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Old 02-14-2016, 02:49 AM
 
71,511 posts, read 71,674,131 times
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I do technical training for the firm 2 days a month
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Old 02-14-2016, 04:10 AM
 
13,880 posts, read 7,391,112 times
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Quote:
Originally Posted by Escort Rider View Post
When I retired at age 61, an aunt, now deceased, told me I was fortunate to be able to retire early. Her remark surprised me because in my mind I wasn't retiring "early"; in terms of the way my pension system is structured, that is a pretty normal age to retire. My aunt's perspective was different; she was thinking about the Social Security full retirement age, which for her generation was 65. That's what she was used to among the people she knew - retiring at 65.

Likewise for me, the people whom I observed retiring were mostly colleagues who were, naturally, under the same pension system I was. That is why I wrote earlier in this thread that retirement in one's early to mid 50's seems to me like a practice from another planet - it just doesn't seem normal. But I hasten to repeat that I don't see anything wrong with it providing that the early retiree doesn't end up on the public dole.

I think the negative reactions some early retirees have written about in this thread do stem from jealousy. After all, if a person can retire at age 50, that means the person was financially successful to an extraordinary degree, way beyond the experiences of us normal Joe's and Jane's. Compare it to someone who owns a Ferrari, which would be a symbol of apartness from the norm which in turn could provoke envy and resentment on the part of some people.

Obviously the jealousy and resentment will be greater on the part of people who hate their jobs. It has always amazed me how many posters in this Retirement Forum hate(d) their jobs with a passion; it's as if they cannot find language sufficiently strong to describe the hatred.
For me, it's not jealousy. Pretty much everyone I know who retires early has a public sector job. Nobody else these days has pensions and those kinds of early retirement deals. I pay big Federal income taxes and property taxes where a chunk of it goes to fund public sector union contracts that are totally out of whack with what has been available to me in the private sector. In the private sector, if you insisted on those benefits, they'd chain the doors and your job would vaporize to Asia or Mexico. If you look at all the unfunded pension liability spread around the public sector, we face some fairly frightening financial problems paying for those benefits. States can't go bankrupt so those places with the union public sector and the huge unfunded pension liability are going to have to slash spending on everyone else and jack up taxes to pay for it. That will simply hasten the collapse as industry and wealthy people move to lower cost regions that don't have a unionized public sector. Illinois. New York. Connecticut. Rhode Island. New Jersey. They're F'ed. Probably California. When your tax base collapses because everyone moves away, you end up with a Detroit or a Flint.
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Old 02-14-2016, 01:01 PM
 
Location: Sugarmill Woods , FL
6,235 posts, read 5,896,154 times
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Quote:
Originally Posted by Just Conversation View Post
At Christmas a group of relatives was talking to my brother who retired in his late 50s. He had lost his job but got a huge severance check and decided after some thought that with savings and great investments he could afford to retire from full time work.

I don't know if it was jealousy or ignorance or whatever, most of the relatives in the discussion did not think it was right that someone would retire in their fifties. One older guy in his 70s, told him, "In my day, you were expected to work until age 65, then you can retire." Another person said, "But your still young, why would you want to just sit around the house all day at your age?"

What do you think about people who retire in their 50s?
I retired at 55 with 30 years working at the same place. I have a good defined benefit pension that allows for a comfortable retirement I can't out live! If others don't like I retired before age 65 I really don't care!
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Old 02-15-2016, 03:29 PM
 
12,825 posts, read 20,132,535 times
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Quote:
Originally Posted by vision33r View Post
I see way too many folks over 60 still working and not retiring and companies can't fire them so just keeping them around. Some of these folks are in management so they protect their jobs while they stifle young people at these companies. So many young workers sees a job as a lot of old people, they just get up and leave. These are the companies that exploit immigrant workers because they have thick layer of aging workers that can't perform the job but the company still needs advance level work done. They can't hire young people who refuse to work for older people and get no promotion. So these companies turn to immigrants on contract work visas to complete the work on low pay.

I think it's time America should think about mandatory retirement. I hate working for some 70+ manager who can't keep up with today's world and expects people of working age to solve all of the problems using their accepted old ideas that don't work.

Hang it up please for the betterment of society and your kids and grandkids.
Yeah that's the ticket. Just think, we can really ramp up the SS and Medicare spend, and meanwhile, we can replace all the people who max out every year with a bunch of low paid new grads and H1Bs!

