Retired & Loothing?

[Rick Liftig luthier wannabe… slowly gettinthere]

Thom – SS is not your big concern, it’s healthcare. You will not be eligible for Medicare until age 65. Until then, your medical insurance will cost $600, $800 per month and more. This is not a bad time to find a financial advisor and have them run some simulations with you. Of course, they want to enroll you in their funds, nothing comes for free. But most of them are honest and want you to prosper.

Even in my situation, where I am a retired dentist, I waited until 70 to pull social security. Granted, I am in a very different position than most looths, but the bottom line remains the same – there will be a point where you won’t be able to do the work (either the pace, or the frustrations, or the physicality ) and you will have to cut back. As many on the Loothalong have heard me say, the two professions have a lot in common: It’s piecework, it’s valuing your time, it’s about charging enough to not only pay for your overhead, but your benefits and your living expenses. Young dentists are a lot like young looths – they have the technical aspects of the field under control, but they really need to develop business and people skills.

The advice I received was that my 50’s and 60’s would be my most productive years. I took that to heart and worked hard. Then I retired at age 68. My wife was a teacher and has a good pension – this has helped greatly.

Good luck – Again, talk to an expert.

Rick

PS – social security will be there for us. Inflation may chew it up however.

[Bryan Parris Parris Guitars]

For me, guitars are my retirement plan! After a 20 year career that afforded me very little in savings, I jumped into loothing to make the big bucks. LOL. I’m 54. I seriously pray my hands keep working for a long, long time.