U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-16-2017, 06:01 AM
 
12,287 posts, read 15,181,947 times
Reputation: 8100

Advertisements

70. Maximum benefits. Of course, if I can't find work at some earlier age that will be earlier. L know there are people living apparently well on my pension at 62 (and Submariner does it on even less) but I want more. I might work part time after that but I won't spend much time seeking such work.
Reply With Quote Quick reply to this message

 
Old 09-16-2017, 06:09 AM
 
Location: Texas or Cascais, Portugal
3,414 posts, read 3,178,832 times
Reputation: 8269
Would like to retire at 62 but seriously doubt I will have the savings I need to feel comfortable. But, a lot can happen in a few years so, one day at a time I continue to walk the walk. Would like to have a million saved before I retire but it is not feasible unless I want to work until I am 70 and, I DON'T.
Reply With Quote Quick reply to this message
 
Old 10-17-2017, 06:55 PM
 
Location: NY
3,783 posts, read 967,697 times
Reputation: 2176
Remember sitting in at a 401K meeting back in the 90's. The promises investing to age 70. Working to 65 for max pension and not pulling S.S. until age 70 for maximum payout. They showed films,movies and overheads. I got it. I really did. Very informative.Then came time for questions. Everyone took turns asking. There was talking, lots of chatter. Then I stood up and asked my question.

" I see that these meeting are designed for long term investments to near age 70.
Well, my Great grandfather died in his 50's . My Grandfather died in his early 60's and my dad passed in his early 60's. "
All died barely collecting one damn check of any kind.
Can you show me an investment pie chart how I can comfortably retire in my 50's ?"

Everyones jaw dropped. The room went silent. Then I got my answer.
" I'm sorry but we are not geared for such short term investments."
I didn't say a damn thing but a simple "Thankyou."

Workers came up to me shortly after the meeting and shook my hand and thanked me stunned by that simple question. Many told me they would reflect and rethink their long term strategy for retirement. As far as me? Well, that was easy.
I went back to work. Worked alot. More than ever. Scrimped and saved. Scrimped and saved. I lived simply and by simple means.
I recently retired as soon as I was eligible on an early pension at 55. I will do the same with S.S. etc... A.S.A.P.
Today, my bills get paid. There's food on the table and clothes on my back. I'm healthy, happy with no regrets. Hope this helped.
That's my retirement plan.

Quote: Sometimes the answers to the most complex of questions are simple and straight forward.
Reply With Quote Quick reply to this message
 
Old 10-17-2017, 07:32 PM
 
Location: Planet Woof
3,139 posts, read 3,504,154 times
Reputation: 9889
Always thought I'd work until 70 to get that full benefit from SS. Not to be. Lay-offs and long-term unemployment courtesy of the "Great Recession " blew that plan out of the water. Lucky to barely survive on contract work and then becoming a full-time caregiver in 2016 led me to apply for SS at age 62, this past March. Not rich but the bills are covered and I know where my next meal is coming from. I still aspire to work part-time for myself when I find the time. Meanwhile pretty darn content doing this and that or nothing. Roll with the flow and be happy before your time runs out.
Reply With Quote Quick reply to this message
 
Old 10-18-2017, 01:10 PM
 
Location: Tennessee
34,667 posts, read 33,667,394 times
Reputation: 51854
Retired at 55 (almost 56) with 34 years of government service (no breaks in service) and a pension. Divorced, no kids. I am retired 10 years and 7 months and haven't touched any savings in retirement. Completed college after work, while working full time, in order to get promotions. Went in as a GS-3, came out as a GS-14. I rent a 2br, 2ba apartment in TN and live entirely off the monthly pension. I don't have any outstanding bills/loans. Credit card (I only have one to make it easy) gets paid off in full every month. My current car is a 2016 with under 7,000 miles. I paid for it up front when it was new. Except for a photography road trip (cheap) in the Spring and sometimes Fall, I'm pretty boring but then again, I always have been so it's not like I have to watch my money in retirement. I thought I was going to retire at 65, then 60, then 55. Have more discretionary money in retirement than I did when working.

When you are trembling at the big difference in your gross salary vs. your calculated retirement income, consider this:

1. You are probably living now more cheaply than you think if you are socking away a lot of your paycheck for retirement. This is especially true if you are close to retirement. If it's direct debited, you probably don't even feel it because it's like you never had it.

2. It costs a lot of money to go to work five days per week (clothes and accessories, vending machines, dry cleaning, gasoline or public transportation, wear and tear on the car/regular service, lunch out, maybe tolls and parking, chip in presents and parties). You will not be going out to lunch (or dinner) or paying for lunch in the cafeteria 5 days per week in retirement. Play clothes are cheaper than work clothes and you can usually wash them, not dry clean them. You won't be commuting 5 days per week no matter how active you are.

