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The Number and the PCGS Price Guide

RYKRYK Posts: 35,772 ✭✭✭✭✭
Reading the book, "The Number" (Eisenberg), has prompted me to reconsider my goals for retirement, net worth, time horizons, etc. The premise of "The Number" is that everyone who plans to retire could/should/would have a specific net worth "Number" in mind that once achieved, the green light for retirement would flash.

There are a lot of problems with this thinking, not the least of which is that most of us do not know (mercifully) how or when we are going to die, and that Number (one's longevity) may be equally or more important to the future of one's financial plan. It also fails to take into account a withdrawal percentage (another important Number), the number of hours you can keep busy with hobbies or side jobs (another important number), and about a million other variables. I have enjoyed reading the book and pondering the implications. It is humorous (I literally LOL'ed a few times), can be easily borrowed from the library (which helps to protect your net worth image ) and recommended by me.

All that said, I have decided to, for the first time ever, to meticulously calculate a net worth and see how close I am to The Number that I had in mind. When it came time to valuing the coin collection, I decided to use 50% of PCGS price guide, as what I would hope to be a conservative estimate. A substantial percentage of the worth of my collection is in PCGS slabs and listed in the registry. I ordered the items from most valuable to least valuable, and while I could quibble with myself whether I paid to much or not when I purchased a coin, there was little doubt that for my most valuable few dozen coins, 50% Price Guide was an extremely conservative estimate and even 60-70% would probably prove to be very conservative. In some cases, 50% of price guide is at or less than melt value for gold coins.

Where things seemed to break down was for my less valuable coins (type coins and such), many of which would be a difficult sell at 50% price guide. The impact of this has little effect on the calculation because the numbers are smaller. Finally, I did not include any non-slabbed coins or bullion, old coins in albums, a handful of medals and other exonumia, essentially valuing some stuff at Zero, much of which is worth considerably more and all of which is worth something to someone...hopefully.

So I ask of the forum members, do you:
1. Plan for retirement (or have done so in the past, for the retirees)?
2. Have a Number in mind?
3. Include your coin collection as an asset on your personal balance sheet?
4. Have a realistic system for valuing your coins, one that assumes that you are not the person that ultimately sells them?
5. Have any other questions, comments, or points for discussion?

Comments

  • 19Lyds19Lyds Posts: 26,470 ✭✭✭✭
    I really never thought about retirement until the year I was going to retire.

    I do have my regrets but you cannot change what has already occurred. I would encourage everybody to seriously look at their individual retirement goals since just like death, retirement is inevitable. Life DOES go on, but as a while, not as an individual.
    I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



    The name is LEE!
  • BarryBarry Posts: 10,100 ✭✭✭
    I sold most of my coins in the 1-3 years before my retirement, but the two events were not related. The sale was a combination of what I thought was a good time to sell, market-wise, and waning interest in collecting.

    IMO, with rare exception, coins should not be considered an investment, nor a retirement vehicle. The buy-sell spread is a killer. Think about this - if the money you spent on coins over the last 4-5 years was instead invested in the S&P 500 index fund, you'd have doubled your money. Can you say that about your coins?

    RYK, do you plan to sell your coins to facilitate an earlier retirement than otherwise possible? If not, do you plan to sell them at all? Do you plan to keep buying coins? Those are things you need to reconcile as part of your Number.
  • RYKRYK Posts: 35,772 ✭✭✭✭✭
    RYK, do you plan to sell your coins to facilitate an earlier retirement than otherwise possible? If not, do you plan to sell them at all? Do you plan to keep buying coins? Those are things you need to reconcile as part of your Number.

    Those are good questions.

    I will sell the coins when I lose interest in them or if I need to sell them, and I do expect to sell them, eventually. What triggers the sale, whether I sell in dribs and drabs or all at once, how I sell them, and when I sell them are unknown to me at this time. For a long time, I kept them out of the Number, but because of their value, I do not believe that it makes sense to continue to exclude them.
  • stevebensteveben Posts: 4,595 ✭✭✭✭✭
    1. Plan for retirement (or have done so in the past, for the retirees)?

    yes. i have planned meticulously over the past 25 years or so and i think i have it pretty well figured out.

    2. Have a Number in mind?

    it's going to take about 100 billion dollars. seems to be the only flaw in my plan so far.
  • coinkatcoinkat Posts: 22,719 ✭✭✭✭✭
    Thinking about retirement is important especially if it facilitates taking the next steps in terms of planning.

