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Old 01-08-2017, 03:24 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,558 posts, read 39,944,045 times
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Quote:
Originally Posted by markg91359 View Post
I am 57 years old. ...

... I have maintained for a long time though that early retirement is one of the things that is simply killing this country. ....
The Gen X Y and B will not agree, they are very bitter that 'old folks' are hanging onto their jobs instead of giving them up to next generation. I am 'old school', so feel the best qualified person should have and KEEP the job, (as long as they earn their keep daily)

There seems to be room for all types, as I am very driven, and love work, but 'early retired' 4x before age 50 ( no pension, no HC). For various reasons, but namely from being TIRED from working 3 jobs + caregiving for a disabled parent since I was 18. I still pick up PT gigs that provide international travel, flex schedule and are fun and challenging. Those gigs only fund fun / toys (bulldozers and machine tools..) and more travel.

Retire early, retire often! Too much fun to do only once.

Enjoy the journey, enjoy the day, they are numbered.

I have taken several 'gap-years' to get recharged. That is just dandy too!
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Old 01-08-2017, 03:25 PM
 
Location: Los Angeles area
14,018 posts, read 17,735,102 times
Reputation: 32304
"Life is about living, not working every day until you die."


That statement, with variations in wording of course, appears with some frequency in this Retirement Forum. My response is that work is part of living, not separate from it. Khalil Gibran wrote in "The Prophet": "Work is love made visible".


Work is an opportunity to gain and hone certain skills and competencies, which is inherently gratifying. It is an opportunity to meet challenges, which is also inherently gratifying. And except for the relatively few unfortunate folks who work long hours seven days a week, there are always evenings and weekends and vacation time for other pursuits to provide variety.


While working full time, I was able to do the following:
1. Learned to fly and flew our private plane all over the place (Alaska, the Caribbean, etc).
2. Learned to bicycle and (among other things) rode from Seattle to Los Angeles with ex-wife.
3. Next learned motorcycling and had many incredible adventures, both on and off road.


What a sad tragedy that some people feel they are only starting to live when they retire. That means that they wasted however many years they spent working! No wonder most of their posts have a little feeling of bitterness.


I myself retired at age 61.5 over eleven years ago, and I'm glad I did; for me it was excellent timing. So I am not against retirement. But I most definitely did NOT feel like I was beginning to live. On the contrary, I had already been living a full and interesting life up to that point.
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Old 01-08-2017, 04:21 PM
 
Location: Virginia
8,113 posts, read 12,684,219 times
Reputation: 3770
If I can I will retire from my current job at at 52. If I have to I will go until 55. Either way I could do something part-time afterward.
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Old 01-08-2017, 05:36 PM
 
1,985 posts, read 3,288,077 times
Reputation: 1606
Quote:
Originally Posted by Escort Rider View Post
"Life is about living, not working every day until you die."


That statement, with variations in wording of course, appears with some frequency in this Retirement Forum. My response is that work is part of living, not separate from it. Khalil Gibran wrote in "The Prophet": "Work is love made visible".


Work is an opportunity to gain and hone certain skills and competencies, which is inherently gratifying. It is an opportunity to meet challenges, which is also inherently gratifying. And except for the relatively few unfortunate folks who work long hours seven days a week, there are always evenings and weekends and vacation time for other pursuits to provide variety.


While working full time, I was able to do the following:
1. Learned to fly and flew our private plane all over the place (Alaska, the Caribbean, etc).
2. Learned to bicycle and (among other things) rode from Seattle to Los Angeles with ex-wife.
3. Next learned motorcycling and had many incredible adventures, both on and off road.


What a sad tragedy that some people feel they are only starting to live when they retire. That means that they wasted however many years they spent working! No wonder most of their posts have a little feeling of bitterness.


I myself retired at age 61.5 over eleven years ago, and I'm glad I did; for me it was excellent timing. So I am not against retirement. But I most definitely did NOT feel like I was beginning to live. On the contrary, I had already been living a full and interesting life up to that point.

Well said! At 51, I sometimes catch myself thinking like this...more frequently than I care to admit actually. While we can get caught up in the rat race, stress out, freak out etc, work does provide so much besides $$$. In my life, I've learned so much from working, and my co-workers, that I'm able to work in several industries, easily, and be paid very well too! Its a big adventure, really.
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Old 01-08-2017, 06:01 PM
 
234 posts, read 177,083 times
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Quote:
Originally Posted by runswithscissors View Post
I'll be the contrarian here. I assume this "we" is a spouse? Do they have anything to contribute? I'm no financial planner or govt retirement expert but I do know what it costs to age.

No one ever budgets a thing for Assisted Living or Memory Care. Or ANY LTC for that matter. I guess you're all betting on an early death. NOT an illness just a death, right?

You won't have enough, JSYK.

If I'm understanding you, at age 56 your entire net worth will be $886K (before debt payoff and including your 401):
  • the 401K $550K? (not including your two annuities payable by the govt for life)
  • the $336 remainder of your house sale before debt payoff
Total $886K BEFORE you pay off debt.

(420 + 142 = 562 - 226 = $336 BEFORE paying down this substantial debt)

We're counting on you not losing anything in your 401. In fact, my broker hates the mutual fund choices in 401s

How are you going to buy a new house or will you be renters for the rest of your lives?

I guess you could full time in the RV off the annuities. Hopefully you picked one that has actual windows and can work as a full RV not just a toy hauler. Now I see why your house isn't paid off.

