Looking for suggestions on financial planning/management

[bluecollar2]

Hello everyone.

I thought I'd stop by and see if I might get some input.

I just retired at age 59 1/2.

My income will come from a front loaded pension and a small amount will come from rental of a house I own.

Have had to move from Texas to Florida to take care of my elderly mother.

Looking for suggestions as to how to make the transition from working stiff to retired geezer...

Thanks in advance.

BC

[Warpy]

1. You're still a working stiff

You are just not going to get paid for caring for your mother.

Two things I noticed were lack of company and lack of structure once my parents were gone. In a normal economy, I could have gotten a volunteer or paid job, but this isn't normal. The former are often needed to go on resumes and the latter for survival.

My dad survived retirement in Florida by finding a bunch of fellow geezers who met every Wednesday morning at a McDonalds for breakfast and interminable coffee. My mother called them the Liars Club and it was quite a fraternity. If you luck into one of those, you're golden, it's structure and somebody to talk to.

In 2 1/2 years, you'll be able to get early Social Security, and that will help your finances considerably. It's often the difference between eating and not eating. Unfortunately, there's another 3 year gap before Medicare kicks in, that's the tough one.

My best advice is to find something you love and do it. It can save your sanity long term and it's a hell of a lot better than doing nothing and sinking into Pox News because you're mad at the world and enjoy watching airheaded bottle blondes.

[Phoenix61]

2. I've been caring for my mom for the last year and a half

She has advanced Alzheimer's. I tried working full-time but just couldn't make that work. Anyway, I'd really encourage you to meet other caregivers.

[A HERETIC I AM]

3. You might consider finding a local Broker/Financial Advisor for starters.

You sort of asked two questions in your post;

1)

Looking for suggestions on financial planning/management

And

2)

Looking for suggestions as to how to make the transition from working stiff to retired geezer.

My title line is how I would answer the first question.
Is your pension secure? Good, solid firm or entity?

You could probably do with an asset assessment for starters, to see where you are.

It is of course possible to do all this yourself, including any solid financial plan, and having said that, I want to clarify that I am not suggesting you seek a professional as your only option.


As far as question #2....I think Warpy has it right. No matter what it is, choose something that has always interested you to do, but couldn't find the time to while you were working.

Want to ride a bike more? Florida has great weather..... well...Except when it doesn't!

Do the thing or things you've been putting off. Build an HO model train layout. Write the essay/short story/novel you think you have in you. Learn to Sail. Whatever the hell it is and has been, now's the time!

Do your best to look after your mom, and have some fun!

[RileyRicketson]

5. Can invest in any funds!!

Last edited Mon Aug 27, 2018, 05:26 AM - Edit history (2)

Hello
Sir I know its being extremely troublesome for you to earn get a decent wage and likewise you need to look to your moms wellbeing. Actually my father also dealing with these problems then some one recommended him to invest in funds . Mutual funds are recommended for people across age groups and by considering your financial goal you have choose an investment plan accordingly. You can likewise begin with little capital. So hopefully this would be helpful to you and others too.

[A HERETIC I AM]

6. It is not always a simple thing to invest in securities primarily sold on a foreign exchange

The fund you linked to may not be available to an American investor quite so easily.

It depends on whether or not the individuals broker or trading platform is able to make such trades from a regulatory standpoint and/or whether they are even willing to involve themselves in the purchase of offshore based mutual funds or equivalents.

While the purchase of shares of stock of some foreign firms can be facilitated through an American exchange via an ADS, investing in small or mid cap foreign companies carries unique risks not suitable for every portfolio.