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Old 02-15-2016, 03:33 PM
 
12,825 posts, read 20,132,535 times
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Originally Posted by Stonepa View Post
Not sure what you mean by #2 - 'win big in the private sector' but that isn't us, unless you mean we had great parents that taught us the true value of a dollar, worked hard, made tough prioritized choices (including making the choice to move from a very high cost city to a very low cost city with good public schools), and kept what we earned. If that was what you meant then, yes, we won big.

I know not everyone has been as lucky as us. Some have family in cities that have become extremely high cost, some have student debt, an illness that has set them back financially and career wise, some have had misfortune or been laid off. Totally get it. But I also know that lots of people make little choices that add up to preventing them from doing what they really want in life. Ah, that car is only $499/month. I can afford it! I deserve to got out to eat multiple times a week! My kids just have to go to private or parochial school! All of these nickels and dimes add up. We chose to keep those nickels and dimes.
Just look at the stats.

There are very few people in your boat.

Even someone like me who makes a decent (not great, but decent) salary, and who's lived frugally, has no kids and whose only "vice" has been to live where the jobs are and where I grew up (yes, admittedly high COL), is not going to reach that magical 1M mark prior to retirement, barring some sort of unexpected very positive turn of events.
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Old 02-15-2016, 04:04 PM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
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Quote:
Originally Posted by BayAreaHillbilly View Post
Just look at the stats.

There are very few people in your boat.

Even someone like me who makes a decent (not great, but decent) salary, and who's lived frugally, has no kids and whose only "vice" has been to live where the jobs are and where I grew up (yes, admittedly high COL), is not going to reach that magical 1M mark prior to retirement, barring some sort of unexpected very positive turn of events.
There are a lot more variables to factor in, that you seem to be ignoring.

Have you gained control of your budget?
How about your personal tax-plan? Are you still paying income taxes?
How much are you investing?

If you make a 'decent' income, reduce fluff spending to a minimum, form a good tax-plan to stop paying into the IRS, then you can make huge leaps with your investments.
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Old 02-15-2016, 04:38 PM
 
Location: Yavapai County
746 posts, read 481,954 times
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Quote:
Originally Posted by Vision67 View Post
I concur.

I actually loved my job; it's why it was so hard for me to retire.

I guess I must be very lucky to have found a career that was so much fun. Honestly, I couldn't believe they were actually paying me. I always looked forward to Mondays.

Guess I'm weird.
You're not weird, you are fortunate. Forgive me if someone already asked and I missed it, but what did you do in your career?
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Old 02-15-2016, 04:53 PM
 
Location: Lake Grove
2,753 posts, read 1,973,603 times
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Quote:
Originally Posted by Cnynrat View Post
I retired about a month ago at age 60, and I've gotten a lot of comments about being "too young to retire." My answer is there is no such thing as too young to retire. If you plan well, save enough and/or have a good pension, and that's what you want in life then by all means go for it. On the other hand if you want to work until you are 75, more power to you.

In a way I feel sorry for people who envision retirement involves a lot of sitting around all day. That comment tells me there never was much in their lives beyond work and perhaps their kids, which I think is sad. I've always had a lot of other interests and hobbies outside of work, and for a long time had felt that the one thing I was most short on was time to pursue all those activities as fully as I'd like. After 39 years of devoting most of my time to my career I now have a chance to devote most of my time to other things I love to do while I am still young enough and healthy enough to enjoy them to the fullest.

Dave


I agree. People who say they've nothing to do if they retire are the types that never lifted a finger around the house, and never had any hobbies or interests apart from television. I was home for 5 months following an operation, and between various errands and doctor/physical therapy visits, there never seemed to be enough time. Men don't live long in my family, so as soon as I hit that magic number, 55 in my case, I am DONE with work. The only thing that will stop me is if these silly politicians ruin our economy further and my home is worth less than it is now. I have no children, so there's no adult children to support or leave a large inheritance to, and my significant other can handle things on their own. We will be moving away from NY and the brutal winters, to AZ where it's warm. If I should need extra money, I can always get a part time job somewhere, and leave whenever it gets on my nerves.
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Old 02-15-2016, 05:20 PM
 
Location: Miraflores
782 posts, read 893,007 times
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Quote:
Originally Posted by Just Conversation View Post
What do you think about people who retire in their 50s?
I think they are "late-bloomers"!
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Old 02-16-2016, 08:01 AM
 
Location: Colorado Springs
4,833 posts, read 4,947,484 times
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Quote:
Originally Posted by bigbuglf View Post
You're not weird, you are fortunate. Forgive me if someone already asked and I missed it, but what did you do in your career?
I am an electronics engineer. I did design of integrated circuits, I was in charge of manufacturing engineering and I did development of analog and microwave multi module circuits for high speed instrumentation.
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