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Old 04-22-2014, 08:38 AM
 
Location: Mt. Lebanon
1,844 posts, read 1,942,900 times
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retirement age is not something set in stone. Therefore to me the "ideal" age should be different form person to person.

Retirement depends on many factors like life style and what you want to do with yourself. I know people who retired early only to open a business of some sort. Others retire overseas. Others travel. Others move to Florida. It has to do with health, finances and life styles. In all cases it requires planning.
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Old 04-22-2014, 09:04 AM
 
20,096 posts, read 11,147,574 times
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How old is the concept of "retirement" as a general expectation anyway? Is it older than a single generation? Is it older than the War Generation and the older Boomers? I think everyone earlier than the first Social Security retirees expected to work until they died.
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Old 04-22-2014, 09:10 AM
 
29,774 posts, read 34,856,103 times
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Quote:
Originally Posted by jrkliny View Post
There is nothing wrong with being 20 something, but I think I would sooner take financial advice from someone with a bit more experience.
My daughter in law got her CPA at 22 and companies have been paying her boatloads of money to manage their millions since. She is only one of many 20 something's who have been leading the nations finances. Would you sooner listen to a Wharton MBA graduate or a anonymous forum buddy in their fifties.
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Old 04-22-2014, 09:12 AM
 
29,774 posts, read 34,856,103 times
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Quote:
Originally Posted by Ralph_Kirk View Post
How old is the concept of "retirement" as a general expectation anyway? Is it older than a single generation? Is it older than the War Generation and the older Boomers? I think everyone earlier than the first Social Security retirees expected to work until they died.
Bada Bing!
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Old 04-22-2014, 09:33 AM
 
6,239 posts, read 4,721,373 times
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Quote:
Originally Posted by TuborgP View Post
My daughter in law got her CPA at 22 and companies have been paying her boatloads of money to manage their millions since. She is only one of many 20 something's who have been leading the nations finances. Would you sooner listen to a Wharton MBA graduate or a anonymous forum buddy in their fifties.
Congratulations on having a daughter who is a Wharton MBA. Yup that trumps a 50 something forum poster and especially a 20 something with a business degree from a local college.

I suppose I should pay less attention to the speaker and more attention to the content. Unfortunately I was not impressed by either. Spending a lifetime putting aside 20-30% for retirement seems like a poor choice and is certainly advice that is of little value for most people. It might be better for some of us to enjoy our lives and money at all ages and even sent a kid to Wharton or in my case JHU.
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Old 04-22-2014, 09:35 AM
 
Location: Central Massachusetts
4,800 posts, read 4,844,519 times
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Quote:
Originally Posted by jrkliny View Post
Why am I not impressed with wisdom about retirement coming from a 20 something? And who is going to save 15 or 20 or 30% of their income? And why?
First I agree with your initial statement about getting information from a 20 something. As to who and why is pretty simple. Who is those who can afford to and want to. The why is so they do not 1 end up like their parents, 2 end up like their parents, 3 because they expect to live when work is over for them.

Quote:
Originally Posted by Aggiebuttercup View Post
I got my first mortgage at 24, and it was mind-boggling to think I would be paying on something until I was 54. That was older than my parents were, and it was very hard to fathom what might life might look like then.
....
That was a scary process wasn't it. I remember my first mortgage. Yikes!!!!!

Quote:
Originally Posted by XRiteMA98 View Post
retirement age is not something set in stone. Therefore to me the "ideal" age should be different form person to person.

Retirement depends on many factors like life style and what you want to do with yourself. I know people who retired early only to open a business of some sort. Others retire overseas. Others travel. Others move to Florida. It has to do with health, finances and life styles. In all cases it requires planning.
Point well made and I hope is taken as such. Everyone has their own idea of what they want to do in retirement if they retire.

Quote:
Originally Posted by Ralph_Kirk View Post
How old is the concept of "retirement" as a general expectation anyway? Is it older than a single generation? Is it older than the War Generation and the older Boomers? I think everyone earlier than the first Social Security retirees expected to work until they died.
I believe you are correct. The actual concept of retirement came from those days just after the depression. Most companies didnt offer pensions. I even believe that the Railroad pension wasnt even around until then as well.

Quote:
Originally Posted by TuborgP View Post
My daughter in law got her CPA at 22 and companies have been paying her boatloads of money to manage their millions since. She is only one of many 20 something's who have been leading the nations finances. Would you sooner listen to a Wharton MBA graduate or a anonymous forum buddy in their fifties.
Well the question isnt as cut and dry to me. If that CPA is going to make money on my investments I would rather talk to an anonymous forum buddy for free advice that I can check out. If that Buddy is sending me bogus advice then of course that CPA looks good. Still everyone needs to do homework before you make any specific commitments.

I can relate to this with a short story. I once went to A L Williams seminar and was talked into joining their ponzai scheme. Those of you that know them will understand. They preached by term and invest the difference. Of course they had the perfect products until you looked deeper but they sort of hid it. The term insurance was okay and competitive but their mutual fund at the time they were pushing was Fidelity Destiny II. It is a front loaded fund that took a large percentage of your money in the first 2 years of your investment. It also had a maintenance fee that neared 2%. The seminars were like religious services and they were preaching.