3. Your good and bad habits won't change like you think they will.

4. If you plan to travel more, you can go whenever you want to, to take advantage of cheaper rates.

5. You have no idea how many things there are to do in your area that are free or cheap during a non-weekend day.
Reply With Quote Quick reply to this message
 
Old 10-18-2017, 01:51 PM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by Mr.Retired View Post
Remember sitting in at a 401K meeting back in the 90's. The promises investing to age 70. Working to 65 for max pension and not pulling S.S. until age 70 for maximum payout. They showed films,movies and overheads. I got it. I really did. Very informative.Then came time for questions. Everyone took turns asking. There was talking, lots of chatter. Then I stood up and asked my question.

" I see that these meeting are designed for long term investments to near age 70.
Well, my Great grandfather died in his 50's . My Grandfather died in his early 60's and my dad passed in his early 60's. "
All died barely collecting one damn check of any kind.
Can you show me an investment pie chart how I can comfortably retire in my 50's ?"

Everyones jaw dropped. The room went silent. Then I got my answer.
" I'm sorry but we are not geared for such short term investments."
I didn't say a damn thing but a simple "Thankyou."

Workers came up to me shortly after the meeting and shook my hand and thanked me stunned by that simple question. Many told me they would reflect and rethink their long term strategy for retirement. As far as me? Well, that was easy.
I went back to work. Worked alot. More than ever. Scrimped and saved. Scrimped and saved. I lived simply and by simple means.
I recently retired as soon as I was eligible on an early pension at 55. I will do the same with S.S. etc... A.S.A.P.
Today, my bills get paid. There's food on the table and clothes on my back. I'm healthy, happy with no regrets. Hope this helped.
That's my retirement plan.

Quote: Sometimes the answers to the most complex of questions are simple and straight forward.
Interesting food for thought.

I'm 59 1/2. I'm now at the point where I'm bumping into tons of age discrimination where finding a next job is extremely unpredictable and likely to only get worse. I have a worst case contingency plan where today is my last work day, I bridge myself to age 70 on the wealth I've accumulated, and then live off of my age 70 Social Security check plus whatever is left of my accumulated wealth. The great unknown is health care. Until I'm 65 and Medicare-eligible, it's really tough to gaze into my crystal ball and guess how I bridge 5 1/2 years. I've had gold-plated corporate group health insurance my whole adult life and it's unsettling to go without it.

Looking at my parents, I likely have 25 years left to live. The numbers look good if I work another 5 1/2 years and retire at age 65. Retiring now, I'd have to chop out a lot of lifestyle things I'd prefer to not chop out. First world problems.
Reply With Quote Quick reply to this message
 
Old 10-18-2017, 02:04 PM
 
5,420 posts, read 3,440,673 times
Reputation: 13657
Quote:
Originally Posted by GeoffD View Post

Looking at my parents, I likely have 25 years left to live. The numbers look good if I work another 5 1/2 years and retire at age 65. Retiring now, I'd have to chop out a lot of lifestyle things I'd prefer to not chop out. First world problems.
Whether you mean 85 or 90, do people really look to their parents as a good indicator of how long one's life will be? I do see that assumption or that gauge sometimes mentioned in this forum.

is it a reliable indicator? It apparently is the theory that genetics trumps all other variables. Perhaps there is scientific literature on this gauge, but I have not done the research to find out. It would be great if it is a reliable gauge, especially when one had parents who lived to 85 or 85+ or 89 or 90+.
Reply With Quote Quick reply to this message
 
Old 10-18-2017, 02:49 PM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
Reputation: 19119
Quote:
Originally Posted by matisse12 View Post
Whether you mean 85 or 90, do people really look to their parents as a good indicator of how long one's life will be? I do see that assumption or that gauge sometimes mentioned in this forum.
I use it as a basis from which to make assumptions on my own life expectancy.

I am 58. My grandparents [all four] and my parents, all had false teeth before they reached this age. I stlll have all of my own teeth, so I think that I am a bit healthier than they were, at this age.

All of them lived longer than 90+, so I am assuming that unless I do something stupid to cause myself to die younger, then I will also reach 90+.

I Had to deal with prostate cancer at 56, but it is gone now.

Reply With Quote Quick reply to this message
 
Old 10-18-2017, 04:11 PM
 
1,137 posts, read 569,034 times
Reputation: 4370
Quote:
Originally Posted by matisse12 View Post
Whether you mean 85 or 90, do people really look to their parents as a good indicator of how long one's life will be? I do see that assumption or that gauge sometimes mentioned in this forum.
I'm guilty of that. Mom lived a couple of months shy of 100; dad died at 83, but was a life-long smoker- and died of lung cancer.
I guess I don't have other types of reliable, or more accurate gauges, but I do know that I could bite it if I don't quit riding my motorcycle. But that's not in the cards; 53 years with no (street) accidents, but experience shows that this means nothing...life changes in an instant. Just because you're paranoid doesn't mean they're not out to get you.

Just had a review, and let my manager know I'm on my way out...40 work days left.
Reply With Quote Quick reply to this message
 
Old 10-18-2017, 04:48 PM
 
103 posts, read 193,660 times
Reputation: 128
62 for me and 63 for my husband - summer of 2019. I am counting the days.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top