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BartsDaddy

Work or become a miner?

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My Dad owns 3 gold claims and unfortunately he is in his last days battling with cancer. He has decided to leave them to me. One placier claim and two hard rock. Question is should I retire at 56 and work the claims or wait until I reach SS retirement age?
They are in Siskyou county California, and the hard rock is assayed at 1 oz. Of gold Per ton of ore.
So do I give up a solid paycheck to search for the gold strike of the century?
Handguns are only used to fight your way to a good rifle

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BartsDaddy

My Dad owns 3 gold claims and unfortunately he is in his last days battling with cancer. He has decided to leave them to me. One placier claim and two hard rock. Question is should I retire at 56 and work the claims or wait until I reach SS retirement age?
They are in Siskyou county California, and the hard rock is assayed at 1 oz. Of gold Per ton of ore.
So do I give up a solid paycheck to search for the gold strike of the century?



It'd think mining gold would be hard enough on your back without waiting until you're in your sixties. Start as early as you can then get rich enough to hire workers when the pain sets in.
Are there other mines nearby? I only ask because I have friends who spend real money to travel out west and pan gold at an established spot. Sometimes they come back with a few nuggets, and always with a smile. Is anything like that possible?`

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" wait until I reach SS retirement age? "

By the way, I'd always planned on starting my SS at 65 or 67, whatever the age of it going up was, but found that it was really ok to do it at 62. The money was almost as good, in fact I'd have to live so long to make up the difference that I think I'm coming out ahead.
It doesn't hurt that it's sort of "extra money" for us but either way the numbers worked out for signing up as soon as possible.

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Bob_Church

" wait until I reach SS retirement age? "

By the way, I'd always planned on starting my SS at 65 or 67, whatever the age of it going up was, but found that it was really ok to do it at 62. The money was almost as good, in fact I'd have to live so long to make up the difference that I think I'm coming out ahead.
It doesn't hurt that it's sort of "extra money" for us but either way the numbers worked out for signing up as soon as possible.



Just keep in mind that if you continue to work or otherwise generate income while collecting SS, (even after full retirement age) a significant percentage of your SS distribution will be added to your taxable income. Of course, it depends on the amount of your income. The more you make, the higher the percentage of your SS income that will be taxable.

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muff528

***" wait until I reach SS retirement age? "

By the way, I'd always planned on starting my SS at 65 or 67, whatever the age of it going up was, but found that it was really ok to do it at 62. The money was almost as good, in fact I'd have to live so long to make up the difference that I think I'm coming out ahead.
It doesn't hurt that it's sort of "extra money" for us but either way the numbers worked out for signing up as soon as possible.



Just keep in mind that if you continue to work or otherwise generate income while collecting SS, (even after full retirement age) a significant percentage of your SS distribution will be added to your taxable income. Of course, it depends on the amount of your income. The more you make, the higher the percentage of your SS income that will be taxable.

Yes, up to half, which is what they're doing to me. I don't work now, but pretty much all income counts, even other retirement programs, which is definitely something to keep in mind when the time approaches.

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Bob_Church

******" wait until I reach SS retirement age? "

By the way, I'd always planned on starting my SS at 65 or 67, whatever the age of it going up was, but found that it was really ok to do it at 62. The money was almost as good, in fact I'd have to live so long to make up the difference that I think I'm coming out ahead.
It doesn't hurt that it's sort of "extra money" for us but either way the numbers worked out for signing up as soon as possible.



Just keep in mind that if you continue to work or otherwise generate income while collecting SS, (even after full retirement age) a significant percentage of your SS distribution will be added to your taxable income. Of course, it depends on the amount of your income. The more you make, the higher the percentage of your SS income that will be taxable.

Yes, up to half, which is what they're doing to me. I don't work now, but pretty much all income counts, even other retirement programs, which is definitely something to keep in mind when the time approaches.

Well, for this past year, the taxable portion of my SS was just over 76%. That portion was added directly to my taxable income. ...and I waited until full retirement age to begin collecting.

Also, as you mentioned, if you begin taking benefits before full retirement age, your actual amount received will be reduced forever. If you work enough to cause some of that to be taxed, it's almost better to just wait until full retirement age. But, it's a gamble and you're playing the Government's game. If you start collecting early, you get less. But, if you kick the bucket early, you lose altogether. Odds are stacked against you. You'd think that you wouldn't get penalized for continuing work since you'd still be contributing to the alleged fund. But, they also are trying to induce you to stop working to open up a position for a younger worker.