My point here is that it is easy to be given bad advice by anyone. It is just as easy to get good advice. Everyone just needs to understand where the advice is coming from. Know if there is an agenda from that advice and recognize it as quickly as possible. React in a possitive manner to good and bad advice. Read as much information out there using the forum here and elsewhere, books at the library, and trusted financial institutions and publications.
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Old 04-22-2014, 09:38 AM
 
Location: WA
5,394 posts, read 21,388,001 times
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Quite often it is not the individual that is the primary factor in retirement but the environment where one lives / works.

I had a great plan with a company that had a terrific and fully funded retirement plan but after 15 years of service the company was acquired and employees had to make life decisions with a settlement. Many older employees with long service actually retired but most of us agreed to a settlement plan and went off to find other employment. Those of us in the 45 - 55 age range had a difficult time finding comparable employment.

And then after ten years with another company a downturn in the economy combined with major reorganizations made continued service less lucrative and secure. After a brief look at the marketplace for older recruits with my skills I chose to retire, 5 to 8 years earlier than my target, and only because I had savings to go with two abbreviated retirement settlements.

I would guess at least as many people default into retirement than chose it in today's world.
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Old 04-22-2014, 09:39 AM
 
29,774 posts, read 34,856,103 times
Reputation: 11687
Quote:
Originally Posted by jrkliny View Post
Congratulations on having a daughter who is a Wharton MBA. Yup that trumps a 50 something forum poster and especially a 20 something with a business degree from a local college.

I suppose I should pay less attention to the speaker and more attention to the content. Unfortunately I was not impressed by either. Spending a lifetime putting aside 20-30% for retirement seems like a poor choice and is certainly advice that is of little value for most people. It might be better for some of us to enjoy our lives and money at all ages and even sent a kid to Wharton or in my case JHU.
She went to Penn State, I was using another example. I should add congrats to your kid from another JHU alum. My point as you know is that intelligence and common sense are not age restricted nor is umm, ummm you know.
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Old 04-22-2014, 09:44 AM
 
6,306 posts, read 5,049,308 times
Reputation: 12815
Quote:
Originally Posted by Aggiebuttercup View Post
I got my first mortgage at 24, and it was mind-boggling to think I would be paying on something until I was 54. That was older than my parents were, and it was very hard to fathom what might life might look like then.

Now I'm in my mid-30s, and I can totally picture my life in my 50s.

I do agree that parents provide a huge example - positive or negative - for the succeeding generations to follow. I am mirroring my parents. Dad retired at 55 (and died at 58). Mom just retired at 60.

When mom retired, I realized maybe I could retire before 65/70 if I also planned well enough. On evaluation, what I thought was a haphazard savings strategy has actually been pretty good, primarily because I had internalized so many of the lessons my parents taught so I never had to think about things like whether to contribute to get the full 401k match or not.

We've ramped up the savings goals now to target retirement at 55 for him (more manual labor job) and 60 for me (air-conditioned office). Our plans do not include relying on Social Security, but may include part-time work in another field periodically after retirement. I think it's very likely we'll meet those goals.

My H and I save 17% of our gross income for retirement, 3.5% for the kids' college funds, and about 3% for short-term goals. The savings rates will increase as daycare charges (abt 7% of gross income) decrease. My home will be paid off when the youngest child goes to college (and I'm 50). We think we will be able to live easily on less than 50% of our current gross income after retirement (probably closer to about 35%). We're lucky because we make a good living and we can afford to save a lot.

If the 20-somethings who want to retire early make wise choices, either because their parents taught them well or because they have learned enough on their own to do so, then I don't think this is too idealistic.
I had a 15 year mortgage and wished I had done 10 years instead. But it is nice to be free of that bill and enjoying retired life that started at 44.
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Old 04-22-2014, 09:45 AM
 
29,774 posts, read 34,856,103 times
Reputation: 11687
Quote:
Originally Posted by cdelena View Post
Quite often it is not the individual that is the primary factor in retirement but the environment where one lives / works.

I had a great plan with a company that had a terrific and fully funded retirement plan but after 15 years of service the company was acquired and employees had to make life decisions with a settlement. Many older employees with long service actually retired but most of us agreed to a settlement plan and went off to find other employment. Those of us in the 45 - 55 age range had a difficult time finding comparable employment.

And then after ten years with another company a downturn in the economy combined with major reorganizations made continued service less lucrative and secure. After a brief look at the marketplace for older recruits with my skills I chose to retire, 5 to 8 years earlier than my target, and only because I had savings to go with two abbreviated retirement settlements.

I would guess at least as many people default into retirement than chose it in today's world.
Work environment and climate is so very important. It can be there you learn from those close to and fully able to retire along from others who aren't. The timing part along with fate and bad luck can smack us at any time. I had trigger ages and once I reached each one I breathed a sigh of relief and said on to the next one. We have one more income one and health and the economy willing we will be even more good to go. But until you reach the next stage you haven't.
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