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Posted: 12/13/2018 5:21:46 PM EDT
[#1]
Quote HistoryQuoted:
If you work past your minimum retirement age, you are F-N stupid. im gonna say instead, that those who have jobs that they hate are the F-N stupid. i plan to work till im 70... at least. |
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Posted: 12/13/2018 5:22:29 PM EDT
[#2]
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Do to a divorce and poor planning on my part, I will never be able to retire... I'll work till I die or am forced to quit. |
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Posted: 12/13/2018 5:22:39 PM EDT
[#3]
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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? |
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Posted: 12/13/2018 5:23:38 PM EDT
[#4]
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This is really awful. Is anyone here past the age of 65 and still working even though you don't want to anymore? Retiring comfortably at 65 is now out of reach for millions of Americans. Tom Coomer was a machinist at the aerospace manufacturer McDonnell Douglas for 29 years, but the plant closed one year before he was due to get his full pension. Now 80 years old, he works as a greeter five days a week at a Walmart in Oklahoma.
...and a shift from pension plans to 401(k)s have all put a burden on employees. Anyone that thinks a pension with a private company is better than a fully vested 401(k) in your name is tastes-like-purple retarded. |
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Posted: 12/13/2018 5:23:39 PM EDT
[#5]
I don't plan to work a day past age 59.5 when I can draw my 401k penalty-free. I'll probably retire before that and either live on my post-tax brokerage account for a few years, or take the 10% penalty for early 401k withdrawals. I could easily see myself doing a soft-retirement and working part-time through most of my 50s.
I've had a high paying career; saved a lot; invested well; and made some good bets in the market. There might be a couple of tiny inheritances coming, but even with 7% average market returns from now until I retire I'll be very comfortable. |
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Posted: 12/13/2018 5:23:41 PM EDT
[#6]
I bailed out my parents a few years back (long story), which wiped me out financially, but they kept their homes. My stepdad is 82 and still working to pay off the rest of their debt (my mom has spending problems).
I'm 50. I have only like $15,000 in my 401k. I will likely never be able to retire. I have no kids, no spouse, so I have nobody to help me when I get older. My health isn't great, so I don't anticipate living past 70 anyway. I'll just work until I'm dead. I'm ok with that. I like my job. |
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Posted: 12/13/2018 5:24:21 PM EDT
[#7]
I retired two years ago at 65. My son retired from the Army at the same time. We bought a ranch together and having a great time. It isn't work, it's too much fun to be called work. I'll be doing this until I die because I enjoy it. My Dad, grandfather and great-grandfather all worked well into their late 80's because they too enjoyed it. They could have quit and sat around waiting to die but that is not who we are. Retirement isn't just about having millions in the bank, Its about doing what you enjoy and investing in your family with memories they will talk about for generations. If you are penniless at retirement and whining about how life sucks, you planned poorly and no one to blame but yourself. Being surrounded by my children and grandchildren I'm rich beyond all measure. Thank you God!
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Posted: 12/13/2018 5:25:44 PM EDT
[#8]
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... My limited understanding of federal pension law under ERISA is that you are required to have vested interest around 5 or 6 years in. So unless the plan went BK a 29 year employee has something. |
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Posted: 12/13/2018 5:25:57 PM EDT
[#9]
Practiced law for 33 years.
Then I started a new career two years ago at age 61. It will take me 10 years to vest for retirement. I'll take SSI at age 70 to double dip for a few years. I'll probably do 12 and retire at 73. Then probably start another career path as I haven't decided what I want to do when I grow up. 
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Posted: 12/13/2018 5:26:44 PM EDT
[#10]
Quote HistoryQuoted:
65 was established as the retirement age when average life expectancy was 61...so today's retirement age should be ...82? 78 I think is the new expectancy. |
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Posted: 12/13/2018 5:27:27 PM EDT
[#11]
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Retired at 45 Quote HistoryQuoted:
Retired at 45 Quoted:
Damn. I'm 42 and have 2k in my savings account LOL 
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Posted: 12/13/2018 5:29:09 PM EDT
[#12]
If you're in the union you'll get something if you're vested. Most unions require a minimum of 5 years.
