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Posted: 1/8/2019 10:46:39 AM EDT
[#1]
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The members of this site reinforce the notion that teachers are the scum of the earth on a daily basis But Azygos is a practicing doc who knows his stuff and would teach medical school classes :) |
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Posted: 1/8/2019 10:47:48 AM EDT
[#2]
Unfortunately I know good and well I am going to have to work until I am 65.
It would just be impossible for me to retire like my pops and mom at 55 and 52. That's ok though. At this point my debt is really low. a student loan and mortgage. |
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Posted: 1/8/2019 10:49:39 AM EDT
[#3]
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At age 55 if you withdraw earnings from your IRA you're going to get boned by penalties. So what's the point of retiring at 55? A common FIRE strategy is to convert to Roth over time using a Roth conversion ladder |
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Posted: 1/8/2019 10:55:52 AM EDT
[#4]
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I'm considering it after the student debt is gone in another 7-8 years. 
an accountant acquaintance of mine has a son who's a doc who grossed about $425k last year. Taxes, SS, etc all in steal about $170k. So the guy is left with $255k a year, which sounds nice except that student loans can easily top $250k, plus 32+years of time and life and school to earn that income. docs can be 40 or 50 before they're in the black 
And the leftists believe it's not enough 
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Posted: 1/8/2019 10:56:04 AM EDT
[#5]
I'm 52 with a 13yo in private school. I have to work until I'm 60 just to get him through college.
Then I will retire and never look back. |
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Posted: 1/8/2019 11:03:41 AM EDT
[#6]
There is no retirement age. You can retire whenever you want as long as you have enough money. Most people retire in their 60s not because they want to work but because they have to.
Yes, the minimum ages for Social security and Medicare have been raised. This is due to people living longer and having increased medical expenses. Rather than increase the % you pay into the system the gov just increased the minimum age. I plan to retire by age 50. Could retire earlier but our youngest will be 18 and go to college when we turn 50, no point in retiring earlier, not like we can just leave them at home and travel the world haha. Wife and I both max our 401k and IRA each year and put any extra in an index fund. We also strive to live well below our means with a modest home, 2 economy cars, we rarely eat out, canceled cable years ago, and take one budget minded vacation per year. |
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Posted: 1/8/2019 11:14:41 AM EDT
[#7]
In 29 weeks I am retiring. I'll be 62, I saw my father work till he was 70 and died the next year. F__k that, I plan on having some fun.
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Posted: 1/8/2019 11:18:40 AM EDT
[#8]
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Not from a Roth IRA if it’s your contributions (what you put in). A common FIRE strategy is to convert to Roth over time using a Roth conversion ladder Quote HistoryQuoted:
Quoted:
At age 55 if you withdraw earnings from your IRA you're going to get boned by penalties. So what's the point of retiring at 55? A common FIRE strategy is to convert to Roth over time using a Roth conversion ladder |
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Posted: 1/8/2019 11:21:54 AM EDT
[#9]
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It'd be lower stress, and you'd be a good one
an accountant acquaintance of mine has a son who's a doc who grossed about $425k last year. Taxes, SS, etc all in steal about $170k. So the guy is left with $255k a year, which sounds nice except that student loans can easily top $250k, plus 32+years of time and life and school to earn that income. docs can be 40 or 50 before they're in the black
And the leftists believe it's not enough Your second paragraph is accurate. |
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Posted: 1/8/2019 11:25:00 AM EDT
[#10]
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You might have it backwards, OP. Most that retire early, seem to get bored. Those that work later have better satisfaction. Can they really not keep themselves entertained and busy without someone else telling them what to do? |
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Posted: 1/8/2019 11:28:38 AM EDT
[#11]
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Correlation does not imply causation. Being that this was written by a financial planner with a large stake in making sure you give him money, I’d like to see the actual break down of the given career choices within those companies which allowed some to retire at 55 verses 65. We all know that the aerospace industry has great pension plans, but I am sure that there is much more to the study than just age. Are the 65 year olds working around composites? Are the 55 year olds engineers or other office personnel? Lots of questions that aren’t answered within that article, but it’s pretty obvious to me that those that live a healthier life style, both physically and mentally (stress), will usually live a longer life. |
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Posted: 1/8/2019 11:31:56 AM EDT
[#12]
I will retire when I'm 50 and live until I die.
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Posted: 1/8/2019 11:52:44 AM EDT
[#13]
I've already quit working. I plan on actually retiring in a few years.