    Your questions hopefully will help others take steps to plan.

    I am not sure I agree that there is a number and then the green flashes "retirement". There can be different numbers depending on your retirement objectives.

    Experience the World through Numismatics...it's more than you can imagine.

  • TommyTypeTommyType Posts: 4,586 ✭✭✭✭✭
    I never really considered my collection to be a monetary asset. I figure I'll still have them, (or whatever replaces them), when my fuze runs out....and my 401(k), pension, and Social Security will far out pace anything my collection will be worth.

    But, keeping that in mind that the collector will be gone before the collection, I have given my wife some simple instructions on how to "liquidate". Those instructions probably won't achieve anything close to a maximized return, however. (She knows little, and has little interest in the coins).

    1) "Send the slabbed coins to Heritage, and sell them at auction."
    2) "Here's a list of 3 or 4 dealers I trust. Sell the rest to them for whatever they will give you." (Probably not a good thing that all of the dealers are older than I am, though. image )

    I figure it will all be "found money" for her. The value of the collection isn't a part of her financial plan either, so why sweat it?
    Easily distracted Type Collector
  • mrdqmrdq Posts: 1,186 ✭✭✭
    I've been self employed for 21 years. Currently I own 7 businesses that are the entire retirement plan and my coins have nothing to do with retirement. For me it's always been a hobby.

    Retiring is a very personal decision that seems to depend a lot on your job. It can go from Love my job to HATE my job and many spots in between. I have dozens of friends in corrections who literally know how many days are left in their formula to retire and regardless of money they're done ASAP. I plan on working many more years (i'm 51) until I get to the point where I'd rather smack my employees than talk to them. It's not the BEST plan, it's just the path I chose decades ago. I've seen 6 men within 2 miles of me have that planned to "cash out" and relax only to see them die with a For Sale sign in their window. You never really know.

    SAVE SAVE SAVE

    I am telling my children they should plan on working until they can't work any longer then adjust their lifestyle upon retirement based on how well they saved. They have one grandma who's very well off in her 70's and one who has less money they her grand kids! I think they see both ends of the spectrum and I hope they make good decisions.

    Putting a number on retirement is something I always tried to do but the way things change I think it's impossible. Get DEBT FREE, save as much as you can then retire when you can't stand it anymore.


    --------T O M---------

    -------------------------
  • my retirement was not planed as my health issues have necessitated it. Coins are a hobby and I do sell some to support that hobby and any extra proceeds go to my family.
  • JJSingletonJJSingleton Posts: 1,400 ✭✭✭✭✭
    Yes, I have planned for my retirement and I do have a number which I pleased to say recently has been reached. I do not include my collection for my number. But I am not blind to its asset value and put it on the level of a rainy day fund in case all else goes down the crapper.

    Joseph J. Singleton - First Superintendent of the U.S. Branch Mint in Dahlonega Georgia

    Findley Ridge Collection
    About Findley Ridge

  • In the coin market as with any other it's buying the right thing at the right time and selling the right thing at the right time. It's not easy to do. Generally what tends to do well over the long run in coins as most everyone on this forum knows are key date, scare & truly rare coins. I've spoken with a few dealers and most agree that first you should buy what you like and in the best grades you can afford. When I first got series about coins I spoke with one particular dealer and he showed me auctions records, (which are available on coin facts which is nice) which go back over 30 years and you can see trends just like in stocks. The overall trend of rare coins over that time tends to mirror the S&P500 and DOW, only the return seems to be higher. Where 8 to 10% return was average on the stocks, rare coins where double or more on their returns. Again not all rare coins but the right ones sold at certain times were pulling these numbers and over the long haul most where trending up just as the stock market.

    I know we can't all be like Eric P Newman, buying a gem 1796 quarter and selling it for a cool Million 80 years later. But if you're young do your research and I believe you can find undervalued great coins that will do well over your lifetime. I'm 35 years old and I'm working on a complete US type set. This will most likely take my entire life to finish, if I can at all, but I think that it will be great investment when I'm ready to sell 30 or 40 years from now.
  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭
    I was planning and saving but the MAN made the timing for me. Let me go about 3.5 years
    short of my planned age. So, being of the age that is almost impossible to find another
    comparable position I opted to go with the flow, and retire.