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Posted: 12/13/2018 5:30:37 PM EDT
[#13]
Quote HistoryQuoted:
If I remember a recent news story correctly, the average life expectancy has actually dropped in the last 10 years. 78 I think is the new expectancy. Quote HistoryQuoted:
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65 was established as the retirement age when average life expectancy was 61...so today's retirement age should be ...82? 78 I think is the new expectancy. The other factor were obesity, which shouldn't be seen as much of an outlier. |
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Posted: 12/13/2018 5:30:42 PM EDT
[#14]
...Because baby boomers did nothing (both publicly and privately) to save for retirement? And only really 'invested' in their McMansions
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Posted: 12/13/2018 5:31:43 PM EDT
[#15]
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Paying the bills(not Bro Dozers and boats or too big houses or drinking). |
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Posted: 12/13/2018 5:32:33 PM EDT
[#16]
Quote HistoryQuoted:
Its dropped for a couple of reasons, one of them being the number of deaths to opioids. They tend to kill off younger people, so those deaths will skew the numbers down. The other factor were obesity, which shouldn't be seen as much of an outlier. Quote HistoryQuoted:
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65 was established as the retirement age when average life expectancy was 61...so today's retirement age should be ...82? 78 I think is the new expectancy. The other factor were obesity, which shouldn't be seen as much of an outlier. |
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Posted: 12/13/2018 5:32:52 PM EDT
[#17]
Quote HistoryQuoted:
Practiced law for 33 years. Then I started a new career two years ago at age 61. It will take me 10 years to vest for retirement. I'll take SSI at age 70 to double dip for a few years. I'll probably do 12 and retire at 73. Then probably start another career path as I haven't decided what I want to do when I grow up. 
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Posted: 12/13/2018 5:33:19 PM EDT
[#18]
Quote HistoryQuoted:
So those of us who are not fat druggies are actually living longer than previous generations? Quote HistoryQuoted:
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65 was established as the retirement age when average life expectancy was 61...so today's retirement age should be ...82? 78 I think is the new expectancy. The other factor were obesity, which shouldn't be seen as much of an outlier. |
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Posted: 12/13/2018 5:34:13 PM EDT
[#19]
Father has been self employed for all but 2 years of his life, doubt he ever stops working before death.
My uncle climbed the ladder at a large company and retired. He worked as a consultant in Mexico for a handful of years and then went back to the same company at a lower position supervising crews because he wants to feel productive. He is well past retirement age. Personally I think they should leave the work force to open up spots for the yutes. |
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Posted: 12/13/2018 5:36:44 PM EDT
[#20]
Quote HistoryQuoted: The guy was a machinist, he had to be getting paid decently enough to put back $10k a year. That compounded at 7% is over $1 million at his retirement, or $40k at 4% yearly withdraw. Very doable. I agree though that guy ,working at a big place, probably made great money. I could have saved more by shooting less but I decided to get some enjoyment where I can, rather than work, eat, sleep, repeat for 30 years. Knowing full well I'll being working forever. |
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Posted: 12/13/2018 5:38:12 PM EDT
[#21]
Quote HistoryQuoted:
If you work past your minimum retirement age, you are F-N stupid. 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. |
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Posted: 12/13/2018 5:40:16 PM EDT
[#22]
Quote HistoryQuoted:
I'll probably be working in some capacity until the end. I don't want to just sit around. |
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Posted: 12/13/2018 5:45:14 PM EDT
[#23]
I retired at 49. It’s all about long term planning and delayed gratification.
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Posted: 12/13/2018 5:47:14 PM EDT
[#24]
Quite a few people in this thread are in for a rude awakening later in life. If you are not sitting on at least $1.5 million, own everything outright and have income in the $50k+ range from combined sources like SS, pension, investments, IRA, etc..You have a 50%+ chance of running out. Especially if you retired before age 60.
Not only does shit happen. It happens with frightening frequency. I lost both parents in the last several weeks. One in need of full time care for the last 3 months..it could very well have gone on for A year or more. Home care or nursing home makes little difference. Dam few insurance policy’s cover that shit. $12k a month in care costs out of pocket and Medicare covered $10’s of thousands in hospice care costs... plus you still have to keep the house running. Pay people to do what they can not. You start needing $120k-$150k a year just to make ends meet and things unravel rapidly. 5-6 years battling cancer or some other horrible illness and you are broke. |
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Posted: 12/13/2018 5:48:30 PM EDT
[#25]
Quote HistoryQuoted:
Yep. Quote HistoryQuoted:
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65 was established as the retirement age when average life expectancy was 61...so today's retirement age should be ...82? 78 I think is the new expectancy. The other factor were obesity, which shouldn't be seen as much of an outlier. 
