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Unless I get early retired (aka thrown out into the cold), my plan is to retire some time after starting minimum required distributions. I'll look at my tax situation, and my own condition, at the time, then determine if I want to go past that. Let's assume 70-1/2. I started my first new grad job at 22-1/2. So, 48 years of work, minimum, unless the economy no longer wants me at some earlier point.
After I graduated high school, I enlisted and served for 6 years. Then I attended college for 4 years, then I re-enlisted for an additional 14 years.
I served on Active Duty for a total of 20-years and I got the pension.
I retired in 2001, at the age of 42. In 2017 I will have been on pension for 16 years.
If I were to live to 85 years old, I will have collected pension for 43 years.
If I were to live to 101, I will have collected pension for 59 years.
I was refraining from even mentioning this but since you've already brought it up....
I did 20 yrs in the military. Stopped working at 38. Have been retired for going on 22 years now
I worked a few months afterwards but nothing I'd call a career or even a job. More like trying to kill some time for fun and profit. And I worked for some years before doing the usual: e.g. Lawns, roustabout, grunt work at factories.
I hope to live a long time, so I will have been retired for way, way, way longer than I worked
My father retired at 55 after 25 years with his company. He lived to be 78. He did a bit of work after his retirement with an engineering firm, and he tried real estate, but after that he just did veteran's organization volunteer stuff.
The father of a woman I know worked for the post office as a letter carrier. Had a heart attack at 49. They gave him early retirement/disability or whatever they called it because of his bad heart. He never worked again. Nice man. I went to his funeral when he died at 82.
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.
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.
After I graduated high school, I enlisted and served for 6 years. Then I attended college for 4 years, then I re-enlisted for an additional 14 years.
I served on Active Duty for a total of 20-years and I got the pension.
I retired in 2001, at the age of 42. In 2017 I will have been on pension for 16 years.
If I were to live to 85 years old, I will have collected pension for 43 years.
If I were to live to 101, I will have collected pension for 59 years.
It is very possible that ^ could happen.
My late father at age 17 joined the Navy n 1940 and retired at age 42 with 25 years of service. Two months following retirement he took another job which he worked at for the next 32 years and retired from that job at the age of 74 and lived to 87.5. I can remember him saying on his 87th birthday that with his active duty years + pension years he had received a check from the government for his service for 70 years of his life.
I also work with a nurse at the VA (non Veteran) who is age 75 and has worked at the VA continuously for 54 years since graduating nursing school in 1963. Just yesterday at a meeting with the nurses I work with we were discussing how so few WWII Vets are left, and this 75 year old nurse speaks up and says I remember saying the same about Spanish-American and WWI Vets.
I have worked with this nurse for 17 years, and she has been saying all these years that "next year I am going to retire." The last retirement date for her is this coming September, but when the nurses vacation sign up sheet came to me at that meeting I saw this nurse has requested vacation time in August,. So I highly doubt she will be retiring in September if she is taking vacation time in August. I suspect if her health holds out she will likely still be working when I retire in 6 years.
My break even for years worked/pension is 93. I can do that standing on my head (if I start to seriously exercise, stop smoking and begin eating like a monk who's on a punishment fast).
Nightengale, I worked with a teacher like that. He kept going and going and going. Finally retired at 70 after the school system started a plausibly deniable effort to force all of us senior teachers to retire.
He called me about a month after he retired and told me he didn't know why he stayed as long as he did. I went the next year and the year after another 14 or 15 people from the school left (about 1/4 of the teaching staff).
I retired at 57 after 37 years, so I have to make 95 to beat it.
My grandmother died at 94. My mother still lives at 88 (and my grandmother's brother is 92).
But, I used to smoke, so that will likely cut off a few years.
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