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Old 10-07-2017, 10:53 PM
 
26,090 posts, read 28,500,170 times
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Quote:
Originally Posted by PilgrimsProgress View Post
OP, that's what lottery tickets are for.
Except 70% of people who win the lottery are broke within 5 years. If you don't know what financial planning is, you'll go back to being broke.

Why do 70 percent of lottery winners end up bankrupt? | cleveland.com
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Old 10-07-2017, 11:01 PM
 
26,090 posts, read 28,500,170 times
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Quote:
Originally Posted by EmilyFoxSeaton View Post
My co worker worked from 17 to 60 at the same place. In the course of her time there she had been the bell of the ball and a manager and also... demoted for some reason that was never clear. She put up with all the crud that we all do. She, like the rest of us all stay for one reason.. that pension. So, at age 60 where she finally would be able to retire.. she woke up one day and had severe metastasized cancer. Not only did she not get to use her pension... she didn't even get to use the massive stores of sick time to fight her disease. She was dead in three weeks from being diagnosed.

That rocked me. I will guard my health until 60 and retire the first moment I can. No matter what the benefit is. I will make it work.
Guard your health, of course.

But also don't make yourself 100% dependent on a pension. I work a public sector job with a pension. I always saved something in my voluntary 457 retirement plan (or 401k, 403b, etc.) from the day I started and increased my contributions most years. 20 years later, I have more than a few years' salary saved up in the plan. I would be in even better shape if I'd invested in a balanced fund like Vanguard Wellington and just left the money alone instead of moving it around from fund to fund. I'm reaching the point where I wouldn't like it, but I could retire in my mid 50s even without the pension.
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Old 10-07-2017, 11:10 PM
 
26,090 posts, read 28,500,170 times
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Quote:
Originally Posted by Serious Conversation View Post
That's one of the biggest problems I've seen.

I know many, many folks who define themselves by their occupation. Some folks, like teachers or nurses, are helpers by nature. To me, defining yourself as a helper isn't bad or wrong.

I work in an IT office. I'm basically a glorified bureaucrat and paper pusher. While I don't hate my job or even really dislike it, I'm not defined by this. I have many other hobbies and interests outside of my 8-5.
Yes, correct. The way I see it, I think there is more work outside the world of paid employment that is purposeful than work inside the world of paid employment. Teaching & nursing would be good examples. In both, bureaucracy and politics often get in the way of doing good work.
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Old 10-07-2017, 11:25 PM
 
13,319 posts, read 25,561,639 times
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Originally Posted by mysticaltyger View Post
Yes, correct. The way I see it, I think there is more work outside the world of paid employment that is purposeful than work inside the world of paid employment. Teaching & nursing would be good examples. In both, bureaucracy and politics often get in the way of doing good work.
If one feels the desire to teach or be a caregiver, there are all kinds of opportunities outside the institutional paid employment world. As one of the latter who is retiring in January, I have no shortage of possibilities for my time.
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Old 10-08-2017, 06:49 AM
 
1,253 posts, read 567,571 times
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Quote:
Originally Posted by mysticaltyger View Post
But also don't make yourself 100% dependent on a pension. I work a public sector job with a pension. .
We work for the same organization. I do have other savings as well. It is tricky though... I try to be reasonable about savings but then I wonder, where is the line between skimping and saving while I have my health and having fun.

The pension is indispensable though. It is a big chunk of the retirement income.

Quote:
It sounds like you might be ready to implement the ideas explained in Mr. Money Mustache:
Getting Rich: from Zero to Hero in One Blog Post
I like this guy and I do try to live my life that way but also, the issue with this for me is that I have pretty much cut to the core. I have a cheap cell service plan (and no hardline) I have the minimum cable -- which is going to be cut next year when my contract is up. But for me the biggest expenses are things I don't see coming. Like a home problem -- new screen door - or a bill for parking because I forgot to pay at the start of the month. Or my condo unreasonably raises assessments. Or clothing rips.

