I'm not saying or suggesting that this applies to anyone here. But most of the people that I have come to meet and know over the years, who always claim they'll NEVER retire, are telling the truth...... But only because they can't afford to.
Video on not taking social security at age 65
- Thread starter GON
- Start date
GON
$150 Site Donor 2025
Maybe this might provide some supplemental information to your retirement critical thinking:
Reasons someone might choose not to retire include: a strong sense of purpose and fulfillment in their current job, enjoying the social interaction with colleagues, wanting to maximize their Social Security benefits by delaying claiming them, financial concerns that might not be met in retirement, a desire to continue learning and growing professionally, and not feeling ready to give up the structure and routine of work; essentially, if someone feels their life is richer and more meaningful by continuing to work, they might choose to delay retirement.
I sense Warren Buffett accredits retirement significantly different than you.
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While all of that may be true for people like Buffett, and certain other entrepreneurs who built big companies from the ground up, it doesn't hold true for most others.... At least if they're somewhat honest with themselves.
I worked for 45 years in the metals trades, counting my apprenticeship. I liked my job OK, but the hours were long, and got tougher as I got older. (Standing for 10 to 12 hours a day on a concrete floor 6 days a week, is highly overrated).
On the flip side of that, was the pay got substantially better as my knees and feet got worse at tolerating it. By the time I hit 62, I had more than enough. The job went from being challenging, as my knowledge of it grew. Into just how much of a royal pain it would be to get it done. Because as always is the case in business, time is money.
The one thing I was always grateful for, were my mothers constant, never ending words, to ALWAYS be cautious about spending hard earned money.
Because of listening to her, (along with seeing examples of people around me who didn't), the happiest day of my life was on December 21st, 2014, when they helped me load my tool boxes into the back of my truck, never to return again.
The last 10 years have been blissfully satisfying. Because they were all mine. I never had to sell a single hour of them to someone else.
I worked for 45 years in the metals trades, counting my apprenticeship. I liked my job OK, but the hours were long, and got tougher as I got older. (Standing for 10 to 12 hours a day on a concrete floor 6 days a week, is highly overrated).
On the flip side of that, was the pay got substantially better as my knees and feet got worse at tolerating it. By the time I hit 62, I had more than enough. The job went from being challenging, as my knowledge of it grew. Into just how much of a royal pain it would be to get it done. Because as always is the case in business, time is money.
The one thing I was always grateful for, were my mothers constant, never ending words, to ALWAYS be cautious about spending hard earned money.
Because of listening to her, (along with seeing examples of people around me who didn't), the happiest day of my life was on December 21st, 2014, when they helped me load my tool boxes into the back of my truck, never to return again.
The last 10 years have been blissfully satisfying. Because they were all mine. I never had to sell a single hour of them to someone else.
Consider that cost cutting changes are likely. By taking it soonest, there may be a chance of being 'grandfathered' in, and COLA (cost of living) changes may remain intact. All of that is just guessing.
Age at death for the average American man is 73.3 +/- a few tenths depending on year. Women's substantially longer lives should not factor in with regard to a man's SS planning. Yet here we are looking at 'average lifespan' rather inaccurately.
I am 61, retired and not all that well. I'd be a fool to wait. My father lived to 70 with the last 5 years an utter disaster, and I'm heading down much the same path.
This is very important to think about. Once you take it, you're effectively "locked in". And it's doubtful they'll take any of it away from you. But there is no doubt as time marches on, they may very well keep pushing the retirement age further and further out.
It's a safe bet you'll run out of time before they stop extending the carrot on the stick.
For those who want to know how we got to this point I recommend this book. Please don't mistake this suggestion for a verboten political polemic.
I like my odds. Longevity runs in my family. There's a good change that the SSA will pay my wrinkled old butt all the way to 100.
HaHa Warren buffet is a step or two above all of us. I am 100% certain that
Again he is having fun. Who cares right. I mean look at him. He has a propetual smile on his face all the time. Good for him!!
- He has enough money
- He has a plan in place that includes lawyers, accountants, advisers and family members with friends that have been instructed to follow his design if he gets sick
- Has everything he needs already
- Will die at the helm of Berkshire and is having fun at it
- Has no stress.
- He makes more in a day than he would get Edit from SS in a year.
Again he is having fun. Who cares right. I mean look at him. He has a propetual smile on his face all the time. Good for him!!
Yikes, I too would be enamored with retirement if I had a career like you describe.
I think that you are correct regarding "it doesn't hold true for most others". Many people pursue life equating success with obtaining lots of nice material things - houses, cars, Iphones, on and on. Seriously. How many people here spend thousands annually on guns& ammo, the newest gadgets, every doo-dad that exists to enhance their hobby, paid TV, commute in an 18mpg truck?. The venerable "life of quiet desperation" as they toil for decades at careers that don't exactly excite them every morning they wake up.