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Posted: 1/8/2019 11:59:03 AM EDT
[#14]
I started my job when I was 25. I'll be done at 52.5. With police and fire benefits we can draw our full retirement at 52.5. No reason to work any longer then that. With that said, I think if we stay healthy and take care or ourselves we can leave fruitful lives!!
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Posted: 1/8/2019 12:23:48 PM EDT
[#15]
Quote HistoryQuoted: Not from a Roth IRA if it’s your contributions (what you put in). A common FIRE strategy is to convert to Roth over time using a Roth conversion ladder I'll ask again, if you have a Roth IRA at age 55, you CANNOT take out your earnings without being penalized. So how do people plan on retiring at age 55 with a Roth unless they don't care about getting penalized? |
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Posted: 1/8/2019 12:49:44 PM EDT
[#16]
Quote HistoryQuoted: Hence why I said earnings. I'll ask again, if you have a Roth IRA at age 55, you CANNOT take out your earnings without being penalized. So how do people plan on retiring at age 55 with a Roth unless they don't care about getting penalized? First I would utilize a Roth conversion ladder to season traditional contributions. This can be accomplished while still working, but the taxes will be higher. To avoid the high taxes you will generally want to save five years expenses in traditional investment accounts, savings and Roth contributions. You can start the seasoning from traditional to Roth years in advance. While working, you may want to roll a portion each year. (I like to roll some every year while I have kids at home, the tax credit from all my kids pays the taxes due on my conversion.) Once it's sat for five years it's considered a contribution and may be withdrawn penalty free anytime. Another path is to start taking 72T distributions. |
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Posted: 1/8/2019 12:53:24 PM EDT
[#17]
I think the scenario is you are more likely to die early from early retirement versus continuing to work. Work gives you a sense purpose and it keeps you active, even alot of people otherwise wouldn't be.
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Posted: 1/8/2019 2:40:00 PM EDT
[#18]
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I'm retired at 47. Been retired for 7 days now. Congrats 
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Posted: 1/8/2019 2:43:31 PM EDT
[#19]
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My sister's anesthesia group has many retirees die within 6 months. Quote HistoryQuoted:
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My wife, with a straight face, said I was lucky because I may get to retire "early" at 65. She still doesn't understand why I looked like someone shot my dog. My 401k had a long stretch of dismal performance. I'm 45 and not really jazzed about being forced to do this highly stressful career for another quarter century or so. One former partner in our group died the day after retirement. One of our healthiest partners had a heart attack in his 50s. The POS last longer ias they don’t give a fuck The people who put in effort get worn down That said; retirement has never been in my plans.if I get to where I can’t do it, I’ll,quit and do something else 
Rob the Rubes |
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Posted: 1/8/2019 3:31:47 PM EDT
[#20]
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I've never understood the people who get bored without work. Can they really not keep themselves entertained and busy without someone else telling them what to do? |
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Posted: 1/8/2019 4:06:20 PM EDT
[#21]
Where can I find the job that gives me a sense of purpose? It just gives acid reflux and a bad case of shitty attitudes.
Quote HistoryQuoted:
I think the scenario is you are more likely to die early from early retirement versus continuing to work. Work gives you a sense purpose and it keeps you active, even alot of people otherwise wouldn't be. |
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Posted: 1/8/2019 4:09:17 PM EDT
[#22]
In law enforcement it's 100% true that the longer you stay, the quicker you die when you finally do leave.
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Posted: 1/8/2019 4:22:41 PM EDT
[#23]
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Statistically we are seeing incrases in “retire at 65, live to 90” The problem is that most people cannot save/invest enough from 18 to 55 or 21 to 65 to live off of for another 25 years at the same standard of living, even if their house is paid off. |
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Posted: 1/8/2019 4:23:41 PM EDT
[#24]
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At age 55 if you withdraw earnings from your IRA you're going to get boned by penalties. So what's the point of retiring at 55? Edit correction: 59-1/2 years old. If you plan correctly, a four year "bridge" from 55 to 59 isn't that hard to do. |
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Posted: 1/8/2019 4:43:51 PM EDT
[#25]
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In law enforcement it's 100% true that the longer you stay, the quicker you die when you finally do leave. |
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Posted: 1/8/2019 5:10:49 PM EDT
[#26]
My gramps retired at 64 because so many of his friends kicked right after retiring at 65. Bought a motor home so him and my grandma could travel. On his 65th birthday he was diagnosed with mesothelioma. Started treatment immediately, but was gone within 6 months.
