How many Letterheads will there be who'll find themselves in this predicament? Our time is the one common commodity that we all sell, regardless of the area of specialization that we're involved in. With those of us who're in 50-something, that day would be just 15 years down the road...or less.Do you feel that you've made adequate plans for this pending event? Will you have enough income to support yourself and/or your family after age 65, or do you see yourself working beyond that age?
This isn't a question of "loving the occupation" although that factor might play a minor part. It's really an Economic question. If you live to say, age 80, and many do, how do you intend to support yourself during those 15 some-odd years after normal retirement age?
I've seen some old-timers in their 70's still working, and some of them had no business being on a ladder, or attempting to do the tasks that they were engaged in. The problem was....they HAD NO CHOICE. They simply couldn't afford to retire.
When I hear of younger Letterheads say that they're in this profession for the enjoyment and self-satisfaction that it brings them, I often wonder if they have ever looked toward that day when age or health issues will no longer permit them to work. There was a movie a while back with Jack Nicholson & Shirley MacClaine, and one line that Jack Nicholson delivered was "Not that many shopping days left 'till Christmas". So it is with our collective careers as well. Time can and will quickly sneak up, and before you know it, you too will not have that many years or days left. How well have you honestly prepared for that day?
Posted by Dan Antonelli (Member # 86) on :
Good post Ken--
I've been saving since age 23 (IRAs from former employer). Since starting my company in 97, I opened up a Self Employed Pension (SEP) account for my retirement at that time. I've been banging away about 10-15% of my total salary for a the last 6 years.
I plan on going out at 55 or sooner. I'll work for fun, maybe - but not out of necessity. Depending on the market, I'd really like 50.
So I've got another 18 years or so. Its a shame that some of the old timers havent prepared properly for their retirement.
Love of the craft is really nice. Translating the love into sound business sense is the differnce. I won't be caught with my pants down when the time comes for me to retire.
If you start early enough, it doesnt really hurt too much.
Posted by TransLab (Member # 470) on :
44 now ... eleven years 'till 55 when I want to have the choice of retiring or not. Everything is ontrack even with a disasterous two years in the market and a daughter out in university.
Posted by Dan Sawatzky (Member # 88) on :
Its something that all of us should be thinking about no doubt.
But I choose to do it in other ways than buying RRSPs or investing in the stock market.
I like to be in control of and enjoy my money... read that live in and for today and at the same time plan for the future.
So our investment money built Giggle Ridge which earns a good rate of return, has a good and growing resale value and is very enjoyable to run too.
Our next investment is also a good for the short term and long term. We want to buy some acreage on which we can live and earn some income. Its a wonderful tax shelter which allows us to invest with pretax dollars from our other businesses. Most important it will give us a wonderful lifestyle at the same time.
Both businesses are also set up to pass on our assets to our kids without being taxed to death.
I want to enjoy the cake and to eat it too.
-dan
Posted by Joey Madden (Member # 1192) on :
I truly hope that I am able to pinstripe right into my golden years and up to the day I die.
Posted by Bob Burns (Member # 268) on :
When I started doing signs, etc., full time, back in the 70s, I looked at it something like a hobby that pays. I considered myself somewhat retired then, and, at 63,I still feel that way. I do just enough to stay busy with what I like to do, and I'm certainly cranky enough to turn away business I don't want to do. I aint rich, but I certainly am independent.....so-o-o-o-o-o-o.....I may not be REALLY retired, but I sure am trying to ACT that way!
[ February 18, 2003, 05:08 PM: Message edited by: Bob Burns ]
Posted by Bob Stephens (Member # 858) on :
I will be dead before retirement. At least I hope so.
Posted by Glenn Taylor (Member # 162) on :
Good post, Ken.
Your sentiments are exactly why my attitude toward signs has changed so much these past few years toward paying more attention to the business side of things.
Being able to make a beautiful sign with all the glitz is nice, but it doesn't mean a thing 20 years later when you don't have the money to put food on the table.
Posted by Dave Grundy (Member # 103) on :
Making signs IS a business isn't it?
Our plan was to semi-retire at age 60 (get out of the cold and snow in winter). We have 18 months to go till 60. A couple of years ago the stock market took a dive that has affected our plans but it is still achievable, and if not we will have to wait a couple of extra years I guess.
I have never intended to "fully" retire because I can't see myself just sitting around doing nothing. "Mall walking" isn't of any interest to me or Shirl.
For all the younger folks...Start planning for retirement NOW!!!! Middle age creeps up really fast! Posted by Si Allen (Member # 420) on :
RETIRE???? Why would I want to do that?
I cosider myself semi-retired! I do the jobs that appeal to me, not every call that comes in gets me excted enough to want to do it!
Posted by Monte Jumper (Member # 1106) on :
Retiring is a luxury few in the sign game will ever know.
You young people here would be well advised to accumulate as much retirement income as possible ...I would recommend real estate.
It is as sure a thing as there is. This is one of the biggesst reasons for not working out of your garage or basement.
Buy a property use part of it ...lease out the rest , use the income to pay down your mortgage and enjoy the profits down the line.
No one thinks they can do it ...but it's done every day... all it takes is a little courage and a bunch of determination.
Personally I hope one day you read a post that says "ole Monte" died at the bench doing what he loved the most... of course I hope thats 30 years from now, but if it doesn't I can't think of a better way to go.
By the way I'll be 88 then ...that would be enuff!
