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Message
My Parents Retired at the Age I Will Turn Next Year...
Posted on 11/7/24 at 12:21 am
Posted on 11/7/24 at 12:21 am
Never forget what they took from us!
Seriously, it's wild to think that my parents retired from their first careers with forever healthcare and an 80% pension at 43 and 44 years old.
Dad retired in 98. Mom retired in 2000.
Both taught public school in Alabama starting at 20 and 21. Through banked sick days and personal days, they were able draw full pay for 2 years and retire with full pensions after 25 years. Their pensions were determined by the average of their last 3 years salary. Dad was an athletic director and mom was Head of Technology for the county. Between the two of them they get about 10k a month guaranteed in retirement. They've been drawing longer than they worked as of a few years ago.
Of course, they went on to work other careers after retirement and because of a loophole in the retirement system, as long as they didn't draw a salary, they got full retirement. So Dad went into real estate and mom went into education technology sales.
They have done exceptionally well for themselves.
But damn.
TImes sure were different 30 years ago.
Seriously, it's wild to think that my parents retired from their first careers with forever healthcare and an 80% pension at 43 and 44 years old.
Dad retired in 98. Mom retired in 2000.
Both taught public school in Alabama starting at 20 and 21. Through banked sick days and personal days, they were able draw full pay for 2 years and retire with full pensions after 25 years. Their pensions were determined by the average of their last 3 years salary. Dad was an athletic director and mom was Head of Technology for the county. Between the two of them they get about 10k a month guaranteed in retirement. They've been drawing longer than they worked as of a few years ago.
Of course, they went on to work other careers after retirement and because of a loophole in the retirement system, as long as they didn't draw a salary, they got full retirement. So Dad went into real estate and mom went into education technology sales.
They have done exceptionally well for themselves.
But damn.
TImes sure were different 30 years ago.
43
Posted on 11/7/24 at 12:23 am to PurpleandGold Motown
quote:
public school in Alabama starting at 20 and 21. Through banked sick days and personal days, they were able draw full pay for 2 years and retire with full pensions after 25 years. Their pensions were determined by the average of their last 3 years salary. Dad was an athletic director and mom was Head of Technology for the county. Between the two of them they get about 10k a month guaranteed in retirement. They've been drawing longer than they worked as of a few years ago.
Sounds like government bloat in action
Posted on 11/7/24 at 12:25 am to PurpleandGold Motown
That’s why public pension funds are in trouble all over the country. Unfounded pension liabilities are real.
Posted on 11/7/24 at 12:26 am to Corinthians420
There was a reason my parents retired when they did. Their contract was going to be renegotiated, and they knew that if they didn't retire then, they would lose their benefits or they would be greatly reduced.
Can't fault them for taking advantage. That was the contract they signed.
Can't fault them for taking advantage. That was the contract they signed.
This post was edited on 11/7/24 at 12:28 am
Posted on 11/7/24 at 12:29 am to PurpleandGold Motown
quote:
Can't fault them for taking advantage
Well thats certainly true, who wouldn't take advantage of that option?
Posted on 11/7/24 at 12:31 am to PurpleandGold Motown
quote:
Never forget what they took from us!
Are they your parents?
Posted on 11/7/24 at 12:34 am to Corinthians420
quote:
Well thats certainly true, who wouldn't take advantage of that option?
Exactly. But things really are different now. Growing up my parents managed to have a house at the beach, a house in one of the more expensive areas in Birmingham metro (Vestavia), and an interest in a hunting camp on the salary of two teachers. Now, Mom was an adjunct professor at the University of Alabama and Dad sold real estate during the summers, but we had two homes since 87 and three since 91.
Money did go a lot further back then. And I don't think anyone can dispute that.
Posted on 11/7/24 at 12:46 am to PurpleandGold Motown
For most of us to have any hope of retiring before we die, you pretty much need to look beyond US borders.. plenty of options for countries where your US dollars will stretch anywhere from 2 times to 10 times further than in America… regardless of your thoughts on Trump, if you think he’s somehow going to restore the ability for Gen X and younger to retire with dignity , you are delusional.. Re the stock market- mine got a huge bump yesterday, along with my crypto- but im cognizant of the fact that almost every single Election Day brings with it a huge bump in the market.. we will see if it’s sustainable, if it is then ill admit i was wrong with regards to retiring in the US .
Posted on 11/7/24 at 1:05 am to BK Lounge
I've lived in those countries. Yes, your money goes further. No dispute there. But if you're accustomed to living in the US, the daily bullshite and the sex pest tourists will drive you mad and have you aching for home.