I'm just planning to never retire. But owning my own business gives me the perks of mostly going where I want, when I want. Mostly. |
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Posted: 1/8/2019 5:22:37 PM EDT
[#27]
I'm 60 and still working, probably for another 7-8 years.
I'm gonna die soon 
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Posted: 1/8/2019 5:27:47 PM EDT
[#28]
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This is a false urban legend. https://www.bbc.com/news/magazine-18952037 The "Boeing study" has been quoted by newspapers, magazines and pundits. It's circulated on the internet for years. The problem with it is that Boeing itself says it's simply not true. |
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Posted: 1/8/2019 5:40:04 PM EDT
[#29]
Quote HistoryQuoted:
At age 55 if you withdraw earnings from your IRA you're going to get boned by penalties. So what's the point of retiring at 55? 
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Posted: 1/8/2019 5:53:29 PM EDT
[#30]
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Life is like a roll of toilet paper, the closer to the end the faster it goes
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Posted: 1/8/2019 6:48:12 PM EDT
[#31]
Quote HistoryQuoted:I'm considering it after the student debt is gone in another 7-8 years. A new DO school just opened up, and they seem receptive to having MDs lecture the students. I obviously don't know you or your situation, but anesthesia isn't pediatrics. People in our field with financial problems are usually caught by the unholy combination of - choosing to be in a "desirable" coastal city, where pay is low and cost of living is high - lifestyle expansion that starts about four minutes out of residency For those of us with really extraordinary debt ($500K+ not just $200-300K) a couple or three years of working like a dog out in BFE gets the loans paid off and a nice FU account started. Even joining the military carries a $400K accession bonus for anesthesiologists. If your wife says I ain't leaving Boston/NYC/LA ... that's rough and I feel your pain. But, man, if that's not it, move and get a better job. Life's too short to spend it doing OB on 400 pound uninsured drug users and taking trauma call on self/no-pay bangers in the big city. :( |
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Posted: 1/8/2019 6:52:58 PM EDT
[#32]
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All my Govt worker friends retired at 46. Nothing like getting 75% of salary for life. Tell me again about the suffering of the Govt workers? Please explain that to me so I can jump on-board that civil service retirement gravy train. |
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Posted: 1/8/2019 6:55:15 PM EDT
[#33]
My retirement plan?
I plan on working until I drop dead at my desk at work. |
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Posted: 1/8/2019 6:56:34 PM EDT
[#34]
I'm looking to retire at age 66 in Dec of this year. Hope I make it. I may consult but if I do, it will be at a minimum of $100/hour. I just want to go to the gym, eat well, ride my bike, shoot and play golf.
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Posted: 1/8/2019 7:23:59 PM EDT
[#35]
correlation does not imply causation
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Posted: 1/8/2019 8:08:06 PM EDT
[#36]
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It's all they've ever known Quote HistoryQuoted:
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I've never understood the people who get bored without work. Can they really not keep themselves entertained and busy without someone else telling them what to do? |
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Posted: 1/8/2019 9:12:16 PM EDT
[#37]
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60 here and plan on being semi-retired this Spring. You fuckers are going to be heavy one Canadian (working on my US citizenship right now and it's coming together) I'll still be able to work, which is what I want to do and will have no problem finding a job. Even got some offers. Really looking forward to it !!! 
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Posted: 1/8/2019 9:19:20 PM EDT
[#38]
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This statement is seriously incorrect. Most people choose not to save enough for retirement. Saving and investment is a lifestyle choice. Living below one's means in order to achieve an early retirement is a lifestyle choice. It isn't always easy. Like being fit and living a healthy lifestyle. If it was, everyone would do it. |
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Posted: 1/8/2019 9:23:10 PM EDT
[#39]
Divorce has cost me at least ten years of life expectancy.
I’m fucked either way |
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Posted: 1/8/2019 9:35:16 PM EDT
[#40]
I'm willing to bet some of the "I retired at 40-whatever" crowd will be out of money sooner than they thought.
Also, what kind of work are they saying is so bad for you? |
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Posted: 1/8/2019 9:41:53 PM EDT
[#41]
I was put out to pasture at 55, medically. I'm 65 now. No idea how I've made it this far. But, hey, thanks for offering me another 15. I promise to use them poorly...
