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Old 02-18-2016, 09:54 PM
 
13,872 posts, read 7,381,208 times
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I'm 57. I'd retire today if the replacement income math worked. I have a contingency plan where I've looked at what happens if I lose my job and can't find another. The ski condo goes. The boat goes. I have a roof over my head and I won't starve but I won't be able to do the things I love doing in the way I'm used to doing them. I'm planning to work until 65 1/2. The income replacement math works better then.
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Old 02-18-2016, 10:41 PM
 
1,734 posts, read 1,947,792 times
Reputation: 3901
Quote:
Originally Posted by matisse12 View Post
He did have a part-time job for quite a while, with scattered hours in late afternoon and evenings.

Part-time jobs which are satisfying or felt to be worthwhile for people with higher education or those who have masters degrees who are also older are not always all that easy to find.

Well, what's "suitable" anyway? I'm ridiculously overeducated. Once I hang it up, if I want to have some structure in my schedule, my dream job will be to drive an airport bus, lol!


Or to be a "night auditor" at a hotel. I always found that job title fascinating.


The thing for me is that post retirement jobs can be a way to experiment with other areas of life! After all, you don't need to pursue any of them long-term, as a daily grind.
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Old 02-18-2016, 10:56 PM
 
5,424 posts, read 3,440,673 times
Reputation: 13669
I would say:

1) whatever you can tolerate without going out of your mind

or

2) something you enjoy
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Old 02-19-2016, 09:06 AM
 
160 posts, read 88,912 times
Reputation: 530
Quote:
Originally Posted by TheShadow View Post
I'm so glad you find me and my friends and neighbors bizarre and preposterous. Those were merely examples, and they are ACTUAL examples of people I know personally. The opportunities for making money are limited for those without imagination and willingness to try. If a retiree lives in a retirement type community there are numerous opportunities without ever leaving their neighborhood. I could think of dozens of other examples of ways to make extra money, all being performed right here among my friends and neighbors RIGHT NOW so not theoretical, but your mind is obviously closed to those ideas, so I won't waste my breath. I never intended to say that these activities would be a person's sole support, but certainly they could supplement the "fixed income" that folks are getting from SS and their other resources.

Edited to add: The "many hours involved in making a product" are hours that the retiree has on their hands anyway, and the actual production of crafts and even baking is FUN for the maker. So it is definitely more profitable to spend 3 hours to make an embellished purse to sell for $35, or a wrought iron birdbath for $85, than to sit and watch TV or spend $50 at the golf course. There are many other avenues to sell other than craft fairs too. Some of my friends produce custom items to order, sell things on consignment to boutiques and even wholesale to local retailers. The granola lady has a "subscription" service and sells her granola to her subscribers on a monthly basis. My petsitting friends are so successful that they have to turn away folks because they get too many requests and they don't have the time to fulfill the need.


I agree with TheShadow. I have an Etsy shop and I love it! I love crafts and it's not only fun for me but I make a very good amount from it each month. Since my husband was forced into early retirement at the age of 61 my Etsy sales have grown and has now become one third of our monthly income.

As long as one is physically able there are so many things one can do...even if you don't have any crafty skills you could start a dog walking business, a car driving service, personal shopper.....the possibilities are endless! You just have to think of something that people in your area are willing to purchase. Even if you're not physically able to do a lot of things if you have good computer skills there are many opportunities there as well.

One can often turn a hobby or skill into a money making opportunity.
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Old 02-19-2016, 09:33 AM
 
Location: Loudon, TN
5,768 posts, read 4,822,990 times
Reputation: 19382
That's what I'm talking about Signs. Even "no-skill" type home-based businesses (like housesitting, or driving Uber) can supplement retirement income enough to make it more fun and to ease the tight budget constraints that some folks feel are holding them back from enjoying their early retirement Especially in retirement communities there are many needs you can meet and work your own schedule. Word of mouth spreads fast if you are providing a needed service. One guy in our neighborhood works part-time cleaning gutters and power-washing homes and driveways. He tells me he could work more than 40 hours a week at it if he took every job that he is offered. The same with the guy that painted our screenporch. He's a retired housepainter, but he works 30 hours a week doing small painting jobs right here in our retirement community. Everyone who provides a service gives you multiple business cards and says "Tell your friends".

