I retired at 58 after 36 years at the lab. I am now 73 yesterday and love it.
How long do you get to retire for ?
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I'm 51, self employed my entire life, and could have "retired" five years ago if I wanted. I really don't see any reason to ever retire. I'll take SS at the earliest opportunity if it still exists to try to get at least a little of that money back.
I hear you, and it's FORCED insurance.
I'd like to see it changed. Right now in the US, your SS "contribution" is matched by your employer. I'd like to see the option of one of those being an employee directed sum. So instead of approximately 12% of my wages going into SS counting both parts of the "contribution" let the employee direct his/her half of that contribution.
If I want to put it into an index fund or something that will actually grow instead of funding the ponzy scheme, then let the taxpayer do that. Leaving the other 1/2 to keep the system going and provide the benefits for early death or what not.
Instead of smartly investing SS monies, they are immediately spent, making SS a true ponzy scheme.
Originally Posted By: 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.
I'd like to see it changed. Right now in the US, your SS "contribution" is matched by your employer. I'd like to see the option of one of those being an employee directed sum. So instead of approximately 12% of my wages going into SS counting both parts of the "contribution" let the employee direct his/her half of that contribution.
If I want to put it into an index fund or something that will actually grow instead of funding the ponzy scheme, then let the taxpayer do that. Leaving the other 1/2 to keep the system going and provide the benefits for early death or what not.
Instead of smartly investing SS monies, they are immediately spent, making SS a true ponzy scheme.
Originally Posted By: 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.
Since a good portion of my 401(k) went to my ex-wife, I'll probably have to work until I'm 67 to have what I think I'll need to retire comfortably. But at the recent rate of growth, I'm about 10 months ahead in my accounts, so that may be sooner. Of course that's too early to tell since we are talking about 21 years from now.
Anything can happen.
Anything can happen.
I have been retired for 8 years now and enjoy it. Find plenty of stuff keeping me busy.
Friend - coworker retired @ age 55 and within a month was dead. Another was getting ready for retirement and will shot and killed at an ATM machine.
Another was retired a few months (age 60) and daughter found him dead on the floor from a heat attack.
I have enjoyed my 8 years and that is something that can not be taken away.
Friend - coworker retired @ age 55 and within a month was dead. Another was getting ready for retirement and will shot and killed at an ATM machine.
Another was retired a few months (age 60) and daughter found him dead on the floor from a heat attack.
I have enjoyed my 8 years and that is something that can not be taken away.
JTK
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Originally Posted By: 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!
I can't figure out why my taxes are INSANE
(I'm just kiddin' ya!)
Joel
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!
I can't figure out why my taxes are INSANE
Joel
Better find out WHO is funding those fancy retirements!
Cities, Counties, and almost every state in the union are going flat broke.
My local city council admitted they only funded 60-something percent of their retirement obligations at a recent budget meeting.
Ouch.
Cities, Counties, and almost every state in the union are going flat broke.
My local city council admitted they only funded 60-something percent of their retirement obligations at a recent budget meeting.
Ouch.
To see about being a marrow donor go to www.marrow.org
Financially I can retire at 55 but I will work till 62 just to keep busy.
Quote:
My local city council admitted they only funded 60-something percent of their retirement obligations at a recent budget meeting.
With so many cities having a budget crisis, in the near future there will be cities across America that will stop paying retirees and only pay current employees. There is simply not enough money in the pot. Read this story about the city of Prichard, Alabama not paying a penny for pensions.
http://www.nytimes.com/2010/12/23/business/23prichard.html
60 Minutes also had a segment on Prichard that you can watch online.
Quote:
My local city council admitted they only funded 60-something percent of their retirement obligations at a recent budget meeting.
With so many cities having a budget crisis, in the near future there will be cities across America that will stop paying retirees and only pay current employees. There is simply not enough money in the pot. Read this story about the city of Prichard, Alabama not paying a penny for pensions.
http://www.nytimes.com/2010/12/23/business/23prichard.html
60 Minutes also had a segment on Prichard that you can watch online.
Originally Posted By: SrDriver
I have been retired for 8 years now and enjoy it. Find plenty of stuff keeping me busy.
Friend - coworker retired @ age 55 and within a month was dead. Another was getting ready for retirement and will shot and killed at an ATM machine.
Another was retired a few months (age 60) and daughter found him dead on the floor from a heat attack.
I have enjoyed my 8 years and that is something that can not be taken away.
When I worked in the hospital, several patients who were retired told me that they didn't get sick until they retired. they were healthy all their life. interesting..
I have been retired for 8 years now and enjoy it. Find plenty of stuff keeping me busy.
Friend - coworker retired @ age 55 and within a month was dead. Another was getting ready for retirement and will shot and killed at an ATM machine.
Another was retired a few months (age 60) and daughter found him dead on the floor from a heat attack.
I have enjoyed my 8 years and that is something that can not be taken away.
When I worked in the hospital, several patients who were retired told me that they didn't get sick until they retired. they were healthy all their life. interesting..
I'm not hugely worried about retirement.
At 43, I don't owe anybody anything ('cept the credit card, and we only use that like deferred cash, don't pay interest, and get around $600 in rewards p.a.)
Point was that the "statistics" that they are using to defer access to retirement savings (and retiree benefits like reduced price public transport etc.) are false.
I look at my parents and in Law, who are in their early 60s, and am happy that they are fit, active, healthy happy people today, rather then in 4 or 5 years time.
