Folks Of Interest Oh elders of the hamb, give me guidance

This is sort of OT, but it is car related.

I am starting the 5 year countdown for retirement next spring. I am trying to get this all figured out.

I am thinking I should buy the shop equipment I won't be able to afford in retirement. The big ticket items, since my income will be cut in half. Everything I have is paid for, soi have no debt. That was our 10 year plan, now I am starting my 5 year plan. I am trying to get a grasp on it.

I like having plans/goals.

I have my lift. I am thinking of buying a 4 post to add to the arsenal. I have a Tig and Mig welder. I upgraded my compressor last year. I would like to get a sheetmetal brake and a stomp shear and maybe a plasma.

So what did you learn when you finally retired?

 

Need as big of a garage as possible.

 

After having been retired for 14 years, I’m glad I made all my big ticket tool purchases either before I retired or shortly thereafter. Stuff rarely gets cheaper. Sounds like you’re on the right track in that regard. Never go into debt for a hobby. Remember to set aside a reserve for emergencies…and there will be emergencies. Like it or not you will get old. Good luck and have fun!

 

Good thing is you don't need to buy tools that last forever because the end of forever is closer than you know....lol

 

Stock up on consumables such as grinding discs, sandpaper, fasteners and welding wire. When I retired and was able to spend more daylight hours on a project I hated having to knock off and go get stuff. When still employed you tend to think " I'll just grab some discs on the way home from work".

 

We have been socking away our emergency fund and we do have investments. I thought about doing a little work after retirement, but it will be on a cash basis and on my terms.

 

I did all my big purchases before retiring also. Added on to the shop I think you got your ducks in a row, good luck

 

May I give you another perspective? At 45 I was looking forward to an early retirement, SS and pension. Then the end of ‘07 hit.

I could go on, but my advice is if it’s just play money, buy some things you want, but the next 5 years shit can happen.

 

Well I went into forced retirement in '03, went from 69K to zero in about 5 minutes. I cannot suggest that at all. The wife went into forced retirement in '19 we were in a little better shape with her. Still not easy.

I would suggest that you have as much either paid off or as close to it as possible. I have a big shop now and wrench on the side to help but our house is paid for that helps. I struggle with not having access to a machine shop now and that causes me some issues. So remember that some things are going to be out of reach unless you have a huge pension.

Anyway my best advice is get as much paid off as possible before you retire.

 

Yeah, we are there now. We started that 10 years ago. Hit the debt free zone in Oct of last year, but we decided to help our youngest with graduate school. We are still debt free, but it postponed my 5 year plan for a bit. Remember, they pick out your rest home....

 

You'll be busier after you retire than you are now...

 

I have heard that from multiple folks...

 

Inclosed good space to work in is ,to me #1,< do too no longer having a big shop,been retired 21 years now. So tools to play with: Welder's,bandsaw/cutoff, a brake,grinders { only 4 ft. brake in my case now,tube bender, lathe,drill press. is main stuff,but I kept a lot from my speedshop too,SW Balancer an Sun Distributor Machine,wheel bal. I have what is close to 3 bays at home< not enough/but really if I had more,I'm guessing I'd over fill that too. Had only one bay at home for 40+ years and worked fine,but had extra at my Speed Shop( RPM Motors) tell I closed it !

 

I need to streamline my operation. I have way too much crap.

 

Band saw.
Belt sander.
Drill press.
Vertical mill if you can.
Beverly shear, as big as you can find.
20-ton hydraulic press.
Box-pan brake, 48".
Stomp shear, 48".
MIG, TIG, plasma, Oxy/Ac rig.
Bunch of air tools. They are lighter than cordless.

 

Gimpy says air tools, either way, I love my cordless and why I didn't buy 3/8 and 1/2" cordless impacts sooner, I'll never know. I just kept an eye out at the Hock Shops and picked them up on the cheap. I like the Snap-on ones because the batteries have replaceable internals available on ebay.
Also, I got set with a radio controlled 10,000 lb crane and an all terrain forklift. Sure makes lifting easy on this old, worn out body...chain fall hoist with an overhead crane set up to move on the X-Y sure makes moving heavy stuff in the garage easy. Just keep an eye out for the material to fabricate...it's amazing what people cast off.
Oh, I also happened to think...hydraulic table...

 

All I need is a riding mower for 3500 sq ft lot when I retire.

 

I retired in 2001 and spent years downsizing but I didn't sell anything other than my lathe, spray equipment, vehicles and trailers. I divvied most everything that is only frequently used amongst my adult kids. A win/win. They were happy to get my stuff and I know where to find it. They are all within a 5 minute drive.

 

I have tried to get my wife to let me build a 6000' sf building on a 6500 sf lot.

 

"I have tried to get my wife to let me build a 6000' sf building on a 6500 sf lot."

and that's how I got my eye patch....

LOL...From most womens perspective, if it isn't used to knock things off the honey do list, you don't need it.

 

Keep your eyes and ears open. Some guy gave me a brand new Miller plasma cutter a couple of years ago (he thought it was a welder and couldn't figure out how to use it), and we found a complete oxy/acetylene unit with two torches, a bunch of tips, and all kinds of accessories at a garage sale for $100 this weekend. The guy is moving to Florida at the end of the month and everything HAD to go.

