What next? (retirement all over again)

[Rich Engelhardt]

It's coming up on 20 years of being in my latest "vocation" (landlord/rentals/rehabbing houses).
It's about time to move on to something else.
The quest & question is - what to do next?

I started working in retail in about 1966 and left that after about 20 some years, went back to vocational school and entered the electronics/computer/IT field in 1990. I retired from that field in 2010 and switched over to being a full time landlord/house rehabber. Like my previous career, I began the landlord thing in 2002, but, only really got into it in 2005.

I'm now facing some financial decisions that make staying in this area for any length of time a "go/no go" sort of decision.
My wife needs a new vehicle & the lease is up on my RAV4 in September. I've been perfectly happy with leasing. No trade in to worry about and no real expensive repair bills - plus a fixed monthly expense has it's advantages.

Financially - we're pretty well set. We still have to watch every penny - but - that's more of a good habit picked up along the way to getting to the age of 67 than a real need. It's more of a - we don't really "need" the money, but, it would be welcome. Even if the venture breaks even, as long as it's something enjoyable that would be fine also.

I have just plain come to the conclusion that - - I enjoy bringing in a paycheck. I started making my own money are roughly the age of 6. (I stocked milk cartons in the cafeteria cooler for $.25 a day - - fantastic money for a 6 year old in 1958!)
& with the exception of an 18 month hiatus ---it "looked" better on a resume to list that you devoted all your time to studies - - I've worked and brought home a paycheck my whole life.

So with that in mind, how about some suggestions.

(bearing in mind that - -this will probably mean an end to the woodworking)

[Matt Day]

Why an end to woodworking?

[lowell holmes]

Make stuff for your wife. I bet she can keep you busy.

[Stephen Tashiro]

I'm now facing some financial decisions that make staying in this area for any length of time a "go/no go" sort of decision.
My wife needs a new vehicle & the lease is up on my RAV4 in September. I've been perfectly happy with leasing. No trade in to worry about and no real expensive repair bills - plus a fixed monthly expense has it's advantages.

It isn't clear whether "in this area" means a geographic location or the "area" of activity involved in being a landlord. What do the facts about vehicles have to do with being a landlord? - or moving to a new location?

[Rod Sheridan]

Well Rich, if you're financially OK, I suggest you do not get another paying job.

Enjoy your retirement, if you need something to occupy your mind, which I believe is very important, volunteer at something.

Life's too short to waste it working................Regards, Rod.

[Rich Engelhardt]

Matt - the bulk of my woodworking is geared towards renovating the houses. While it's a "labor of love", it's not an activity I can do for hours on end as a hobby. It's a means to an end.

Lowell - you sure got that right! She can and does keep my hopping. The pay is rotten though . (but the fringe benefits are great!)

Stephen - sort of both maybe....the rentals are one thing holding us to this area (North East Ohio). I'm sick of the weather here and would like to get out from under it...but....my wife's family is all here & she's made it clear we aren't moving.
Like I mentioned above - the woodworking is geared mainly towards the work I do on the rentals. Since I'm winding that down. I don't have to spend a ton of money on some sort of truck or van to haul materials and tools around in. Once upon a time, my wife had a Kia Forte - and we both really liked it. I can lease a Forte for about $138 a month vs the $339 a month I'm paying now for my RAV4 or Lord only knows how much I'd have to pay for that beautiful new F150 crew cab 4x4 (drool...)
I'm sort of stuck driving something I have to instead of something I'd like - due to the need to have something I can haul stuff in.

[Jim Becker]

Rich, if you really feel compelled to have some kind of paycheck at this stage of your life, think about the kinds of things you "have always wanted to try" over your life and see if there's a connection there locally for something part-time. For example, if I hadn't started this formal woodworking business after I retired from full time work not quite a year and a half ago, I'd be working as a cook/chef for a few shifts a week at a local place owned by a friend to stretch my abilities further. I've enjoyed the kitchen for quite a few years now and I'm the one that's primarily been cooking for my family, even while I was employed full time. (caveat...my office was virtual at home for 21 years, so no commutes other than necessary business travel) I wouldn't be doing that so much for the money because I "did the right thing" all those years in the workforce, but for the stimulation. Whatever you choose...try to make it fun and not "ho-hum" if you can.

