Finally time to retire

[supton]

Im thinking that 10,000 folks a day are retiring,,,that's lots of money........where does it come from....

Well, there is the money that SS collects from working people, and then pays out to retired people. Depending on what they made for 35 years, it pays out up to 40% of whatever it thinks was average income over that time, inflation adjusted ('cept for any income past age 60 or so).

Then there is whatever one saves for retirement. For some, that can be quite substantial. Alas, many don't, or didn't put enough aside, or don't have the opportunity; I suppose some could make the argument that they didn't make enough to do so (living around poverty line).

Not sure if the question is serious or tongue in cheek...

 

[ARCOgraphite]

Im thinking that 10,000 folks a day are retiring,,,that's lots of money........where does it come from....

Closer to 15,000 retired per day in 2021 (5.4m total )

Your wages were taxed at 12.4%

You have been paying 6.2 % and your employer is paying the other 6.2%
up to a $160K cap, then it is no longer taxed

Then there are taxes on "income" in retirement, and the % of social security benefits that get taxed goes back to the So Sec fund - not the general fund. A lot of people are not aware of this tidbit. **

Back door funding by double taxation.

Everyone currently employed and paying taxes is paying into the fund.

I started collecting benefits this year, so I have been studying the subject for many months prior.
Taxes can be the biggest pit fall and dent on money in your pocket for those who will be drawing heavily on 401K to make ends meet. - Ken
________________________________________________________________
** I cannot quote the exact source if this information gleaned from an online seminar.

 

[JeffKeryk]

Retirement is a key component of personal finance. Why don't they teach this in schools? Give people a fighting chance!

 

[supton]

Retirement is a key component of personal finance. Why don't they teach this in schools? Give people a fighting chance!

It's a bit rough, telling kids to get ready for college--and retirement. At some point one is drinking from a firehose. Don't forget, half the class is below average--it's hard enough to get them to focus on getting ready for what comes after high school (military, vocational, traditional 4+ year college).

Don't forget, us boys are behind the girls when it comes to maturing. At age 18 I had a lot in common with a bag of hammers. Maturity really didn't come until my 20's I don't think--I would have told you different, but a couple decades of experience later, again, that bag of hammers had something on me.

Look, I'm not against teaching personal finance in high school--I'm all for it. Including talking about retirement and retirement planning. I'm just saying, don't get any high hopes here. You wouldn't expect a 5 year old to understand high school let alone college math.

 

[JeffKeryk]

It's a bit rough, telling kids to get ready for college--and retirement. At some point one is drinking from a firehose. Don't forget, half the class is below average--it's hard enough to get them to focus on getting ready for what comes after high school (military, vocational, traditional 4+ year college).

Don't forget, us boys are behind the girls when it comes to maturing. At age 18 I had a lot in common with a bag of hammers. Maturity really didn't come until my 20's I don't think--I would have told you different, but a couple decades of experience later, again, that bag of hammers had something on me.

Look, I'm not against teaching personal finance in high school--I'm all for it. Including talking about retirement and retirement planning. I'm just saying, don't get any high hopes here. You wouldn't expect a 5 year old to understand high school let alone college math.

Everything you said is more reason to start early and build on through the educational years. Give people a fighting chance.
Just my 2 cents.

 

[Cujet]

Don't forget, half the class is below average--

That made me laugh, it is a good quip and something I would say! However, 52% of the class is now below average when compared to the year 2000, which seems to be peak, American IQ. This is due to a significant decline in normalized IQ results. The "Flynn Effect" is over, (where IQ increases by 3% per decade) and we now have the "Dunning-Kruger Effect" where IQ decreases by the same rate.

 

[Donald]

Most government workers and some older workers have defined pension plans. Few people working at private companies younger than baby boomer have a defined pension plan. And even government pension plans have down hill with tiers or level for newer workers that are not as good.

My wife and I both have SS and defined pension plans. We don't plan on drawing any money from savings or investments for normal living expenses

 

[gfh77665]

I am torn about when to go. I just turned 60, wife is 58. I want to go since I have been working non stop since age 14, and the last 40 years were 12hr. rotating shifts. Thing is, I am at the top of my game and I am physically healthy and strong as an ox. I like being productive, but the 40+ years of shift work has gotten old! I have good savings and investments and could survive retirement easily, but then what? No way I will just sit around and watch TV, and I don't want to work at some trivial time killer job.

 

[CKN]

It's a bit rough, telling kids to get ready for college--and retirement. At some point one is drinking from a firehose. Don't forget, half the class is below average--it's hard enough to get them to focus on getting ready for what comes after high school (military, vocational, traditional 4+ year college).

Don't forget, us boys are behind the girls when it comes to maturing. At age 18 I had a lot in common with a bag of hammers. Maturity really didn't come until my 20's I don't think--I would have told you different, but a couple decades of experience later, again, that bag of hammers had something on me.

Look, I'm not against teaching personal finance in high school--I'm all for it. Including talking about retirement and retirement planning. I'm just saying, don't get any high hopes here. You wouldn't expect a 5 year old to understand high school let alone college math.

In high school you think your immortal......

