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Old 09-30-2022, 10:32 AM
 
6,661 posts, read 3,034,554 times
Reputation: 9309

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Quote:
Originally Posted by matisse12 View Post
So many people who post in Retirement forum think they will live into their 90's.

A good number even think it is the norm to live into one's 90's.

rampant wishful thinking.
Well, both of my parents are 2.5 years younger than 90, and still quite active. Dad's parents lived to 90 and 99. Two grand-aunts & at least one another distant relative on dad's side lived over 100 (the family record so far is 108). Nobody knows, but I can't assume a major probability of not living into my 90s.
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Old 09-30-2022, 10:40 AM
 
Location: Central Ohio
10,713 posts, read 14,227,593 times
Reputation: 15973
Quote:
Originally Posted by jbgusa View Post
In earlier years, 65 was considered retirement age. I am 65 and obviously nowhere near retirement. I think anyone who relies on collecting their livelihood through the efforts of others is making a major mistake.

I am an attorney representing two siblings in a battle with another sibling about their father's estate. Guess what; the legal bills are in the high six-figures or low seven-figures with no end in sight. And all three are focusing their mental energies on carving up a prior fortune rather than generating one themselves. People who rely on the stock market to exist (other obviously than brokers) are a high-class form of a Las Vegas, Atlantic City or Native American casino gambler.
I will retire and it hit me line a ton of bricks just this week!

I work from home 50% of the time and this week I am caught up and maybe I worked a total of one hour but that is about it. I love not having the stress work brings into my life!

I'm DONE!

I will turn 74 in a couple more months and I am going to retire after working full time from 1966.

We have some retirement savings but nowhere near what many think we should have. We have enough to give us $600/month for the 30 years but that is about it.

Our biggest source of retirement income is from social security and what I did was wised up and didn't start taking benefits until after my 69th birthday figuring it was simply investing for retirement.

My wife and I together enjoy a combined social security of $4,500 which will climb to almost $4,900 if we get an 8.6% COLA increase. From the $4,900 take out our Part B premium and we feel we can live comfortably on social security alone if we had to.

For our retirement budget we don't figure anything in the way of IRA or savings money. Anything from IRA's or investments will be saved for any future emergencies.

Just this week I changed internet/cable television providers and my monthly bill dropped from $202 to $97 and I even got faster internet. For television we have a streaming service and while we are getting used to it I think it will work out just fine.

When I stop work I will change cell phone service and research has shown me my cell phone will drop from $246.30 to around $120.00 for two phones. That's over $200 in savings just between internet/cable and cell phone service.

We've discovered Aldi's for food and once I do retire there is absolutely no reason to be a two car family.

Working on the spreadsheet budget a lot now and it is amazing how well we should be able to live on less than what we get.
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Old 09-30-2022, 01:14 PM
 
150 posts, read 180,032 times
Reputation: 152
I hear a lot of "you don't know if you will die tomorrow so retire early" which is fine but just to offer another side of the coin:
Once you retire, if you have no hobbies or anything lined up you might get too bored. Research shows working a job keeps the mind sharp. Don't feel too bad if you have to work till 70 something either.
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Old 09-30-2022, 01:32 PM
 
6,661 posts, read 3,034,554 times
Reputation: 9309
Quote:
Originally Posted by cheese_cakes View Post
I hear a lot of "you don't know if you will die tomorrow so retire early" which is fine but just to offer another side of the coin:
Once you retire, if you have no hobbies or anything lined up you might get too bored. Research shows working a job keeps the mind sharp. Don't feel too bad if you have to work till 70 something either.
Oh I have endless ways to keep my mind sharp without the extreme stress that my work provided for more than four decades if we count the school.
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Old 09-30-2022, 02:17 PM
 
16,170 posts, read 9,298,687 times
Reputation: 36432
Quote:
Originally Posted by cheese_cakes View Post
I hear a lot of "you don't know if you will die tomorrow so retire early" which is fine but just to offer another side of the coin:
Once you retire, if you have no hobbies or anything lined up you might get too bored. Research shows working a job keeps the mind sharp. Don't feel too bad if you have to work till 70 something either.
I don't even care if my mind gets a little bit on the dull side as long as I don't have to work anymore Not all of us had desk jobs. I got out of there just in time at 61 and I left with 2 hernias. I don't think research covered that.

Tonight I'm going to the Old Opera House for a Concert "Songs and Stories from the Civil War". That's plenty of stimulation for my brain without breaking my back, LOL.

Last edited by marino760; 09-30-2022 at 02:32 PM..
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Old 09-30-2022, 06:02 PM
 
33 posts, read 11,964 times
Reputation: 79
Quote:
Originally Posted by cheese_cakes View Post
I hear a lot of "you don't know if you will die tomorrow so retire early" which is fine but just to offer another side of the coin:
Once you retire, if you have no hobbies or anything lined up you might get too bored. Research shows working a job keeps the mind sharp. Don't feel too bad if you have to work till 70 something either.
I agree with this 100%. At least work very p/t if you have no hobbies. There are studies which show people who work p/t live longer
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Old 10-01-2022, 07:31 AM
 
Location: western NY
4,227 posts, read 1,714,456 times
Reputation: 7122
What about those of us who worked and saved, faithfully, for 40 years, evaluated our finances with a qualified financial advisor, and then retired......and a couple of months later, in the spring of 2008, the market crashes.

So we find a part-time gig, for a few years, survive the Obama era's financial malaise, flourish during the Trump years, and now, thanks to the Biden Administration's bumbling, we're back to 1990 levels, with our 401Ks.

WHEN WILL WE GET A BREAK???????
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Old 10-01-2022, 10:09 AM
 
21,162 posts, read 6,824,391 times
Reputation: 39503
Quote:
Originally Posted by cheese_cakes View Post
I hear a lot of "you don't know if you will die tomorrow so retire early" which is fine but just to offer another side of the coin:
Once you retire, if you have no hobbies or anything lined up you might get too bored. Research shows working a job keeps the mind sharp. Don't feel too bad if you have to work till 70 something either.
Research - the almighty term of telling everyone what to think and do

We CAN call it a day. That makes a big difference. How do you line something up? As of December 1 I will be an avid Bingo player?
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Old 10-01-2022, 10:19 AM
 
17,817 posts, read 9,466,353 times
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You're probably not as depressed as those of us who retired right before this hit us and are now helpless to do anything about it. At least you can keep working in the job you currently have and presumably somewhat like that pays well versus having to become a Walmart greeter or flip burgers in order to make ends meet. Inflation, the falling stock market, and the crazy real estate market also dashed quite a few of the retirement hopes and dreams we worked toward for so many years. I'd say be thankful you're still working!
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Old 10-01-2022, 10:26 AM
 
Location: western NY
4,227 posts, read 1,714,456 times
Reputation: 7122
Quote:
Originally Posted by otterhere View Post
You're probably not as depressed as those of us who retired right before this hit us and are now helpless to do anything about it. At least you can keep working in the job you currently have and presumably somewhat like that pays well versus having to become a Walmart greeter or flip burgers in order to make ends meet. Inflation, the falling stock market, and the crazy real estate market also dashed quite a few of the retirement hopes and dreams we worked toward for so many years. I'd say be thankful you're still working!
Well stated!!

As I stated, two posts above, this is the SECOND time my wife and I are experiencing this nonsense.....
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