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Old 04-01-2016, 04:29 AM
 
13,909 posts, read 7,411,228 times
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Quote:
Originally Posted by Perryinva View Post
So, just curious, have you actually seen a financial advisor (fee or free) and compared living off your savings and pension in order to delay SS for a larger check, taxed at a lower rate, later? And I don't mean deplete you savings, rather, trade a portion now, for higher stress free income later with a higher SS check, so you would not need your savings to live, so it could recover and grow. Your savings are not inflation adjusted like SS is, are at risk to market conditions and your larger check only compounds larger as you get older. As you said, you don't know how much time you have left, so isn't it smarter to plan for living older, rather than dying younger?
It's a public sector worker. They have different retirement math from the rest of us. If I bought an annuity that paid $40,000 per year at age 61 with health benefits and COLA protection, it would cost more than $1 million dollars. The rest of us don't have that. We instead have ever increasing state and local taxes to bankroll all the unfunded pension liability. Somebody age 25 with a public sector job won't be getting that deal most places. The union contracts changed but grandfathered the older workers.

If I had public sector retirement math, I'd retire at age 60, too. Instead, I need to keep working until I'm Medicare-eligible and closer to age 70 where I can get the highest Social Security benefit.
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Old 04-01-2016, 04:33 AM
 
71,626 posts, read 71,751,865 times
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the key to succeeding at earning a good living and retiring early is be flexible in your career and ready to switch hats and go in to different niche areas as opportunity presents itself even getting a jump on things by learning on your own before switching career paths . .


it takes creativity ,drive and the want to succeed to stay ahead of the curve . sometimes it takes relocating and moving to where the food is .

if you don't take control and just float to wherever the path leads you that you are on , odds are you will float in to the same areas as everyone else and never really have valuable skills to seperate you from the pack . .

the way to earn higher incomes is by doing the things others can't or wont do for themselves .

Last edited by mathjak107; 04-01-2016 at 04:51 AM..
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Old 04-01-2016, 04:41 AM
 
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Quote:
Originally Posted by ReachTheBeach View Post
Unfortunately nearly half of all retirements (the article I read recently said 42% in their survey) are earlier than planned due to health issues or loss of employment and inability to find another job. So it may not be an option but you should have a plan to somehow make it work at pretty much any point. The second scenario is the tough one; some people try to stick it out in a high COL area hoping to get another job and burn through a lot of savings before giving up.
interesting break out .

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Old 04-01-2016, 05:09 AM
 
Location: NC Piedmont
3,911 posts, read 2,879,340 times
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That tracks pretty well with what I read; just using the specific age of 65, the purple bars show somewhere between 40% and 46% (I guess the expectations must have 6% unsure). The "earlier than planned" question appears to allow multiple responses, but health is right there at the top and if you add the job categories together (which isn't totally valid since they allowed multiple responses, but the average number of answers was around 1.5) it isn't all that far behind.

Kind of interesting they used the old historical 65, since FRA is now a moving target, though Medicare isn't. My target has been 63.5 for most of my adult life because I planned to do the COBRA bridge to Medicare. ACA could change my thinking a little but not all that much. The thing I find interesting about my selection is that talking to others they tend to use this same historical yardstick and say I am planning to retire over a year early, yet it is actually over a year past actual median age.
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Old 04-01-2016, 06:45 AM
 
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i planned 62 since cora in ny is 36 months .

but at the last minute our insurer health republic went under so we had to scramble to get a new insurer .

the company ended up going with a national company since we have locations in other states .

the new company goes by the federal law of 18 months so comes january i have to go on an aca plan for 10 months until medicare
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Old 04-01-2016, 07:03 AM
 
Location: Verde Valley AZ
8,618 posts, read 9,684,845 times
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Quote:
Originally Posted by mathjak107 View Post
we don't expect you to save a thing . what we would have expected is over the last few decades , that you got a grown up job with real grown up pay that you could save from . others have done it , why not you but for your loads of excuses . . you were the man in the drivers seat all these years , no one else despite the fact you try to shift the blame to everyone else .

