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Old 03-14-2017, 12:45 PM
 
Location: Las Vegas
13,888 posts, read 25,323,560 times
Reputation: 26385

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I was retirement eligible at 50 and always said I was leaving ASAP! But I lied. I actually stuck it out till 53. Then the idea of one more Minnesota winter drove me over the edge and I left. Packed my dogs and personal stuff in my car and went to Vegas! H was supposed to stay in MN and work but he ended up being laid off. It was all part of the plan, he owed me about 10 years work for his education and layoffs. We had always agreed I got to retire first.

We did more than a decade of elder care for my parents and that sort of forced me to stay longer than I had to.

Here's how we did it. We lived below our means. We lived on one salary and saved the other. We had no kids. We were both well educated and made OK money.

H dropped dead at 61 and never saw a nickel of SS. I guess my only regret was not retiring sooner!
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Old 03-14-2017, 12:49 PM
 
26,589 posts, read 52,294,382 times
Reputation: 20418
It does seem many that retire early decide because they have Pension and/or Healthcare covered to some degree.
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Old 03-14-2017, 01:34 PM
 
Location: Myrtle Creek, Oregon
12,255 posts, read 12,503,351 times
Reputation: 19398
Quote:
Originally Posted by Ultrarunner View Post
Yep... the single biggest budget busters in the cities around here are unfunded pension obligations...

One of my friends retired from the local Police Dept at age 52 with a 180K pension and lifetime medical... in the group not one retired with less than a 100K... pretty amazing when you think about the obligation can continue for many years longer than years spent on the job...

Pension Spiking was rampant too... combining all unused sick and vacation time to boost earnings in the last year for a retirement boost.

At least it is better than the old system where those that retired were forever tied to the salary of what the position currently pays... there are Oakland Police that have pensions more than double of what they ever earned during their time on the force...

Oh... my friend with the 180K pension got bored and decided to got to work for another agency for 130K base...
There's a lesson there about unfunded liabilities. My state is going through paroxysms of anguish because the original pension plan was supposed to be funded 50% by the worker and 50% by the state, but the state never put any money into the account. Now they are going nuts trying to figure out how to fund a a pension plan they should have been paying for 30 years ago. The state supreme court has ruled, "Life is tough. Pay up." Cities can go bankrupt, but the state can't.
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Old 03-14-2017, 01:37 PM
 
7,801 posts, read 4,387,974 times
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We have tons of "double -- even triple -- dippers" in our system, too (people drawing both a pension and a paycheck after returning to work in the same place); some eventually draw two retirement checks.
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Old 03-14-2017, 02:35 PM
 
1,980 posts, read 1,306,334 times
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Quote:
Originally Posted by beer belly View Post
I'd like to know what folks who retire before 50 did for a living, and how they managed to live and enjoy life while working.....just curious. I'm thinking I'll be retiring at 62 if I can figure out Health Insurance.....Social Security and Pension will easily cover other expenses, Health Insurance will be the big nut. I do enjoy my job, and as a matter of fact, get in an hour early every day, but at 57 I'm experiencing some physical issues from abusing my body throughout the years....all I gotta hear is "you can't do that", and I'm like "here, hold my Beer"....it's taken it's toll. I probably would be in a better position if I didn't want and get a new truck at the drop of a hat, or buy a home that is bigger than what we need (just the 2 of us in a 3 bdrm / 2 bath house, acre of land....3rd home in 15 years), still managed to save some $$ though and live life while I can, and hope to retire and spend more time doing whatever catches my interest
Most people who I know who did it were in the right field with the right pension plan. Teachers, military, government jobs, police, etc. People who don't take this route, are into real estate.


Not sure I always agree with how good their pensions are (OK- military and police I certainly get, so God bless) when a lot of us don't get them anymore, but that is another argument. I could have chose the same profession.
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Old 03-14-2017, 02:45 PM
 
Location: Central NY
4,668 posts, read 3,243,341 times
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What made me retire was a long road of bad luck.

Downsized from big company that I had worked for 26 years. Since I was not 55 (I was 52) my pension was significantly reduced.

Learned another skill, worked about 13-14 years before being downsized again, I was 64. No pension. I received about $4000 severance. And could keep my medical till I hit 65. And after I got Medicare, they allowed me to stay on their dental plan, $1000/year benefit. Still on it.

Part time job, 3 or 4 years, health became a problem and I had to have eye surgery. End of work for me.

Because my income had reduced so drastically (I had a couple of years of not being employed), my SS was also significantly reduced.

Retirement without great income. But I'm alive and that's all that matters to me.
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Old 03-14-2017, 02:57 PM
 
4,194 posts, read 2,489,371 times
Reputation: 1935
Quote:
Originally Posted by Ultrarunner View Post
Yep... the single biggest budget busters in the cities around here are unfunded pension obligations...

One of my friends retired from the local Police Dept at age 52 with a 180K pension and lifetime medical... in the group not one retired with less than a 100K... pretty amazing when you think about the obligation can continue for many years longer than years spent on the job...

Pension Spiking was rampant too... combining all unused sick and vacation time to boost earnings in the last year for a retirement boost.

At least it is better than the old system where those that retired were forever tied to the salary of what the position currently pays... there are Oakland Police that have pensions more than double of what they ever earned during their time on the force...

Oh... my friend with the 180K pension got bored and decided to got to work for another agency for 130K base...
180K a year? Must be NY or Ca..
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Old 03-14-2017, 04:29 PM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
Reputation: 19134
Quote:
Originally Posted by Steve40th View Post
What made you retire? Pension enough? Tired of Rat Race?
My employer [US Navy] kicked me out due to my old age [High-Year-Tenure] when I was 42.

We knew it was coming, we planned for it. We were able to afford to retire then.



Quote:
... I dont see any reason to keep killing myself living to work. So, what finally made you retire, and just start living?
I agree.
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Old 03-14-2017, 04:44 PM
 
Location: New Oxford, PA
120 posts, read 59,132 times
Reputation: 464
I retired from Civil Service at age 46 in 2015, and haven't looked back. Boosted my pension with overtime, so I'm taking home more than what I would be at base pay, if I were still working. Plus, I retained all medical, dental, and optical benefits. A generous monthly check and free healthcare for life were more than enough to assure me that I chose the right option.
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Old 03-14-2017, 05:07 PM
 
26,589 posts, read 52,294,382 times
Reputation: 20418
Quote:
Originally Posted by Steve40th View Post
180K a year? Must be NY or Ca..
Oakland California... but it is not limited to Oakland as other public safety agencies in the SF Bay Area have similar.
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