How long do you get to retire for ?

[Shannow]

Since I started work, my "official" retirement age has gone from 58, to 60, and in the last 6 years through to 67...apparently based on Australians "living longer"

Was reading an article (on paper) yesterday (Friday) morning, which was made all the more poignant later in the day, as our former C.E. passed on, having enjoyed only 8 months of retirement, and not reaching 70.

Stats were basically that 80 yrs, +/- 14 were about the norms for end of life, assuming that you at least got a decent start, and didn't die in infancy.

Don't die in infancy, and you get to be a productive member of society, and will generally contribute and pay taxes...and then die at 80+/-14

10% don't reach 5, average life expectancy might be 72
5% don't reach 5, average life expectancy might be 76.
2% don't reach 5, and it's more like 78.

advancing retirement age...ponzi schemes last longer when there's more contributing than collecting...anything to defer collect date

 

[eljefino]

My grandpa managed 32 years of retirement (with a defined benefit pension as he was a teacher among other things) and saw his eldest son also start collecting Social Security at 65.

 

[Pop_Rivit]

I'll be 67 next month. I could have afforded to retire about 10 years ago if I had wanted, but I can't think of anything more boring than retirement and becoming a non-productive person.

The reality is you can "retire" at any age as long as you can afford to do so. Of course, if you didn't financially plan and are hoping for Social Security to tide you over then you're stuck with whatever age you can start drawing.

The smart way is to plan ahead and not have to rely on a social program like Social Security to fund your retirement.

I doubt that I'll ever really retire-it's too much fun doing what I'm doing.

 

[Tom NJ]

I retired at 57 and love it - the freedom is intoxicating, and I have plenty of hobbies and interests to keep me busy. My financial plan with conservative assumptions will carry me until my mid 90s. No pensions, just savings. I did it by foregoing the MacMansion and Mercedes and focusing strongly on early retirement. These are my best years, and no way was I going to die at my desk.

No one on their death bed ever said "I wish I spent more time in the office". That said, those lucky people who truly love their work should certainly stay at it as long as it feels good. It's all a matter of personal priorities.

Tom NJ

 

[andyd]

My father retired at 65 and lived another 22 yrs. At the rate I'm going, I'll retire in my 70s and live ?

 

[Trav]

I retired at 47 after 20 with 80% of my gross pay and medical.
Normally i would have to go to 57 but i was injured in an accident going to work so under German law its the same as a work accident.
I came to the U.S. in 05 where my relatives are and started doing other things of course my retirement is deposited here.I more or less work on my own terms.

 

[TimVipond]

I retired at age 49. Turned 56 today. Nearly died from cancer a year and a half ago. Hope to enjoy another 40 years of retirement.

 

[hounddog]

Retired at 48. Disc damage in my back requiring emergency surgery. Was worried about finances but its all worked out. Now I've come down with Acute Leukemia.Ruined my fun and about has taken my life.I'm 56. I need a bone marrow transplant. www.marrow.org

 

[Panzerman]

More and more I think my retirement is going to be a headstone. I have pretty much settled with the idea of working until I die.

 

[jorton]

Does your company offer "semi-retirement"? I enjoy interacting with coworkers. When I reach retirement age I'm going to try to stay on and work 1 or 2 days a week.

 

[TimVipond]

I hope you get your bone marrow transplant. I was going to donate but my cancer is a disqualifier. Post up your requirements and maybe someone here can help. Maybe start a new thread on donations.

 

[Papa Bear]

Originally Posted By: Pop_Rivit
I'll be 67 next month. I could have afforded to retire about 10 years ago if I had wanted, but I can't think of anything more boring than retirement and becoming a non-productive person.

The reality is you can "retire" at any age as long as you can afford to do so. Of course, if you didn't financially plan and are hoping for Social Security to tide you over then you're stuck with whatever age you can start drawing.

The smart way is to plan ahead and not have to rely on a social program like Social Security to fund your retirement.

I doubt that I'll ever really retire-it's too much fun doing what I'm doing.


Pop, I'll be 67 in May. You should update your profile, it says you are retired....

I retired at 65 and I have enough money to last me the rest of my life (unless I want to buy something).
I am not non-productive, just ask the granddaughters.
When I retired, I went from working 5 days a week to 7.