Many at BITOG are all about choices (drugs, liqueur, etc.) One can also choose alternative lifestyles outside of the grand rat race. You might have to be content to drive a lowly Jeep Patriot like I do
. Go fishing with a $50 dollar rig, not a $300 dollar one. I can share that there ARE careers (few) that fit GON's description above. A few people are both rich and happy, but few and far between I imagine. Doctors make lots of money, but consider the education, hours, lifestyle, lawsuits, licensing costs.............. that one day a week at the country club golfing might be the highlight of their life.Ouch! I said it somewhere else here recently. Why wait for retirement for bliss??
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All those things apply to me. I like my work, I'm paid a lot more than I ever thought I'd make for the next few years due to stock incentives. The stress level is fairly low. Unlimited PTO. Very cool and understanding boss. My team is great. I have no debt. Might as well ride it out another year or two.
Same here. I retired from my city fire department with full pension and benefits at 52. I had worked jobs before during and shortly after the fire department so I have over twenty five years of SS contributions and I am glad the WEP penalty has been eliminated. I don’t turn 62 till 2026 and will likely claim at 62. All my financial planning centered around only being able to receive 33% of full retirement benefits so getting 100% of 62 is icing on the cake.
I wish I was as smart as my Dad. He just turned 95, mom is 94. He retired after 20 years in the Air Force in 1970, been receiving a retirement check for 55 years. Retired from second career at 60, 35 years of checks from that job. Started drawing SS at 65, so thats now at 30 years of checks.
Obligatory Sarasota Tim reference who will tell you to take it at 62, then work a part time job.
What's the point in retiring unless you can do it in Caligulan splendor?
I suspect that a lot of people who take it at 62 (for non-medical reasons) is because they didn't save enough for retirement and/or just don't want to work (lazy, or hate their job), or are unemployed, and don't want to work a menial job.
Also, being retired and taking SS are two different things. I can retire at 62 and not take SS until 70 if I want to.
Also, being retired and taking SS are two different things. I can retire at 62 and not take SS until 70 if I want to.
Yeah, bottom line is everyone is different and lots of variables. Very personal decision and what is best for you may not be the same for everyone else.
I'm 55. Retired military (23 years Navy) and draw my military retirement now, plus the medical benefits far out-weigh any financial compensation. I invest pretty good in my 401K's at work with full matching by my employer. My wife does not work (medical conditions.)
Not sure yet what is right for me.
I'm 55. Retired military (23 years Navy) and draw my military retirement now, plus the medical benefits far out-weigh any financial compensation. I invest pretty good in my 401K's at work with full matching by my employer. My wife does not work (medical conditions.)
Not sure yet what is right for me.
This is incorrect. Warren Buffett has paid no more than many other Americans pay each year, including many in this forum
Social Security is not taxed on your full income. Meaning once you hit for example, this tax year 2024 is $168,600 after that amount in income you no longer pay Social Security and that goes for Warren Buffett too no matter how many billions you make
Anything over $168,600 in income is not taxed for Social Security
Here is a historical wage cap chart through the years. Gosh, in the year 2000 you didn’t pay Social Security once your earnings hit $76,200
https://taxpolicycenter.org/sites/default/files/statistics/pdf/ssrate_historical_2.pdf
https://money.usnews.com/money/reti...rticles/what-is-the-social-security-tax-limit
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GON
$150 Site Donor 2025
Fascinating story of a 100-year-old man working at Home Depot--yes 100 years old. The man looks awesome, fit, sharp as ever, working in the fasteners/ hardware department.
The video is on Facebook, I know this limits viewing. I searched but was not able to find this video on YouTube.
Comments from the 100 year old man's son about the video:
Yes, this is my Dad.
And yes - truly 100 years old last week.
And yes - he truly enjoys going to work at Home Depot and helping people every day. Not because he has to work, but because he can and he wants to be helpful.
His words throughout my childhood - "treat others as you would want them to treat you" - resonate with me every day - it's how I've watched him live his entire life for all of my years. Kindness is a way of life - for some it's a choice, but for others, it's in their DNA. It's always been in Dad's DNA.
The video is on Facebook, I know this limits viewing. I searched but was not able to find this video on YouTube.
Comments from the 100 year old man's son about the video:
Yes, this is my Dad.
And yes - truly 100 years old last week.
And yes - he truly enjoys going to work at Home Depot and helping people every day. Not because he has to work, but because he can and he wants to be helpful.
His words throughout my childhood - "treat others as you would want them to treat you" - resonate with me every day - it's how I've watched him live his entire life for all of my years. Kindness is a way of life - for some it's a choice, but for others, it's in their DNA. It's always been in Dad's DNA.