    Now, that has changed, drastically, what I can and cannot do as the funds need to be
    squeezed a bit further than I planned.

    So, here's my advice: get to that number ASAP and then continue working another set
    number of years to get a cushion that is really a real cushion.

    I think you need to consider the average age of death of your closest relatives as well.
    If they all lived to be 95 you best ought work till 75.....nah, forgetit.

    bobimage
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • CameonutCameonut Posts: 7,250 ✭✭✭✭✭
    1. Plan for retirement (or have done so in the past, for the retirees)? Absolutely yes - my planning started in my early 20's
    2. Have a Number in mind? I met the number, but it changed over time until I retired. Unfortunately the Obama administration moved some of the goal posts after the game was over. image
    3. Include your coin collection as an asset on your personal balance sheet? No - I always considered it as an asset, but not part of "the number".
    4. Have a realistic system for valuing your coins, one that assumes that you are not the person that ultimately sells them? Yes - plan in place
    5. Have any other questions, comments, or points for discussion? I think it is important to stress to the younger generations that there is power in saving early and often. The reason why I was able to retire at an early age was that I set aside significant portions of my earnings in a retirement account and invested for the long term. Waiting until you are 40 or 50 to save for retirement is way too late. A good plan is a lifetime plan with clear goals and a long term viewpoint. Even in retirement, I have a long term investment strategy.


    “In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson

    My digital cameo album 1950-64 Cameos - take a look!

  • BryceMBryceM Posts: 11,721 ✭✭✭✭✭
    Interesting topic.

    My recent idea is to work & save like crazy until 55 or so and then have the option of throttling back a bit. At that point I'd like to go another 10-20 years working "on my terms". My job is one that would lend itself well to that. With taxes the way they are, I could cut back to half-time and net something like 65-70% of what I do now. With zero debt and the kids (hopefully) moved out by then it wouldn't take much of an income to maintain our current lifestyle. I love my job (surgeon) but the daily grind is stressful & all the government nonsense, regulations & games are making it less fun.

    The only problem is that more time on my hands = more time for hobbies = more screwing around with coins, not less. image

    And no, I don't view my coins as part of the retirement plan. They're the only hobby I'm involved with that has potential to return anything, but the primary retirement plan gets addressed first, hobbies second.
  • RYKRYK Posts: 35,772 ✭✭✭✭✭
    An update: I have sold down about 40% of my collection, and, so far, have found that the PCGS value to be truer to the real value than I expected, across a variety of venues: private treaty sales to other collectors, direct sales to dealers, and via auction. And I have not yet tapped into my best stuff yet! image

  • orevilleoreville Posts: 11,771 ✭✭✭✭✭
    i say best to start selling your coins AFTER you retire as you will be in a lower tax bracket until you start collecting social security.

    Also you will enjoy it more since you have more time to enjoy the process of seeing your coins sold.
    A Collectors Universe poster since 1997!
  • ranshdowranshdow Posts: 1,431 ✭✭✭✭


    << <i>So I ask of the forum members, do you: 1. Plan for retirement (or have done so in the past, for the retirees)? 2. Have a Number in mind? 3. Include your coin collection as an asset on your personal balance sheet? 4. Have a realistic system for valuing your coins, one that assumes that you are not the person that ultimately sells them? 5. Have any other questions, comments, or points for discussion? >>



    My plan for retirement, in effect for 6 years, has been to save as much as I can stand. The progress has been sufficient that I don't anticipate worrying about my savings rate for retirement over the next 5-10 years.

    I don't have a number in mind. I do include my coin collection in my mental sketch of net worth, but like you I assume pessimistically / realistically that it's liquid value is about half what I put into it. Which makes it my worst investment since WorldCom.
  • I have no plan for retirement for my self due to health concerns so I do my best to set up a plan for my wife and children.
  • amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭
    I hope my health allows me not to retire! I enjoy the coin business and hope I can continue until near my end of life or the end! If not...well...I'm still trying to decide my avenue on that.
  • CoinJunkieCoinJunkie Posts: 8,772 ✭✭✭✭✭


    << <i>So I ask of the forum members, do you:
    1. Plan for retirement (or have done so in the past, for the retirees)?
    2. Have a Number in mind?
    3. Include your coin collection as an asset on your personal balance sheet?
    4. Have a realistic system for valuing your coins, one that assumes that you are not the person that ultimately sells them?
    5. Have any other questions, comments, or points for discussion? >>