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Bob_Church

***I don't know how much it would cost to move a ton of rock, but I would be able to use dynamite to break it up.;)



Gold mining is all hard rock isn't it?

Not with when mining placers: basically looking for gold in sand (that came from erosion upstream). That's what panning for gold is; when you get into higher production volume, dredging, or even moving other sediments covering placers.
Remster

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BartsDaddy

I don't know how much it would cost to move a ton of rock, but I would be able to use dynamite to break it up.;)




Getting to use dynamite? What more reason do you need? :)
Most of the things worth doing in the world had been declared impossilbe before they were done.
Louis D Brandeis

Where are we going and why are we in this basket?

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Niki1

***I don't know how much it would cost to move a ton of rock, but I would be able to use dynamite to break it up.;)




Getting to use dynamite? What more reason do you need? :)

Yelling "FIRE IN THE HOLE!!!' (BOOOOOM!) B|
"Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban

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Niki1

***I don't know how much it would cost to move a ton of rock, but I would be able to use dynamite to break it up.;)




Getting to use dynamite? What more reason do you need? :)

Practically no one uses dynamite anymore. Packaged commercial explosives are basically all emulsions. Doesn't sound as sexy when you say you'll blow up a bench with mayo. :ph34r:
Remster

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Remster



Practically no one uses dynamite anymore. Packaged commercial explosives are basically all emulsions. Doesn't sound as sexy when you say you'll blow up a bench with mayo. :ph34r:



Well, that takes all the fun out of it.[:/]

https://www.youtube.com/watch?v=k72lLYUwKig
"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones.

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Niki1

***I don't know how much it would cost to move a ton of rock, but I would be able to use dynamite to break it up.;)




Getting to use dynamite? What more reason do you need? :)

That is what I'm thinking.
Handguns are only used to fight your way to a good rifle

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BartsDaddy

******I don't know how much it would cost to move a ton of rock, but I would be able to use dynamite to break it up.;)




Getting to use dynamite? What more reason do you need? :)

That is what I'm thinking.

A good friend of mine, and pilot for a lot of jumps from his wife's 150, manages the Red Diamond plant of Austin Powder. If you ever visit the place, and it sounds like you might need to, let me know. I know the good restaurants.

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Iago

******

Practically no one uses dynamite anymore. Packaged commercial explosives are basically all emulsions. Doesn't sound as sexy when you say you'll blow up a bench with mayo. :ph34r:



Well, that takes all the fun out of it.[:/]

https://www.youtube.com/watch?v=k72lLYUwKig

Not even close.

https://m.youtube.com/watch?v=SVU7aIGYDKE

Looks like they used about 5-7 cases too many... :o :D
"Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban

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I have been mining for 30 years, it is a brutal sport and there is no get rich quick, more like scrubbing by if your lucky. You have to register with MSHA, it might be 1 oz rock before dilution, I’ve mined 3 oz rock that becomes .4 oz making the drift big enough to work in. Have you considered the cost of milling and refining? What will the cost of compressor and drills, bits, drill steel and equipment to muck out with, ventilation, and explosives are expensive and also the licenses to posses, handle and transport. California has pretty strict rules.
Experience is a difficult teacher, she gives you the test first and the lesson afterward

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godfrog

I have been mining for 30 years, it is a brutal sport and there is no get rich quick, more like scrubbing by if your lucky. You have to register with MSHA, it might be 1 oz rock before dilution, I’ve mined 3 oz rock that becomes .4 oz making the drift big enough to work in. Have you considered the cost of milling and refining? What will the cost of compressor and drills, bits, drill steel and equipment to muck out with, ventilation, and explosives are expensive and also the licenses to posses, handle and transport. California has pretty strict rules.



I had a uncle who chased gold his whole life. Intermittent jobs to support the disease. Finally the virus got the better of him. Bad back from years in a cat. Bad knees from climbing up and down rocks. Died with the only thing of value being the clothes on his back.

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godfrog

I have been mining for 30 years, it is a brutal sport and there is no get rich quick, more like scrubbing by if your lucky. You have to register with MSHA, it might be 1 oz rock before dilution, I’ve mined 3 oz rock that becomes .4 oz making the drift big enough to work in. Have you considered the cost of milling and refining? What will the cost of compressor and drills, bits, drill steel and equipment to muck out with, ventilation, and explosives are expensive and also the licenses to posses, handle and transport. California has pretty strict rules.



From the things Nick says the paperwork, expenses and stuff required for buying explosives has gotten downright overwhelming.

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