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Several guys I worked with left at 55, which is the age we become eligible to "early retire" at a significant loss of retirement income. EVERY ONE of them went full time either as soon as they could or eventually to make ends meet or because they were bored.
One went to deliver auto parts, one is working hvac, one is working at a junk yard. ALL of them are working for less than $10hr and working harder than they did where they all worked with me. To top it off, these guys were all making $100k+ a year!
WHY would anyone in their right mind that knew they couldn't make it on retirement income/savings quit a 100k job for a menial job? I don't get it.
I would only retire if I knew I could afford to live on my income/savings without ever working another day. Makes no sense to me at all to retire and go back to work.
This is very true. If you have a "real" job and are over 50, take care of that job, because you will have a hard time getting similar employment at that age. For people near retirement age it's moot, but IMHO don't work at a job you hate. If you get a job in your 20's say, and it turns out you don't like it, if at all possible, move on to something you do like, or at least don't hate!
It could in principle make sense to retire from one job and take another job, if the second job is interesting enough, something you want to do. A "hobby" job, flying, being a fishing guide, something like that. Of course "hobby" jobs pay less, and at times, you end up doing your hobby under conditions you wouldn't do it for free, but you do it for pay.
The ONLY reason people can consider quitting at 55-60 is a pension, an inheritance or alot of good investments. Sadly most don't have these things. In fact in 10 years even 401k matches will be a thing of the past. Ah to be a baby boomer, you got it all..consider yourselves lucky. From this point on if you don't do your own saving..in between paying high medical premiums and ever increasing taxes. (Another thing most baby boomers never had to deal with) you can expect to work till death do you part.
You are very right, there unfortunately ARE a lot of folks who made poor investment decisions OR decided to work jobs that did not offer pensions.
I retired from Federal Civil Service after 30 yrs. Husband retired from USAF and will retire from Civil Service as well in a few more years. That will give us 3 pensions PLUS our TSP (401K's) and the medical benefits we get from military life.
I worked with LOTS of nurses that worked as contractors for the gov and got paid WAY more than I did (some as much as $6-10 per hour more) and we use to call it "nursing for dollars". They all wanted the BENEFITS that I was trudged along earning, but did not want to give up the "great pay", so CHOSE to stay on as contractors.
My husband could have started as a contractor for the gov when he retired and made almost twice what he started out making civil service (special skills, security clearances) but we discussed it and felt it was safer to go the civil service route with less pay, but MORE benefits in the long run. Back in 2001 (when he retired) retirement from civil service seemed a LONG way off for both of us, but time passes so quickly. As you get closer to the finish line, you are GRATEFUL for the decisions you made because, as long as you wake up each morning, they will continue to pay with pensions.
We are not rich, but will be very comfortable as we move forward and are grateful for the ability to provide for ourselves in our golden years and not be something our children need to worry about.
You are very right, there unfortunately ARE a lot of folks who made poor investment decisions OR decided to work jobs that did not offer pensions.
I retired from Federal Civil Service after 30 yrs. Husband retired from USAF and will retire from Civil Service as well in a few more years. That will give us 3 pensions PLUS our TSP (401K's) and the medical benefits we get from military life.
I worked with LOTS of nurses that worked as contractors for the gov and got paid WAY more than I did (some as much as $6-10 per hour more) and we use to call it "nursing for dollars". They all wanted the BENEFITS that I was trudged along earning, but did not want to give up the "great pay", so CHOSE to stay on as contractors.
My husband could have started as a contractor for the gov when he retired and made almost twice what he started out making civil service (special skills, security clearances) but we discussed it and felt it was safer to go the civil service route with less pay, but MORE benefits in the long run. Back in 2001 (when he retired) retirement from civil service seemed a LONG way off for both of us, but time passes so quickly. As you get closer to the finish line, you are GRATEFUL for the decisions you made because, as long as you wake up each morning, they will continue to pay with pensions.
We are not rich, but will be very comfortable as we move forward and are grateful for the ability to provide for ourselves in our golden years and not be something our children need to worry about.
I have to take a 200K pay cut to get a pension in my field.
I've got only about a year to go and will be 57 when I get mine. Then it's off to the beach. It's a great feeling! Hope the pension fund holds out as long as I live, LOL.
Actually, our state pension plan is one of the worst-funded in the nation. We're all pretty worried... I'm taking early. I'd take a lump sum, except that I'd lose my hard-earned health insurance in the bargain and don't have a spouse's insurance to fall back on.