I also know a turbine engineer in his 70s, who picks up 4 months of very lucrative work, not just for the money, but because he can't get it out of his system (he loves his work, and it shows).
At 43, I don't owe anybody anything ('cept the credit card, and we only use that like deferred cash, don't pay interest, and get around $600 in rewards p.a.)
Point was that the "statistics" that they are using to defer access to retirement savings (and retiree benefits like reduced price public transport etc.) are false.
I look at my parents and in Law, who are in their early 60s, and am happy that they are fit, active, healthy happy people today, rather then in 4 or 5 years time.
I also know a turbine engineer in his 70s, who picks up 4 months of very lucrative work, not just for the money, but because he can't get it out of his system (he loves his work, and it shows).
The bottom line is.....You get to retire for how ever long you live in retirement.
I've know some people who never made it to retirement, others who died less than 6 months into retirement, and still others who are very unhappy in retirement.
Retirement to many people means the end of the road....the light at the end of the tunnel....living on borrowed time and their time is about to expire. Life is just an hour glass....and as the sands of time pass through....the end comes up faster than the door that hit you in the keester on your way out....the day you permanently quit working at the job.
Retirement is synonymous with the end of the rope....the edge of the cliff....a hole in the bottom of the boat. The Grim Reaper will arrive with the 3 horsemen when your time has expired....and much faster than a meter maid handing out tickets for parking on an expired meter. For many in the future....with the demise of social security and the death of pension funds....it will be like being taken off life support in the ICU or Emergency room. The shock will be too much.....
I've know some people who never made it to retirement, others who died less than 6 months into retirement, and still others who are very unhappy in retirement.
Retirement to many people means the end of the road....the light at the end of the tunnel....living on borrowed time and their time is about to expire. Life is just an hour glass....and as the sands of time pass through....the end comes up faster than the door that hit you in the keester on your way out....the day you permanently quit working at the job.
Retirement is synonymous with the end of the rope....the edge of the cliff....a hole in the bottom of the boat. The Grim Reaper will arrive with the 3 horsemen when your time has expired....and much faster than a meter maid handing out tickets for parking on an expired meter. For many in the future....with the demise of social security and the death of pension funds....it will be like being taken off life support in the ICU or Emergency room. The shock will be too much.....
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as of this coming March 3rd my dad will be retired for 30 years, he stays very busy donating his time shoveling walks and mowing lawns for what he calls "old" ladies.
I have been meaning to ask him the definition of "old", he is going to be 84, and since i am heading that direction myself I will wait and see for myself!
I have been meaning to ask him the definition of "old", he is going to be 84, and since i am heading that direction myself I will wait and see for myself!
I retired when I was 20 - but I go to work pretty much everyday to pay the bills and stuff.
Originally Posted By: LT4 Vette
Financially I can retire at 55 but I will work till 62 just to keep busy.
Quote:
My local city council admitted they only funded 60-something percent of their retirement obligations at a recent budget meeting.
With so many cities having a budget crisis, in the near future there will be cities across America that will stop paying retirees and only pay current employees. There is simply not enough money in the pot. Read this story about the city of Prichard, Alabama not paying a penny for pensions.
http://www.nytimes.com/2010/12/23/business/23prichard.html
60 Minutes also had a segment on Prichard that you can watch online.
This is so terribly true. I wonder how many of these poor city, state, and government workers are going to be completely left out in the cold!
Most of them don't even get it yet.
Financially I can retire at 55 but I will work till 62 just to keep busy.
Quote:
My local city council admitted they only funded 60-something percent of their retirement obligations at a recent budget meeting.
With so many cities having a budget crisis, in the near future there will be cities across America that will stop paying retirees and only pay current employees. There is simply not enough money in the pot. Read this story about the city of Prichard, Alabama not paying a penny for pensions.
http://www.nytimes.com/2010/12/23/business/23prichard.html
60 Minutes also had a segment on Prichard that you can watch online.
This is so terribly true. I wonder how many of these poor city, state, and government workers are going to be completely left out in the cold!
Most of them don't even get it yet.
Originally Posted By: Papa Bear
Pop, I'll be 67 in May. You should update your profile, it says you are retired....
I filled that out about the time I left the corporate world to do my own consulting. At that time I wasn't sure if I'd have enough business to consider myself still working (I was wrong on that assumption).
Besides, it was easier to type that than to put in "Financial Accounting and Property Tax software design and engineering consultant".
Pop, I'll be 67 in May. You should update your profile, it says you are retired....
I filled that out about the time I left the corporate world to do my own consulting. At that time I wasn't sure if I'd have enough business to consider myself still working (I was wrong on that assumption).
Besides, it was easier to type that than to put in "Financial Accounting and Property Tax software design and engineering consultant".
Originally Posted By: Vikas
Funny thing is people who retire early on tax payers dime are the first to one scream about government providing welfare for others. Who do they think is paying for their retirement?
Competition!
FDR was opposed to public unions for this reason and others.
Funny thing is people who retire early on tax payers dime are the first to one scream about government providing welfare for others. Who do they think is paying for their retirement?
Competition!
FDR was opposed to public unions for this reason and others.
retired in 2004 ,55. devorced in 07. a money adviser told me to give her all the things, house, car, lawn mower,dog,ect. and keep as much money as you can. "things dont make money, but money can make money." turned out great, she has to work, i dont. iam truly retired. but i have to say she is very smart, she is a supervisor at a tax prep, co.
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