I will never retire (vacations, divorce, friend, ignorant)

[Huckleberry3911948]

for many there is no finish line.
for longevity, the statistics favor early retirement.

[karibear]

I have a friend who would love to retire if she could. She's 65 or 66 now, but she has enough chronic health problems she can't afford to quit and go on social security. COBRA wouldn't do her any more good than the health insurance she has, which actually is a good plan, but she's had to have so many tests and procedures of one kind or another the past 5 years that weren't covered she ended up having to pay them herself. If she had to wait 2 years for Medicare to kick in, she wouldn't need it, she'd be dead. As it is, she structures her life around maintaining the energy she needs to go to work every day, and she is a good employee. And she's great at budgeting, considering how many extra expenses she has. But it's a crying shame that people can't get what they need when they need it. It really sucks that a person should have to structure their life around having to work in order to maintain their health insurance, because if they don't work and keep that insurance, they die.

[loveautumn]

that's exactly what I do as well...as I need to keep my job and hope to work as long as I possibly can. Basically, work is first priority Mon-Fri, Saturday is errands, etc. and Sunday I usually have for myself...and that works out pretty well most of the time. I don't realy overschedule myself any more...

[texdav]

Originally Posted by Dingler

I work in Human Resources for a very large employer, and have been involved in the recruitment of hundreds of people. I push for the managers to hire older workers but in general unless you are on the executive track it is nearly impossible to be hired when you are over 60. Those people who want to work past 65 better have some serious luck getting hired. Age discrimination is serious.

it has more to do with whether its a permanent position with healhcare becasue older workers cost more naturally. But a new trend I am seeing is to hire older workers under contrct with health insurnce already and pay them more than standard for the compnay. Even companies are doing this with workers already retired under contract. I personally know at least 6 and they bascically can set their own hours or work from home.

[Pilgrim21784]

Some Thoughts On Retirement:
1) If you are one of the fortunate few who love what they do for employment, go for it until you croak! There is no better life and I envy you. I worked my entire life to pay the bills and meet my responsibilities. It wasn't a passion or calling, it was simply a job. I have no complaints or grouses, it was a means to an end. I did my job, they paid me and now I am free.

2) If you are like the majority of folks who work to pay the bills, work only as long as necessary until you can comfortably quit and be a travel bum, pursue your hobbies, or whatever. Life without answering to a boss or deadlines is really, really enjoyable.

3) We often miss the really important things in this life: loyalty to family/tribe, honor and giving what you can to help out others less fortunate. We will all die: how you run your personal "road" is what matters. JMHO.

[Bob's Burgers]

When you die a moving van does not follow. Serve your Lord Jesus in everything.

[nicet4]

Originally Posted by Dingler

I work in Human Resources for a very large employer, and have been involved in the recruitment of hundreds of people. I push for the managers to hire older workers but in general unless you are on the executive track it is nearly impossible to be hired when you are over 60. Those people who want to work past 65 better have some serious luck getting hired. Age discrimination is serious.

I'm in my 60's now and would go insane with worry if I wasn't in the field I am. Being 60 now and out of a job has puts one in an almost untenable position unless he planned the last 20 to 30 years the right way.

House owned free and clear with zero debt of any kind.

Lives in an area where the tax burden and cost of living is extremely low.

In good health.

Has enough cash on hand to make it for five or six more years.

I'm 60 and eligible for social security in another 18 months when I am 62 but there is a problem. At 62 my SS benefit will be around $1,242 which is not enough to live on. Working until 66 gives me $1,746 which is better but scary seeing how I lost a good portion of my retirement savings. With my wife receiving half of what I get ours would be $2,619 and we could do it but if anything goes wrong it would be tight. What I want to have is the equivalent of at least $1,000 a month in discretionary income.

Sucks but if I work to age 70 my benefit would be $2,423 plus whatever my wife would get which we calculate to be $900 a month if she starts to collect when 62.

This we could live on but it is nearly 9 years away yet. Another thing I worry about is my wife, should I go before her she would get my benefit while losing hers... I want to have her get as much as possible and if it takes me working until 70 then so be it. If I retired at 62 only to die at 65 my wife would only get $1,242 a month which she couldn't live on. She has to have the $2,423 which is over $1,000 a month more for her. No, not being selfish dictates I need to keep on working regardless of what I want to do.

What's going to happen to the wives of guys who are forced to take an early retirement at age 62 just for something? I suppose my wife would get $900 a month (that is what her statement says) so while we could hobble along on $2,142 a month it would be barely and then when something happens to either one of us it would be destitution and cat food.

While we do have some retirement savings I am psychologically relying more on social security than what I have in IRA accounts because we have all seen IRA accounts are vulnerable (we lost about 35%) and whatever happens the government will pay social security benefits even if they have to hyper-inflate. Right now we supposedly draw $500 a month from our IRA's forever but tell you what, I don't trust banks any farther than I can throw them right now.

"Investment bankers, the best and brightest in the room".... pffffst!

Work is where I finally get lucky again. The first time I got lucky was when I married my wife but I got lucky again when I picked a career and getting a job, even at my age and these times, is still relatively easy with one fella I know who is 86 and still working full time. I'm one of those that are first hired and last fired so I count my lucky stars daily.

[loveautumn]

I'm waiting until 66 if I can...if I collect at 62 I can only earn $13k a year without getting penalized, at 65 its $30k and after that there's no limit. I did read somewhere, don't ask me where, that waiting until 70 doesn't really work out numbers wise in the long run, unless you really live a long time.

[nicet4]

Originally Posted by loveautumn

I'm waiting until 66 if I can...if I collect at 62 I can only earn $13k a year without getting penalized, at 65 its $30k and after that there's no limit. I did read somewhere, don't ask me where, that waiting until 70 doesn't really work out numbers wise in the long run, unless you really live a long time.

I heard it's living until 77 which I hope to do. At 60 I sure hope to do better than 77 and here's betting I will.

But working to 70 isn't for me it is for my wife. If I die at age 71 she'll be 69 and getting over $1,000 a month more because I worked 9 extra years. I owe her that.

Also after my wife starts collecting her social security (I will be 64) we should be able to save at least $30k per year.

[lenora]

Nicet4,

Perhaps this link will be of some assistance.

4 Unusual Ways To Boost Social Security Benefits

After a while, all of the arithmetic and strategizing begins to numb my brain. Nevertheless, there are (supposedly) several ways to increase a couple's social security income.