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Old 03-09-2018, 07:44 AM
 
659 posts, read 324,857 times
Reputation: 1974

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Quote:
Originally Posted by mysticaltyger View Post
I've been saying forever on these boards and to people I know that the "work until 65" model broke a long time ago. Most people lose good paying employment or get burned out or have health problems the preclude them working in high pay/high stress jobs by the time they hit their 50s. They don't have as much time to save for retirement as they think they do.

I feel like no one listens.

Most people are still operating on an outdated script in their heads about how they think life is supposed to go and the things they think they are supposed to have.
I agree with you. I am one of those who had to suddenly leave a high pay/high stress job. The gravy train stopped 1 month before my 58th birthday. I suddenly had to retire on my savings and no pension. I thought I was not yet ready but somehow I am making it work on far less than I thought I needed. I marvel at people who say they can work as long as they want and those that need 100K plus per year to live in their old age. Retirement is as expensive in the US as you want it to be.
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Old 03-09-2018, 07:46 AM
 
Location: Tennessee
23,579 posts, read 17,561,360 times
Reputation: 27660
Quote:
Originally Posted by miu View Post
Thanks to high NH property taxes, it's impossible to save and I feel that I can never retire.

Even with a mortgage paid off, it feels that I am renting my property from the state. And according to fellow NH homeowners, property taxes have skyrocketing in the last 20 years. Scary stuff.
You also pay no income or sales taxes.

When I lived in Indiana, it was basically a 4.5% flat income tax between the state and county in my county, with other counties often being more. Sales tax was 7% in most areas. Property taxes were about 1% of the value of the home.

I'm not sure how it all balances in aggregate, but taxes have to be paid somehow.
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Old 03-09-2018, 08:03 AM
 
Location: NC Piedmont
3,911 posts, read 2,878,179 times
Reputation: 6291
Quote:
Originally Posted by mathjak107 View Post
all i know is if you think it is tough finding a job or working in your 60's , try it in your 70's or 80's if forced to .
Yeah, I have a little anxiety about having to find something when this job ends (winding down slowly last product will only be used until 2020 at longest), but I have skills that have some demand and there are lots of short to medium term contracts where ageism is less of an issue.

I read something not all that long ago that said despite people planning to work longer, the average age of retirement was still under 64 and that a significant percentage retired early due to health and/or unemployment. Planning to work is one thing; being required to work to make a decent retirement feasible is another.
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Old 03-09-2018, 08:08 AM
 
71,550 posts, read 71,712,424 times
Reputation: 49155
sometimes it takes a little creativity pre-retirement to create a job function part time after retirement .

without even realizing it i started to teach motor controls and drives to newbees at the company i worked for among my other job functions . little did i know almost 3 years after i retired i would still be doing that 1 day a week .

i could work as many days as i want . i never expected to really work after i pulled the plug but i enjoy doing it and i seemed to create a job function that never existed prior that can go on as long as i care to do it . .
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Old 03-09-2018, 08:23 AM
 
13,319 posts, read 25,558,234 times
Reputation: 20505
Quote:
Originally Posted by GeoffD View Post
My employment isn't all that stable. I have a contingency plan where I stop working at 60 but I'd have to really dial back the lifestyle. I want the security of the defer-to-70 Social Security check and 10 years is a really long time to bridge to that.
Well, there's ten years in between to choose from, it's not either/or, right?

I thought I'd take my pension at 65 and keep working part-time until 66 or beyond. I would have been quite well off by my standards.

Then I realized that I wanted a more vigorous life, that my job/hours had taken way too much out of me already, and I wanted OUT and move to Colorado. So retired and took my pension at 64 and 8 months, and Soc. Sec. at 65 and I hit the road in April. Not financially ideal but doable and I just felt like I couldn't afford to sacrifice health and well being any longer.

I will not have a huge amount of money saved but a good amount from Soc. Sec. (almost max) and private pension. I also plan to have a small part time job for a while, at least, which will be grocery/gas and walking around money, a relief.

If I want major travel, I'll dip into the emergency fund. But right now, I really see making a life in the new community and taking part in those things more than heading to the airport (all four gates of it).

