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When you work in the public sector, you see the same thing with pensions. There are some people who just can't wait to get their hands on that pension as soon as they're eligible even if they'll be penalized for being under a certain age, even if they'll be penalized for having less than x years in the system, even if the pension is a pittance because of their lack of time in the system and the penalties. It doesn't matter that they're unlikely to find another job with equivalent pay and benefits. They're out the door.
No plan, no alternatives, nothing. It's just, "I'm eligible, so I'm going." You'd think that somebody so anxious to leave a job would have something else he/she wanted to do but nope, it's just get out. Now. And many of these people are not blue-collar types but white collar professionals, from teachers to program directors to computer programmers, who you would think could make rational decisions.
That describes me pretty closely. Had had enough with State government and the chance to get out, even at 48, was too much for me to resist. 50% of my pay (but with health benefits) was a pretty big cut and I under-budgeted what my "retirement" would cost me (as I was biased towards leaving, I wasn't conservative enough with my calculations). I certainly planned to work again, maybe part-time, to supplement but the "early-out" came up quickly and with a short window to elect it so having a job right off the bat wasn't reasonable. Already had a healthy 401K to back me up, just in case, which helped. Found a job I really enjoy and now my retirement plans are open-ended (I'm 53 now).
One of my biggest regret is not trying hard enough to become a public worker. Most public jobs are very generous in terms of pension and benefits. One of the easiest jobs around. Depending on the job, you are barely working.
err...ummm...some of us are focused on interesting problems that require solution, thereby increasing our levels of knowledge and capability in the process - rather than how little work we can get away with, while still getting paid.
The "problem-solving" mindset is also what those in corporate control relate to. Along the way, you build a resume out of the world-stage problems to whose solution you have contributed.
I have observed that the "problem-solving" mindset pays more than unemployment insurance, SS or pension plans. It's a permanent fixture in your history. Nobody can ever take it away from you.
I have a real aversion to attitudes that describe a bunch of cows farting and feeding at pasture for eight hours a day.
I say retire when you financially can. When I say retire I say be at a position to work when you want where you want. Some people do like their employment so do it as long as you can but understand life's finances. Plan ahead.
Well I can tell you after 35 years of teaching in Florida. While I job teaching the kids everything else that has been thrown at teachers to do. Paperwork,can lessons towards test, job evaluations that have nothing to do with teaching plus the continuous barrage on how bad teachers are, the state is losing quality teachers in drove. The young good ones find other jobs elsewhere, the older ones as myself are on the way out.
Recently the state can't find replacements in fields like math and science and is begging the older ones to stay on.
If you think teaching is a cushy job go right ahead and take one. I will be retiring at 62 because the stress and the effects is having on me are not worth trying to make it to 70.
This country's attack on teachers and public education is going to have major adverse effects in the near future.
Who are these employers who are letting people work until 65-70?
Who are these employers that are hiring people in their mid 50s and older with attractive salaries and benefits?
Also, when you lose your job unexpectedly your 50s due to illness, restructuring, lay-off, etc; sometimes the decision to retire early is made for you.
i can tell you who they are but i don't think it will do you any good unless you are in long island , or jersey . my old company hires senior employees all the time because it is hard to find youngins with experience and a customer following .
My federal agency allows employees to work as long as they want and is willing to hire older, experienced subject matter experts. The benefits are relatively good but the pay will be less than what the employee made in industry or as a government contractor. However if the employee can work until age 62 with at least 5 years of service, they are eligible for health insurance in retirement and a pension.
At the start of the recession, we hired 5 older employees or about 15% of our office at the top of the payscale which meant limited salary increases although there was a provision for an extra bonus of a few thousand a year. After about 5 years most were grumbling about their pay but stuck it out to age 62. However, my agency is not interested in hiring managers from the outside, only those with specialized technical expertise. With the economy improving, we are no longer able to attract these experts.
I too say Retire when you financially can. Give the younger people more spots to find their way with jobs. I hear so many coming out of college and not being able to find adequate work.
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