[ February 20, 2003, 10:46 PM: Message edited by: Monte Jumper ]
Posted by Alicia B. Jennings (Member # 1272) on :
Retire! Hell no! Although my husband and I save a great deal of the money we make, I will never fully retire. If I wind up an old lady at a old Folks, I'll still be making money..... if my body allows it. Shooot, by then I will have gotten this business by the tail, and really mastered it! I'll put in my teeth, fluff up my wig, and wiggle my saggy butt to the next Big Rig!
Posted by Dan Sawatzky (Member # 88) on :
My above post was about living comfortable into my old age should I be so lucky as to live that long.
Regardless of how old I get I hope to be able to keep doing what I am doing now. Most folks think, and I agree that I retired many, many years ago, about age 23. Its the last time I had a 'real job' where I punched a clock and had to listen to the fellow who told me what to do and when.
Just thinking about it now makes me GLAD I'm retired!
-dan
Posted by Mark Fair Signs (Member # 289) on :
i don't see myself retiring. i might slim down my sign customer list as i get older, but i will never RETIRE.
i will keep on keeping on as long as my health is good and as long as i can play the guitar.
At 58 (I thinK! .. lost count!) I am also looking to the future of course. Retirement? Sell the Business? Hell no .... I LOVE what I do ... it ain't just the money
To clarify the above statement, I'm home based (1/2 acre in town with back and front road access) almost debit free with the bank on the whole lot. I can sell 1/2 this place tomorrow for what I paid 6 years ago and not even touch my work shed.
But who wants 3 condos in their back yard hahahahaha
But getting back to the main thread. I have enough investsments, without gubbermint pensions, I'm not retiring! I will push the daisys up with me quill when they plant me
Think some of the way I feel about "retirement" is my wife's dad. Well into his 80's ... paints, gardens and travells the world ... last year was 3 months in USA Think, if he ever stops doing what he loves doing he going to stop ... full stop!
I'm going to keep going forever ... Slow down a bit and pick-n-chose the good stuff I enjoy ... like Si! I get good money off paintings and murals.
Why retire?
Enjoy life while its there ... yer can't take it with you:)
PS Just blew the whole "savings" on a trip to USA hahahahahahaah
[ February 21, 2003, 03:36 AM: Message edited by: Jon Butterworth ]
Posted by bill riedel (Member # 607) on :
I will be 75 on Sunday and still going and loving it more each year. When people ask my son if I am retired yet, he replies that i am retired now that I only work 40 hours a week.
When turning 65 I felt a little bad that I wasn't able to put enough away for retirement. Friends and relatives were doing it, but after raising five children and careing for my disabled wife, it just couldn't happen.
When seeing so many retired people wasting away in a short time I realized that I really was lucky. The Letterheads opened a whole new world and made life more exciting.
Was able to buy a place in the Catskill mountains and feel life couldn't be much better. Just to be able to keep working and find that like many other things, the longer you do anything, the better you get at it.
Posted by Raymond Chapman (Member # 361) on :
Now I know why I like Bill so much. What a great attitude! And I hope to be able to say the same and have the same attitude when I reach 75, which will get here a lot quicker than I can imagine.
And, Happy Birthday, Bill!!
Posted by Doug Allan (Member # 2247) on :
quote: You young people here would be well advised to accumulate as much retirement income as possible ...I would recommend real estate.
It is as sure a thing as there is...
No one thinks they can do it ...but it's done every day... all it takes is a little courage and a bunch of determination.
Quoting an excerpt from Monte, because I recently followed similar advice.
I'm 44 now & when I came to Maui 8 years ago, I owned a beat-up 4x4 & my drums. Besides that & some clothes, I brought nearly 20K worth of debt with me from being a wasted fool & not paying student loans or income tax for a decade. After a year of $10/hour sign work (enough for food & gas while going further in debt), I was able to take over a small screen-printing business for nothing down. In 5 years I paid off all my debt, while building up a very successful sign business.
Around that time my daughter (then 20) gave me the book "Rich Dad, Poor Dad" After reading & enjoying the entire book, I would say Monte's quote sums up the main message speaking to me. When I first spoke to a mortgage broker about buying a home, I honestlty figured I was at least a year of diligent savings (a previously unknown concept to me)away from being ready to put a down payment on a house. I also figured my credit was probably over a year away from me even being considered for a home loan.
3 months later, much to my surprise, & somewhat against my brokers judgement I bought a 1/4 acre lot with 2 good condition 20 yr. old homes for $300,000.00 I only put down 5% & no closing costs(15K) With tenants in the 3 bedroom house paying 60% of the mortgage, we have been enjoying our 2 bedroom cottage for about the same price as rent. Better still, I am just closing a re-finance this month due to a property value increase, & my monthly portion of the mortgage payment will be almost cut in half.
So, like Monte says "No one thinks they can do it ..." or at least some of us don't, but I say GO FOR IT!
I retired from education 31 years ago and came back to Dad's business full time. I don't need to retire again. I have already limited the ladder work, post hole diggin' and heavy carrying. In this business there is always something that can be done as you get older. We have made investments, own our building and home andgenerally could stop work now if we just wanted to live at home and travel infrequently. Keeping the shop going, we have to cover the overhead then the profit can go to the fun stuff. We generally take a short vacation a month now, couldn't take much more than that. I like what I do, it is who I am. This is the best creative outlet I could ever have. I admire all of you who have prepared well and taken the positive approach we can afford to do in this business, especially Bill...Happy Natal Day!
Posted by Elaine Wallis (Member # 969) on :
The time is now for looking at how you will survive in the future years. If you wait untill it is too late you will have to work, weither you like it or not. Diversification is the key to being in a sound and enjoyable after signlife position. Start now by making sure you put away 15% of your total income. You can put it into whatever you like. Real estate is always your best bet. Good luck to all. I have been saving since i was 19. Sooner is better than later
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