Retirement Is Over-Rated - Softcover

Germann, Donald R.

Softcover

ISBN 10: 1890622478 ISBN 13: 9781890622473

Publisher: Leathers Pub, 1998

Synopsis

A must-read for those considering retirement. Discusses real-life situations, and then offers sound, easy-to-follow advice that will help you make the life decision that's best for you.

About this title

About the Author

Dr. Don Germann is well-known as a physician, but also as a retiree. With 50 years of medical practice - diagnostic radiology was his specialty - he admits to being unprepared for retirement. "I may do better next time," he says with a smile, but is in no hurry to try.

Dr. Germann's professional career has brought him honors both locally and nationally. Basically a teacher, he uses that talent in preparing this book. What he is presenting here is information - the kind you'll find nowhere else.

He wishes he had the experience and knowledge to have written this book 10 years ago. But fortunately, now he's done it. So read it, learn from it - and enjoy.

From the Back Cover

What You Should Know: "Retirement - what every American should know before and during those good years - or are they good years? This is a must book to read, well written, really interesting; every page keeps you wanting more." - Peter Newman, CPA and host of the popular financial program - KMBZ, Moneyline, Kansas City, MO.

"His previous books were excellent, but this one is a topper. It explores the much discussed topic of retirement from a fresh prospective. The author draws on his experience as a physician and observer of human behavior and as a man who went through retirement to find something better." - Walt Bodine, Talk Show host, Public Radio.

Excerpt. © Reprinted by permission. All rights reserved.

Chapter 1 - Conception: "...I have retired twice and did not like it either time, but that in itself is not book material....

Retirement from forty-four years of active practice in the field of diagnostic radiology and nuclear medicine occurred July 1, 1992. The rest of 1992 was spent preparing for, delivering, and recovering from a five-week teaching assignment in China. It was a great experience for me, and it went reasonably well. However, by early 1993 I was contending with boredom and restlessness. A broker at Merrill Lynch with whom I had done business in the past had told me earlier that I could work with him anytime. So in late March of 1993, I took him up on his offer. It was a four-hour working day. I worked on files, did some writing and proofreading for other staff, and was assigned to check on accounts that were over $50,000 that had moved out of this office.... In general, it was pleasant, and I learned a little more about the world of finance. However, late in October a new manager arrived, and he felt if I were to stay I should become a broker. I did not feel right about doing that, and so retired again.

In early 1994 we traveled a great deal.... We revisited Thailand where I had worked previously for the International Atomic Energy Agency. On this trip, we were also in Burma, Indochina, Malaysia, and so forth. A trip like that is wonderful. It may take only three to four weeks, but preparation for and recovery from will fill three to four months....

Now my Merrill Lynch job was over and our major trip was a success, so the primary occupation became filling the hours of each day with study, fun and games. I was amazed to find how many hours there are in the day when you are not working. I read the newspaper, checked the stock market, did my regular two-and-a-half to three-mile walk and jog routine, usually had lunch at home - my wife was very tolerant. I was reminded that I had set aside a number of jobs while I was working to do after retirement. I now know very well why I delayed those jobs - they were the things I did not want to do in the first place, and sure enough, I still did not want to do them. So after about six months of such fun and fulfillment, I told my wife I was going to see if I could renew my license to practice medicine and try to find a job....

The job! I got one in relatively short order. The radiology department of one of the private hospitals was understaffed, and they needed help until July 1 when another man was joining the group. So on January 6, 1995, it was back on the job....

These facts in themselves are unimportant, but I present them to you so you can realize that in the year 1995 I worked at about 70% of full time.... (P)robably the most important event that sent me going for pen and paper occurred on April 15, 1996. You guessed it - tax time. My accountant had gathered all the W-2s and stacks of important papers and reported the results of a pleasant year of 70% work. It was the biggest tax bill of my life! Even working full-time with a few extras like working consults and International Atomic Energy Service, I had never hit such a number....

How could it happen? Being over 70, I had to draw a certain amount of money from my IRAs.... Next, even as I paid Social Security to the maximum (no deductions), I was collecting Social Security, and since I had a good income it was taxed at the maximum 85%.... It kicks in (with some exceptions) for those under 70 at $44,000. It has not been too many years ago that it was possible for taxpayers over sixty-five to have double personal exemptions.... Now things have changed. As your income goes up, your personal deductions go down. Now this number represents a very good income, so those of us hit by this should not cry 'poor me.' The basic plan is for a joint return, husband and wife, the dependency deduction will be reduced 2% for every $2500 your income exceeds $176,950 (this was 1996). It can and does change each year.... Your itemized deductions (gifts to church, schools, hospitals, etc.) are reduced by 3% on all income above $117,950. In a kindly moment the IRS will not take more than 80% of your deductions and will not include medical expenses, investment interest and theft loss in the process of eliminating your deductions.

There is no question the incentive to work and do well is reduced by the tax system, and this is especially true of anyone on Social Security.... Certainly my first reaction to the tax lug was that of amazement, then anger. Why not just live on Social Security and IRA withdrawals, which much be made anyway? The answer to that question is one of the reasons old men write books. There are some other important thoughts I have had over the past three years and why I kept working. I very much enjoy my work. I am better at it than anything else I know. Golf may be fun, but I've tried it and I'm not very good at it. I believe that what I am doing is important to patients, partners and society. Neither golf nor fishing will score very high on those categories. Let me also add, after thinking about it, I'm really proud of that big tax bill. If it were only possible to get others who retire, especially those who retire early, to at least maintain their skills, possibly they could change employers or get rid of some of those nagging things that exist in almost every job, and still remain honestly productive. We may even encourage the government to let people, skilled people especially, work with no more penalty than anyone else. Good things might even happen in Washington. There would be no Social Security problem! There would be no Medicare problem! Come on guys, get off the wagon and help push."

Edition details

• Publisher: Leathers Pub
• Publication date: 1998
• Language: English
• ISBN 10: 1890622478
• ISBN 13: 9781890622473
• Binding: Paperback
• Number of pages: 7