Do you realize a pair of progressive glasses cost around $700? That's another $20K if you live to 85. But if you go to Walmart you can get them for half that.

A year in Assisted Living costs around $75K to $100K for one person?

A CRAPPY caregiver will run you around $25.00 per hour through an agency.

A quick study of the Caregiving forum should give you pause not to mention your parents who are still alive.

But if you have no assets except your annuities, the taxpayer will pick up the difference on Medicaid. Of course that's NOT for Assisted Living or Memory Care only Skilled Nursing Facility and bad because they're not always the best and sometimes you go wherever they have a bed. Don't think you can "stay home" because it doesn't work out that way.

I don't know who all these federal workers are who are dropping like flies at age 62, but I know literally HUNDREDS of people who haven't - up to and including age 104 living in a condo still driving. (!)

IRONIC you're citing these dead people without realizing that the likely hood is that you two won't be DEAD but incapacitated and go blowing through your assets quickly.

I STRONGLY suggest you get jobs, and stay with mom and bank as much of that annuity money as possible and even consider going towards a Life Care Retirement Community at age 62+ where you age in place and go from Independent Living to Assisted Living to Memory Care/ Skilled Care ONLY IF you've bought in there with an equity. Usually starting around $100K.

These places are hard to come by. And usually very very nice. Even in Independent Living your monthly payment will be (right now) a few thousand per month but locked in for life as you need additional care. And remember ONE of you may need service different than the other.

The one I know about is not in TN but here's one in FL. One of the few that offers Independent, Assisted, Memory Care AND Skilled.

https://actsretirement.org/community...es-vero-beach/

Note: they are not all the same even if they are a corporate chain. Some only have Independent & Assisted and others have more.

Don't laugh, a client of mine couldn't get appropriate care and housing and was VERY VERY wealthy but she couldn't get admitted to this place because of the heavy demand.

P.S. THAT place is FULL of people age 62 to 100 loving life and active. OR getting care they need as they age in place. IRREPLACEABLE.
This is all ridiculous. Live in a retirement care home at 62? Why live in fear. Retired what you want. I did.
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Old 01-08-2017, 06:11 PM
 
234 posts, read 177,083 times
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Quote:
Originally Posted by westender View Post
They _used_ to pay less than the private sector. Factoring in pensions and health benefits and the stagnation of private sector wages, they now pay substantially more than the private sector (1.5x is the factor I have heard). This inversion happened in the 1990s.

I don't begrudge government retirees their due, and I have several in my family. My brother who started working for the DoD right after grad school in 1987 hit the sweet spot and would be able to retire at 55 in a couple of years.

However, government retirees (federal, state, local) should be aware that the taxpayer/ voter sentiment toward public pension retirees has been shifting negatively, and I think it would be wise for them to continue saving and to avoid unnecessary expenses just in case there are downward adjustments to pensions in future budgets. Detroit went through this, and it looks like Illinois will soon also.
Detroit went bankrupt. The Detroit Police retirees lost?????? Nothing.
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Old 01-08-2017, 07:29 PM
 
Location: Haiku
4,060 posts, read 2,572,689 times
Reputation: 5989
Work until you die, or retire at 50 - whatever floats your boat. It is not as if there is a one-size-fits-all model for how we all should live.
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Old 01-08-2017, 09:06 PM
 
Location: Kountze, Texas
1,013 posts, read 1,159,287 times
Reputation: 1267
I joined the USAF at 19 and after 8 years I became a civil service employee. I paid back my military retirement, so at 52 I have 32 years, 8 months. I will be entitled to retire at 56, but planning on 58-62. DH retired from government at 51 after 27 years as LE. I am inclined to do it at 58. Our youngest will graduate from college by that time.
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Old 01-08-2017, 09:12 PM
 
Location: Los Angeles area
14,018 posts, read 17,735,102 times
Reputation: 32304
Quote:
Originally Posted by jr6035 View Post
Detroit went bankrupt. The Detroit Police retirees lost?????? Nothing.
But regular Detroit city workers did have their pensions cut in the bankruptcy. It wasn't a draconian cut - something like 4% or 7%. In other words it could have been much worse.
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Old 01-09-2017, 03:41 AM
 
Location: Tennessee
29 posts, read 62,854 times
Reputation: 81
Let me add some clarification as some are going off on a tangent

When I say "life is about living", NOT working every day until you die"

I was speaking about my specific line of work. My peers were dying at what I call and early age, by all kinds of illnesses. I find it hard to believe that some would prefer to work until death, vice spending what time you may have left enjoying all the things you did on the weekends, vacations and the like. So for me, that includes spending more time with my wife and family I have not been close to in 38 years.

I also have Harley's (sold one a 78 FX Shovelhead) and still have my 03 Road King. Obtained my Private Pilots license (SEL/Instrument)

There was nothing left on my to do list that was dependent on employment.

Working for the Feds is open to all. Everyone had the same opportunity I had to lock in retirement benefits. That is another reason I retired as the Feds are always 'tweeking the system' that is never in favor of the employee. There are seats at the table of plenty but not everyone is willing to make the sacrifices I have over 34 years to be able to enjoy an early retirement.

Now it's all about family and hopes that I have more time left than some of my deceased peers and friends

For those who continue to work, good for you. I hope everyday brings you a since of accomplishment and all the financial and emotional rewards that come with it.

WC
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