    1) I generally believe in "living in the now" although I have always saved and invested aggressively with the goal of (eventual) financial independence.
    2) No. I have a ballpark figure of how much income I could live on as a minimum, but that is subject to change based on any number of possible eventualities.
    3) Yes. It was not assembled with the idea of selling it to fund retirement, but it's nice to know that's always an option, if necessary.
    4) I generally value them at what I think they'd bring based on my knowledge of the current market, minus commissions, of course.
    5) No, except that I prefer to view coins as a hobby as opposed to a component of my net worth.
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭
    Even selling the collection for cost, it won't cover much.

    One must pray for loss-less sales, or I have a coin collection to will.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • 2ltdjorn2ltdjorn Posts: 2,329 ✭✭✭✭


    So I ask of the forum members, do you:
    1. Plan for retirement (or have done so in the past, for the retirees)?
    2. Have a Number in mind?
    3. Include your coin collection as an asset on your personal balance sheet?
    4. Have a realistic system for valuing your coins, one that assumes that you are not the person that ultimately sells them?
    5. Have any other questions, comments, or points for discussion? >>




    1) Yes. I am 28 my wife 32 we have 2 kids and 2 dogs. We save for retirement at define % of income, we don't miss it. We live below our means, which is challenging when our friends are trying to live to the standards of their parents. My wife has a doctorate, i will have a master's next May… the value is that our jobs are such that we can work till we die.

    2) No

    3) In the short term yes, long term no.

    4) No.

    5) I believe retirement is a poor man's ambition. The reason I say this is that I believe work is good for the body/soul/mind. I won't recommend working full hours at 100 years, but I would like to still pursue employment, as I would be fortunate to find a line of work that I am passionate for… So many look for the magic number… age 65 to draw SS… however that greatly limits your quality of life on limited income.


    I hope to be debt free by age 35 to include mortgages. I hope to instill in my children the value of a dollar, and hard work. I hope to be pleased with my wife as she is with me in a manner that we don't chase material things. My coins were my friends, and comfort as I matured. When my first was born, they became less interesting.

    I hope to foremost to become a father like my father like his father. I hope to be a husband that my wife wants. I am blessed with good health, I hope that continues.

    Retirement is okay, if you don't stop growing.
    WTB... errors, New Orleans gold, and circulated 20th key date coins!
  • OldIndianNutKaseOldIndianNutKase Posts: 2,700 ✭✭✭✭✭
    RYK, you bring up an issue that we all need to consider. Perhaps, though, collecting coins and retirement are not necesarily connected. Coins are fungible and can be part of a retirement program, and can be liquidated as necesary in a manner that can be as much fun as is the acquisition of them. While we depart our coorporate (or other) lives, we do have the opportunity to become our own dealer and liquidate our inventory and still stay active in our hobby, just that it is now a part time profession.

    In my case, I am 67 years old and I still am involved to the extent of 10+ hours today in a small manufacturing company that I own. I truly enjoy what I am doing and hope that I can for another 20 years +/- as I truly love my company as much as I do coin collecting. They are very interelated as I have come to find. But at this stage of my life, I would rather grow my coin collection than I would my business. But if my business has an oportunity to grow, that just provides a little extra money for special coins, does it not?

    I think coins are wonderful, from cradle to grave. I have never sold one coin in over 50 years of collecting, but there will come a time that I will have to figure that one out. I have never included them on a personal financial statement as I hold them in a family trust. I would be delighted to see them held by my family for a number of generations, if that works out. I cannot envision selling my collection just to maintain or improve my lifestyle. My coins are a connection to my father, my uncle and my cousin who are not longer with us. And I am pretty sure that in their lifetimes, one could not accuse any of them for selling a coin either. Eventually, though, I may have to be the first to fall on that sword.

    Nice topic, RYK.

    OINK
  • RYKRYK Posts: 35,772 ✭✭✭✭✭
    5) I believe retirement is a poor man's ambition. The reason I say this is that I believe work is good for the body/soul/mind. I won't recommend working full hours at 100 years, but I would like to still pursue employment, as I would be fortunate to find a line of work that I am passionate for… So many look for the magic number… age 65 to draw SS… however that greatly limits your quality of life on limited income.