One thing about working as well is all the money I spend because of working. Paying for parking, paying for clothing, paying for food because I can't remember to bring my own. Dry cleaning. Sometimes I think 30% of my salary goes to pay for my job.
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Old 10-08-2017, 07:50 AM
 
26,589 posts, read 52,294,382 times
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In my family no one ever retires except Mom did at 62.

They all work until they drop.

The difference is all were in business for themselves... and it is a difference.

One side are dairy farmers and the work is 7 days a week but for that side it was everything and they were not slaving for other people.

The other side were small shop keepers and my step grandfather built a small tool and die shop... even in his 80's he was the first to open in the morning and spent every Saturday morning at the shop laying out next weeks work.

He was most grateful for the opportunity America gave him and REFUSED to take one penny of Social Security...

He said where else can a person come with nothing and build a business...

It could very well be we are getting soft and I wonder what past generations would say today?
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Old 10-08-2017, 07:54 AM
 
14,478 posts, read 17,351,968 times
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Quote:
Originally Posted by Jacksnacknyc View Post
So is everyone in NYC okay with slaving for other people and retiring at an old age and then dying?
One of the guys with whom I retired did not survive even 6 months after his retirement. He could have retired years earlier, but he delayed retirement in order to increase his monthly payments--which he collected for a full 4 months. He apparently had an undiagnosed heart ailment, and he died in his sleep.

Retire while you are still young enough to be able to enjoy life for an extended period of time!
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Old 10-08-2017, 07:58 AM
 
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^^^ There are several I know like this...

One was a very much beloved High School Teacher that lost his first wife to cancer.

He was a really great guy and got a super send off from friends and co-workers and students going back 40 years...

He did not last a week and died in his sleep... was not aware of any issues.
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Old 10-08-2017, 09:29 AM
 
Location: Loudon, TN
5,783 posts, read 4,836,241 times
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Quote:
Originally Posted by BucFan View Post
You can balance it, perhaps do with less materialism (ie Don't Keep Up with the Jones)....ie. working to attain a huge retirement house isn't needed, buying the latest import car, going on cruises, etc. Back off those unnecessary purchases, lead a balanced life - no longer needing to slave for an employer..perhaps finding a job with less pay but more time w/ family..leads to a more fulfilling life, imo.

BTW, the comment about everyone retires at an old age.....not true. Some manage and early retirement, others never retire.
Very true. I lived the paycheck to paycheck existence detailed in previous posts where little was left over after bills. It takes a willingness not to have the newest IPhone, to drive an older car, to live w/ a roommate until you find a mate,to search for a job you don't hate, and do what you need to do to survive. I look back and sort of laugh at the days when I was so broke I made my own Rice-a-Roni, because the real thing was too expensive.

It takes perseverance and an eye for opportunities that present themselves. Over time you can work your way up to a decent living if you have two people who are pulling in the same direction, or one person with a good head on their shoulders. You have to resist the lie that everyone has the wealth that's displayed on TV shows. Live within your means, live below your means if possible, to be able to save for the future. Eat at home, go camping in a state park for vacation, shop for clothes at TJ Maxx and Costco. Don't buy things on credit that can't be paid off in a few months. If you do this in your early career, and keep applying yourself, you can achieve a better standard of living, but you still must resist the siren call of vanity purchases and the credit debt they bring.

Today if you make it to 65, you have a 50/50 chance of making it another 20 years if female, and 17 years if male, according to the Society of Actuaries (SOA). Sure, some people die at 65, like my mom. Others live to 91, like my mother-in-law. No one says you to work to 65 either. Many find that they can retire earlier, as my husband and I have done. (Me at 51, he at 56).
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Old 10-08-2017, 09:32 AM
 
Location: Staten Island, NY
8,705 posts, read 7,099,783 times
Reputation: 8196
I plan to extend my career to increase the pension, but within reason. I hope to be done at 50.
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