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I retired at 46. I don't know what qualifies as "max retirement age." My employment allowed me to retire as a part of a defined benefit pension plan, with COLA increases, after a minimum of 20 years of employment.
If max age relates to Soc Sec, I won't ever receive it because of something called a Goverment Pension Offset, which means that my previous contributions have been stolen from me. As such, it has no meaning to me.
I will now continue working, but for myself. Actually, my job will be geared towards personal improvement and learning new skills. It's not meant to make money, but to develop kinestic skills that I've always wished to explore.
So, work will continue, but it's really not work. When work is enjoyable, it's no longer work.
At what age will you retire and will will you retire early or work to max retirement age.
Hey Capt; I retired when I was first offered a pension.
The employer that I worked for offered me a pension and was booting me out the door on the same day [my EAOS], they call it your 'High-Year-Tenure'.
Had I been able to advance further up their corporate structure up to a higher pay-grade, then my 'High-Year-Tenure' [HYT] would have been longer.
At my mid-management level in their structure, my HYT was at 20 years [rounded to the end of the following month]. Had I advanced up one pay-grade than my HYT would have been 24 years.
I was employed with them when I was 18. Then at 24 I severed my employment with them and went to college, in college I was able to utilize a benefit program that I had qualified for during my previous employment period. I attended college for four year on their dime. When I was 28, one of their HRO personnel had been after me to go back to them. So I did. I also discovered that they offered a variety of benefit programs that allowed me to continue taking college courses; I finished an Associates of Sciences degree in Horticulture, a Bachelor of Science degree in Electronics, and a Master of the Arts degree in Theology. I completed my 20 year career when I was 42, when I reached my HYT and got my pension.
Seeing that you are a 'Captain' I am sure that you are familiar with my employer and their pension process.
Like 'Garth';
Quote:
... My employment allowed me to retire as a part of a defined benefit pension plan, with COLA increases, after a minimum of 20 years of employment.
Sounds like Garth and I had the same employer.
"... work will continue, but it's really not work. When work is enjoyable, it's no longer work."
I bought a small farm with a portion of my investment portfolio, I am building a house and I market organic produce.
Hey Capt; I retired when I was first offered a pension.
The employer that I worked for offered me a pension and was booting me out the door on the same day [my EAOS], they call it your 'High-Year-Tenure'.
Had I been able to advance further up their corporate structure up to a higher pay-grade, then my 'High-Year-Tenure' [HYT] would have been longer.
Opposite for the spouse - as senior engineer at a Fortune 50 company, drawing the maximum salary an engineer can make (without going into management), so he was one of the first to be offered money to go away (early retirement), since they can replace him with 2 engineers fresh out of school. Which he gladly took, in cash, as he had little to no faith that what pension benefits the company offered regular retirees would be around throughout our retirement. Of course, they can't replace his skills and knowledge, which is why they've tried to call him back 3 times in 7 months. So now we're both retired, at 54 and 48.
We both still do occasional work (he does 15-10 hours of engineering consulting a month, and I do some editing).
If I am supposed to accumulate a pot that will pay me 80% of my current income each year until the magic age (which I think the CFP's now say is 92?), I honestly don't think I will ever be able to retire..or not until about age 86. So much for rules of thumb..
Last edited by casualobserver; 01-18-2008 at 10:28 AM..
GreatDay'
It depends on what field your in. My job has a max at 65 and your removed (with a nice pension of course). The NJ State Police force you out at 55 YOA. They consider that age as to old to be a trooper.
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