    Ah, to be young and idealistic again. Substitute "financially independent" for "retirement" and reconsider what you have written, as that is what people who talk about early retirement often are really talking about. The folks who are motivated enough to "retire" early often go on to have second and third careers. When I retire from my medical practice, I have a list of other potential part time and full time jobs that I would like to consider.

    FWIW, I have been offered a job in the coin biz, and no, it's not in the Keets shop. image

    Whatever I choose to do in the next Act, I want it to be something for which I have great enthusiasm, hopefully around younger people, hopefully while they are learning and or enjoying themselves. The medical gig really grinds you down and steals your soul.
  • 2ltdjorn2ltdjorn Posts: 2,329 ✭✭✭✭


    << <i>5) I believe retirement is a poor man's ambition. The reason I say this is that I believe work is good for the body/soul/mind. I won't recommend working full hours at 100 years, but I would like to still pursue employment, as I would be fortunate to find a line of work that I am passionate for… So many look for the magic number… age 65 to draw SS… however that greatly limits your quality of life on limited income.

    Ah, to be young and idealistic again. Substitute "financially independent" for "retirement" and reconsider what you have written, as that is what people who talk about early retirement often are really talking about. The folks who are motivated enough to "retire" early often go on to have second and third careers. When I retire from my medical practice, I have a list of other potential part time and full time jobs that I would like to consider.

    FWIW, I have been offered a job in the coin biz, and no, it's not in the Keets shop. image

    Whatever I choose to do in the next Act, I want it to be something for which I have great enthusiasm, hopefully around younger people, hopefully while they are learning and or enjoying themselves. The medical gig really grinds you down and steals your soul. >>



    you emphasis what I say….. Retirement is Enjoyment… not necessarily work…. some few retirement as never having to do anything every again… retirement is the opportunity to pursue passion…
    WTB... errors, New Orleans gold, and circulated 20th key date coins!
  • SmEagle1795SmEagle1795 Posts: 2,135 ✭✭✭✭✭


    << <i>I hope to be debt free by age 35 to include mortgages. >>



    A good goal, but take note of the interest rates today. At 3.5% or lower, you are probably able to do better elsewhere than just paying off your mortgage. Granted, the peace of mind of owning a house free-and-clear is helpful, but you may consider taking out a relatively low loan-to-value HELOC after paying off your mortgage if you feel you can beat the interest rate.
    Learn about our world's shared history told through the first millennium of coinage: Colosseo Collection
  • orevilleoreville Posts: 11,771 ✭✭✭✭✭
    to me, retirement is a chance to be like George Plimpton and do a little of everything!

    working on taking batting practice in each level in the minor leagues then the majors!
    A Collectors Universe poster since 1997!
  • pennyanniepennyannie Posts: 3,929 ✭✭✭
    I am 51 and I have hit my number, I actually hit it a couple of years back but I have yet to realize it. I decided it would be to much of a hassle to retire and I am to young so I plan to screw it up and see what happens down the road.
    Mark
    NGC registry V-Nickel proof #6!!!!
    working on proof shield nickels # 8 with a bullet!!!!

    RIP "BEAR"
  • BryceMBryceM Posts: 11,721 ✭✭✭✭✭


    << <i>Whatever I choose to do in the next Act, I want it to be something for which I have great enthusiasm, hopefully around younger people, hopefully while they are learning and or enjoying themselves. The medical gig really grinds you down and steals your soul. >>



    I hear ya buddy. This is something that the people of this country should really consider. The medical profession is well-represented in the realm of numismatics, most certainly due to a funny mixture of disposable income and inquisitive minds. Medical practice today is more and more about documentation, regulation, and risk containment. The art and nobility of providing care for individuals who need it is giving way to governmental control and institutional consolidation. The day of the country doc and lifelong doctor-patient relationships is over. The real rewards of medicine are still there, but it's getting harder to see them.

    I visited my residency program a few weeks ago. It's coming up on a decade since I was there. The PA's and nurse practitioners in the trenches told me, without exception, that today's residents have no work ethic, they moan and groan about anything hard, and they can't be bothered to help each other out. They're working about 30 fewer hours per week than we did. We're going to be in a sorry way in a few years........