No plans to give up restaurants, I love them too much. Lunch, not dinner.
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Old 03-09-2018, 08:34 AM
Lou
 
264 posts, read 109,281 times
Reputation: 386
The article is awfully short on details for such a complex topic.

- How does the author quantify "broke?"
- What is causing the lack of planning? What percentage is due to lack of awareness/education about retirement planning? What percentage is due to people blowing it off because they mistakenly believe they still have plenty of time to start thinking about it? What percentage is due to people prioritizing immediate gratification?
- How does retirement savings leakage (401k loans and early withdrawals) play into it?
- Of the people who say they just don't make enough to save for retirement, how many are in that position due to excessive debt or poor cashflow management?

As dire as the article's message is, why doesn't it end with advice from a financial advisor on the best first steps to get oneself on course? That should be at least the last third of the article.
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Old 03-09-2018, 08:42 AM
 
Location: NC Piedmont
3,911 posts, read 2,878,179 times
Reputation: 6291
Quote:
Originally Posted by mathjak107 View Post
sometimes it takes a little creativity pre-retirement to create a job function part time after retirement .

without even realizing it i started to teach motor controls and drives to newbees at the company i worked for among my other job functions . little did i know almost 3 years after i retired i would still be doing that 1 day a week .

i could work as many days as i want . i never expected to really work after i pulled the plug but i enjoy doing it and i seemed to create a job function that never existed prior that can go on as long as i care to do it . .
There is a possibility of what would be virtually part time but actually seasonally full time work after our products all wind down. Even though they picked a different firm to develop their next product, the client is talking to us about possibly doing some work on it because we understand their industry and business rules so well. It would be based on when new regs are released and when their busy season ends. My current rate is so much more than market rate that I might make the same annually doing that compared to taking a different full time job.
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Old 03-09-2018, 08:51 AM
 
825 posts, read 564,319 times
Reputation: 2598
Quote:
Originally Posted by mysticaltyger View Post
I've been saying forever on these boards and to people I know that the "work until 65" model broke a long time ago. Most people lose good paying employment or get burned out or have health problems the preclude them working in high pay/high stress jobs by the time they hit their 50s. They don't have as much time to save for retirement as they think they do.

I feel like no one listens.

Most people are still operating on an outdated script in their heads about how they think life is supposed to go and the things they think they are supposed to have.
If working until 65 seems like a hard slog, think of all those who come after who'll have to work until 67 to reach full retirement age. I know that this decision was taken in 1983, while I was toiling away at university and not able to give my attention to newspapers, but the full implications are just now beginning to sink in with every arthritic twinge and aching muscle and creaking hinge as I go about my work. And I'm not even 60 yet!

I very much doubt I could physically keep working as I do today straight through to 67. But that's what I would have to do if I wanted to receive my full retirement benefits. To me, the decision taken in 1983 was a mean-spirited way to cut SS benefits on the backs of elderly workers who can't physically endure a 40-hour higher-stress job.
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Old 03-09-2018, 12:43 PM
 
Location: Tennessee
23,579 posts, read 17,561,360 times
Reputation: 27660
Quote:
Originally Posted by mysticaltyger View Post
I've been saying forever on these boards and to people I know that the "work until 65" model broke a long time ago. Most people lose good paying employment or get burned out or have health problems the preclude them working in high pay/high stress jobs by the time they hit their 50s. They don't have as much time to save for retirement as they think they do.

I feel like no one listens.

Most people are still operating on an outdated script in their heads about how they think life is supposed to go and the things they think they are supposed to have.
This is the absolute truth and I don't think a lot of people acknowledge this.

My aunt is 56 and was recently facing a layoff from a fairly well-paying job. We live in an area without much of a professional job base. She could probably find something elsewhere that paid around what she made previously, but due to family obligations, is staying in the area. She was able to secure mostly remote work, but is starting all over again at an entry level wage.

She is completely debt free, but this is going to be a lifestyle hit. Many others at that age are not debt-free, and one adverse event could send them scrambling.
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Old 03-09-2018, 04:29 PM
 
133 posts, read 81,583 times
Reputation: 126
A refrigerator box and a freeway underpass will do me just fine.
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