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Old 01-09-2011, 04:16 PM
 
10,485 posts, read 13,597,950 times
Reputation: 6330
Lightbulb Five Biggest Mistakes Retirees Make

I saw this on Aol today:

Five Biggest Mistakes Retirees Make
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Old 01-09-2011, 06:00 PM
 
Location: Cleveland Heights OH
13,188 posts, read 9,226,438 times
Reputation: 12241
I had always planned to work part time after retirement which by the way began last week. Due to health issues, I can no longer work full time. I wouldn't mind being a WalMart greeter in the slightest. I think the author is being a bit snobbish about having to continue to work. A job is a job if you want/need one.

And BTW, this first week went by so fast with doctor appointments and making appointments for Medicare choice advice and hanging with some other old retired friends I didn't even have time to miss my former job.
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Old 01-10-2011, 07:18 AM
 
Location: Northern VA
4,008 posts, read 2,994,055 times
Reputation: 3337
Quote:
Originally Posted by Minervah View Post
I had always planned to work part time after retirement ....
Me, too, but it will be three years in April since I retired, and I haven't worked a day yet! I love being a full-time retiree.
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Old 01-10-2011, 08:12 AM
Status: "Have you hugged your dog today?" (set 15 days ago)
 
6,092 posts, read 2,532,586 times
Reputation: 10890
I'll add a 6th-getting scared by every article written about retirement. I also plan on working part time. Looking forward to it, actually. Greeter at Walmart? Maybe, for a while. When I get sick of it, on to Micky D's or Burger King. Maybe clean a few offices/banks after hrs. Or file books in a library. There's a whole world of jobs to explore. Menial is an attitude I do not share.
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Old 01-10-2011, 08:35 AM
 
4,985 posts, read 5,426,204 times
Reputation: 5394
Quote:
Originally Posted by GreenGene View Post
I love being a full-time retiree.
Ain't it great!

I don't think I could fit a p/t job into my life right now even if I wanted to!

And I definitely don't want to!
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Old 01-10-2011, 08:44 AM
 
5,985 posts, read 5,021,782 times
Reputation: 5854
Quote:
Originally Posted by Minervah View Post
I had always planned to work part time after retirement which by the way began last week. Due to health issues, I can no longer work full time. I wouldn't mind being a WalMart greeter in the slightest. I think the author is being a bit snobbish about having to continue to work. A job is a job if you want/need one.

And BTW, this first week went by so fast with doctor appointments and making appointments for Medicare choice advice and hanging with some other old retired friends I didn't even have time to miss my former job.
I don't know who the writers of these articles are working for; almost seems like Wall Street and they fail to recognize the country extends beyond the Hampton's.

I am preparing to retire sometime between 3 to 7 years from now and speaking plainly I have nowhere near the cash on hand many are telling me I need. I am one of those where most (75%) of my retirement income will be from social security.

Quote:
About 33% of people older than 62 are living on Social Security alone. Social Security says the average monthly payment in 2010 was $1,164. That's $13,968 a year.
If you are 62 and have half a million or so liquid cash in the bank you could retire but most of us don't have anything near half a million. I know I don't.

Retiring in poverty is caused by sometimes people just blew it but sometimes bad things happen to good people which is why we have social security.

Is that $1,164 average per person or is it average per household? If the husband receives $1,700 and the wife gets $628 there is your average but in many parts of the country two people can live comfortably enough on $2,328/month as long as they have zero debt, own their home home and property taxes aren't ridiculously high. In southern Alabama you can live very well on such a small amount but for two people in New York they'd have to eat cat food.

There is also the option of working "just a year longer". For me the difference between retiring at 66 and 67 is $180/mo which is enough for all our utilities. For me the difference between 66 and 69 is all utilities, food, insurance and property taxes. The difference between living where I live and the Hampton's is property tax (homestead exemption) is less than $1,000/year. In talking to other people I am convinced I can live better on $2,200/month in in Flyoverville than $3,600/mo living 50 miles outside of New York City. What we are striving to do is retire on $3,600/mo while living in Flyoverville.

Quote:
Originally Posted by MadManofBethesda View Post
Ain't it great!

I don't think I could fit a p/t job into my life right now even if I wanted to!

And I definitely don't want to!
Which is exactly why I would work an extra year or two because once I do retire that will be it.
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Old 01-10-2011, 09:53 AM
 
Location: Baltimore
1,749 posts, read 4,114,280 times
Reputation: 1595
I never planned on working after retirement, but my former boss continued to contact me every few months to ask if I'd reconsider. I finally decided to give it a shot, and I have to admit that it's working out very well. I usually work about 20 to 24 hours a week, and most of that time I work from home. My boss always asks first if I want to take on whatever project she has in mind, so I have turned down the ones that don't appeal to me (for example, a public speaking engagement. I've never enjoyed this, so I told her I'd rather not and she assigned it to someone else). The extra money is nice and is allowing me to do some traveling and making purchases that otherwise would have stretched my budget (gotta do my part to stimulate the economy). If I get to the point where I'm no longer enjoying this, I'll either take an extended hiatus or just quit.

I realize not everyone will have an option like this, but it's working out pretty well for me.
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Old 01-10-2011, 10:09 AM
Status: "Save a life; carry a gun." (set 5 days ago)
 
Location: Cody, WY
4,587 posts, read 3,331,769 times
Reputation: 7032
Quote:
Originally Posted by janetvj View Post
I never planned on working after retirement, but my former boss continued to contact me every few months to ask if I'd reconsider. I finally decided to give it a shot, and I have to admit that it's working out very well. I usually work about 20 to 24 hours a week, and most of that time I work from home. My boss always asks first if I want to take on whatever project she has in mind, so I have turned down the ones that don't appeal to me (for example, a public speaking engagement. I've never enjoyed this, so I told her I'd rather not and she assigned it to someone else). The extra money is nice and is allowing me to do some traveling and making purchases that otherwise would have stretched my budget (gotta do my part to stimulate the economy). If I get to the point where I'm no longer enjoying this, I'll either take an extended hiatus or just quit.

I realize not everyone will have an option like this, but it's working out pretty well for me.
I bet it makes you feel good, too. I had an aunt who retired at least three times. They always got her to come back. She loved the fact that they needed her.
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Old 01-10-2011, 10:30 AM
 
Location: Baltimore
1,749 posts, read 4,114,280 times
Reputation: 1595
Quote:
Originally Posted by Happy in Wyoming View Post
I bet it makes you feel good, too. I had an aunt who retired at least three times. They always got her to come back. She loved the fact that they needed her.
I have to admit that it is nice to feel needed.
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Old 01-10-2011, 02:12 PM
 
2,468 posts, read 933,701 times
Reputation: 841
Cheerful piece. As to the part about having enough. What is always overlooked is that the amount you need to start with when considering how much you need, is the basic living expenses. Think post retirement, not pre retirement. Because if you commute, then auto fuel and maintenance can and should go down. So too with the clothes budget, purchasing and maintaining. Maybe you eat out several nights week because you are just too tired from the workday and or commute to fix dindin. Eating meals at home is much cheaper and better nutritionally.

Blah, blah, blah.

Looking forward too, planning for and enjoying one of the great passages in our lives, retirement, should be a happy and joyous occasion. Let's not worry and kill the moment by seeing only the Debbie Downer side of things.

Really, we ought to question what kind of life the people who write these things live.

There! I feel better.
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