# Retirement



## Widdershins (Feb 5, 2011)

I expect to retire in a little less than 3 years -- I'm 63 and I've had enough.

January 1, 2013 to be exact -- Anything I still have on the schedule will be subbed out to one of my Peers.

Some things I didn't know or hadn't really thought about.

I'll have to maintain my insurance/bond for a minimum of 2 years after completion of my last job.

I'll have to make plans to cover any warranty work that might crop up in the first 12 months after I close up shop.

Not one of these things is insurmountable -- OTOH, these are things I hadn't really thought about.

I expect I'll end up subbing out the warranty work -- None of my guys have expressed any interest in taking over the business once I retire to the Links. Can't say that I blame them.


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## RW Plumbing (Aug 16, 2010)

Widdershins said:


> I expect to retire in a little less than 3 years -- I'm 63 and I've had enough.
> 
> January 1, 2013 to be exact -- Anything I still have on the schedule will be subbed out to one of my Peers.
> 
> ...


Why do you have to maintain your insurance 2 years after. Close the company. If you have an LLC, they can't sue you personally just the company. You can tell them go to pound sand if something happens after.


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## Widdershins (Feb 5, 2011)

RW Plumbing said:


> Why do you have to maintain your insurance 2 years after. Close the company. If you have an LLC, they can't sue you personally just the company. You can tell them go to pound sand if something happens after.


 My shop isn't a LLC, although I sometimes wish it was.

I'm actually fine with the rules governing my retirement. It's just that I never really thought about it before.


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## RW Plumbing (Aug 16, 2010)

Widdershins said:


> My shop isn't a LLC, although I sometimes wish it was.
> 
> I'm actually fine with the rules governing my retirement. It's just that I never really thought about it before.


Change now. That way by the time you retire you'll be set. I'm not sure how it works in canada but you can change your company structure any time. I'm hoping that my new carrer path pans out and I can hang up my pipe wrenches. If I do I will shut my doors and hopefully never think about it again.


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## Widdershins (Feb 5, 2011)

RW Plumbing said:


> Change now. That way by the time you retire you'll be set. I'm not sure how it works in canada but you can change your company structure any time. I'm hoping that my new carrer path pans out and I can hang up my pipe wrenches. If I do I will shut my doors and hopefully never think about it again.



Restructuring to an LLC will likely scare off my pool of GC's.

Can't have that -- These are the guys who have stuck with me through thick and thin.


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## Widdershins (Feb 5, 2011)

Just so we're clear -- I'm not *****ing about the rules.

Considering the budget shortfalls our state and others are experiencing, I'm fine with the paltry sum my state expects to collect from me after I hang it up.

I started this thread because I imagine most of you never really considered your responsibilities/obligations once you close up shop.


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## wundumguy (Apr 3, 2010)

Widdershins said:


> ...None of my guys have expressed any interest in taking over the business once I retire to the Links. Can't say that I blame them.


I don't get it. Why no takers and why can't you blame them?


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## RW Plumbing (Aug 16, 2010)

Widdershins said:


> Just so we're clear -- I'm not *****ing about the rules.
> 
> Considering the budget shortfalls our state and others are experiencing, I'm fine with the paltry sum my state expects to collect from me after I hang it up.
> 
> I started this thread because I imagine most of you never really considered your responsibilities/obligations once you close up shop.


I would imagine most people have it structured to avoid personal liability from the onset. I would never be in a position where someone could come after my personal assets because of work. I carry insurance, and a bond. Once i'm done, those are done too. They can't sue something that doesn't exist. If Walmart sells something that's knowingly dangerous, and gets sued by enough to close it's doors and then some, do you think the execs there dig into their pockets???

They don't and neither should you. Personally I don't see why it would effect your GC's at all what your business is under. Say something like you switched to an LLC for tax purposes as that's what your accountant advised you to do.


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## DUNBAR PLUMBING (Sep 11, 2008)

Widdershins said:


> Just so we're clear -- I'm not *****ing about the rules.
> 
> Considering the budget shortfalls our state and others are experiencing, I'm fine with the paltry sum my state expects to collect from me after I hang it up.
> 
> *I started this thread because I imagine most of you never really considered your responsibilities/obligations once you close up shop*.


 

Oh I have, and I'm 41. And if I have any warranty work after I shut down the business, I'll gladly go out and fix the problem. 


There's no pot of gold at the end of the rainbow, meaning the close of the shop, you can bet that bet and win by just looking at the dismal prices these plumbing companies get when they shut down. 

Everything in materials, tools, pennies on the dollar. Then trying to establish a value on the customer base won't happen, even though collecting up a phone number or two is a nice addition. 

It's like if someone called a plumber and can't get a hold of you after 3 days, guess who they call? Another plumber. Relationship has ended and you're disposable. 


And then everyone is going to end up with my health problems eventually if you turn wrenches for 40 plus years in this profession. I just got a head start. :thumbsup:


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## smoldrn (Oct 4, 2010)

I had a retirement plan at one time, but I had to revise it. Instead of relaxing & enjoying life, it'll be grabbing my chest & saying "Oh Sh*t" as I fall to the ground while on the jobsite.


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## easttexasplumb (Oct 13, 2010)

smoldrn said:


> I had a retirement plan at one time, but I had to revise it. Instead of relaxing & enjoying life, it'll be grabbing my chest & saying "Oh Sh*t" as I fall to the ground while on the jobsite.


 
I would hope that is not really your lifes goal. Learn to enjoy life a little. :001_unsure:


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## 422 plumber (Jul 31, 2008)

My original local had a great pension. We got taken over by the Chicago local and their pension is about 1/3 of what my former local provided. yet the contractors pay the same amount. What happens to the rest of the dough? Anyway I plan on retiring at 62 if my body is shot, 65 if I have a dick job and 67 if I am flying a desk.


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## Master Mark (Aug 14, 2009)

*my plan*

my plan is to buy *power ball tickets* every week till I am 
65........ that is as good as wall street......

the best retirement plan you can have is one that you manage and have only in your name..... not one through a union or some other entity that can rape you blind....

example
Indiana power and light had a very generous retirement plan set up here for their employees.... They consolidated with some other entity and ALL their retirement got literally destroyed ... 

got a relative who had almost 300k in that plan and it now is worth about 80% less....he worked there for over 30 years .... so all these guys balls are dragging real low......... 
but the govenor of our state backed this buyout and walked away with a 70 mil pay day before it went bust..


moral of the story..... 

keep your mind on your money and your money on your mind ....
dont trust anyone to manage it for you.....

or you might end up like the people *Bernie madoff* screwed .


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## U666A (Dec 11, 2010)

So you don't think my "freedom 95" plan is going to be a worthwhile investment then...???

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