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Owner put my building up for sale..

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jackq

jackq

Jedi Knight
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Well...my decision to retire or not may have been made for me. I've rented this huge shop for a song for the past 12 or so years, and a small corner of it was a Sears service center for 30 years. They shut down this past fall and now the owner..a retired Dr....has a wife in a nursing home and he id legally blind and not doing so well...has decided to liquidate some 150 properties. I found out when I closed up last Friday and saw a for sale sign...oh...oh..Anyhow called his property manager and said if I'd sign a 3-5 year ironclad lease...and pay ALOT more rent...I'd be covered!!! So I called all my pals and we started making two huge areas of stuff..one is all German...the other British..HUGE. I never realized how many MG engs, trans and misc. stuff I'd accumulated over the years. My one option is I have a freind just over the border into Texas that owns a big beautiful shop..complete with an actual car showroom(used to be a car dealership years ago) offices, lounge etc. and a massive workshop all heated and has a/c...for even less than I pay now. The decision has to be made this week, and if I opt to move..the owner of the new place will let me move in and even if it takes a monthor two..or three..will not charge me till I'm totally moved and ready to open.. Don't find many folks like that. Decisions...decisions...
 
If you hadn't decided for sure to retire before this, go for the Texas option. You can always retire, but once you shut the operation down, it's unbeleiveably hard to start back up again. Just my two cents worth!

Larry
 
Jack,

With the economy like it is there is a big possibility that the building will not sell and that they might not find someone else to lease it. Certainly not some with a long time history like you have.

You might point that out and low ball their offer.
 
If you're 62 & still working, you're losing money!
 
Well with so many people's retirement options evaporated by stock manipulations and crooked financeers - many of us will just work till we plainly Drop Dead & sorry kids your going to be a bit disallusioned - if you've been looking at us as Dollar signs!!!!!!1 :wall:
 
TR6BILL said:
tony barnhill said:
If you're 62 & still working, you're losing money!
Click to expand...

Excuse me?!
Click to expand...
Check how much your Social Security monthly income would be if you're 62.....then, check how much it would be at 66...& then do these calculations:

1) 62 monthly amount x 60 months = $'s earned between 62 & 66.

2) Difference between 62 monthly amount & 66 monthly amount.

3) Divide 1 by 2. That's how much each month you have to receive before you get the 62 to 66 amount back. After that, you start receiving your full Social Security amount.

Here, do these numbers as an example:

62 monthly amount = $1500
66 monthly amount = <span style="text-decoration: underline">$2000</span>
Difference = $500

$1500 x 60 months = $90,000

$90,000 divided by $500 = 180 months

By waiting until you're 66 to start receiving your Social Security, it will take you 180 months or 15 years to recoup the money you would've earned had you started Social Security at 62.

So, in effect, if you wait until 66 to begin Social Security, you're losing money until you're 81 years old!

And it doesn't matter how much you're making per year from 62 until 66, you're still losing $90,000 until you're 81 years old - how many people live that long?

To really understand the complete effect, take your annual gross income each year between 62 & 66 & subtract 1/5 of the $90,000 (in the example above) & that's really what you're working for each year between 62 & 66! And then you have to wait until you're 81 to recoup that money! Double whammy!

You see, the gov't is betting you'll wait until 66 & will die before you're 81! That way, using the numbers above, they save $90,000.

Enjoy life....hehehehe
 
Thats the way I look at it Tony :thumbsup:
 
ONLY if you have enough other retirement income; lots of folks don't....
 
I was going to wait until I was 66 to do the SS thing. But that was before I had to get a cardiologist. I took the money as soon as I turned 62. Let's face it, few of us over 55 will make it much over 81, and a lot will not make it out of the 70's. Take the money as soon as it makes sense.
 
Mickey Richaud said:
ONLY if you have enough other retirement income; lots of folks don't....
Click to expand...
So true, Mick!
 
tony barnhill said:
...If you're 62 & still working, you're losing money!

So, in effect, if you wait until 66 to begin Social Security, you're losing money until you're 81 years old!
Click to expand...

Depends on how much money you're making. After earning more then about $38,000, you lose $1 for every $3 over the $38,000 limit. That would make a major dent in the check I receive. It would be more like $500/month...not $1500/month. So, $500 x 60 mos = $30,000, which means I'd be even at 71 years old.

That's a crap shoot if there ever was one. :laugh:

Edit: BTW, I am 62 at the moment, so this has really got me thinking! Unfortunately, since the 401K really tanked, I'm afraid I'm just going to have to work until I drop dead. They'll pick me up off the floor at work and shuffle me off to the funeral home! :cheers:
 
Ya'll are giving me a headache.


I have enough money to last me the rest of my life, unless of course I want to buy something.
 
However...

...getting back to Jack's intent for this thread, 'tis an interesting proposition for you. I suppose it all depends on how much you want to continue being "gainfully employed"! I sensed in your earlier posts that you were getting a bit weary of the gig. Second thoughts, mayhaps?
 
Change is a bitch. At our age, staying gainfully employed is important for anyone. Being worth something, as you might think. On the other hand, getting involved in a new venture that has some possible downsides can be in itself a high stress situation. What you have to ask yourself is, is it worth it in the long run (in our case, not-so-long run). Can you afford it; is it worth risking any savings to do this? I vote for the adventure, especially if you feel you can, #1 - keep your customer base, and #2 - not lose your ass.
 
TR6BILL said:
At our age, staying gainfully employed is important for anyone.
Click to expand...
Not for me it isn't.....I'm having so much fun, I can't believe it....& I'm doing so much stuff, I don't know where I ever had time for work....I don't want to be gainfully employed!

The only thing wrong with retirement is you have to wait so long for it.

We can go where we want on the drop of a hat, stay up late to watch that movie without having to set the alarm....or sleep as long as we like (or just relax in bed in the morning)....go visit grandson whenever....in other words: take life on our terms!

We're having fun this year figuring out how to keep more of our own money in our pocet so we can do things we want, not things we have to!
 
Tony

How did you get 60 months?

I only get 48 months

Mark
 
Yep, sorry - my mind was thinking something else:

62 monthly amount = $1500
66 monthly amount = $2000
Difference = $500

$1500 x 48 months = $72,000

$72,000 divided by $500 = 144 months

By waiting until you're 66 to start receiving your Social Security, it will take you 144 months or 12 years to recoup the money you would've earned had you started Social Security at 62.

So, in effect, if you wait until 66 to begin Social Security, you're losing money until you're 78 years old!

Same scenario except you lose $72,000 dollars until you're 78 instead of 81.

& if you take your annual gross income each year between 62 & 66 & subtract 1/5 of the $72,000 (instead, sorry) & that's really what you're working for each year between 62 & 66! And then you have to wait until you're 78 to recoup that money! Double whammy!

Still no reason to work beyond 62!
 
Hey, Jack - wanna start a new thread? :smirk:
 
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