Last edited by TheShadow; 02-19-2016 at 09:41 AM..
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Old 02-23-2016, 05:33 AM
 
12,677 posts, read 14,059,781 times
Reputation: 34728
Quote:
Originally Posted by Just Conversation View Post
....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."....
It's one thing to share some information about your earlier life. But I am in my late 70's, and when I hear or read someone use that "in my day" as a rebuke to what someone is doing now, in the present era, it really gets my back up.

"In my day," whatever decade I might locate that in, is as defunct as the proverbial door nail. That America is a dead letter, over, done, history.

Someone may, indeed, be doing something I think is stupid, selfish or whatever...but it is being done NOW, and like it or not it needs to be judged in the circumstances of now.
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Old 02-23-2016, 08:46 AM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
Reputation: 6377
Quote:
Originally Posted by GeoffD View Post
I'm 57. I'd retire today if the replacement income math worked. I have a contingency plan where I've looked at what happens if I lose my job and can't find another. The ski condo goes. The boat goes. I have a roof over my head and I won't starve but I won't be able to do the things I love doing in the way I'm used to doing them. I'm planning to work until 65 1/2. The income replacement math works better then.




That is the most important thing. Having a plan B. I didn't have a plan B until about 5 years ago. I was on the verge of being retired and had a plan B and plan C. Since then I dropped plan B as I no longer need that and changed plan C to B. Now that 58 has come and I am now being retired plan B is going into effect. Plan A was to make it to age 60 so that my retirement would be complete. Well as luck would have it my wife and I are in the process of paying mortgage in the next 3 months. I am going to do the honey do list and my projects list as well as keep in touch with my family of CDers.
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Old 02-24-2016, 10:27 PM
 
Location: Metro Seattle Area - Born and Raised
711 posts, read 291,162 times
Reputation: 1748
I retired at the age of 53 with a desent pension that met my monthly needs, but after taking a year off, I reentered the work force. I did this for two reasons with the first one being that I felt that "I" was too young to be fully retired. Second, I had the opportunity to work in my career field, but in a far less demanding (With far less pay too!!) position that allowed me to open up a second 401-K type retirement account that matches my 6% contributions dollar for dollar and vested into their pension system after 5 years of full-time work.

Basically, I'll work till I'm 59.5 y/o and will finally call it quits since I'll have a total of three pension plans... Including my military reserve retirement, which kicks in on my 60th birthday.

With that said, I think that retiring at 65 or older is a hard thing to do, but at the end of the day, we have to do what we need to do to survive. We all have taken different paths in life or life has dealt us "cards" that were hard to play and to make something out of them. I also think that for a lot of "workers," retirement is somewhat hard since work is so much of our lives that it's hard to fully give it up... With that said, I think that retiring in your Mid 50s is great and that finding another less demanding career to augment and/or allow you to save more money is a blessing since it also allows you to be "connected" and to learn new things to keep your brain thinking.... Several of my friends that retired in their early/mid 50s and stayed "retired" became somewhat disconnected and fell into their retirement routines... Which isn't a bad thing, but for people like me, golfing, traveling and other hobbies lost some of their flair since it was the routine, instead of that hard worked for break... Which in my case, makes it far more enjoyable.

"I" started to think about retirement when I enlisted in the military at the age of 17, but really started to take retirement very serious at the age of 30 since "I" saw that I might actually make it to my retirement age. Also, I only took jobs that offered retirement benefits, which often paid less than some positions I was offered with better pay, but "zero" retirement plans.

IMHO, mid 50s is ideal, as long as it's followed by another non-stressful job... Until you hit your late 50s.... Again, IMHO!!
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Old 02-25-2016, 05:13 AM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
Reputation: 6377
Quote:
Originally Posted by bergun View Post
I retired at the age of 53 with a desent pension that met my monthly needs, but after taking a year off, I reentered the work force. I did this for two reasons with the first one being that I felt that "I" was too young to be fully retired. Second, I had the opportunity to work in my career field, but in a far less demanding (With far less pay too!!) position that allowed me to open up a second 401-K type retirement account that matches my 6% contributions dollar for dollar and vested into their pension system after 5 years of full-time work.