My FIL has a couple of decades as a successful retirement advisor and he has an interesting perspective on retirement based on his experience. It basically boils down to this: you can't save too much and you can't save enough. He's seen countless multimillion dollar retirements wiped out with bad luck or illness. He's also seen people scrimp and sacrifice their lives away and die long before possible retirement. It comes down to luck of the draw. |
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Posted: 12/13/2018 5:48:59 PM EDT
[#26]
I'm in my 50s and would LOVE to retire, but there are about a million reasons why I can't.
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Posted: 12/13/2018 5:53:49 PM EDT
[#27]
It's a sad mix of: 1) People unprepared for the end of pensions. 2) People that thought "I'll start saving, tomorrow" perpetually. 3) People that barely made enough to live, so no savings. 4) My personal favorite: Retired with plenty of money, but refused to adjust their life style accordingly, and burned through the assets.
From the Motley Fool "According to a BlackRock survey, the average pre-retirement baby boomer (defined as 55-65 years old) has $136,200 saved for retirement. Including additional savings and the effects of compound growth between now and retirement, this should translate into $9,129 in annual retirement income." That doesn't include SS, but adding $9k to the average Boomer benefit of $17k means they will only have $26k a year to live on. You think they might, just might, vote for politicians that will raise taxes to bail them out? |
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Posted: 12/13/2018 5:55:57 PM EDT
[#28]
I have 200k in retirement accounts .hopefully 1m by 59.5years age, though I'd rather retire in my 40s if I could
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Posted: 12/13/2018 5:56:08 PM EDT
[#29]
Quote HistoryQuoted:
Quite a few people in this thread are in for a rude awakening later in life. If you are not sitting on at least $1.5 million, own everything outright and have income in the $50k+ range from combined sources like SS, pension, investments, IRA, etc..You have a 50%+ chance of running out. Especially if you retired before age 60. Not only does shit happen. It happens with frightening frequency. I lost both parents in the last several weeks. One in need of full time care for the last 3 months..it could very well have gone on for A year or more. Home care or nursing home makes little difference. Dam few insurance policy’s cover that shit. $12k a month in care costs out of pocket and Medicare covered $10’s of thousands in hospice care costs... plus you still have to keep the house running. Pay people to do what they can not. You start needing $120k-$150k a year just to make ends meet and things unravel rapidly. 5-6 years battling cancer or some other horrible illness and you are broke. |
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Posted: 12/13/2018 5:57:21 PM EDT
[#30]
I'll retire when the last things I own are the clothes on my back, a 1911 and a single round of HST.
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Posted: 12/13/2018 5:58:27 PM EDT
[#31]
I suspect I'll keep working past that because I want to. I've done the no job for a year thing and really couldn't imagine doing it for years beyond that
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Posted: 12/13/2018 6:00:23 PM EDT
[#32]
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. Quote HistoryQuoted:
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If you work past your minimum retirement age, you are F-N stupid. He just enjoyed getting out, doing some work and bullshitting all day with the guys. If I could retire today I would. I've got another 30 years to go, assuming I live that long. |
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Posted: 12/13/2018 6:04:47 PM EDT
[#33]
Quote HistoryQuoted:
Man the job security of working somewhere 29 years is just crazy to think about. It sucked a lot at times, but many of my "Move your cheese" type friends have done worse than me long term. Sure they had some sweet gigs at times, but they dont last. My biggest problem? My pension cuts off next year. |
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Posted: 12/13/2018 6:04:47 PM EDT
[#34]
Wife and I are in our early 30s with one kid. At our current rate we could retire by 40 if we are really frugal and don't have more kids.
