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Old 05-06-2015, 11:46 AM
 
7,981 posts, read 3,465,270 times
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Nobody has a crystal ball. We see problems come up all the time with health or finance.
No use putting off retirement when financially prepared. I've never heard someone say "I wish I had worked a few more years". Life has no guarantees and why not stop and smell the roses? We could die tomorrow. For me I retired as soon as I could afford to. Not regretting a minute of it.
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Old 05-06-2015, 12:08 PM
 
Location: Albuquerque NM
1,659 posts, read 1,525,009 times
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Quote:
Originally Posted by adams_aj View Post
Well, now, we finally sat down, got our business in order (wills, POA, etc.) hired a financial advisor (at half price, due to employee discount) and have found that lo and behold: we have enough money, my wife and I, to cover Everything, with a 78% probability that we'll BOTH have enough money until we're 95--healthcare included.
I would not be comfortable with a 78% probability unless you have a family history of early death or can return to work if needed at a similar salary. Maybe if you work 2-3 more years and keep saving, it will increase to 90% or more.
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Old 05-06-2015, 12:15 PM
 
9,681 posts, read 15,864,806 times
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My Story---

This was about 30+ years ago. My parents died as a result of retirement/moving.

They had a 4/BDR home they had lived in for decades. They weren't exactly hoarders, but they did have decades worth of stuff they were at a loss as to what to do with. Ok, there were various options, but all they did was argue. Seemed they couldn't come to any type of conclusion to move forward. Their overall health was not so good, but nothing fatal, like cancer, etc. During the "move" they literally stirred themselves into a frenzy where they were at each others throats nearly every day. I lived in another state, and didn't realize the situation, although I couldn't have done much to help, anyways. Seemed they were more wrapped up in arguing than moving. I suggested they hire a professional moving company, along with an ample-sized storage unit. Store the stuff they disagreed on to sort out later. The area they lived in was dangerous. This was in Detroit, and had turned into a Crack Alley. They argued they couldn't afford to do so. I even offered to pay for it, look, they paid for my college, education, raised me, couldn't I now help pay back? No, .....they would do it their way. I later found tons of money, 6-figure bank accounts, they were saving for an emergency" Well, wasn't that an "emergency"?


Long story short....Dad died from a massive heart attack 3 months after finally getting "moved". Mother went into a serious decline and passed less than a year after Dad. What should have been a happy time of their lives turned into their demise.

Moral of my story---realize moving is a highly stressful event. It ranks up there with death, divorce, job loss, etc as a major stressor. Realize that, and take steps to mitigate the stress as much as possible. this isn't the time to get cheap. If you at all have the resources, hire what you can done, such as movers, packing, shipping, etc. This is what you worked for, what you saved for, this is the
emergency" or rainy day. Don't sweat the small stuff, don't worry about things you haven't seen or used for decades. Don't argue, its not worth it. so you may make a few bad decisions, you will get over it.

Realize you could be trading your life for a pile of stuff, is it worth it?
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Old 05-06-2015, 01:40 PM
 
Location: The Carolinas
2,003 posts, read 2,018,387 times
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Quote:
Originally Posted by ABQ2015 View Post
I would not be comfortable with a 78% probability unless you have a family history of early death or can return to work if needed at a similar salary. Maybe if you work 2-3 more years and keep saving, it will increase to 90% or more.
Sorry. Misstated: we have a 78% probability of being OVERINVESTED when we're both 95, meaning we'll have money left.

No female in my wife's family lives much past 68. No men in my family live past 92. So it's a better situation than it sounds.

But what about me feeling like I owe it to my company to stick around, since they (and virtually no others) were willing to hire me at 54? I still think they'll feel burned by it and not take a chance on another older worker. . . Things are bad enough for the older worker out pounding the pavement--I don't want to make it worse, even in this small of a way.

Oh, well, much like getting married, having kids, etc. If you wait until you're completely, absolutely ready it'll never be the right time.
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Old 05-06-2015, 03:02 PM
 
Location: Loudon, TN
5,783 posts, read 4,836,241 times
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adams ..you owe NOTHING to your employer at this point. They hired you and did not discriminate based on age. Good for them, big whoop-di-doo, they followed the federal law! That in no way obligates you to work for them for any set amount of time. I know that you know this, but you have some internal dialogue that tells you it is up to you to validate their hiring practices by working longer than necessary. And the idea that you owe it to other older workers to somehow help prevent future age discrimination? Ridiculous. You are one guy in one company, and the world will just keep turning, with or without your employment. Wake up buddy. They will lay you off in a heartbeat if it suits them. It is up to you to take responsibility for your life and do what makes you and your spouse happy if you can afford it. Don't keep working as some sort of martyrdom to other older workers, to validate being hired by your company. They needed someone qualified to do "X" for 40 hours a week and you were available, end of story.

