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Posted: 12/13/2018 6:32:27 PM EDT
[#1]
The people complaining about 401K's likely didn't contribute or raped their accounts and lost it in fees.
There is no reason a person can't set aside a little a paycheck. I know people that spend more on cigarettes than I contributed to mine. Plus it lowers your tax burden. You can contribute 200 dollars and only see a 50 dollar difference in your pay for instance. Those are just numbers I pulled out of my ass as an example. I know that when I first started saving and saw what little that contribution made it encouraged me to save more. As for the people that claim they are going to just work until the die - that's unlikely unless you pick a good age to off yourself. I've heard this so many times, mostly from white trash. BIL fo Example. He's not even 50 and trying to get disability. His health problems are of his own making, as is dropping out of HS. Actually I blame MIL and FIL for that. Typical southerners that have no shits to give about education. They actually discouraged my spouse from going to college. Not going to college was good enough for them . . . Spouse has a very nice nest egg saved up and I'll be damned if I'm going to let her sorry ass family take it. 
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Posted: 12/13/2018 6:33:32 PM EDT
[#2]
Many people in my family on both sides lived a long time. Great Grandad was 106 when he died, and one of his daughters almost made 101. Let alone extended family who lived seemingly forever. I don't want the wife and I to run out of money.
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Posted: 12/13/2018 6:35:50 PM EDT
[#3]
Quote HistoryQuoted:
My dad retired at 58 from the power company, union pension/company "gap fill" until he hit SS age. They are just fine. I plan on retiring in 25 years God willing with a state pension, a plump 401k, a few IRAs, but not SS lol that shit will be gone. If shit doesn't work out I'll just go out my own way, I'm not working to death. 
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Posted: 12/13/2018 6:54:34 PM EDT
[#4]
I'll be 62 in a few days. Life keeps happening and my planned retirement date keeps moving further away. Divorce, a company that went bankrupt, parents and children with illnesses.
I have half a military pension, Tricare medical from the military (which strikes me as more valuable than the pension), no debt and quite a bit in a 401K and an IRA. Still can't quite bring myself to pull the trigger, especially with the stock market jumping off a cliff lately. I have an enviable job, but I'm just tired of it. |
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Posted: 12/13/2018 6:57:16 PM EDT
[#5]
Quote HistoryQuoted:
I'll be lucky to live to 65 let alone work after that.  |
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Posted: 12/13/2018 6:58:36 PM EDT
[#6]
I want to retire as soon as humanly possible even if it means I have to pick up a part time job.
Working full time until 70? Is someone going to be willing to change my diapers? |
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Posted: 12/13/2018 6:59:02 PM EDT
[#7]
I will retire early. Not sure when (almost 48) but the financial advisor says 55, maybe sooner.
ETA—I might choose to switch to a much lower paying job instead of leaving the workforce early entirely. Give myself time to work doing something I enjoy since my employer has gotten to be way too political for their own good. It’s what I hate most about the job—not the work, the environment. Looking at a job working for the DA doing paperwork. |
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Posted: 12/13/2018 7:01:16 PM EDT
[#8]
DJ Nanna thread?
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Posted: 12/13/2018 7:11:54 PM EDT
[#9]
Quote HistoryQuoted:
This is how you end up eating cat food in your unexpected old age. |
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Posted: 12/13/2018 7:14:44 PM EDT
[#10]
I quit working at 50 and played golf everyday until the wife wanted to quit. We sold the business and HAULED ASS!!!!! Almost 65 now and having a ball. No way I'll ever work again. We spend about half our time on the road "chasing" the perfect temps for what we like to do. Home is perfect for the winter time. Better place spring summer and fall.
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Posted: 12/13/2018 7:18:03 PM EDT
[#11]
I retired at 60.
Sick of working for the man. Sick of the assholes I was forced to work with. I knew some good people but for the most part I didn't care everyone else. 39 years in IT. |
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Posted: 12/13/2018 7:18:15 PM EDT
[#12]
I plan to retire at 66 due to no Social Security penalty on income, a divorce and having a kid very late in life that will enter college next year. It's just the way things worked out. Had I not got divorced, I'd be playing golf right now.
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Posted: 12/13/2018 7:19:16 PM EDT
[#13]
Quote HistoryQuoted:
This. I've ran the numbers. You have to be F'n stupid to take minimum retirement age unless you just won the powerball given what health insurance costs now, let alone in X number of years. Quote HistoryQuoted:
Quoted:
Quoted:
If you work past your minimum retirement age, you are F-N stupid. |
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Posted: 12/13/2018 7:21:05 PM EDT
[#14]
I got tired at 56.