[Bill McNiel]

Rich,
Having something to do after "retirement" is very important in my world. Since I "retired" 6 years ago I have completed 19 furniture /cabinet commissions and designed 3 homes. If I didn't continue to create I would quickly turn into a fat, obnoxious, stoner/drunk TV sloth.

Pursue your dreams/desires and enjoy - regards Bill

[Rich Engelhardt]

If I didn't continue to create I would quickly turn into a fat, obnoxious, stoner/drunk TV sloth.

LOL! Bill - you just described me to a "T"!!!
When I retired close to 9 years ago, I was still a smoker. I quit on August 1st 2012. The first week, I lost a couple pounds. Then,,,,I managed to balloon up from 235 pounds to 330 pounds! I went on a diet December 1st of 2018 and increased my daily swim to an hour and a half or 27 laps (3/4 mile)whichever came first. I managed to lose 100 pounds by this past Christmas & on December 22, 2018, I did a 2.4 mile swim <---my goal for the year was to make it 2.4 miles (the swim distance of an Iron Man)...

[Wade Lippman]

Why do anything? If you need the money, then fine; but otherwise doing nothing is an option.
Get a dog; walking, playing and training requires a couple hours. Yard care, gardening, kayaking, sailing, and skiing take up much of the rest. Leaves a bit for woodworking and cooking. Last month I spent a day designing and building a collapsible potty stool; couldn't have done that if I was "doing something".

Just me.

[Jim Becker]

I will add to my previous comment that volunteering is also a reasonable choice for scratching this itch if you don't absolutely need the money to live on in the manner to which you desire.

[Edwin Santos]

Rich,
If I didn't continue to create I would quickly turn into a fat, obnoxious, stoner/drunk TV sloth.

That one is going in my saved quotes file!

In response to the OP and echoing what several others have said, there is a Japanese word known as "Ikigai". Roughly translated it means "a reason for being" or perhaps, "the reason for which you get up in the morning". Of course, it's your challenge to find what your personal answer to this question might be and unfortunately, no one else can answer it for you.

They say the extraordinarily long healthy lives of the Okinawans is due in part to their diet, but in large part to finding Ikigai. Ikigai can be any pursuit that generates passion and enthusiasm, often times in social groups. I personally don't think money is a driver of the equation, although sometimes it might be a by-product.

Without Ikigai, people generally die.

Good luck, and I hope you find your Ikigai. Sorry to get all Zen on you!

Edwin

[Andrew Joiner]

Financially - we're pretty well set. We still have to watch every penny - but - that's more of a good habit picked up along the way to getting to the age of 67 than a real need. It's more of a - we don't really "need" the money, but, it would be welcome. Even if the venture breaks even, as long as it's something enjoyable that would be fine also.

I have just plain come to the conclusion that - - I enjoy bringing in a paycheck.

I've had a similar life Rich. Finding a hobby, work or passion at this time in life is a luxury problem and could be a rewarding adventure.

I suggest you look at the numbers on a "break even" venture. For me the taxes, insurance and liability involved with the businesses I've had aren't worth the stress.

I worked for myself from age 20 until age 40 doing woodworking and being a landlord. I was lucky in my work and investments. I was almost addicted to my work until the last year or so when I got addicted to windsurfing! At 40 I decided to retire and travel to windsurf year round. I settled down a little at 55 and built my dream home.
Now I'm 67 and life is good. But the grass is always greener on the other side of the fence. I volunteer a little in the non windy season but I miss working. I miss getting paid for a job well done. To design and make something that a client loves is like a spiritual thing for me. I don't miss the taxes, insurance and working 70 hour weeks so I choose to live commitment free.
Sometimes I wish I had to work. If all my investments disappeared I'd work at a hardware store. I'd love to recapture that feeling of being hungry for work that I had when I first started my own woodworking business. But alas, I'm spoiled!

[Matt Day]

Sounds to me like you could use the income? Assuming that since you’re talking about car payments and not driving the car you want.

By the way, don’t rule out an SUV and a trailer for hauling.

[Kev Williams]

Become an internet sensation. Kick a few of those uppity millennials aside and show 'em how it's done.

Write a 'How to Make Money Renting Houses' book. If you need help, I know a guy who wrote a book on how to write books...

Become your own enemy: Hound your local city or town hall until they make you building inspector.

Become an RV inspector. Endless vacation time with free accommodations, and get paid to complain about it...