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Horse Professionals and Retirement?

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  • Horse Professionals and Retirement?

    So one of the main reasons that I have been hesitant on turning pro is that I understand that someday I will be "old" and thus need to retire. And need money to pay for my Wheaties and cat food.

    So professionals- what is your plan? Do you hope to teach well into old age? Retire to judging or clinics? Did you sock away money during the "Crazy years" where people threw around money like beads at Mardi Gras?

    Your input is appreciated

  • #2
    Old pros don't retire...they keep going until they die...and from the looks of some of them, beyond when they die...lol

    I am a soon to be old pro..and like many, nope have nothing socked away...always put every extra dime into the business...and now...zip to show for it.....and, no, its not pretty. No one to blame but myself either...uggh
    "You can't really debate with someone who has a prescient invisible friend"
    carolprudm

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    • #3
      I agree with MRoades! Too much to keep this palce on its' feet and at 52 I an't no spring chicken!! Luckily my hubby has retirement both thru the state (he is a community college professor) and thru the feds (coast guard). Otherwise I'd starve!!
      www.shawneeacres.net

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      • #4
        I started putting $100/month into a retirement investment account when I turned 18. You can't be too prepared and I'm not really going to miss $100 each month but will love the $$$ when I retire.
        "ronnie was the gifted one, victor was the brilliant intellect, and i [GM], well, i am the plodder."

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        • #5
          Originally posted by mroades View Post
          I am a soon to be old pro..and like many, nope have nothing socked away...always put every extra dime into the business...and now...zip to show for it.....and, no, its not pretty. No one to blame but myself either...uggh

          I am right there with ya. My retirement plan was to retire with my husband and his awesome pension...that plan got derailed by divorce. I had modest savings, but have had to dip into it to make ends meet over the past 18 months.

          SO...I plan on working like a dog until I can't anymore.
          West of nowhere

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          • #6
            I am not a pro, but at one time wasn't there a plan (this was back in the AHSA days) to develop a 401(k) especially for professionals in the horse world, so that they could save for their future retirement?

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            • #7
              Get thee to a financial advisor and get a plan! Everyone who works should get a retirement account and start saving. It doesn't matter what job you have since companies are phasing out pensions and social security is not reliable. (Can you tell my husband works for Ameriprise? ;-))
              Eight Fences Farm. Mansfield, MA

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              • #8
                I imagine things would be different if you own your facility and it's paid off. My trainer is in his mid-40s and is in this position. His facility is worth about $1.5 million in this economy (largely due to the size of the land and its location). I imagine that he could sell the farm before retirement and be relatively well set for that part of his life.
                Here today, gone tomorrow...

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                • #9
                  I'm actually in the process of setting up an IRA. (Insert head spinning here.) I don't think I'll mind teaching in my old age, but I may not want to run like the crazy person I currently am!

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                  • #10
                    IRAs are easy. When I was barely afloat, I still put in $50 a month. More now.

                    Granted, not a horse professional, but it still applies. My Mom's a horse professional, and turning 60 this year...I want her to sell and retire closer to me. My Dad makes good money with a retirement and being a contractor, so it's more for emotional support than financial, but still.
                    COTH's official mini-donk enabler

                    "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl

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                    • #11
                      Originally posted by alteringwego View Post
                      I started putting $100/month into a retirement investment account when I turned 18. You can't be too prepared and I'm not really going to miss $100 each month but will love the $$$ when I retire.
                      You're going to retire on putting away $1,200 a year?

                      I hope you have a wizard for an investment banker running that account, because you will need to be earning 10% (!) off of an eventual $300,000 (!!!) pot to get $30k a year without invading the principal.

                      Generally the rough guide to financial sustainability is to put at least a quarter of your income toward savings (the other quarters go to rent, expenses, and fun, respectively).
                      The Noodlehttp://tiny.cc/NGKmT&http://tiny.cc/gioSA
                      Jinxyhttp://tiny.cc/PIC798&http://tiny.cc/jinx364
                      Boy Wonderhttp://tiny.cc/G9290
                      The Hana is nuts! NUTS!!http://tinyurl.com/SOCRAZY

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                      • #12
                        Originally posted by meupatdoes View Post
                        You're going to retire on putting away $1,200 a year?

                        I hope you have a wizard for an investment banker running that account, because you will need to be earning 10% (!) off of an eventual $300,000 (!!!) pot to get $30k a year without invading the principal.

                        Generally the rough guide to financial sustainability is to put at least a quarter of your income toward savings (the other quarters go to rent, expenses, and fun, respectively).
                        Sometimes that's all someone can afford to do at a particular point in time. I'm just impressed that an 18 year old has even had the foresight to start an IRA, I know I wasn't thinking about things like that at that age!

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                        • #13
                          Indeed.

                          I only put away $3000/year in my Roth IRA, certainly less than a quarter of my income. Who the hell can afford to sock away a quarter of the income?? Not when most of America is hand-to-mouth or close to it.
                          COTH's official mini-donk enabler

                          "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl

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                          • #14
                            prepare and protect

                            thre was an excellent editorial in COTH A a few months back; it told it like it is! I, too, said I could not afford to retire; I planned on death, i.e. had life insurance but, never planned on becoming disabled as a result, I lost all my animals, truck, trailer and tack, in order to qualify for Medicaid'; my private insurance ran out after three months; everything had to go set up trusts to protect your animals; also yourself; nursing homes are awful
                            breeder of Mercury!