This is exactly why this guy lost ANY sympathy he might have had from me a long time ago. Like him I lived on little for a long time but no matter how little/much I made I managed to save. The BEST thing I ever did was go to work for Walmart six years ago. I started out at only $8 hour, part time...33 hours...for 4 1/2 years, found a small but comfy place to live and worked my tail off. I am now full time...34 hours/haha...but my wage has gone up considerably and continues to go up every year. I have some really great bennies as well which probably makes it more, I just don't see the actual cash sometimes. I DO love my quarterly bonuses and I have a TON of paid time off if I choose to use it. The thing is that nothing happens without effort and motivation.


It took me five years to save up to buy my house and then I only used half of that to cover everything to do it. I am now adding money back into the account that I used and it's a good feeling to be able to do that. I did have my retirement under control till my ex decided he just didn't want to be married anymore and pulled the rug right out from under me. It didn't stop me though and it shouldn't stop anyone else either IF THEY REALLY WANT something. If I can do it anyone can do and I stand by that. Oh yeah, I also paid off my car and while the payments were pretty low it's still a relief to have that done. That money goes back into the savings account so still another monthly payment...to myself!


I never started a job with the idea that "this is all there is". I had 'ambitions' to go higher, make more money and do better, with every single one of them. If my employer didn't co operate I found a better one! This guy just has no "want to" and that's all there is to it. Or wants it handed to him. Yes, because of circumstances I will be working till I either die or simply cannot do it anymore but until then I'll continue to work my butt off, live a decent life and blame nobody but ME if it doesn't work out. But it will. I would give a lot to be able to retire and still live 'the good life' but accepted, long ago, that it's just not going to be. I won't let it depress me though and it's hard to feel sympathy for a healthy guy who just won't do it.
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Old 04-01-2016, 07:03 AM
 
Location: Colorado Springs
4,845 posts, read 4,956,944 times
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Most of my friends were forced to retire by their mid to late fifties. The alternative was to try to find a new career. Not many were successful.
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Old 04-01-2016, 07:09 AM
 
71,626 posts, read 71,751,865 times
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on the other hand hand my old company has the opposite problem and is staffed with a lot of older folks who want to work as long as they can and have the bulk of the experience and knowledge in the company .

finding younger workers who are suitable has been a problem .

this is in the electrical wholesale / factory automation industry
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Old 04-01-2016, 07:54 AM
 
Location: Loudon, TN
5,785 posts, read 4,838,667 times
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Quote:
Originally Posted by mathjak107 View Post
we don't expect you to save a thing . what we would have expected is over the last few decades , that you got a grown up job with real grown up pay that you could save from . others have done it , why not you but for your loads of excuses . . you were the man in the drivers seat all these years , no one else despite the fact you try to shift the blame to everyone else .
My thoughts exactly. If you want to make more money, you have to do what you need to do to promote within your company or find a better company with more room for advancement. If you don't know what is necessary to promote- ASK YOUR BOSS! You have to strive to make yourself more valuable by obtaining training (easier than ever now, with the internet), and working with your innate skills to find the position where you can excel. There's no excuse for staying in a bottom rung of the ladder position if you have at least average intelligence and a little ambition. I speak from personal experience, you can get there, but you have to let the bosses see that you are capable and motivated.
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Old 04-01-2016, 08:11 AM
 
Location: NC Piedmont
3,911 posts, read 2,879,340 times
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With all due respect, advancement within a company or just within a career is often illustrated as a triangle because there are less jobs at each level. While you can make a case that anyone can make a better life for themselves (bad luck can still derail the best efforts sometimes, though) you can't make a case for it being possible for everyone. If someone is happy washing cars and does a great job at and takes pride in the work, why can't that person keep doing that? The math doesn't work for everyone to provide for themselves all the way through retirement unless we either pay reasonable wages for all jobs or ask that those of us who did make our way up the chart to higher paying jobs pay more into SS and other programs than we take out. I absolutely agree that people need to take more responsibility about providing for the future if they have the means. I do not agree that everyone has the means or that it is possible for everyone to have the means in our current economic system and math and logic is on my side. All the fast food joints have lots of people manning cash registers, cleaning tables and flipping burgers but there is only one rolling chair. Is the manager the only one that gets to have an occasional vacation and a decent retirement?
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