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Old 05-09-2015, 12:45 PM
 
130 posts, read 101,242 times
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If you can afford to retire early, then do so. Who cares what anybody else thinks? They're just jealous, that's all!

My sister worked for a company whose plant was flooded back in '92. Rather than rebuild thay closed the plant. Because my sister was management, they gave her a nice severance package that included a retirement benefit and free healthcare. She was 55 at the time. She had a small home which she paid off and invested the rest of the severance package. Her (2nd) husband, although younger than her, worked longer and gets a small DB retirement and SS. They're both frugal and are doing quite well, except for some health issues he's dealing with. But, financially, they're very comfortable. I never criticized her for not going back to work. Truth be told, I was a little envious. I'm very proud of my sister. We came from "dirt poor" and she did very well for herself. We both did. Wish I could have said that about our brother. He had a very good paying job with good benefits, he worked until he was 66 and still had nothing because he didn't plan well.

What I don't like to see is someone who retires as soon as they're eligible and then complain they don't have enough to live off of. I saw that at my job. Rather than stick it out a few more years, they were out the door on their 55th birthday with 30 years of service (the earliest date they could retire).
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Old 05-09-2015, 12:59 PM
 
20,896 posts, read 39,162,901 times
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Quote:
Originally Posted by Mark bridge View Post
.....He had a very good paying job with good benefits, he worked until he was 66 and still had nothing because he didn't plan well.....
We could have a very good thread on such planning, but not sure the young ones would bother reading it, much less do something about their senior years.

Wife and I planned it since our early / mid 20s, back in the mid 1970s. When the time came we were sitting pretty and pulled the trigger. We too worked our 30 years and pulled the plug at 55 to make room for the younger ones coming up. Could've stayed longer but it just wasn't enjoyable any more, not to mention the insane gridlock traffic in Northern VA.

The gist of our planning was the word NO. As in no kids, no pets, no religion, no boats, no horses, no RVs, no second homes, no drugs, no tobacco, no fancy cars, no gambling. We bought a home, paid it off early, saved, invested in the stock market and lived plain lives. We ate well, traveled often, took cruises, had hobbies and now have NO regrets.

Even though Social Security will probably be there for Americans forever, or damned near forever, it is not a retirement plan. People have to make deliberate plans and then be ruthless at following them; some would call it discipline. We never did the Baltimore thing of having a boat, the damned things are just a hole in the water into which one tosses paychecks. Rent a damned boat if you only go once in a great while, or go fishing on a charter boat, but don't plunk down huge bucks for something that loses 50% of it's value once you sign the title to own it. If you use a boat every week then maybe owning is for you, but otherwise save your money in your retirement account and be wise with using money. Same for all those others passions that people have.

Funny thing, my Federal employer (Army, civilian job) doesn't send people to retirement planning until we hit age 50. Hell, by age 50 you should have at least 20 years of retirement planning already behind you. If we wait for age 50 to start retirement planning then we've missed the boat and may well be working many more years. We have to do this for ourselves, the guv'mint isn't going to do it for us. When it comes to planning our retirements it really is a YOYO world, as in You're On Your Own.

There's an old saying: "Don't get caught with your pants down." My take, in a YOYO global economy is this: "Don't get caught with your plans down."
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Old 05-09-2015, 01:40 PM
 
33,046 posts, read 22,039,041 times
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Everyone I know who retired early felt entitled to it.
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Old 05-09-2015, 01:55 PM
 
2,732 posts, read 720,803 times
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Hi Mike from Back East, you are my type of person! My husband and I were like you for the most part--no kids, lived frugally, no religion (except for a Unitarian church for a few years)---did treat ourselves to having a pet (one cat). Paid off big time---we retired at 52, completely self-financed (no pensions or health care---too young for SS until next year). It's amazing how full a life you can live without spending much money (and in our case, with earning a smaller salary than most people). And now that we've done it, don't want to waste much time listening to people whining about how they can never afford to retire, even in their 60's. They made no plans and spent all their money.

I do think people who work for the government in any capacity---federal, state, local---and a few people who still have defined benefit pension plans don't have to plan/save much for retirement if they are going to get a pension plan that comes close to most of the salary they were earning. For example, I know people who retired from state government and are earning 90% of what they retired earning. But I think plans will be less generous in the future...
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Old 05-09-2015, 05:48 PM
 
Location: Southwest Washington State
21,834 posts, read 14,349,419 times
Reputation: 30683
Quote:
Originally Posted by jazzcat22 View Post
Hi Mike from Back East, you are my type of person! My husband and I were like you for the most part--no kids, lived frugally, no religion (except for a Unitarian church for a few years)---did treat ourselves to having a pet (one cat). Paid off big time---we retired at 52, completely self-financed (no pensions or health care---too young for SS until next year). It's amazing how full a life you can live without spending much money (and in our case, with earning a smaller salary than most people). And now that we've done it, don't want to waste much time listening to people whining about how they can never afford to retire, even in their 60's. They made no plans and spent all their money.

