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Started By
Message
Retiring with 75% pension, is it smart to wait that long?
Posted on 3/13/19 at 9:43 am
Posted on 3/13/19 at 9:43 am
A few people I work with are being praised for working til 70 and getting over 80%+ pension. Most state they'll walk away at 75%, but I don't really get it. Can you not continue to worksomewhere else and still get your pension? This one lady is set to get 90% because she is leaving at 78.... because she got cancer, not because she wants to retire.
So she'll make 90k/year til she dies (~1 year), great! But she could have left 15 years ago getting around 65k/yr, and found another professional gig making over 23k.
If a place would pay you 65k to stay home or 88k(salary at time) if you came to work 40 hours/week, Why would you want to go to work for the difference of 23k. You are a professional who earns $40/Hour, but you're essentially only being compensated at $11/hour.
Not really a money board topic, as it's not about the money/investment, I just don't understand why people don't "move on" earlier and waiting to retire.
So she'll make 90k/year til she dies (~1 year), great! But she could have left 15 years ago getting around 65k/yr, and found another professional gig making over 23k.
If a place would pay you 65k to stay home or 88k(salary at time) if you came to work 40 hours/week, Why would you want to go to work for the difference of 23k. You are a professional who earns $40/Hour, but you're essentially only being compensated at $11/hour.
Not really a money board topic, as it's not about the money/investment, I just don't understand why people don't "move on" earlier and waiting to retire.
30
Posted on 3/13/19 at 9:46 am to Kujo
A lot of people are scared of retirement. They don't have any hobbies or much of a life outside of work, so they hang on to the 1 thing in their life that gives them some semblance of meaning/importance.
It has nothing to do with the money.
It has nothing to do with the money.
Posted on 3/13/19 at 9:47 am to Kujo
quote:
I just don't understand why people don't "move on" earlier and waiting to retire.
2 typical responses
1. their lifestyle dictates they have to keep earning the higher amount
2. their job is their sense of self. this seems less likely if they're just holding on for a bump in retirement
Posted on 3/13/19 at 9:47 am to Kujo
quote:
Can you not continue to worksomewhere else and still get your pension?
Yes. You can make something around $17,000 per year without your pension being affected.
Posted on 3/13/19 at 9:49 am to SlowFlowPro
quote:
their lifestyle dictates they have to keep earning the higher amount
If they're Boomers it's almost certainly this one.
Posted on 3/13/19 at 9:51 am to Salmon
quote:
A lot of people are scared of retirement. They don't have any hobbies or much of a life outside of work, so they hang on to the 1 thing in their life that gives them some semblance of meaning/importance.
This.
Plus they see that some of their friends die soon after retiring.
Posted on 3/13/19 at 9:53 am to Salmon
This is why I retired at 30. Didn't care about the money. It's also why I'll be going back to work at 32
Posted on 3/13/19 at 9:54 am to weagle99
quote:
Plus they see that some of their friends die soon after retiring.
Yeah, because they retire so fricking old!
Posted on 3/13/19 at 9:54 am to Kujo
quote:
she could have left 15 years ago getting around 65k/yr
Amazing that some 60 year olds can't live on $65k/year.
Posted on 3/13/19 at 9:55 am to Kujo
quote:
Why would you want to go to work for the difference of 23k
Lots of people have no savings whatsoever to go with that money. So 23k is a huge loss to someone who has budgeted every dollar and cant put any in savings. They live check to check.
It amazes me how many people dont account for any savings in their budget.
This post was edited on 3/13/19 at 9:56 am
Posted on 3/13/19 at 9:56 am to WG_Dawg
quote:
Amazing that some 60 year olds can't live on $65k/year.
I live like a king making like $58K lmao
Posted on 3/13/19 at 9:56 am to Kujo
My dad retired at 54. He couldn't wait to stop working 
Posted on 3/13/19 at 9:56 am to Kujo
I think it'll be a generational thing
I just want time. Time for myself and/or family away from work obligations.
The earliest possible time that can happen it will happen
I just want time. Time for myself and/or family away from work obligations.
The earliest possible time that can happen it will happen
Posted on 3/13/19 at 9:57 am to Salmon
quote:
A lot of people are scared of retirement. They don't have any hobbies or much of a life outside of work, so they hang on to the 1 thing in their life that gives them some semblance of meaning/importance.
Thankfully I'm not one of those people. I have plenty of hobbies...hunting, fishing, tinkering...that will keep me busy if I'm healthy enough to do them when I retire.
Posted on 3/13/19 at 9:59 am to Pilot Tiger
quote:
The earliest possible time that can happen it will happen
same here. I dont' make a ton so I'll have to work longer than I'd probably like to, but buddy the second that I have enough to live on to retire I'm out.
Posted on 3/13/19 at 10:01 am to Salmon
quote:Well said.
A lot of people are scared of retirement. They don't have any hobbies or much of a life outside of work, so they hang on to the 1 thing in their life that gives them some semblance of meaning/importance.
It has nothing to do with the money.
Posted on 3/13/19 at 10:03 am to Kujo
quote:
If a place would pay you 65k to stay home or 88k(salary at time) if you came to work 40 hours/week, Why would you want to go to work for the difference of 23k. You are a professional who earns $40/Hour, but you're essentially only being compensated at $11/hour.
only reason would be is you need more then 65k to live the retired life you want to, or you really love your job and want to keep working.
most often people take the buy out and retire and then get another job so they not sitting around the house all day. my brother did this, his company semi-forced him out and offered him a job, his old job, but as a contractor making the same money as before so he made out like a bandit
Posted on 3/13/19 at 10:07 am to Salmon
quote:
A lot of people are scared of retirement. They don't have any hobbies or much of a life outside of work, so they hang on to the 1 thing in their life that gives them some semblance of meaning/importance.
It has nothing to do with the money.
This is the stone cold truth.
Posted on 3/13/19 at 10:07 am to Kujo
People like this piss me off. Go ahead and retire so some other people can move up already! As soon as I can retire, I'll be out. I want to enjoy life before I'm too old to do anything.
Posted on 3/13/19 at 10:11 am to Homesick Tiger
quote:
You can make something around $17,000 per year without your pension being affected.
What? Current earnings shouldn't effect pension amount. SS yeah, but not pensions.
To answer the original question I'm of the go ASAP camp.
This post was edited on 3/13/19 at 10:13 am
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