Posted on 11/7/24 at 1:37 am to PurpleandGold Motown
Sounds like they raised a bitter bitch
Posted on 11/7/24 at 1:43 am to PurpleandGold Motown
quote:
I've lived in those countries
You’ve lived in which countries ? I know people who have retired to- or are looking into retiring to- Belize, Costa Rica, Panama, Ecuador, the Philippines, Colombia, Malaysia, Spain, Mexico, Thailand, Vietnam, Greece and a couple others im probably forgetting.. You’ve lived in all those countries ?
Posted on 11/7/24 at 5:16 am to PurpleandGold Motown
Your numbers dont add up.
Posted on 11/7/24 at 6:14 am to PurpleandGold Motown
quote:
But things really are different now.
They may be but things were "different" for 99.9% of the population when your parents retired. I have a relative who retired from Dow at age 53 and that's the earliest I've personally known. Your family had two homes and a hunting camp and you want to complain now? Get out of here with that shite.
Posted on 11/7/24 at 6:25 am to LSUBFA83
Retiring early has always been a goal. I’ll be financially able prior to 50, but my fear is that I won’t. Being in the prime earning years, and the ability to add to the pile, even if it is just going to go to my kids, will likely keep me in the game. Having the ability to hit the F-it button will be a huge weight off my shoulders.
Posted on 11/7/24 at 6:28 am to PurpleandGold Motown
That was the golden age of state pensions. Both of my parents have the same and I’m glad for them since they don’t have to worry about money.
The trade off then was you made a fraction of what people made in the private sector but you were set after 25 years. The covered healthcare piece is a huge deal for early retirement.
For GenX or younger the reality is to have any hope of early retirement you have to start maxing out retirement ent early. If you don’t start until you’re 50 there isn’t enough time unless you’re independently wealthy.
The trade off then was you made a fraction of what people made in the private sector but you were set after 25 years. The covered healthcare piece is a huge deal for early retirement.
For GenX or younger the reality is to have any hope of early retirement you have to start maxing out retirement ent early. If you don’t start until you’re 50 there isn’t enough time unless you’re independently wealthy.
This post was edited on 11/7/24 at 6:31 am
Posted on 11/7/24 at 6:35 am to PurpleandGold Motown
A strong pension/retirement funded program prob cost most companies more than the 401k benefits of today, but in my mind getting rid of those programs hurts both sides.
Employees don’t hang around anymore to learn and grow with the company culture, old people in cush roles won’t retire, and overall companies or run less productive and efficient and employees get burnt out faster.
Also most Americans are financial idiots or spoiled/selfish and don’t save on their own. With that said I will retire at 50 because I’ve saved appropriately.
Even with that strongly considering retirement abroad. The US has become very expensive with bills that will never go away mainly taxes like property and health insurance/costs.
Employees don’t hang around anymore to learn and grow with the company culture, old people in cush roles won’t retire, and overall companies or run less productive and efficient and employees get burnt out faster.
Also most Americans are financial idiots or spoiled/selfish and don’t save on their own. With that said I will retire at 50 because I’ve saved appropriately.
Even with that strongly considering retirement abroad. The US has become very expensive with bills that will never go away mainly taxes like property and health insurance/costs.
This post was edited on 11/7/24 at 6:44 am
Posted on 11/7/24 at 6:37 am to PurpleandGold Motown
quote:
Never forget what they took from us!
quote:
Between the two of them they get about 10k a month guaranteed in retirement. They've been drawing longer than they worked as of a few years ago.
You realize it was math that took it from us, right?
Posted on 11/7/24 at 6:37 am to PurpleandGold Motown
quote:
Never forget what they took from us!
quote:
Can't fault them for taking advantage
Posted on 11/7/24 at 6:40 am to PurpleandGold Motown
Seems like they planned better, were more disciplined and worked smarter than most oof us. Having kids early in life also helps, I'd be retired now if I didn't have a kid at 40.
Posted on 11/7/24 at 6:43 am to PurpleandGold Motown
Same with my mom.
Retired at 52. She is 70 now and has been enjoying life for almost 20 years now doing whatever she pleases everyday.
I would have made the same decision if i was her.
The mentality that someone needs to work for 40+ years is insanity and complete BS.
Not everyone gets a career job at 22 anymore. Plenty of folks get one closer to 30 now and that’s saying they should work till they are 70. That’s freaking stupid and wasting your life
Retired at 52. She is 70 now and has been enjoying life for almost 20 years now doing whatever she pleases everyday.
I would have made the same decision if i was her.
The mentality that someone needs to work for 40+ years is insanity and complete BS.
Not everyone gets a career job at 22 anymore. Plenty of folks get one closer to 30 now and that’s saying they should work till they are 70. That’s freaking stupid and wasting your life
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