I do think people who work for the government in any capacity---federal, state, local---and a few people who still have defined benefit pension plans don't have to plan/save much for retirement if they are going to get a pension plan that comes close to most of the salary they were earning. For example, I know people who retired from state government and are earning 90% of what they retired earning. But I think plans will be less generous in the future...
I think the days of those generous pensions are mostly over. And those of us who do have private pensions, don't have the same level of benefits, unless we are retired with service in a powerful union.

Whether or not there will be pension, people need to save and plan.
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Old 05-09-2015, 06:57 PM
 
231 posts, read 131,956 times
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Quote:
Originally Posted by silibran View Post
I think the days of those generous pensions are mostly over. And those of us who do have private pensions, don't have the same level of benefits, unless we are retired with service in a powerful union.

Whether or not there will be pension, people need to save and plan.
How could they not be? It's easy for the present value of a pension to be $1M - $4M. There simply isn't enough wealth lying around to make that a widespread phenomena.
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Old 05-09-2015, 09:58 PM
 
Location: RVA
2,164 posts, read 1,264,175 times
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Quote:
Originally Posted by Mark bridge View Post

What I don't like to see is someone who retires as soon as they're eligible and then complain they don't have enough to live off of. I saw that at my job. Rather than stick it out a few more years, they were out the door on their 55th birthday with 30 years of service (the earliest date they could retire).
Yes. Too many people really believe its their right, just because they put in the time. I think you will find a lot more working (& retired) people judgemental of people that retired early and are well off because of good jobs. planning, investing, etc than just because they retired early.
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Old 05-27-2015, 10:51 PM
 
Location: Metro Seattle Area - Born and Raised
711 posts, read 291,506 times
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Retired at 52 after 21 years in a civilian law enforcement position and 12 years on Active Duty in the U.S. Army as a tank commander. With another 14 years in the Army Reserve, in the military police field, including a 1.5 year deployment back to the Middle East.

Do "I" feel guilty about retiring early?? Heck no!! Do "I" miss working?? Heck no!! Do "I" miss some of the guys and gals I worked with?? Heck yes!!

I do not have any regrets on anything I've done in my careers. I'm very proud of my service to my country and my local community. Plus, I planned, saved and invested wisely for the purpose of retiring early and being able to live in a comfortable manner.

On a side note, Personally, I couldn't give a rat's @zz if anybody is "judgemental" toward me if I retired a few years before them by making both the military and law enforcement my career choices since they offered decent retirement plans, which allows you to retire early. And that "I" saved wisely... Why would "I" risk my life and my family's security for anything less?? It's all about choices "we" make in life and if people do not plan properly or save money, it's on them and nobody else... To be honest, that sounds pretty much like a cop-out or even worse, crying over the fact that somebody else received a bigger slice of the pie.

For those who might find themselves in that "judgemental" group, I have two questions for them. First, what "choices" have you made that prevented you from retiring early?? Second, how much are you saving in order to retire in comfort?? Again, everything is about choices we make.... For better or worse.

Personally, I'm happy for people who are able to retire early. Yes, I understand that "things" do happen in life that we cannot control, but that's life. "I" respect anybody who is doing the right things in life and working towards their individual goals. I come from a lower working class family where both of my parents worked hard every single day and were not able to retire until later in life. They gave me the greatest gift of all... Wisdom. Telling me that planning and working smarter is far better than working harder and longer.

BTW, I've received several permanent injuries in combat, while defending my country and several more permanent injuries while making arrests on armed and dangerous criminals threatening the good people of my city.

Last edited by bergun; 05-27-2015 at 11:52 PM..
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Old 05-27-2015, 11:14 PM
 
Location: Sacramento
13,784 posts, read 23,800,954 times
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Originally Posted by NewToCA View Post
Retired at 54 from the Federal Govt. No sense of guilt at all. A little adjustment period the first few month after 34 years of attending many long meetings, discussing and analyzing budgets, preparing and reviewing metrics and proposing plans, but why feel guilty about leaving this stuff?

If you can afford to retire, and be financially independent, why concern yourself with the perception of others? Anybody who would resent this is foolish, you obviously were sufficiently lucky or a good planner to pull it off, and much of life does not have to do with work.

Much of work isn't really productive anyway if you think about it.
I posted the above (post #17 in this thread) over eight years ago, and it still accurately reflects how I feel about early retirement. Like many others who have pensions, no financial problems at all in retirement.
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Old 05-29-2015, 08:37 AM
 
39,213 posts, read 20,338,563 times
Reputation: 12735
Quote:
Originally Posted by Tek_Freek View Post
"So, what are you DOING with yourself nowadays? Are you WORKING?"

No, I'm relaxing, enjoying life, doing whatever I want whenever I want. Life is glorious! How about you?

I'd wager the questions would stop...
LOL, I love it. I agree. DH retired about 3 years ago at 52 and he loves it. Our yard and flower garden is beautiful, we get to go places, did plan on traveling a lot but due to my mother's illness can't. We just enjoy each others company instead of passing by like we used to. OP, don't feel one iota of guilt but remember if they also may be interested i how you did it. Meaning, learning from you.

Enjoy!
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