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Posted: 12/13/2018 7:32:05 PM EDT
[#15]
Quote HistoryQuoted: I am still working at 63. Dont see the end in sight. Cost and quality of open market health insurance stops me from retiring. Mrs Rabinowitz is only 61. She has great health insurance. She works the minimum of 20 hrs/week to keep access to it. She would retire, too. Again, we work because of insurance even though we have a net worth of nearly $1million. When we withdraw from our account, we are taxed so that the $1 million actually means closer to 800k. It sounds like a lot, but a million is just about the minimum to afford life after 65. That has to last until at least 80 which is a reasonable life expectancy for her but not so much for me. My health is good but chronic problems means it isn’t great. I have a low-paying but satisfying job. Because is pays $3000/year more than is allowed by SS, for every two dollars I earn over than amount I lose $1 in SS. Actually, it is worse than that. From that $3000 I have to pay income tax, SS tax, and Medicare tax. So that extra $2 shrinks quickly. When you retire, your cost of living continues to climb. Retirement doesn’t mean you spend less. Means you have little or nothing coming in (SS isn’t that much). and time to spend more. BTW, I’ve been paying SS for nearly 50 years. Mrs R has been doing the same for 40. before retirement. I mean if you are saving 3000 a month it is factored into your cost of living. When your income from work ends and you retire your "cost of living" will be reduced by the 3000 a month that you were putting into investments. |
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Posted: 12/13/2018 7:40:09 PM EDT
[#16]
Quote HistoryQuoted:
I'll be lucky to live to 65 let alone work after that. |
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Posted: 12/13/2018 7:43:20 PM EDT
[#17]
Quote HistoryQuoted:
I'll probably be working in some capacity until the end. I don't want to just sit around. I have hobbies I was to persue, the younger I am when I retire the better I can do them. I would like to retire at 62, especially if I can get a part time fun job, just to introduce myself back into polite society. There is a harbor freight right down the street. |
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Posted: 12/13/2018 7:50:24 PM EDT
[#18]
Quote HistoryQuoted: I construed the excerpt in the OP as this guy didn't get his pension because the company folded, this the reason he is still welcoming folks to Walmart. Could be wrong though... |
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Posted: 12/13/2018 7:52:34 PM EDT
[#19]
Quote HistoryQuoted: Same. I'll work until I die, as there will be nothing but my 401K then. And depending on what the markets do and what the cost of living is 40 years from now...it probably won't last long |
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Posted: 12/13/2018 7:52:57 PM EDT
[#20]
I don't understand not wanting to work.
I always want to work and build something bigger. |
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Posted: 12/13/2018 8:01:40 PM EDT
[#21]
Shit happens but the story in the OP is an example of shitty planning, vague reasons or outright lies.
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Posted: 12/13/2018 8:02:01 PM EDT
[#22]
Quote HistoryQuoted:
$4 million in liquid assets or age 65, which ever comes first. I can do my job 3 days a week from home. I'm a long ways out though. I don't expect 5 mil to be anywhere near what it's worth now. |
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Posted: 12/13/2018 8:02:39 PM EDT
[#23]
At 46 I just started a job with a pension. Assuming I stay I hope to retire at between 63 and 65. I would love to earlier but I just don't see that being possible unless I knew for a fact that I wasn't going to live much longer.
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Posted: 12/13/2018 8:02:56 PM EDT
[#24]
Quote HistoryQuoted:
I retired at 50. I dont want a pickle, I just wanna ride my motorsickle.
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Posted: 12/13/2018 8:05:21 PM EDT
[#25]
I expect I will be working in some fashion but will just be to pay for power, water, heat, and taxes etc.
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Posted: 12/13/2018 8:07:46 PM EDT
[#26]
Quote HistoryQuoted:
Hmmm. Some quick math says that if I get the minimum annual raise my company has every year I’ll be making $356K at 65. They’ll have to fire me. |
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Posted: 12/13/2018 8:08:38 PM EDT
[#27]
Quote HistoryQuoted:
Due to decisions on education on my part, I will most likely never be able to retire. It is what it is. It is what it is.
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Posted: 12/13/2018 8:21:26 PM EDT
[#28]
I saw that story on last night on CBS news. McDonnell Douglas didn't fully vest them in the pension until 30 years and he was at 29 years when they closed the plant. So he does have a partial pension and with SS lives on a little over $3k per month but still has a mortgage (I think they said) and his wife has health issues. So...not great planning on his part.
I'm 58 and think about retirement quite a bit. I think I could do it now fairly comfortably since I am debt free including my home and have a decent enough 401K and a couple of other investments that could pan out nicely as a bonus. But I like my job and will probably at least go another few years before stopping but doubt I'll go past 65. |
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Posted: 12/13/2018 8:22:52 PM EDT
[#29]
Quote HistoryQuoted:
If you work 30 years and don't have your own personal retirement account that you can do just fine on, what were you doing for those 30 years? Buying liabilities instead of assets. I'm 32 now and my plan is to retire by my 37th birthday and never work a day in my life again. |
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Posted: 12/13/2018 8:29:53 PM EDT
[#30]
Had kids in my early 40s. Now 46. I will die at my desk.
