Discussion about other people's reaction to early retirement in another forum
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I'm sure they do vary. My response was only to explain why a person might receive more than one pension. There are many who think someone should receive only one pension after a lifetime of work when it's just not so. Thanks for expanding on it, though.
I know what you were saying and I should have made that clear. We probably both know folks who were very strategic in planning their careers in order to maximize their retirement benefits. Many in our generation had the advantage of having served in the military during Vietnam and making it a career and upon leaving the service knew exactly their next stage.
After working 30 years for the same company I was fortunate to be able to retire really early. I'm grateful that I started to save for my retirement when I was in my early 20s. However, I know that if had discovered in my late 30s that I was dying, I would probably have regretted that decision to save so much instead of using the funds to enjoy life more.
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The problem is that the 20's/30's generation of today, live too much with the "life is short I'm going to spend what I make today" attitude. I see it all the time. People really think they are going to be young forever and don't realize how quickly time goes by.
Let's face it, not very many people discover in their 30's that they will dye. The reality (and science) tells us that people are living longer and longer and that trend with modern science will probably continue.
These days a lot of the youth live like they need to spend all of their money today. Buy the latest gizmo, travel around on exotic vacations, live above their means. It's one thing if you can truly afford it but quite another if you're not saving up enough.
Quote:
Originally Posted by Midpack
I retired at 57, but I'd consider retiring early to be the second best feeling in the world. I'd see having a job that you really, really enjoyed could be the best feeling in the world. Imagine getting paid to do something that you really enjoyed doing all day. Yes, I realize that's unfortunately very uncommon, but it's not unheard of by any means (and it's not just celebrities, athletes & Warren Buffett - some "ordinary" folks have jobs they love though they're not common).
For the right job, I could see coming out of retirement. YMMV
I TOTALLY agree Midpack. I really feel like if you can work in a position you truly enjoy that is ideal. Unfortunately not many people these days are in that position.
The problem is that the 20's/30's generation of today, live too much with the "life is short I'm going to spend what I make today" attitude. I see it all the time. People really think they are going to be young forever and don't realize how quickly time goes by.
Let's face it, not very many people discover in their 30's that they will dye. The reality (and science) tells us that people are living longer and longer and that trend with modern science will probably continue.
These days a lot of the youth live like they need to spend all of their money today. Buy the latest gizmo, travel around on exotic vacations, live above their means. It's one thing if you can truly afford it but quite another if you're not saving up enough.
I TOTALLY agree Midpack. I really feel like if you can work in a position you truly enjoy that is ideal. Unfortunately not many people these days are in that position.
I'm in my late 20's and I am maxing out my ROTH IRA. Im a saver. I hope that I can be a millionaire by the time I'm 60 or so (like they say lol) but I know that there no guarantees. All I can do is try. So I do think of retirement even thought it's like 30 yrs away.
I said this in the other thread but I think it's great that someone can retire early. Anyone who does it gets major from me. I hope to retire in my 50's or at the very least just work part time. A lot can happen between then and now but it would be nice to retire early.
Good job, Hershey. Good to hear that some folks in your age group are thinking of their future retirement. When my nephew (late 20's, married) asked me for advice one time and I told him to start a retirement account and put at least a little in it every paycheck, he looked at me like I had a tree growing out the side of my head. I told him that I wished someone had told me that in my 20's. He was perplexed.
My other advice to a young person who wants to retire early would be to not spend ALL of every windfall that comes your way. I have 2 friends that each inherited a substantial amount of money (250K and 1 mil) in their 30's. None of that money is left now that they are in their 50's. They blew it all on travel, new cars, day to day living expenses (when one decided not to work for 5 years), and who knows what else. If they had invested at least some of that money wisely, they could retire today if they wanted.
I've learned a 3rd lesson for retirement from my 86 year-old M-I-L, who now lives with us because she spent all of her inheritance on travel in her 60's. That lesson is "be prepared to live a lot longer than you think you will". Prepare for the possibility that at some point you will need some form of assistive care and be ready to pay the cost of that ( or at least have insurance to cover the cost). Her pension, SS, and what's left of the investments her deceased hubby made are not enough to pay for today's assisted living places. She's in a doughnut hole. She makes too much for subsidized senior housing and not enough for unsubsidized. So she lives with us.
I think I've learned my whole life by observing what others do, and doing the opposite.
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from me. I hope to retire in my 50's or at the very least just work part time. A lot can happen between then and now but it would be nice to retire early.
