Retiring after 20 years at a job?

[msparks]

Originally Posted By: madRiver
Retirement is typically half last one or two years(average) of paycheck.



I've heard this, and it seems more like legend than truth. Most retirees that I know have car payments, house payments, want to travel to see grand-kids etc and all the things they didn't get to do when they were working.

Still have the same food bills, utility bills, taxes, insurance basic necessities.

That whole you will need less money in retirement is a myth in most cases. IMO

 

[SteveSRT8]

Originally Posted By: grampi


Pensions are not what's breaking the gov, that would be the entitlement programs...





Note that unfunded pensions are a HUGE amount of the money we need but don't show anyone.
[/quote]

Do away with the entitlement programs and those unfunded pensions would be funded... [/quote]

I have heard numbers as high as 200 trillion. Here's a link to a Forbes article at 127 trillion.

It's a rather large issue...


http://www.forbes.com/sites/realspin/201...d-127-trillion/

 

[Mr Nice]

Originally Posted By: msparks
Originally Posted By: madRiver
Retirement is typically half last one or two years(average) of paycheck.

I've heard this, and it seems more like legend than truth. Most retirees that I know have car payments, house payments, want to travel to see grand-kids etc and all the things they didn't get to do when they were working.

Still have the same food bills, utility bills, taxes, insurance basic necessities.

That whole you will need less money in retirement is a myth in most cases. IMO



Yep. That's why its important to pay off as much debt while you are working with a full-time job. You try and enter retirement with big ticket purchases paid off.
Folks move to lower cost states to stretch their money and not be worrying if they can pay insurances, taxes, etc...

I've met lots of people that retire and then 3 years later go back to work cause what they thought was sufficient money is quickly running out.

 

[msparks]

From everything I read, retirement is a word connocted by the government to get older people out of the workforce allowing younger people more opportunity.

My plan is to NEVER retire. My idea is to create a lifestyle that is enjoyable, allows me the flexibility to do what I want, where I want, with whom I want for however long I want.

A good book to read is Busting Retirement Lies by Kim Butler. http://amzn.to/1JnstcM

Secondly my life should look like a good stock chart and in the later years will hit that Hockey Stick which will consistently keep moving higher. This will allow me to create multi-generational wealth to which I will hopefully have in place a Dynasty Wealth Plan where my grandkids, and great grandkids will be able to part take in our prosperity.

I enjoy taking part in 7 Generation Thinking

 

[Cutehumor]

Originally Posted By: msparks

From everything I read, retirement is a word connocted by the government to get older people out of the workforce allowing younger people more opportunity.

My plan is to NEVER retire. My idea is to create a lifestyle that is enjoyable, allows me the flexibility to do what I want, where I want, with whom I want for however long I want.

A good book to read is Busting Retirement Lies by Kim Butler. http://amzn.to/1JnstcM

Secondly my life should look like a good stock chart and in the later years will hit that Hockey Stick which will consistently keep moving higher. This will allow me to create multi-generational wealth to which I will hopefully have in place a Dynasty Wealth Plan where my grandkids, and great grandkids will be able to part take in our prosperity.

I enjoy taking part in 7 Generation Thinking


well, I'm glad you doing good in retirement. My wife and her entire family is in Clarksville. Just spent a lovely week there for xmas.

http://usatoday30.usatoday.com/news/nation/2007-02-23-declaration_x.htm

 

[Mr Nice]

It would be nice if a BITOG member was that lucky guy in article.

 

[wtd]

In September I will be eligible to retire with 25 years of service and I will be 49 years old. If I choose to retire then, my pension will be 39% of the average of my last three years of my base pay earning. I have to mandatory retire by age 57 which will give me 47% of my three year average base pay and 33 years of service.

Obviously my pension is not great but better than nothing.

I also contribute 16% of my pay to my TSP(govt. job) and they match the first 5%. Unfortunately a divorce eleven years ago lost me 65% of my TSP balance so I don't have the amount in there that I should.

I will probably have to stay until age 57 to maximize my pension benefits as well as hopefully continue to increase my TSP balance.

The way I look at it, 57 is still a young age to retire and I have had my house paid off for almost three years so I should be able to survive without having to go back to work if I don't want to.

Wayne