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Old 11-28-2018, 06:08 AM
 
34 posts, read 15,625 times
Reputation: 49

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I read in the linked article that the average age of retirement is 63. I find that interesting but I could not find out a true definition of being retired. How do they get the statistic of 63?

https://smartasset.com/retirement/av...in-every-state

https://dqydj.com/average-retirement...united-states/

Are these friends of mine officially retired:

1) Left a full-time High School teaching job last year but now work as a part-time substitute and tutor and average 25 hours a week working for pay.

2) Left full-time work but now volunteer up to 40 hours a week for the United Way at no pay.

3) Left corporate America but work as a consultant and work 60 hours a week some months and other months not at all.

Are any of my friends above officially retired for statistical purposes?

Last edited by Specific Point; 11-28-2018 at 06:35 AM..
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Old 11-28-2018, 06:27 AM
 
364 posts, read 125,596 times
Reputation: 1440
Very interesting post.

Personally I won't consider myself officially retired until I receive SS (currently not receiving SS). I work 8 hours per month and do some volunteering without pay.
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Old 11-28-2018, 06:39 AM
 
Location: Scottsdale, AZ
7,595 posts, read 4,674,480 times
Reputation: 27789
Retirement is whatever you want it to be. I'll be collecting Social Security next year but I'll still be working. Is that "official retirement"?

That's one illustration of how the phrase is essentially meaningless.
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Old 11-28-2018, 07:10 AM
 
6,303 posts, read 5,042,575 times
Reputation: 12805
I'm retired and volunteer and do consider myself RETIRED!!
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Old 11-28-2018, 08:05 AM
 
6,526 posts, read 1,336,586 times
Reputation: 16534
I think that if a person has a full-time job for most of their adult life prior to quitting his or her last full-time job, and s/he has no need or desire to ever work at a full-time paid job again, and s/he is doing what s/he wants to do (unless ill health prevents that), then that person is retired -- but that is just my opinion, of course.

I work part-time at a job that is more of a hobby, even though I get paid for it (wine consultant), and I definitely consider myself to be mostly retired.

Last edited by katharsis; 11-28-2018 at 08:21 AM..
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Old 11-28-2018, 08:07 AM
 
Location: Florida
4,355 posts, read 3,689,532 times
Reputation: 4084
When you do not need to work support your life style and leave the type of work you have done most of your life.
If you work part time for your old employer maybe you are partly retired.
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Old 11-28-2018, 08:14 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
i work a few part time gigs for pay but nothing i wouldn't do for free because i enjoy all of them .

retirement can mean not having to work but not necessarily not working
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Old 11-28-2018, 08:21 AM
 
Location: Gulf Coast
284 posts, read 595,136 times
Reputation: 448
To me, retirement is being able to do what you want, when you want, without regard to forcibly answering to anyone else or a schedule; as well as not having to rely on income. Now, if you voluntarily work PT, that's under the assumption you WANT to work that particular job as it's enjoyable, of interest, a hobby, etc. You use the money as extra "fun" money, and you're ok with whatever schedule that part time job requires.

Keyword is here "optional". Do you want to do it for fun and extra income, or do you work PT out of necessity?

Here's an example. My "fun" job in retirement if I retire young enough and choose to have one will be one of the guys that drives/delivers cars for auto dealers or auctions. (dealer exchange/delivery drivers, auction lane driver, etc.) To me, as a car enthusiast, that's a hobby/fun job to get out of the house, socialize, and make extra money. That job is often on-call; so you are able to choose if you want to work that day or not.
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Old 11-28-2018, 08:32 AM
 
Location: The Triad (NC)
28,484 posts, read 62,084,629 times
Reputation: 32136
Cutting to the chase... I believe that the FIRST qualify line is drawn over health insurance.

If you're not old enough to qualify for for Medicare ...
and/or you aren't covered under some (former) employer's paid group plan ...
then it's really hard to assert that you're really and fully retired.

If you have enough assets producing enough income to meet the other aspects of your life needs
then you're likely to earn too much to qualify for an ACA subsidy ... and even if you do...
the HI policy will cost a small fortune and/or have a crazy high deductible and OOP scheme.
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Old 11-28-2018, 08:45 AM
 
Location: Towson, MD
189 posts, read 106,521 times
Reputation: 816
1 and 3 NOT retired, 2 retired. If you're working for pay, you're not retired. Casually working or part time, or whatever, if you're getting paid you're not retired.
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