re: Do people still plan on retiring at 65?

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Parents pay for college, get in early with a company that then gets bought out, don't have kids, rise the corporate ladder rapidly, marry someone who earns as much or more than you

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None of the above. Wife and I paid for our own college w scholarships and loans which we've nearly paid off after 20 years. Had a typical military career promoting on time never early. My wife has a Master's degree but never earned more than $30-40k working sporadically since we moved bases frequently and she's now a stay at home mom. I did get a retention bonus earlier in my career which helped kick-start our investments. Otherwise, it's been a matter of living modestly. We bought a modest starter home compared to our peers (although it was still nicer and larger than what either of us grew up in). We've driven nice cars which we bought new (a mistake) only got the amenities we wanted and didn't splurge for top of the line models. I see peers that have no choice but to work another 20 years to pay for the nicer cars, bigger houses, boats etc... they've paid for over the years while neglecting retirement savings. I'm eager to spend more time with my young kids and pursuing hobbies and interests rather than working until they're all grown up and constantly being stressed by lack of time.

I'm hoping to retire from my career at 62 to 65 with ample savings and alternate income streaming

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I really hope I'm retired long before 65

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I am 64, retired at 56, I regret not having had a way to retire earlier.

My thinking was similar to yours, I did not expect to retire until I was 70 or so, but the company I worked for was acquired and things changed. I stayed about 8 years after the acquisition and could have continued to work if I wanted.

But, decided to retire at 64 3/4 and have no regrets. I thought I would miss work but have not. Other former co-workers in that age range that recently retired feel the same.

What would I have done different? Well, we probably over saved for retirement so we could have saved less/spent more or retired a little earlier I guess. But now we are able to do what ever we want and health is not an issue yet; however we feel like the clock is ticking on that.

It is impossible to predict 30 years out but understand that ages 57-62, at least in today's world, are a tricky time. If you lost you job in your late 50s it is often hard to find another one, especially if your skills have not evolved. And, you can not draw social security until 62, at least based on today's rules. That's a long way off for you but as you get older position your finances/debt to be able to live off a smaller income so you do not have to tap your retirement too early.

One other thought; don't be afraid of the stock market as that is what protects you from inflation. Just weather the ups and downs. Unless the socialist take over and then I don't know what to tell you.

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hungryone

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Shite, you making me wanna retire right now and I’m not even 40 yet

I retired at age 35. 1987. :-)

Exactly- My company has recently hired several 55+ individuals let go from their long term careers, it's almost more like they're consultants. We don't pay them as much as their experience warrants because we know they're near the end and we are only renting them,

I would argue that age is a biproduct of layoffs related to restructuring and not the driver of the decision. Older people are higher in the organization and by default are typically earning more than junior employees. Delayering is always going to start at the top and there is typically some “fat” that forms in larger organizations over time.

The exception of when age becomes a driving force is if the person has not kept his or her skills relevant as technology has evolved. Again, age is the biproduct but not the primary reason for a cut.

It would be dumb to cut an older employee simply because they have a higher salary. They should only be earning the higher salary if they are a kickass employee who is valuable enough to justify it.

Fuk this I’m a short timer now. I’m out at 62 with hundreds of things I want to see and do. 40+ years of working for the man is way enough for me. I’ve made sure I can easily make the finances work.

To me, retirement means being able to live the life I want to live without having to work to make that possible. I'd like to be at that point in my mid 40's but don't think it will be until 50-55. After that I'll work if I want, or if I don't want to I won't. That's retirement in my mind. It's being free from forced labor.