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Posted: 1/8/2019 9:56:01 PM EDT
[#42]
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How are they getting 75% of their salary at 46? Please explain that to me so I can jump on-board that civil service retirement gravy train. Quote HistoryQuoted:
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All my Govt worker friends retired at 46. Nothing like getting 75% of salary for life. Tell me again about the suffering of the Govt workers? Please explain that to me so I can jump on-board that civil service retirement gravy train. A person would have to work 50 years to get 100% of their salary at 2% Mine is 2.7% at 55 but even with 25 years in is only 67.5%. If I retired under age 55 it would be calculated at 2% and wouldn’t reach 2.7 until 55. This guys friends even at 3%-which would be reduced in an early retirement-would be impossible to collect 75% of their salaries. Unless, they started working at 2 years old. |
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Posted: 1/8/2019 10:03:19 PM EDT
[#43]
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Most civil servant jobs are 2% at 62 now. A person would have to work 50 years to get 100% of their salary at 2% Mine is 2.7% at 55 but even with 25 years in is only 67.5%. If I retired under age 55 it would be calculated at 2% and wouldn’t reach 2.7 until 55. This guys friends even at 3%-which would be reduced in an early retirement-would be impossible to collect 75% of their salaries. Unless, they started working at 2 years old. |
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Posted: 1/8/2019 10:05:24 PM EDT
[#44]
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Aww heck no, after 11 years out, I've still not hit boredom. Between kayak fishing, diving, shooting, 4 wheeling, gardening, traveling, skiing, hiking, and many other "activities", it's not difficult at all to be entertained. It's more about the person's mind set and willingness to be motivated than it is about their employment. Yeah, if your job is all you have then maybe your retirement will suck, but if you spent a career earning money to live a life, you'll likely be fine. Quote HistoryQuoted:
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You might have it backwards, OP. Most that retire early, seem to get bored. Those that work later have better satisfaction. Between kayak fishing, diving, shooting, 4 wheeling, gardening, traveling, skiing, hiking, and many other "activities", it's not difficult at all to be entertained. It's more about the person's mind set and willingness to be motivated than it is about their employment. Yeah, if your job is all you have then maybe your retirement will suck, but if you spent a career earning money to live a life, you'll likely be fine. When I have days off, I am constantly working on my projects. I can’t possibly see how I would be bored. I would like to start a Channel catfish breeding program. If I had more time, it would probably have happened by now. I have an endless list of projects I would like to do. If I won the lottery, I would be non-stop busy. Not that work can’t be interesting and satisfying, but it’s like maybe 1%. I don’t find any of it challenging. |
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Posted: 1/8/2019 10:05:27 PM EDT
[#45]
I’m retiring at 51.
Going to cash out all my vacation time, sick, comp, and family time and never work again. |
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Posted: 1/8/2019 10:07:03 PM EDT
[#46]
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Baby Boomers already did that. Far more of them retired and left Gen X'ers and Millennials to pay for it. Quote HistoryQuoted:
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Link Retire at 55 and live to 80; work till you're 65 and die at 67. Startling new data shows how work pounds older bodies..... ..."Ten working years could cost you twenty years of your Retirement!"... Pay more into the ponzi scheme and take less out. 
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Posted: 1/8/2019 10:09:42 PM EDT
[#47]
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Or they got a disability pension that is 75%. 33% of our PD and 75% of the FD got 75% pensions. Quote HistoryQuoted:
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Most civil servant jobs are 2% at 62 now. A person would have to work 50 years to get 100% of their salary at 2% Mine is 2.7% at 55 but even with 25 years in is only 67.5%. If I retired under age 55 it would be calculated at 2% and wouldn’t reach 2.7 until 55. This guys friends even at 3%-which would be reduced in an early retirement-would be impossible to collect 75% of their salaries. Unless, they started working at 2 years old. |
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Posted: 1/8/2019 10:11:20 PM EDT
[#48]
I can retire at 55...
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Posted: 1/8/2019 10:16:25 PM EDT
[#49]
Had planned to retire at 50 but 8 years of Obama fucking the economy pushed that out to 56.
In 2023, I will retire and I will live the life I want NOT the one I have. |
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Posted: 1/8/2019 10:16:31 PM EDT
[#50]
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Don't worry, the Left has great plans for the Boomers. Quote HistoryQuoted:
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Link Retire at 55 and live to 80; work till you're 65 and die at 67. Startling new data shows how work pounds older bodies..... ..."Ten working years could cost you twenty years of your Retirement!"... Pay more into the ponzi scheme and take less out. 
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