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Around age 30, I figured I'd retire at 66, SS normal retirement. At age 50 or so, it dropped to age 62. A couple of years later. it dropped to age 60, when my pension kicked in. At age 58, we got a figurehead idiot supervisor and I considered retiring at any time, but I managed to hold out until 60.
When I was younger 65 was assumed to be the retirement age for most workers. I have chosen to continue much longer than that. Not having many other interests I have chosen a very easy job instead of sitting in my recliner all day.
Started working at 18 full time after highschool. Was always a hustler who never thought about getting old........ever. That did not mean I never planned for the future. We traveled, built a house put money in our 401k's and invested here and there. Our mortgage was 22 years to coincide with my 62 birthday.
I just turned 57 a few weeks ago and for the first time in my life advancing in age I feel as though I hit a brick wall, not in the mid life crisis sort of way but instead a sudden realization that time has finally caught up with me and that health, financial security and the ability to take care of my family is now the number one priority.
Not that it was not before, but when you are young you feel so invincible
I really do not know what happened to my life.......time has flashed before me. I was always told by those in their 40's and 50's when I was younger that when you to get their age time is going to reach out and grab you and thrust you forward at a rapid pace. Always listened but never really grabbed the concept. I am now a believer.
I will retire at 62 hopefully in a comfortable manner financially. While we did not worry about retiring in our younger years we always made sure to pay ourselves first (retirement funds, investing and mortgage planning) before we indulged in traveling, large purchase, etc.
At five years out we are now recalculating and planning to make sure that retirement at 62 is on target.
Started working with a local government in 1973; their retirement plan had a minimum age of 55 for early retirement. When you're 20 years old, retirement isn't something you think about, or at least it I didn't.
After 20+ years on the job, I started thinking of that 55 as a goal, although it would have meant taking a hit on benefits (full benefits started at 62 with 30 years of service.
Lo and behold, my local government employer amended its retirement system by adding the "Rule of 80," where any combination of age + years of service that equaled at least 80 would allow an employee to retire with no penalty, but subject to limitations if the work years were under 30.
The change in the rules happened just after I turned 50, and I'd have 30 years in, in just 6 more months.
I could not believe my luck! I didn't think twice about it. Told my DH I was going to retire; he had a prosperous business and at first said he'd keep it going. But as luck would have it, the retirement changes came in December, just as we started what ended up being one gawd-awful winter. By February he decided to sell his company.
That June we sold our house, threw the golf clubs in our car and 'headed west.' No regrets!
I had always planned to teach until I was somewhere in my 60s, possibly at FRA (67). However, I developed severe health problems and was forced to retire at age 57 as I couldn't handle the physical aspects of teaching special education.
My husband was a trial attorney. A well respected, very capable brilliant trial attorney. He/we had always planned that he would continue working, at least part time well, into his 60s or 70s. In fact, that was our main "retirement plan". Unfortunately, he developed a type of slowly progressing early onset brain damage/dementia and had to stop being a trial attorney in his late 40s, just as his income was starting to raise. Even though he had a college degree, a masters degree and a law degree he was forced to take a low paying job that only needed a GED or HS diploma. At age 58 he was unable to handle even that job. I was forced to return to work fulltime, in a different job, shortly after my forced retirement, in spite of my serious health issues.
He is now 65 and is in a Memory care facility under Medicaid. I am also 65 and have Stage IV ovarian & uterine cancer that has spread to other organs. Neither of us were ever able to enjoy retirement.
I had always planned to teach until I was somewhere in my 60s, possibly at FRA (67). However, I developed severe health problems and was forced to retire at age 57 as I couldn't handle the physical aspects of teaching special education.
My husband was a trial attorney. A well respected, very capable brilliant trial attorney. He/we had always planned that he would continue working, at least part time well, into his 60s or 70s. In fact, that was our main "retirement plan". Unfortunately, he developed a type of slowly progressing early onset brain damage/dementia and had to stop being a trial attorney in his late 40s, just as his income was starting to raise. Even though he had a college degree, a masters degree and a law degree he was forced to take a low paying job that only needed a GED or HS diploma. At age 58 he was unable to handle even that job. I was forced to return to work fulltime, in a different job, shortly after my forced retirement, in spite of my serious health issues.
He is now 65 and is in a Memory care facility under Medicaid. I am also 65 and have Stage IV ovarian & uterine cancer that has spread to other organs. Neither of us were ever able to enjoy retirement.
What is the old saying? Man plans & God laughs.
A very sad story. Reading it was painful, I can't imagine living it.
I started thinking about my retirement in my late 20's and started planning for it in my early 30's. I had hoped to retire at around 50. I retired eight years later. I actually loved where I worked until new management came in and changed everything. I had a goal of retiring at 60 for sure. Close enough, but not what I had planned in my 30's.
I never thought about it. We were self-employed or out on adventures most of our life so have a paltry retirement.
I am glad I lived life fully back then, doing everything I wanted to do, but at retirement I'm thinking about my choices. Not sure I would have done anything different, but now I am seeing the results of those choices....
I started thinking about retirement in my early 30's when I finally figured out my career path. I got married to a man 4 years older with similar educational background and career path. I figured I would retire around 65 just because that's an average retirement age and I would qualify for full retirement benefits. I had my children when I was 34 and 36. I wanted to work part time when my kids were younger but my husband completely talked me out of it. He is type A personality and has to plan out everything. He chose a different career path with more flexible hours and better retirement benefits. I agreed to continue to work full time because we needed to save money for kids college and retirement at the same time. We both believed social security benefits may not exist by the time we retire and we planned for that as well. Both of my kids are graduating from college this year (younger one having skipped a grade in elementary school and started college while still in high school) with no debt since we paid for both. One wants to start medical school in 2 years while the other wants to start law school in 2 years. In two years I will be 59 and my husband will be 63. We agreed to pay for 1 year of professional school for both. My husband has decided to retire in 2 years. He has inherited a small IRA fund left over from his parents and has changed jobs to one that is a lot less demanding. The new job pays a little less money but he will be fully vested with them by the time he retires in 2 years. I started a less demanding job a couple of years ago that pays more than I have ever earned before. I believe I was able to get this job because my career path was not interrupted after having children. Today I am glad that I was talked out of working full time. I plan to continue working until I qualify for full social security benefits and Medicare and I am not exactly sure when that will be because it may change at any time. I don't mind working longer than my husband because I love my job the pay is excellent and I work from home now. My husband and I have been blessed because if we really had to we could retire right now. What keeps us working is not knowing what the future holds - what will happen with social security or Medicare or our health. Out of pocket cost for health care is unpredictable for retirees and so is assisted living. We both experienced having to help take care of elderly parents while trying to raise a family. It was a burden that we don't want to pass down to our children. It was a burden so huge that it has damaged current relationships with family.
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