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Posted: 12/13/2018 8:37:18 PM EDT
[#31]
Something seems real wrong with giving up 29 years of your life from a promise, and then getting told "sorry no deal!"
Really makes me think it would be wise to get a 401k with match, over a pension. As at least what you have is what you can keep. |
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Posted: 12/13/2018 8:39:22 PM EDT
[#32]
Quote HistoryQuoted: @4thbreak Buying liabilities instead of assets. I'm 32 now and my plan is to retire by my 37th birthday and never work a day in my life again. |
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Posted: 12/13/2018 8:41:10 PM EDT
[#33]
I'm 56 and still working.
20 years past the age the average GD arfcomer retires. 
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Posted: 12/13/2018 8:50:35 PM EDT
[#34]
Quote HistoryQuoted:
What kind of job do you have that affords this kind of latitude? |
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Posted: 12/13/2018 8:52:13 PM EDT
[#35]
Quote HistoryQuoted: I worked with a dude that was receiving a full pension from a job he retired from, and was doing grunt work with guys in their 20's for like $15/hour because he said it's boring at home. He just enjoyed getting out, doing some work and bullshitting all day with the guys. A lot of women get jobs when hubby retires..... they are used to having their day to themselves and come to find they really don’t like spending as much time with their husbands athey’d like to admit... |
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Posted: 12/13/2018 8:52:36 PM EDT
[#36]
Two divorces added a few years to my retirement date.
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Posted: 12/13/2018 8:54:09 PM EDT
[#37]
Quote HistoryQuoted:
Paying the bills(not Bro Dozers and boats or too big houses or drinking). |
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Posted: 12/13/2018 8:55:01 PM EDT
[#38]
If you don't have something to keep you physically busy at least a few days a week after you retire you're better off working.
Old age plus sedintary life equals early death. |
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Posted: 12/13/2018 8:57:53 PM EDT
[#39]
Quote HistoryQuoted:
If you work past your minimum retirement age, you are F-N stupid. |
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Posted: 12/13/2018 8:59:14 PM EDT
[#40]
I just turned 64, will work to just past 64 and see were things are at.
In a month or two the house will be pad for, plan to double up on the 401k. I enjoy working, healthcare is paid in full by my employer.
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Posted: 12/13/2018 9:01:14 PM EDT
[#41]
"Hang in there until age 70, and your standard of living will improve nearly 75 percent," Schlesinger said.
Uh,no how about fuck you. Im saving now to retire at 62,ill hang out at the beach while all the dumb fucks that didnt save can bring me cold ones on a hot day |
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Posted: 12/13/2018 9:03:22 PM EDT
[#42]
Quote HistoryQuoted:
All your eggs in one pension may not be the wisest decision, so it seems... You need to be in control of your destiny. Not a group of other people who say they know what is best for you |
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Posted: 12/13/2018 9:03:38 PM EDT
[#43]
I am 30 years old and I made a comment that I just broke $100k in my 401k and thought I was behind schedule.
My good friend at work who is 42 has less than I do and another who is 51 only has 175k They both have been working full time since college and at this company for 10+ who matches % up to 6% Both stable, families, etc. Blew my mind how unprepared that are |
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Posted: 12/13/2018 9:04:56 PM EDT
[#44]
Dad still works at 73, only because he wants to.
Ive known a lot of people who drop dead because they retire then just sit around. No thanks |
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Posted: 12/13/2018 9:07:51 PM EDT
[#45]
I'll let you know in 20 yrs
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Posted: 12/13/2018 9:08:05 PM EDT
[#46]
Quote HistoryQuoted:
Gonna retire at 62. Met some great people along the way; but I barely have time for recreation. Longevity is not the best in my DNA so don't want to push it by working too long. I had an older guy that taught me a lot about engineering. He retired maybe ten years ago, and I kept in touch with him. Helped him clean his gutters and stuff like that. His wife developed lung cancer, and died 3-4 months later. He and I were visiting some time after that and got to talking about retirement. He said he’d combined their accounts after she passed and had about 500k. Three months later, he was found dead in his living room chair. Then his family fought over it. We all get one chance to go around, so it’s important to enjoy it along the way. Balance in everything. |
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Posted: 12/13/2018 9:08:20 PM EDT
[#47]
Quote HistoryQuoted:
Dad still works at 73, only because he wants to. Ive known a lot of people who drop dead because they retire then just sit around. No thanks |
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Posted: 12/13/2018 9:08:50 PM EDT
[#48]
Well the GOV tells us we are living longer and it is only fair.
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Posted: 12/13/2018 9:11:58 PM EDT
[#49]
What the fuck you gonna do when you retire?
Find a job you like and have fun. I retired from the Army 18 months ago, started my own businesses and enjoy work, at least until my daughter graduates medical school. |
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Posted: 12/13/2018 9:12:39 PM EDT
[#50]
44 for me.
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