Basically, I'll work till I'm 59.5 y/o and will finally call it quits since I'll have a total of three pension plans... Including my military reserve retirement, which kicks in on my 60th birthday.

With that said, I think that retiring at 65 or older is a hard thing to do, but at the end of the day, we have to do what we need to do to survive. We all have taken different paths in life or life has dealt us "cards" that were hard to play and to make something out of them. I also think that for a lot of "workers," retirement is somewhat hard since work is so much of our lives that it's hard to fully give it up... With that said, I think that retiring in your Mid 50s is great and that finding another less demanding career to augment and/or allow you to save more money is a blessing since it also allows you to be "connected" and to learn new things to keep your brain thinking.... Several of my friends that retired in their early/mid 50s and stayed "retired" became somewhat disconnected and fell into their retirement routines... Which isn't a bad thing, but for people like me, golfing, traveling and other hobbies lost some of their flair since it was the routine, instead of that hard worked for break... Which in my case, makes it far more enjoyable.

"I" started to think about retirement when I enlisted in the military at the age of 17, but really started to take retirement very serious at the age of 30 since "I" saw that I might actually make it to my retirement age. Also, I only took jobs that offered retirement benefits, which often paid less than some positions I was offered with better pay, but "zero" retirement plans.

IMHO, mid 50s is ideal, as long as it's followed by another non-stressful job... Until you hit your late 50s.... Again, IMHO!!


Awesome! Great job. Thank you for your service. I concur with every word you said. In fact I did exactly the same with the exception of me working in my career until 58.5 at which point I will retire with compensation that will provide my share of the family income and when age 60 arrives, well just know that when I do get to relax that boat is going to be a very nice one.
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Old 02-25-2016, 08:17 AM
 
Location: Wasilla, AK
7,227 posts, read 4,119,698 times
Reputation: 15540
Quote:
Originally Posted by bergun View Post
I retired at the age of 53 with a desent pension that met my monthly needs, but after taking a year off, I reentered the work force. I did this for two reasons with the first one being that I felt that "I" was too young to be fully retired. Second, I had the opportunity to work in my career field, but in a far less demanding (With far less pay too!!) position that allowed me to open up a second 401-K type retirement account that matches my 6% contributions dollar for dollar and vested into their pension system after 5 years of full-time work.

Basically, I'll work till I'm 59.5 y/o and will finally call it quits since I'll have a total of three pension plans... Including my military reserve retirement, which kicks in on my 60th birthday.

With that said, I think that retiring at 65 or older is a hard thing to do, but at the end of the day, we have to do what we need to do to survive. We all have taken different paths in life or life has dealt us "cards" that were hard to play and to make something out of them. I also think that for a lot of "workers," retirement is somewhat hard since work is so much of our lives that it's hard to fully give it up... With that said, I think that retiring in your Mid 50s is great and that finding another less demanding career to augment and/or allow you to save more money is a blessing since it also allows you to be "connected" and to learn new things to keep your brain thinking.... Several of my friends that retired in their early/mid 50s and stayed "retired" became somewhat disconnected and fell into their retirement routines... Which isn't a bad thing, but for people like me, golfing, traveling and other hobbies lost some of their flair since it was the routine, instead of that hard worked for break... Which in my case, makes it far more enjoyable.

"I" started to think about retirement when I enlisted in the military at the age of 17, but really started to take retirement very serious at the age of 30 since "I" saw that I might actually make it to my retirement age. Also, I only took jobs that offered retirement benefits, which often paid less than some positions I was offered with better pay, but "zero" retirement plans.

IMHO, mid 50s is ideal, as long as it's followed by another non-stressful job... Until you hit your late 50s.... Again, IMHO!!

One of the smartest things I did was to join the Guard after my active duty stint was up. Having that extra retirement means filet mignon instead of sirloin or a BMW instead of a Cadillac. It's amazing how many people can't be bothered with one weekend a month and 15 days once a year. Now that I'm retired I'm hearing the regrets of those who didn't stay in. Thankfully, I don't have those regrets. Congratulations.
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