Retire as soon as you feel financially capable. This thread has plenty of stories about why you should.
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Old 05-06-2015, 04:02 PM
 
1,769 posts, read 2,442,833 times
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Quote:
Originally Posted by Curmudgeon View Post
Now that's an interesting perspective. I suppose that under that philosophy, my wife and I are "wasting" a housing resource as it's just the two of us and we own a three bedroom house with two bathrooms and an all-weather sunroom. Should we sell the house and move into a one bedroom apartment so a bunch of people could move in? Why, with bunk beds at least 12 could take up residence. How selfish of us to stay where we are.

On the flip-side of the coin, we worked long and hard to afford and buy a nice retirement home in an area in which we wanted to live and on the shore of a very large (720 mile shoreline) albeit manmade lake. As I had lost everything I owned half of my retirement funds and all other resources in divorce and my current wife had raised her two daughters for 17 years with no support from their father and was also broke, we were renters until we both retired. I had always been determined, health until death permitting, to live out my life and eventually reach the end of my shelf life on my own property, not someone else's. So far, so good.

Sorry but I guess that you and the other 11 would be residents are just going to have to wait awhile to fill all the empty and wasted space here. I'm sure our neighbors like our plan better.
Seriously! I own 2 houses on my 2 acre lot and I live alone in the main, 3910 sq ft home. The cottage is unoccupied and ready for guests. There is no way I am sharing what I worked hard for - no guilt here and I am not a communist. Thankfully, I live in the USA where I am free to live as I please and I love being alone in all this space.

And a note on retirement horror stories. Goes to show you really need to have fun and spend money and travel and not obsess about having enough money in retirement - you may never make it.
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Old 05-06-2015, 04:39 PM
 
Location: Southwest Washington State
21,868 posts, read 14,377,315 times
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Quote:
Originally Posted by biscuitmom View Post
I agree. Someone dying close to their retirement is at worst a horror story for their survivors. For the occasional survivor, it's a blessing. That would be true if someone passed 5 years before or 5 years after retiring, generally speaking, so I don't consider such to be a "retirement horror story". There's the occasional oddball financial misfire that adversely affects surviving financial dependents, but again that can just as easily happen at any age.

I can't think of nor have I seen anything posted here that qualifies as a retirement horror story. When we reach retirement age, we're looking at our own mortality. That doesn't faze me. What does scare me is the idea of living a long time (with or without $$ resources) with a crippled mind or body. But again that's not a retirement thing, it's just an aging thing.
Yes.
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Old 05-06-2015, 04:43 PM
 
Location: Southwest Washington State
21,868 posts, read 14,377,315 times
Reputation: 30746
Quote:
Originally Posted by adams_aj View Post
Sorry. Misstated: we have a 78% probability of being OVERINVESTED when we're both 95, meaning we'll have money left.

No female in my wife's family lives much past 68. No men in my family live past 92. So it's a better situation than it sounds.

But what about me feeling like I owe it to my company to stick around, since they (and virtually no others) were willing to hire me at 54? I still think they'll feel burned by it and not take a chance on another older worker. . . Things are bad enough for the older worker out pounding the pavement--I don't want to make it worse, even in this small of a way.

Oh, well, much like getting married, having kids, etc. If you wait until you're completely, absolutely ready it'll never be the right time.
If you give your employer 10 years, I think you have done your duty. And, you can't really know your own mortality.
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Old 05-06-2015, 04:45 PM
 
Location: Southwest Washington State
21,868 posts, read 14,377,315 times
Reputation: 30746
Quote:
Originally Posted by ABQ2015 View Post
I would not be comfortable with a 78% probability unless you have a family history of early death or can return to work if needed at a similar salary. Maybe if you work 2-3 more years and keep saving, it will increase to 90% or more.
And maybe, if they work 2 or 3 more years, they will die on the job. Or get sick.

Everyone makes their own decisions. You make yours; they make theirs.
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Old 05-06-2015, 04:56 PM
 
5,822 posts, read 13,317,177 times
Reputation: 9290
Quote:
Originally Posted by Llep View Post
I disagree. This thread might inspire people to retire sooner if they can, especially if they are on the fence and pondering OMY (one more year).
I agree with you! I know several people who wanted "one more year" and dropped dead before they could retire, never collecting SS and in some cases (single) their pension. We retired at 62 and have never regretted it. No we didn't wait until we could collect our full SS, because we decided that while we are physically able to do the things we want, we were going to do them. We will have no regrets.
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