on them. Let's start with the opening sentence:

“A boat is a hole in the water into which you cast dreams.”

MichaelR


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Again, sorry. It won't happen again.

Pish! Nothing to be sorry about. We won't go into how I learned about the wisdom of previewing a post before sending it through.

Phil
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MichaelRead: <...A boat is a hole in the water into which you cast dreams...>

That is so true.
Keep in mind that if you own a sail boat, theoretically you can go anywhere! Talk about a feeling of freedom!
http://groups.msn.com/GrumpyPix/online.msnw?action=ShowPhoto&PhotoID=310

I owned this little cruising sloop when I was younger. Spent as long as two weeks in a row, living on it and harbor hopping, anchoring out along the shore line of Long Island Sound. It would surely have been folly to attempt really long passages on a vessel this small, relying on rain water and catching fish for sustenance, but it can and has been done! And, of course, that is part of that dream which comes with boat ownership!

Alas, that boat has sailed, as they say! I am now retired and a land lubber, away from the sea. Now my time by the water is spent watching my little goldfish pond.
http://masonvilleny.homestead.com/files/Pondwatch.jpg

I only have twelve acres and I am not growing any crops, but maintaining riding trails and planting trees takes all of my available hours and I am never bored.

Regards,

Grumpy
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Grumpy,

You are the first person I've ever "met" who lived in Masonville, New York.

Masonville is significant to me as my dear beloved great aunt lived on the main drag for most of her life and she lived to age 97!

I now wonder if her home is still standing. It was a classic Victorian -wrap around porch, high ceilings, hand carved doors and cabinetry - antiques throughout.

She was a fine woman and much loved in the community - she passed around 1980.

I wonder if anyone there would remember her - her name was Marion Burnside.

Thanks for giving me an opportunity to reminisce. My grandparents all lived/live nearby in Mount Upton, Sidney, Afton, Coventryville and I was raised in Norwich.

Small world.

Peace - MG
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Great opening line. I'll buy the first copy.
And yes, boats are built of fiberglass and dreams, nurished by salt water and warm breezes.
Jim.
Getting ready for a sail to the Dry Torgugas next month.
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MaryGoddnight: <...Masonville is significant to me as my dear beloved great aunt lived on the main drag for most of her life and she lived to age 97!..>

Good Night, Mary!
Which main drag? Could be Route 8 or Route 206. Have you an address? I could go see if the home is still there.

Perhaps you would find this interesting: http://MasonvilleNY.homestead.com
I endeavor to keep this site updated, but have been having some browser problems lately.
I think we have a new post master now; I need to check into that and will try to update when I can.

Grumpy
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I talked to my mom a little bit ago. She says the house is on Rte 206.

She's trying to find a street number. She does remember that recently some of the homes there received some kind of special funding to restore them due to their historical signifance.

In my mind, I can never forget the house - it is distinctive.

Wrap around porch with steps on the left leading to the front door.


Thanks again - enjoyed your photo albums.


Mary
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"How much will the long-term care insurance premiums "deplete your estate" over your lifetime?" intercst

The two of us together pay about $2500 per year, so assuming we should live to 85, the expense would be $50K + whatever we might have made investing that amount.
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The two of us together pay about $2500 per year, so assuming we should live to 85, the expense would be $50K

So you're 65 years old and pay $2,500 a year for two people?

That sounds pretty cheap.

What does it cover?

The reason I'm asking is that my wife has been bugging me about long term care insurance.

TIA

Andy
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