                            remember to enjoy the moment, and take a moment to enjoy and give God the glory for these wonderful horses in our lives.BECAUSE: LIFE is What Happens While Making Other Plans

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                            • #15
                              Originally posted by TheJenners View Post
                              Who the hell can afford to sock away a quarter of the income??
                              Everyone who makes 75% or less of what you make could afford it on your salary.
                              The Noodlehttp://tiny.cc/NGKmT&http://tiny.cc/gioSA
                              Jinxyhttp://tiny.cc/PIC798&http://tiny.cc/jinx364
                              Boy Wonderhttp://tiny.cc/G9290
                              The Hana is nuts! NUTS!!http://tinyurl.com/SOCRAZY

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                              • #16
                                Individual retirement planning is a must for anyone who is self-employed, including equine pros. The power of compound interest is a beautiful thing - and it means that starting (even with modest amounts) when you are young yields HUGE rewards at retirement time. You can look at any of the financial planning sites to see this illustrated over and over again. Playing catch up later is tough - but still very worthwhile.

                                Many of the pros I know who are in good shape for retirement did invest in property/farms. Although the real estate market has been poor recently, over time it tends to be a good investment and can help provide a nest egg at retirement time.
                                **********
                                We move pretty fast for some rabid garden snails.
                                -PaulaEdwina

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                                • #17
                                  Originally posted by meupatdoes View Post
                                  You're going to retire on putting away $1,200 a year?

                                  I hope you have a wizard for an investment banker running that account, because you will need to be earning 10% (!) off of an eventual $300,000 (!!!) pot to get $30k a year without invading the principal.

                                  Generally the rough guide to financial sustainability is to put at least a quarter of your income toward savings (the other quarters go to rent, expenses, and fun, respectively).
                                  I think its great she is putting away anything at such a young age, obviously she is looking towards the future already, most people at that age aren't even thinking about retirement. Its good to get into the habit of saving early in life, and hopefully increase the amount being invested each year.

                                  Comment


                                  • #18
                                    Originally posted by BAC View Post
                                    I think its great she is putting away anything at such a young age, obviously she is looking towards the future already, most people at that age aren't even thinking about retirement. Its good to get into the habit of saving early in life, and hopefully increase the amount being invested each year.
                                    Is that poster 18 now or has this been the plan since she was 18? I got the impression from the post as an answer to the OP that that was the overall retirement plan, which had been in place SINCE the age of 18, not just the fledgling start AT 18.

                                    If she is 18 and plans to increase her contributions in the future, that IS great to start early; but if she is an adult and this is the overall plan she is recommending to everyone (which is the impression I got) then I disagree that $100 a month is going to lead to "$$$" in the end. Compounding interest is a beautiful thing, but it is not THAT beautiful.

                                    Again, the recommended math is to save 1/4. If you adjust your lifestyle accordingly NOW to live off of 75% you can maintain that lifestyle in the future. THAT is living within your means.

                                    The majority of USAmericans do not live within their means, whether they make 25,000 a year or 250,000, and would be completely horrified at the thought of living on 75% of their paycheck (even though everyone else who only makes 75% of their paycheck in the first place survives). People make poor financial decisions regardless of what income bracket they are in. The mortgage just gets bigger with the paycheck.

                                    Example:
                                    When in lawschool people can live in a $600 a month apartment; suddenly they land a job paying 160k and only a $4,000 a month pad will do. And $4,000 a month just on rent is living beyond your means even if you make $160k. Can you 'afford' it? Yes. Is it living within your means? No. Could they theoretically still live in a $600 a month apartment like they did last month without dying? Or only upgrade to a $1,200 a month apartment? Why yes. But if they are like the majority of USAmericans probably they will get the $4,000 a month apartment and then tell their financial adviser it is "impossible" for anyone to afford to save 25% a month. Never mind that plenty of other people are surviving just fine on 1/4 of their salary at $40k a year. And the person making $40k can't save a 1/4 even though Betty Sue down the road only makes $30k and she still has a roof over her head.

                                    $100 a month is no where near a quarter of any kind of salary. Unless she is 18, and has a part time job. In which case she is on the right track. And yes, people go through patches when they can contribute less and patches where they hopefully make it up later. But if she is an adult and this is the general plan it is a bit premature to be tutting on COTH that "you can never be too prepared."
                                    Last edited by meupatdoes; Feb. 17, 2010, 11:31 AM.
                                    The Noodlehttp://tiny.cc/NGKmT&http://tiny.cc/gioSA
                                    Jinxyhttp://tiny.cc/PIC798&http://tiny.cc/jinx364
                                    Boy Wonderhttp://tiny.cc/G9290
                                    The Hana is nuts! NUTS!!http://tinyurl.com/SOCRAZY

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                                    • #19
                                      I think for a horse professional to retire comfortably, they would have to own a facility, build equity in it throughout their working years, then sell it and buy a smaller, cheaper home on retirement.

                                      Comment


                                      • #20
                                        CHECK W./ ssa

                                        check your Social Security account, too. if you do not have enough "quarters as I was told, you will not get social security. Medicare or, in my case SSDI
                                        breeder of Mercury!

                                        remember to enjoy the moment, and take a moment to enjoy and give God the glory for these wonderful horses in our lives.BECAUSE: LIFE is What Happens While Making Other Plans

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