 

[CKN]

I am torn about when to go. I just turned 60, wife is 58. I want to go since I have been working non stop since age 14, and the last 40 years were 12hr. rotating shifts. Thing is, I am at the top of my game and I am physically healthy and strong as an ox. I like being productive, but the 40+ years of shift work has gotten old! I have good savings and investments and could survive retirement easily, but then what? No way I will just sit around and watch TV, and I don't want to work at some trivial time killer job.

There are plenty of things to keep busy in retirement. My wife and I are so busy we have to keep a Google calendar. Sitting around watching TV in retirement ( assuming one is healthy) is a stereotype. Active boomers are putting that one to rest!

 

[Dave Hess]

I am torn about when to go. I just turned 60, wife is 58. I want to go since I have been working non stop since age 14, and the last 40 years were 12hr. rotating shifts. Thing is, I am at the top of my game and I am physically healthy and strong as an ox. I like being productive, but the 40+ years of shift work has gotten old! I have good savings and investments and could survive retirement easily, but then what? No way I will just sit around and watch TV, and I don't want to work at some trivial time killer job.

We will travel and visit places across the USA.

 

[ArrestMeRedZ]

I am torn about when to go. I just turned 60, wife is 58. I want to go since I have been working non stop since age 14, and the last 40 years were 12hr. rotating shifts. Thing is, I am at the top of my game and I am physically healthy and strong as an ox. I like being productive, but the 40+ years of shift work has gotten old! I have good savings and investments and could survive retirement easily, but then what? No way I will just sit around and watch TV, and I don't want to work at some trivial time killer job.

You've earned it. Everybody is different, but when I retired at 64 I had no problem finding things to do. Getting control of my time was priceless.

The way I look at it now, if you need to work to keep yourself out of poverty in retirement, keep working. If you're working for a larger house than you need and a new luxury car every three years, control of your life is more important.

 

[MrGraybeard]

I hung it up in 2013 when it stopped being fun (and it WAS fun, for many years). I subscribe to a forum that is great for retirement/aging/finance information, www.early-retirement.org.

 

[MSCH]

I did mine online . Quick and easy . Took it at age 62 . I had my reasons . I get so tired of hearing about the " break even point " . There are other things to consider .

same for me except age 63...
there is no break even point because the first day a person is eligible they can subtract that from their income until they do finally collect.

FWIW I think if a person is totally totally dependent on Social income when they retire they probably need to work as long as they can.

 

[Doc8404]

Just told the chief pilot I'm leaving. I've talked about this here before, but finally talked openly with the chief pilot today, and despite some rather heated arguments on other matters, he mentioned that he is working on additional personnel, to work with, and eventually replace me when I leave. I'm in my early 60's, and it's time. I have multiple autoimmune issues, and I am slow and tired. Made a real mistake the other day, which was not good. First time for that, ugh. I want to finish out my career without problems.

I'm overwhelmed and I've let it be known, both via email and verbally. So to me, it's a bit of contentious retirement. However, objectively, it's time. I am very slow.

The way I see it, (if they don't let me go first) I could leave at the end of the year, or end of May. As our flight department winters in Florida, where I live and the work load is lighter, as in NORMAL, not easy.

I need to propose a retirement letter, in my typical no fluff style


Suggestions?

“I hereby retire effective (this date).”

 

[JTK]

You fought the good fight and earned it. Congratulations to you!

Just think of all the more BITOG time you'll have. You've had great posts for the past 20yrs and more to come.

 

[gfh77665]

In regards to my post above ^^^ here is the official Social Security chart on how long the population will live.

I have read a lot about this. It makes sense, natural walking speed is a snapshot of overall condition.

https://www.verywellfit.com/how-fas...er hour (33,greater risk for early mortality.

https://www.scientificamerican.com/article/walking-speed-survival/

https://www.dw.com/en/brisk-walkers-live-longer-research-shows/a-61595754

 

[tbm5690]

The waking thing is interesting...I would say it also applies to general health in younger people. It's now more common to see waddling than walking.

 

[Donald]

I am torn about when to go. I just turned 60, wife is 58. I want to go since I have been working non stop since age 14, and the last 40 years were 12hr. rotating shifts. Thing is, I am at the top of my game and I am physically healthy and strong as an ox. I like being productive, but the 40+ years of shift work has gotten old! I have good savings and investments and could survive retirement easily, but then what? No way I will just sit around and watch TV, and I don't want to work at some trivial time killer job.

Well first thing is make sure you are set with medical & dental insurance until you are 65 and Medicare eligible. I have heard people say they can afford to retire but cannot afford the medical insurance. Maybe will get retirement medical insurance from your employer?

Next is figure out the next chapter in your journey.

Read a few books like the one mentioned below.

 

[Cujet]

I have read a lot about this. It makes sense, natural walking speed is a snapshot of overall condition.

https://www.verywellfit.com/how-fas...er hour (33,greater risk for early mortality.

https://www.scientificamerican.com/article/walking-speed-survival/

https://www.dw.com/en/brisk-walkers-live-longer-research-shows/a-61595754

I'm doomed then, as I move kinda slowly. Can't seem to go any faster. Although, it does help when I take more Hydrocortisone and Thyroid meds.