Apparently in California a government pension is sacrosanct... in that taxes will be raised should their be a shortfall... or so local politicians have said.
You are very right, there unfortunately ARE a lot of folks who made poor investment decisions OR decided to work jobs that did not offer pensions.
I retired from Federal Civil Service after 30 yrs. Husband retired from USAF and will retire from Civil Service as well in a few more years. That will give us 3 pensions PLUS our TSP (401K's) and the medical benefits we get from military life.
I worked with LOTS of nurses that worked as contractors for the gov and got paid WAY more than I did (some as much as $6-10 per hour more) and we use to call it "nursing for dollars". They all wanted the BENEFITS that I was trudged along earning, but did not want to give up the "great pay", so CHOSE to stay on as contractors.
My husband could have started as a contractor for the gov when he retired and made almost twice what he started out making civil service (special skills, security clearances) but we discussed it and felt it was safer to go the civil service route with less pay, but MORE benefits in the long run. Back in 2001 (when he retired) retirement from civil service seemed a LONG way off for both of us, but time passes so quickly. As you get closer to the finish line, you are GRATEFUL for the decisions you made because, as long as you wake up each morning, they will continue to pay with pensions.
We are not rich, but will be very comfortable as we move forward and are grateful for the ability to provide for ourselves in our golden years and not be something our children need to worry about.
Those are awesome choices and well thought out. We made similar choices at DW's insistance and my acquiesence.
Quote:
Originally Posted by BrightNSunny
Any state is likely better on taxes than CT lol.
Rhode Island give CT a run for it's money on that tax issue.
Quote:
Originally Posted by SandyJet
I have to take a 200K pay cut to get a pension in my field.
As Paka points out in a follow-up we must make the best choices for ourselves. It is what you do with that extra 200k that can make the difference for you. I am sure you are making the right choice and you will do good. Most people on here (C-D Retirement forum) are taking control of their future by learning and growing. We see that there is light at the end of the long tunnel (via mathjak) and that life beyond that passage is good (via curmugeon HappyTexan, Escort Rider MMoB Submariner LauraC et all).
I for one feel I have found a home and many friends from all over who have helped me and DW
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Rhode Island gives CT a run for its money on that tax issue................
We see that there is light at the end of the long tunnel (via mathjak) and that life beyond that passage is good (via curmugeon HappyTexan, Escort Rider MMoB Submariner LauraC et all).
I for one feel I have found a home and many friends from all over who have helped me and DW
The high-tax states are pretty well known - CT, Rhode Island, New Jersey, MA, NY, CA, and perhaps a small handful of others. I think it's a toss-up which one is worst because one has to consider all the different major taxes and arrive at an "average": state income tax, sales tax, property tax, gasoline tax, user fees like car registration. Some people act like California stands out as the worst, but I have long argued that that is simply not true.
And thank you for the kind words, Golfingduo! I am honored to be included by you in that particular list of names. What strikes me about your list is how different the people on it are from each other. But as you say, the commonality is that we have all found a certain level of contentment and enjoyment in retirement.
The high-tax states are pretty well known - CT, Rhode Island, New Jersey, MA, NY, CA, and perhaps a small handful of others. I think it's a toss-up which one is worst because one has to consider all the different major taxes and arrive at an "average": state income tax, sales tax, property tax, gasoline tax, user fees like car registration. Some people act like California stands out as the worst, but I have long argued that that is simply not true.
And thank you for the kind words, Golfingduo! I am honored to be included by you in that particular list of names. What strikes me about your list is how different the people on it are from each other. But as you say, the commonality is that we have all found a certain level of contentment and enjoyment in retirement.
I agree with you that the list you have compiled for high-tax states are indeed above the norm. Some are made worse and why I put Rhode Island on there by taxing you when you die twice. California is absolutely not the highest tax burdened state but it does enjoy one of the higher cost of living.
I am glad you noticed the very nature of my honored list. I would have added more but then the list would have no meaning. You are correct that each of those names are unique and special. All are people whom I would love to gather at a dinner table and discuss every topic under the sun and enjoy the discourse that came of it.
As my daughter grew up and I love her dearly my little liberal she is we talked politics and religion at the dinner table. It drove my wife nuts. My daughter would become emotional sometimes and the discourse would get heated. But ask her today what she remembers most about life at home and she will say that she learned and grew to be herself by those dinners.
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