 

I learned that I'm fortunate to have gotten many of the tools I wanted before retiring.
Something I did that really saves a lot of down time and run arounds, was to stock up on consumables, some materials and plenty of miscellaneous hardware (nuts, bolts and washers, etc.). Being retired, you'll be using this stuff constantly and won't want the hassle of tracking down what you want when you need it. Saves a lot of BSing around for me, as I can usually finish a project that I've started, without stopping for lack of goodies.

 

I have been looking at these.
https://nationalboltkits.com/produc...YP6CAsVUxaNnxOrelYP2EmFESQ5MS_ZxoCrowQAvD_BwE

 

Sounds like you’ve been successfully working a plan. Nice job!
Having “retired” almost 2 1/2 years ago, I learned the following:
The folks at work really liked me and wanted me to stay one day a week to help orient the 2 people who replaced me. Though one left, the other stayed and is doing a fine job. I get to spend a day with the old team and go home without headaches. This frees me to buy stuff without worry. I understand some day this will end but been thinking this for over 2 years.
I’ve also learned:
How fast a day can go by. Seems to me that all the stuff I was too busy to fix, adjust etc I no longer have an excuse to postpone.
How my kids appreciate help with their home projects. I appreciate these opportunities to also bond with in-laws too.
How Mrs Avater is pretty good at dreaming up projects at our home.
How nice it is to go for more frequent and longer rides in the cars I have.
How nice it is to come back to a project tomorrow and not wait until Saturday.
As far as tools go, I keep my eyes open and realize I will never have them all but if all else fails, hope to know where there’s somebody who does.
All in all, I’ve never been all that productive in my shop but then again, that’s not work to me.
Oh yes, five years will go by really fast. Try your best to enjoy them!

 

Why not ask your Wife what she Think's off all the stuff You Want
to Do Since its Both your Life's, If I still had my Wife I would be
sharing it with Her.!

Just my 3.5 cents

Live Learn & Die a Fool

 

Yep. You will be busier then when you were working. Whatever garage work space will not be big enough. I built a two story 32' by 30' garage. Room to park 5 cars downstairs and two with one working space upper level. Mig, stick, plasma, grinders, drills, compressor with air tools, lift, Bridgeport mill, lathe. Everything paid for with only bills are household, 2019 Ranger and 33' camper. Mortgage and all other loans paid off with two pensions, SSI, and Oil and Gas leases. Comfortable life but not enough time to enjoy what you work your whole life for.

 

Since your income will be cut in half,,,,,can you really afford to retire ?
And,,,if you are helping with education funding now,,,,,5 years could easily stretch into 10 .
After the inevitable things that arise along the way .

And like one posted earlier,,,,,,,we’re not getting younger,,,,be prepared for health crises that occur .

Lol,,,,,not trying to bring you down,,,,remember how stressed out you were and burned out from all the car building last month ?
Might just consider slowing to a normal pace and keep going .

My dad is 92,,,,,,, he’ll retire when the time comes !,,,,,,he still does more every day than I do .
The older generation is tough as nails,,,,,,I think we’re spoiled !

Tommy

 

I've been retired 5 years. Best move I've ever made! Literally, every day is Saturday! I get up when I want, go to bed when I want, work in the shop when I want and sit in my easy chair and watch TV when I want. Also, Elcohaulic nailed it. You need to stay in shape. Don't spend 3 hours in a gym but do basic stretches/leg lifts/pushups to keep your body limber. If you're not active, the body will fail. Sounds like financially you're in good shape. Make sure you have a good chunk put away for emergencies (they will come up). If you can score some bigger tools now without going into debt, now is the time to do it. Most of all, give thanks to the Lord that you're in the position you're in! Enjoy it!!

 

I retired Jan 2019 so know your situation. Here is what we did. The last 5 years We concentrated on paying off EVERYTHING. With the great price I got for the sale of my Mysterion clone we were able to sell our house in Kalifornia, buy a brand new home on an acre in Texas with a 1700 sqft pole barn shop shell free and clear for cash. No mortgage and no other bills.

Now the good part.

With no fixed expenses our SSI is enuf to live on, a survival rate. Then I had dumped every $$ I could in a 401 account so it is sitting there and we don't need to draw if things are going badly. We have no pension, just what we saved. We have it invested with Fisher who is aggressive in equities. He shuns bonds annuities, etc. Has published several books on wise investing pointing out equities end up being as safe or safer than other investments and they GROW. Even if there is a disaster drop in the market, historically it has always recovered in about 18 months. Even in the 1928 crash. Key is, don't be dependent on income from the investment so you bridge the dip. We have found our account grows steadily so I finished the shop (wired, drywall, lots of cabinets, , bought a 2-post hoist, put in a full feature paint room), built patio covers on the home front and back, put in a nice pool (indispensable grandkid magnet), built 500' wrought iron fence, installed an in-wall central vacuum system, bought my wife a new car, bought a new Ram pickup, bought a riding zero turn lawnmower, plus a bunch of other stuff in the past two years and the principle we started with is still there!

Point is, if you manage your retirement assets wisely, you can acquire all the toys you want even in retirement without financial stress.

 

Add a bicycle using this formula n+1. It wil keep you healthy for a LOOONG retirement. Visit my ranch at least one a year in the fall for good mtn air!
The serious stuff..........SELL anything you do not need. I see guys our age still stocking up on shit at swapmeets like they are 20. The only folks I know that are doing this right are @chaddilac and @titus , they BUY TO SELL. How many grill shells, extra mags, intakes etc to we really need? Use that extra cash for the shop goodies you REALLY need. The plus is you will have more room in the shop