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I'm a caretaker for a 101 (and 1/4) year old WWII vet. He worked during the war making B-17s, got drafted in the big push to decimate Japan if the bombs didn't work, arrived 1 day after the verbal surrender, and came back home to a scaled down airline industry and entered the printing business. He retired in 1979 at the age he was supposed to die at, according to the actuarial tables at the time of his birth and when SS was set up.
He's collected SS ever since then. I keep expecting the IRS and Social Security office to call up and ask us to prove that he's still alive, and he jokes that 'it's a wonder they haven't taken out a hit on me!'
He always paid cash for his houses, made money on every one of them, and still has the original 1930 Model A he bought as a 15 year old 'snot nosed kid' during the depression, based on odd jobs alone.
Slight tangent (sorry!) - I hope this gentleman has taken an honor flight to DC? It's all expenses paid for the vet and a caregiver. A big way of honoring those who gave so much for our country.
Yes I understand that, but if one has no pension one is going to have to take a bigger chunk of their savings to live off of for that 5 years so it's a double-whammy. Continuing to work provides both income and delays SS. Many middle income workers (who historically may have drawn a decent pension and Healthcare allowing them to retire at 55-60 after 30 years of work ) are not in this position any longer.
You rang?
I worked at a grand total of one place that offered a pension back when I was in my 20s. I didn't stay long enough to vest. I'm glad I got out when I did ... RIFs came not long after. This was the early 1990s.
That was it. No other place I've been at since offered a pension. Some had OK 401K matches, others .... meh.
I can totally relate to this as well! I have to work until 67 for FRA!! UGH!! My birthday is also late December. Real bummer....I'm 55 now and the thought of working another 12 years is totally sickening....I've been working since I was 17.
Another here who has FRA at 67 (assuming they don't change it before then).
At that point, what the heck, put in another few years and retire sometime after hitting MRDs on my 401K and IRAs.
I'm the tale end of the baby boomers and I will not get as many years retired as I have worked.
IF I have to go to full retirement age of 66 (which I'm hoping not to), it will mean I will have worked continuously (no break in work history whatsoever) for 49 years. I would have to live to be 116 to have equal work/retirement.
And to add insult to injury, my birthday is in late December, which means I have to work the whole year before I'm 66. Thanks Mom!
Sounds exactly like me. Born in Dec, will retire at 66 (maybe 67 - will decide when it gets here), and will have worked continuously for 49 years.
Good for him! I remember when I had my retirement meeting with HR in 2009 (after a 35 year career) I asked her, so I get monthly retirement pay for the rest of my life? Answer "yes". I told her I hoped I live to be 200! The HR girl, who was maybe 23, frowned and said "yeah good for you". Signed my paperwork and started the 30 day countdown to freedom. Now I may be hit by a falling Moose tomorrow, but being paid to watch cartoons or go fishing all day on Tuesday is really nice.
First responders deserve the retirements they get.
Along with combat vet servicemembers who serve 20+ years.
Quote:
Originally Posted by David A Stone
... Military retirees will probably rack up more years but I'll bet it is harder for many to live on a military retirement check compared to a teacher or other state employees' retirement check.
It depends on how many physical disabilities an individual servicemember has, how bad they are [the stress from 20 years of combat can wreck havoc on your body], and of course how much the individual has focused on his/her portfolio.
My Navy pension is roughly equal to if I were flipping burgers. My wife has a pension from a Federal agency [with an alphabet name] and her pension is super tiny.
However, I consider one retired if they are drawing a retirement check from their employer where they worked most of their careers.
Teachers and state workers who have " rule of 90"
Graduate college at age 22 and work 34 years until age 56.
Thus at age 90 they will have drawn a retirement check for 34 years and have worked in their profession 34 years.
Military retirees will probably rack up more years but I'll bet it is harder for many to live on a military retirement check compared to a teacher or other state employees' retirement check.
We had the Rule of 80 at my municipal government. I was able to go at age 50 with 30 years.
Cops and firemen retire at 50 with unbelievable pensions and healthcare for life. They easily have more years retired than worked and we are paying for it.
How does one get to be a retiree retired in Malibu, Patrolman? just wondering.....
Even though it's none of your business, since you politely asked, I'll tell you.
I spent 40 years as a police officer, 39 of those in a patrol car. I worked hard and saved my money. I have no family, been a widower for over 40 years. Bought vacant land and built my home on it. Didn't buy anything unless I had the cash to do so.
If you put your mind to it, you can do it, too.
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