Survivalism & Self Sufficiency Topics > Homesteading and Self Reliant Living

Preparedness as a Retirement Plan

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CdnGuy:

--- Quote from: banjobrain on February 04, 2020, 07:00:48 AM ---Look forward to reading through this thread as well.

--- End quote ---

Thank you, I hope it brings you some joy and sparks some ideas.

I wrote the original post 11 years ago. It amazes me that people still find it and appreciate it. It's humbling.

CdnGuy:
I just went back and read that original post. It was a little bit of time travel. 10 years ago I had just started doing my own podcast and working hard towards the retirement plan. Then life happened. A lot of life happened. We survived, my Sweetie and I. We still have the farm and it's paid for, but there's still a lot of work to be done.

Last time I checked in, we had just been downsized by our employer. I was headed to college for an energy sustainability diploma, but an IT job came up. A friend worked there already so I had some insight into the company culture. I vetted this company like I was going to buy it. There's no way I was going to walk into something like I'd just came out of. I talked to people in the area and in the industry. No one had anything bad to say about them at all.

Then I went to the interview.

I felt like I was talking with old friends. Next thing I knew, over 2 hours had passed. Well, I got the job. It required us to move, but it was a move to an area we had already been planning on moving to. Sweetie will graduate in about a month or so and is on track to be the top of her class. I had no doubt. She could always outcook most people, but now she is truly hitting chef level.

The plan is still the same...sort of...

Now we're moving toward getting some land, growing vegetables, light livestock, and stocking a pond with fish. But, we're planning on building a small restaurant too. Very small, reservation only.  It'll take us about 5 years to get to that, so we're about 10 years behind on the retirement plan. We'll run the restaurant during spring, summer, and fall and mostly close it in the winter. Except maybe special occasions or if someone wants to book the whole place for an event.

The winter will be for us. She'll work on her menu and plans for the next season, I'll work on my writing and such, and we'll hopefully do some traveling. Just thinking about that brings my soul some peace.

Some hurricane-level life winds blew us off course twice, but we managed to not capsize. Now we're correcting course and getting underway again. Survival is an attitude and the first rule of survival is don't die.

robkaiser.me:

--- Quote from: CdnGuy on February 04, 2020, 05:07:06 PM ---I wrote the original post 11 years ago. It amazes me that people still find it and appreciate it. It's humbling.

--- End quote ---

Absolutely - good content begets good content and good content is timeless.

I've been a member of these forums for 8 years (though dark for many of them)...

...and am just now discovering gems such as this hidden within the depths of the forums here.

There's much to be said for internet forums vs social media and other forms of online "stuff."

How the time flies!  Regardless, I'm very grateful this platform exists in the way it does.

It provides us the opportunity to do all that we are doing, and the potential to do so much *more*.

Boethius:
Hi All- Just joined this forum today after many years of listening to TSP episodes here and there.  I've been working towards being self sufficient but in the face of the COVID-19 pandemic, I see where I'm ill prepared.  I work in financial services so the title of this thread caught my attention.  Given the access to 401(k)'s that the CARES Act provides, (if you have been financially impacted by COVID-19 you can take up to $100K out of your account, avoid the 10% early withdrawal penalty, return the funds you took within 3 years and avoid taxes OR don't return the funds and stagger the taxes you would owe on the withdrawal over the next 3 years), I'm wondering if it is worth it to take advantage of this and use the money to build up our homestead.  We need a garage/workshop and a small barn for animals, (pigs and goats are what I'm thinking about).  We have some debt as well.  But my thought process is by using my 401k money to improve/enhance my home, I'm more quickly getting to  self sufficiency if things go from bad to worse.  On the other hand, if this pandemic passes and things get back to normal, (the stock market stabilizes), I could then refinance my house, cash out the equity, (assuming it has increased in value from building a garage/barn, etc.), and use that to restore my $100k withdrawal.  I should say here that this runs contrary to everything I have been taught, (and teach), in my professional life.  I must also say that I'm not intending nor attempting to provide financial advice to anyone.  I'm just looking for collective insight from this community to gauge if what I'm considering is just stupidity being amplified by the emotions of our present circumstances or if there is some level of merit to this strategy.  Grateful for being given access to this forum and I look forward to your responses!  Thank you!

Morning Sunshine:

--- Quote from: Boethius on April 06, 2020, 07:43:35 AM ---Hi All- Just joined this forum today after many years of listening to TSP episodes here and there.  I've been working towards being self sufficient but in the face of the COVID-19 pandemic, I see where I'm ill prepared.  I work in financial services so the title of this thread caught my attention.  Given the access to 401(k)'s that the CARES Act provides, (if you have been financially impacted by COVID-19 you can take up to $100K out of your account, avoid the 10% early withdrawal penalty, return the funds you took within 3 years and avoid taxes OR don't return the funds and stagger the taxes you would owe on the withdrawal over the next 3 years), I'm wondering if it is worth it to take advantage of this and use the money to build up our homestead.  We need a garage/workshop and a small barn for animals, (pigs and goats are what I'm thinking about).  We have some debt as well.  But my thought process is by using my 401k money to improve/enhance my home, I'm more quickly getting to  self sufficiency if things go from bad to worse.  On the other hand, if this pandemic passes and things get back to normal, (the stock market stabilizes), I could then refinance my house, cash out the equity, (assuming it has increased in value from building a garage/barn, etc.), and use that to restore my $100k withdrawal.  I should say here that this runs contrary to everything I have been taught, (and teach), in my professional life.  I must also say that I'm not intending nor attempting to provide financial advice to anyone.  I'm just looking for collective insight from this community to gauge if what I'm considering is just stupidity being amplified by the emotions of our present circumstances or if there is some level of merit to this strategy.  Grateful for being given access to this forum and I look forward to your responses!  Thank you!

--- End quote ---

I would wait.  don't take anything out just yet.  Hold on to the status quo for right now and wait to see what happens in a few weeks.  But then that is my advice.  And it is free.  And worth what you paid for.
(but our mortgage is paid off and we have no debt and I am a stay-at-home homeschooling mom)

ps - welcome to the forum!

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