Author Topic: The retiree with six incomes  (Read 4464 times)

Seradoc

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The retiree with six incomes
« on: September 25, 2016, 06:16:47 PM »
Apparently working three part time jobs while renting space to two tenants in your home to cover expenses (while your wife still works and you have no savings)  is "retirement".

http://www.forbes.com/sites/baldwin/2016/09/25/the-retiree-with-six-incomes/
« Last Edit: September 25, 2016, 06:22:27 PM by Seradoc »

coin

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Re: The retiree with six incomes
« Reply #1 on: September 25, 2016, 07:08:29 PM »
The thing is, if he'd been doing some of these things for the past 20 years leading up to retirement, perhaps he wouldn't be needing to do it now.

I mean, more power to him for arranging his lifestyle so he can work less. But I do think it's kinda strange these strategies aren't often advocated for middle-aged people who might be looking at a very sparse retirement if they don't act immediately and are instead placed in the realm of "what to do when you want to retire but don't quite have the funds".

Aminul

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Re: The retiree with six incomes
« Reply #2 on: September 26, 2016, 06:56:10 AM »
Is it really all that different than many people around here?

  • Pension
  • Investment Income (*not in the article)
  • Property Rental Income
  • Hobby/Side Hussle
  • SS/CPP/OAS

I can't defend the guy too much.  Having a balance of zero in his retirement accounts doesn't say much for his ability to look ahead.  And I certainly wouldn't want to be tied to a retail position in my retirement.  But the premise is something many folks around here would agree with - diversification of income streams.

NoStacheOhio

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Re: The retiree with six incomes
« Reply #3 on: September 26, 2016, 07:19:33 AM »
Is it really all that different than many people around here?

  • Pension
  • Investment Income (*not in the article)
  • Property Rental Income
  • Hobby/Side Hussle
  • SS/CPP/OAS

I can't defend the guy too much.  Having a balance of zero in his retirement accounts doesn't say much for his ability to look ahead.  And I certainly wouldn't want to be tied to a retail position in my retirement.  But the premise is something many folks around here would agree with - diversification of income streams.

I think it's a matter of necessity versus choice. It's one thing to choose the above list after an abbreviated "traditional" career, it's another thing to do that in traditional retirement because you have to.

MrMoogle

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Re: The retiree with six incomes
« Reply #4 on: September 26, 2016, 01:26:03 PM »
Is it really all that different than many people around here?

  • Pension
  • Investment Income (*not in the article)
  • Property Rental Income
  • Hobby/Side Hussle
  • SS/CPP/OAS

I can't defend the guy too much.  Having a balance of zero in his retirement accounts doesn't say much for his ability to look ahead.  And I certainly wouldn't want to be tied to a retail position in my retirement.  But the premise is something many folks around here would agree with - diversification of income streams.

I think it's a matter of necessity versus choice. It's one thing to choose the above list after an abbreviated "traditional" career, it's another thing to do that in traditional retirement because you have to.
It doesn't say whether or not this is necessity or choice.  His pension and wife's income could be enough for them.  It doesn't really say.  This added work might mean more vacations, and not being bored at home.

sirdoug007

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Re: The retiree with six incomes
« Reply #5 on: September 26, 2016, 02:32:11 PM »
Based on the article, it sounds like he is doing fine.

He has a "very generous" pension from a company he worked about 2 decades for, social security, and two rental units.

So basically his company invested for him in the pension and he invested in adding two apartments when he built his home. 

Cassie

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Re: The retiree with six incomes
« Reply #6 on: September 26, 2016, 06:19:56 PM »
He can probably give up  his retail job if he wants too. Maybe it gets him out of the house.

sleepyguy

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Re: The retiree with six incomes
« Reply #7 on: September 27, 2016, 08:06:46 PM »
Didn't read but sounds like life boredom to me as the above poster mentioned.

My mother worked til 68 when she really didn't need to... worked an extra 8 yrs pretty much just to "get out of the house".  Sorta understand as when I think about it but most of her prime days was taking care of the kids and working, and we all have all left long long time ago.

talltexan

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Re: The retiree with six incomes
« Reply #8 on: September 29, 2016, 08:36:22 AM »
did anyone else just sense the disdain for liberalism dripping from the author? Kinda odd considering that he is an expert in such a large transfer program as Social Security.

TheOldestYoungMan

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Re: The retiree with six incomes
« Reply #9 on: September 29, 2016, 09:59:57 AM »
Apparently working three part time jobs while renting space to two tenants in your home to cover expenses (while your wife still works and you have no savings)  is "retirement".

http://www.forbes.com/sites/baldwin/2016/09/25/the-retiree-with-six-incomes/

Aside from the have no savings thing that actually describes my plans for retirement almost exactly.  I don't have plans for a wife though.  I guess a wife with a job would be OK.  It's not part of the plan though.

Making Cookies

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Re: The retiree with six incomes
« Reply #10 on: September 29, 2016, 11:26:43 AM »
Didn't read but sounds like life boredom to me as the above poster mentioned.

My mother worked til 68 when she really didn't need to... worked an extra 8 yrs pretty much just to "get out of the house".  Sorta understand as when I think about it but most of her prime days was taking care of the kids and working, and we all have all left long long time ago.

I have a friend that would probably feel like a caged animal if he didn't come to work. He loves (ADORES) socializing with everyone. Has a routine where he gets his work done just fine but circulates around the department checking up on everyone and seeing what the buzz is. I'm made of different stuff. I would thrive as a solitary lighthouse keeper for months at a time. ;)

I don't ever expect my coworker to retire completely. To be honest as a retiree - I wouldn't mind coming back occasionally to socialize over a coffee or work a few hours here and there with the younger part of our group - training and such.   

kayvent

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Re: The retiree with six incomes
« Reply #11 on: September 29, 2016, 04:23:03 PM »
Is it really all that different than many people around here?

  • Pension
  • Investment Income (*not in the article)
  • Property Rental Income
  • Hobby/Side Hussle
  • SS/CPP/OAS

I can't defend the guy too much.  Having a balance of zero in his retirement accounts doesn't say much for his ability to look ahead.  And I certainly wouldn't want to be tied to a retail position in my retirement.  But the premise is something many folks around here would agree with - diversification of income streams.

I have to respectfully disagree. It is a very different approach. The difference is between subsistence and surplus. In the article Itís All About the Safety Margin, the alternative streams are about being alright even if a chain of horrible things go wrong. If the markets perform worst than they've ever performed, rental income. If rental houses catch on fire and insurance doesn't cover them, one do their hobby/side hussle. If your back breaks after your properties catch on fire after the markets crashed for the past two decades every year, there is Pension & government benefits. And if that all broke, there is still family or liquidating or changing lifestyle.

It sounds like that guy isn't doing all this for fallback but as survival. Which is sad.