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Someone better tell the Walmart's in my area because we do have greeters.
As for retirement, while the government did move the age you can begin collecting on social security to 66, that is not the same as full benefit age. If you wait until you reach full benefit age, which is 70, you will receive more money each month. And that is what a lot of people are doing.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by eok
When you see someone happily working into their 70's and beyond, you should suspect it might be because it's their career and they love it. Envy them. There is hardly anything luckier than finding the right career and loving it forever.
Yes, I started my latest career at age 57, and over the last 5 years have been promoted twice. I love my work, and where I work, so I am in no hurry to leave. Current plans are to stay until 68 when I will get a bump in my pension based on years of service, will have accumulated more in the 401K, and qualify for full SS benefits. If I am up to it and still enjoy the work I may stay longer but I doubt it would be beyond 70.
Depends on the person. Most Americans are not in love with their jobs, but planned poorly and are now in a trap. Too many planned on SS taking care of their needs. Foolish to say the least. I will retire at 55. My last day will be the last time I ever walk through the gates of that factory. I don't hate my job or employer, but there is more to life than work. I have put over $1400 a month away for over 10 years, plus invested. I will move to Thailand where the cost of living is between 40 and 60% what ours is. My 401 k along with my own investments will give me a good life. SS will just be money I reinvest. I'll start that as soon as possible.
Someone better tell the Walmart's in my area because we do have greeters.
As for retirement, while the government did move the age you can begin collecting on social security to 66, that is not the same as full benefit age. If you wait until you reach full benefit age, which is 70, you will receive more money each month. And that is what a lot of people are doing.
LOL and they will be dead before they ever get their money back that they put in. SS has to be the absolute worst investment for retirement.
I just want to point out to the expatriate retiree planners that Medicare (and Medicaid) do not pay for overseas health care. All procedures must take place in the US.
There have been recent policy discussions about limiting Social Security benefits to nonresidents (both SSDI and OASI). I would expect the feds to limit overseas SS benefits before they limit domestic SS benefits.
All of these programs will be getting smaller in the future, and limits on benefits, inflation COLAs, beneficiary needs testing, etc., will become the norm.
Someone better tell the Walmart's in my area because we do have greeters.
As for retirement, while the government did move the age you can begin collecting on social security to 66, that is not the same as full benefit age. If you wait until you reach full benefit age, which is 70, you will receive more money each month. And that is what a lot of people are doing.
To be more specific about the Walmart greeter situation, they fired all of the former greeters but one shift, and they re-classified the one shift of greeters they kept on board.
Now as to whether or not they still DO greet, I imagine that's at the store manager's discretion. I suppose it's still a part of their duties.
Im seeing a lot of baby boomers still clinging and clutching to their power positions despite many of them living a nice comfortable life outside of work it appears.
They continue to hold these high money making positions and STILL WON'T RETIRE
What is the problem? How do you expect the younger folk in their 20s and 30s to move up the ladder if the older folk won't call it a career and continue to enjoy the good money and perks?
Haven't they saved any money? Are their lives so empty, they wouldn't know what to do unless they went to work every day?
The only way positions are going to open is if the older folk retire.
What really bothers me are these execs or Managers who have had a nice 6 figure a year income or better for 2-3 decades that still won't retire? What the hell did these people spend their money on that they can't afford to retire by their 50s-60s?
Depends on the person. Most Americans are not in love with their jobs, but planned poorly and are now in a trap. Too many planned on SS taking care of their needs. Foolish to say the least. I will retire at 55. My last day will be the last time I ever walk through the gates of that factory. I don't hate my job or employer, but there is more to life than work. I have put over $1400 a month away for over 10 years, plus invested. I will move to Thailand where the cost of living is between 40 and 60% what ours is. My 401 k along with my own investments will give me a good life. SS will just be money I reinvest. I'll start that as soon as possible.
Now THAT sounds like a plan. Question: how does one handle the citizenship as a retiree in another country? By the time I retire, the COL in Thailand might be too high, but I'm sure that there will be some other option.
1. Watch "About Schmidt".
2. People you describe have no concept of frugal living. Of course they can't retire. If they try to follow the "American dream retirement" and spend their time in expensive entertainments out of no less expensive mortgaged villas......
Some Boomers haven't retired because we're still supporting our Millennial kids! I know several people in this situation. Our older kid is financially independent; the younger one, not so much. It's hard for kids who graduated after the 2008 crash.
I am 59 and happily retired. My job paid well but did not have health benefits. I'm covered through my husband who is 66 and semi-retired (works from home). Whenever he decides to fully retire, I'll get coverage through ACA (thanks, Obama!).
My husband and I are careful with money, largely due to his working-class English background. Our house is paid for, we have a second investment property and no debts. We paid for our kids' college educations, so they have no student debt. Our Fidelity portfolio is looking good, thanks to an inheritance from my mother and to our retirement plans. We are hardly in the 1% but we are fortunate.
The one thing I worry about is health insurance, despite the ACA, and I can't wait till I turn 65 for that reason!
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