 

[Pablo]

At 52.5, still not there yet - but define retirement.

At 55 I can get a small (I mean tiny) pension. At 59.5, I can take from the 401K and all the IRA's, penalty free. At 62.5, I can get SS, but at a reduced rate. At 67, full SS. At 70, must take from 401K/IRA's.

Retirement to me, means not working for someone else - other than customers. I will always be working, I will never give up the Amsoil and I will always be the owner of Sick Bike Parts. But what I will have is a much more flexible schedule and some true free time.

 

[Astro14]

Well...since we're talking about it...I plan for retirement, invest for it, have a military pension coming, but not sure what the word means anymore...I plan to restore the Packard, travel with my wife, ski and a few other things...does that count as "retirement"?

But my grandfather died at 55, my dad at 56, so that means I will make it to...

Hey Hound Dog - I had the blood sample taken 12 years ago to be a Marrow Donor, here's hoping we're a match.

Cheers

 

[JHZR2]

Originally Posted By: Pop_Rivit

The reality is you can "retire" at any age as long as you can afford to do so. Of course, if you didn't financially plan and are hoping for Social Security to tide you over then you're stuck with whatever age you can start drawing.


+1. There are smart decisions and not as smart decisions. Lots of high earners living in big homes, and that is their retirement, as they dont really have much else.

Unfortunately raising the retirement ager may be the only way to make people start to think about how to take their own conrol to stop working when they want to. if they dont, whose problem is it?

In the US, SS is an "insurance". Nothing more than a small check to enable that one can afford food and some mobility. Shouldnt be more than that - it has caused people to be reliant on SS, which IMO is stupid.

At my age, Im not counting on being able to retire at any age, and Ill be picking up all the debt costs for everyone currently on or who will be on SS/Medicare. Not fun. Im doubting that there will be an allowable age - my peers who arent able to retire on their own dime will be sent to the salt mines. But Im saving hard and hope to work on my schedule and have my hobbies, not be caught in the 9to5 forever.

 

[JTK]

Originally Posted By: Panzerman
More and more I think my retirement is going to be a headstone. I have pretty much settled with the idea of working until I die.


You and me both brother. Luckily I do enjoy my job. I've saved money in 401K's with various employers since my early 20's and I'm 40 now.

I'm also lucky enough to have a defined pension plan with my employer who I've been w/ for 14yrs. They did away with that years ago for anyone hired from that point on. Does this mean I'll always have it? I don't know the answer to that.

With a family of 6, even with our basic lifestyle I doubt it all will be enough to live on.

Joel

 

[Tdbo]

In my case, I am eligible as a public sector employee at age 52.
I had planned to go beyond that, however it appears that starting 7/1/2015, the age will raise to 60 in 2023 with a phase in. So since the phase in does not mesh with my chronological age, the state appears to have made my decision for me because with all the criteria calculations changing, 8 more years + reduced pension does not make sense to me. So I will go @ 52. Financially, I am fine but right now I am looking at second careers because I want to go probably about 10 years beyond that before I completely retire.

 

[Cutehumor]

I'm 33 yrs old. so I started working a real job after college in 2001. my goal to retire was at 55. but now, I think I will work until I get social security if that happens. My retirement age is 67. If not, I'll just die penniless on the government dime.

my father retired from the post office at age 48 yrs old. he's been drawing the pension for almost 20 years now. It looks like he will live another 20 years easily. I've been thinking about working at the VA for their pension program. since my 401k took a hit a few years ago with the latest recession.

 

[goodtimes]

My Dad started working at 14yrs old 12 hr days, until unions got it to 8 hrs. From 1926-1979 he worked, as a machinist, taking all overtime possible. He retired at 67 in 1979, and died at 69. 1.5 of those 2 retirement years he was sick. He wasn't fat either. I vowed not to do that, and am retired now at 64. I get less SS, but it's worth it.

As for being attached to a job, I'm not. I get much more value out of being able to do the things I see important, not for some companies benefit.

Like coming here to talk oil.

 

[hardcore302]

I can retire at age 41 with half pay calculated by averaging my best of the last three years including overtime plus an extra twelve thousand a year, with full medical, dental, and perscription. BOOOYAAA!