    I'm now well-established in a community and entering the supposed peak years of surgical practice. What does it mean if I'm already considering alternative careers and exit strategies from the profession? The grind really does get to you. To get back on topic, I don't really have a number in mind, but being 100% debt-free with a chunk in a retirement fund is an enormously liberating thing. The pathway to these goals is in a spreadsheet and is updated every few months. Retirement always gets funded first. It's occasionally tempting to liquidate the entire collection and throw it toward meeting these goals sooner. Really though, the collection isn't large enough to make a huge difference and I'm enjoying it quite a bit at the moment. As I think I mentioned several months ago in this thread, I'd like to be in a position to wind down by the time I hit my mid-50s. Maybe that will mean more away and fewer hours at the hospital. Maybe that will mean a completely different career. Whatever it is, sitting in a chair on the porch interests me not at all.
  • air4mdcair4mdc Posts: 796 ✭✭✭✭
    A number is just that, a number. I choose to surround myself with people I love and adore..... my family and friends. As they will make my life complete whether I have one cent or one million to my name. Life is short, life is precious. I've seen people's lives change for the worst in a blink of an eye. I thank God everyday for the people in my life and the comforts he has provided. My coin collecting journey has been a great relief to a stressful career. It's been a blessing to me and my wife. We're are having fun, met some nice folks, hope to meet many more. We will most likely pass everything down when this journey is over.
    My wife and I have always lived within our means, but never once sacrificed spending time as a family. Investing this sacrifice has compounded over the years and will allow us to live comfortable lives. I'm 55 and my wife is 52. There is absolutely no way we will ever work part time after we retire form our careers, which hopefully will be in 4-6 years. If anything I would volunteer at a hospital and pay my rewards forward. We would give anything to be able to help the misfortunate some day. With that said.....thanks for creating this thread. It's been refreshing!


  • pcunixpcunix Posts: 620


    As to "The Number", we didn't make it. My wife had to leave work early due to illness and that cost us dearly in lost income, lost investments and, of course, medical expenses. Then came stock market crashes and recession which trimmed the sails of my business. We simply had to adjust to a new financial reality and we did.

    I am PMR (Pretty Much Retired) now. I still have a business which doesn't earn a great deal any more but requires very little of my time. We augment that with Social Security and have not yet had to touch our annuities or 401K's. We live simply and keep expenses low - one car, no extravagance, careful spending. Sometimes things are tight, but we get by.

    I still put aside a small amount of money - about $250 a month, half to stocks and mutual funds, half to coins. Our hope is to never touch the coins and to pass them on to our children who also should have no need to sell. It doesn't look that our kids will have children themselves, so those coins will probably be passed to some cousin who may or may not sell them then. I hope they go to someone who appreciates their history and beauty, but if not, so be it.

    As to keeping busy, I can't imagine not being busy. There's the small demands my business makes, there is my coin collecting related blogging, there are the small numismatic purchases I can make, playing poker, exercising, cleaning, cooking (I love to bake bread and muffins), growing vegetables (me) and flowers (my wife) - gosh, we are usually wondering how to fit it all in rather than looking for something to do!

    As was said initially, you don't know what your future is. You can die early or you can become sick early. Planning is great, but plans don't always work out, so the best plan is to be able to adjust and find happiness where you can. Happiness is what matters.
  • coinkatcoinkat Posts: 22,719 ✭✭✭✭✭
    Best wishes with your decision RYK

    Experience the World through Numismatics...it's more than you can imagine.

  • joecopperjoecopper Posts: 1,195 ✭✭✭
    So I ask of the forum members, do you:
    1. Plan for retirement (or have done so in the past, for the retirees)?
    I did plan for retirement.

    2. Have a Number in mind?
    I had a number which was monthly income equivalent to my base pay while working (it is actually about 15% higher). If you want to travel in a reasonable style, social
    security and pension will not cut it.

    3. Include your coin collection as an asset on your personal balance sheet?
    I included it as an asset but not in the income number. I carried it at 75% and sold last year. When ALL was said and done I realized just over 76% of my retail values.

    4. Have a realistic system for valuing your coins, one that assumes that you are not the person that ultimately sells them?
    I spent quite a bit of time following dealer sales, auctions, and price guides and then settled on a price per coin taking those factors into account.

    5. Have any other questions, comments, or points for discussion
    Retirement is a personal decision but if you have plans that you cannot carry out working, retire when you can and get to doing them. I have been retired four years and
    although i miss work, I enjoy what I do now as well. Several colleagues I know do some type of consulting but none full-time.

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