Something that I have been thinking about quite often is after I retire how will my coin purchases be effected. By this I mean the "fixed income" aspect of being retired. I have about 10 years before I retire so in my mind I will be able to get a bunch of "key" out of the way for the various sets I am working on. I would love to hear some stories about how retirement effects this hobby. Maybe a part time job that is 100% for coins? Any lesson learned stories out there?
I'm sure this isn't the norm but my net income actually went up after I retired so that aspect was not an issue. Now I have time to search for good deals and the paitence to wait for the "right" coin to come along. I also consolidated my accumulation and made it a tangable collection that my wife could easily turn into real money if need be. Another point is that I got into the hobby later than most so the learning curve is more like a straight line up so having the time to absorb knowledge (much of it here, give yourselves a pat on the back for sharing) is another plus. Did I say retirement is great?
I tell people that ask how I like retirement that I Highly Recommend It! Took a major change in direction in my collecting when I retired. Sold off just about everything except copper/bronze and used the proceeds to upgrade and expand into high condition two cent pieces. Been doing some consulting work since retirement that contributes to the coin budget as well.
Guess it depends on your pension plan. I'll be like Seasnake in that I'll actually make and have access to much more money when retired than I have now. Maybe you could sock away a few hundred dollars a week and when you retire you'll have a little extra to spend on the hobby for a while. Guy
I think there are some people that have their retirement/pension set up so it can be withdrawn tax free. If their pension is high enough they actually take home more money once they retire.
Easy, less taxes for one, and I have my Railroad retirement plus a seperate one through a company 401K plus my stocks. I don't get SS
I never planned to retire and it is a good thing, too. When I was a teenager, I read The Fountainhead by Ayn Rand and the hero, Howard Roark, said that he only has so many working years and would not work at what he did not love. Like him at the stone quarry, I, too, have had jobs and employment different than my passions. But, also from Ayn Rand, in Atlas Shrugged, discussing their new blue collar careers, one of the industrialists says that there are no lousy jobs, just lousy men who won't do them to the best of their ability. I always put 100% into everything, but, overall, for the last 35 years, I have been mostly a writer -- technical writer; freelance; numismatics; whatever. I have also worked as a security guard and therefore recently went back to school and completed associate's, bachelor's, and master's degrees in criminal justice and social science. Back in 1981, when I was a cab driver, I had a regular fare at a GM Fisher Body plant. He died soon after retiring. Ten years later, working as a robotics instructor at Ford plants, I saw retired guys come in the back loading dock to hang out for a few hours. It probably kept them alive. My mother was a secretary. When she could no longer be an executive secretary, she worked as a temp. She was pleasantly surprised by an offer from some connections to work at city hall and eventually she died doing that. In another topic thread about the New Hard Times, I mentioned selling my coin books at coin shows. To me -- once more from Ayn Rand -- the material objects have no magic powers of attraction. I can always earn more later.... hopefully, not too much later...
I probably wont retire for 50 years so i may not be much help but i would ask myself does anyone in my family have the interest to carry on the torch and collect once im gone? Does my family have the financial ability to keep my collection once im gone? If not does my family have the knowledge to sell the collection for its true value after im gone?
My income was very adversely affected when I was forced to retire due to disability. But over the past few years I have made some major changes in our family lifestyle and adjusted my budget accordingly. I did have the good fortune to have always been a "hoarder" of coins and receiving a stash from my late mother. I have sold coins and other items on eBay and been able to make some purchases. My supplies, Wheat rolls, etc. I was able to complete my circulated Jefferson set finally with an eBay purchase. I lost value selling when I started, but every education has a cost factor. Actually, since I no longer have the expenses related to earning and am curtailed on physical activities that are expensive, like golf, fishing, bowling, etc. We do OK. I have time to spend roll searching anhd have had some success. I am able to devote hours and hours to research, study and discussions. I am actually growing with added knowledge, contacts, friends, etc. It has become the best time of my life to pursue this hobby. The hardest part is to ever let go of a coin. lol It is hard to trade, sell or even dump the common ones. Retirement is something that may take getting used to, but if you have enough income to pay your bills and support yourself, you can enjoy this hobby immensely. gary
Easy, taxes, gasoline, union dues, SS, 457, taxes, uniforms, receiving SS, taxes (I was triple taxed).