We will probably have one more kid and work until 50 and have a more comfortable lifestyle in retirement. But sadly I know far to many people who are in their 50s or 60s and have almost no savings, and are still in massive debt. And these are well educated, high earning people. Most could be millionaires if they had handled their money differently. For some reason the baby boomer generation bought heavily into consumerism and are now feeling the effects later in life. |
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Posted: 12/13/2018 6:05:35 PM EDT
[#35]
Quote HistoryQuoted:
We have another guy who retired from my place a couple years ago but just can't make ends meet. We bring him in 3 days a week part time, unless it is really really dead. I figure I hope they do the same for me if I end up in his shoes. If I could retire today I would. I've got another 30 years to go, assuming I live that long. Quote HistoryQuoted:
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If you work past your minimum retirement age, you are F-N stupid. He just enjoyed getting out, doing some work and bullshitting all day with the guys. If I could retire today I would. I've got another 30 years to go, assuming I live that long. I've been stuck home for a couple weeks and got asked by a guy today to help with a very small remodel in a house he bought, it was fun to actually get up and moving out of the house, I won't survive if I retire and get stuck at home for too long. |
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Posted: 12/13/2018 6:06:19 PM EDT
[#36]
I would like to retire from my career and then work a simple, stress free job for fun. I'll have to stay busy or I'll waste away fast.
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Posted: 12/13/2018 6:07:13 PM EDT
[#37]
I retired at 46yrs old
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Posted: 12/13/2018 6:09:01 PM EDT
[#38]
Quote HistoryQuoted: I sometimes wonder why you don't see more single guys in their 30s driving lambos around because that is about what marriage and kids have cost me in the past five years. |
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Posted: 12/13/2018 6:10:12 PM EDT
[#39]
Quote HistoryQuoted:
For some reason the baby boomer generation bought heavily into consumerism and are now feeling the effects later in life. I get it a bit, having projects and stuff is great, but sometimes their choices are 
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Posted: 12/13/2018 6:11:32 PM EDT
[#40]
Working until 66 years and 2 months, not a day longer.
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Posted: 12/13/2018 6:13:10 PM EDT
[#41]
Quote HistoryQuoted:
We have cops that have been working 30-40 years. I mean, crap, if I worked doing what i do, I’d be a 64 yr old patrolman at 40 yrs |
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Posted: 12/13/2018 6:13:22 PM EDT
[#42]
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.
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Posted: 12/13/2018 6:17:44 PM EDT
[#43]
Quote HistoryQuoted: Damn. I'm 42 and have 2k in my savings account LOL At least you still have some time to make retirement happen by 65. Got to get it in gear though. Living off just SS sucks. |
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Posted: 12/13/2018 6:18:27 PM EDT
[#44]
Quote HistoryQuoted:
Health insurance is the biggest obstacle to that. Paying from 62 to 65 is damn near impossible for most. Quote HistoryQuoted:
Quoted:
If you work past your minimum retirement age, you are F-N stupid. to answer OP's question: I probably won't retire until I am in late 70s. I am temporarily semi-retired, and it bores the SHIT outta me. I could easily work part-time another 30 years. |
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Posted: 12/13/2018 6:19:14 PM EDT
[#45]
Tag.
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Posted: 12/13/2018 6:19:51 PM EDT
[#46]
I plan to work until 55. After that I may work a few years longer if I like my job or if I haven't reached my goals. But it shouldn't be a necessity beyond then.
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Posted: 12/13/2018 6:19:51 PM EDT
[#47]
Quote HistoryQuoted: I sometimes wonder why you don't see more single guys in their 30s driving lambos around because that is about what marriage and kids have cost me in the past five years. |
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Posted: 12/13/2018 6:25:20 PM EDT
[#48]
I dont know when I'm going to retire but I know the day I'm going to die!
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Posted: 12/13/2018 6:28:07 PM EDT
[#49]
Retirement is not in my future. I like what I do and can do it until they throw dirt in my face. I still save, not enough, but I'm insured from crotch to crown so the wife an chirren don't have to worry about all that.
A looong line of bad decisions, two kids in college and a stay at home spouse doesn't lend itself to retiring, at least as far as I can see. I'll have fun while I'm here and not worry about the "golden years". |
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Posted: 12/13/2018 6:29:04 PM EDT
[#50]
Divorce is why I’m still at work at current job with over 32 years of service.
There’s probably many men that saw that wrecking ball and have to stay at it. This or an illness can rape a retirement plan. |
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