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re: Retiring with 75% pension, is it smart to wait that long?
Posted on 3/13/19 at 11:18 am to Kujo
Posted on 3/13/19 at 11:18 am to Kujo
My pawpaw retired at 68 from local electric supply co.. he was setup pretty good but died two years later. Sucked only had one real year of retirement traveling going fishing etc
This post was edited on 3/13/19 at 11:18 am
1
Posted on 3/13/19 at 11:22 am to The Cool No 9
quote:
My pawpaw retired at 68 from local electric supply co.. he was setup pretty good but died two years later. Sucked only had one real year of retirement traveling going fishing etc
Way more than my old man got
Posted on 3/13/19 at 11:23 am to Kujo
I know a lot of older people who keep working and it's for reasons other than money for the most part.
Under the old pension system a lot can retire, go back to work part time to keep busy while drawing full pension
Under the old pension system a lot can retire, go back to work part time to keep busy while drawing full pension
Posted on 3/13/19 at 11:24 am to Kujo
Give me the money and I’m out. If I need supplemental income I’ll hustle bowling alley after bowling alley as a dictionary salesman.
Posted on 3/13/19 at 11:51 am to LSU_postman
quote:
Wife and I are getting to middle age status
quote:
We are 11 years into our 30year and will own the house the time we are 55.
Posted on 3/13/19 at 11:56 am to Kujo
The few people i know that have retired were in one of two categories.
Either they couldn’t wait to roll out and are enjoying a great life
Or were financially stupid or have several ex wives and can’t retire because they won’t have much to retire on
Either they couldn’t wait to roll out and are enjoying a great life
Or were financially stupid or have several ex wives and can’t retire because they won’t have much to retire on
Posted on 3/13/19 at 12:02 pm to LSU_postman
You haven’t started with your retirement?
I know I started late but damn.
I know I started late but damn.
Posted on 3/13/19 at 12:12 pm to haricot rouge
quote:
What is a pay raise?
Signed,
A government employee
LoL. I know plenty of government workers who complain about not getting "raises", yet get built in "cost of living" adjustments every year.
Posted on 3/13/19 at 12:29 pm to Kujo
A lot of it is being realistic about your health as well as your employment chances elsewhere should you leave.
My late uncle battled cancer for years and only retired when the diagnosis became terminal. He was also a workaholic, though, so it was a case of him wanting to work rather than just wanting to get paid.
My dad, OTOH, retired about 15 years ago and is still kicking. He could have gotten a higher percentage but the job was killing him and he was about to have to spend a lot of time dealing with various family issues popping up such as multiple ill relatives.
My general plan is to at least work through the youngest child hitting college and then reevaluate whether to retire or keep on going.
By that point, though, I may be effectively a part-timer because the bosses would rather someone taking a ton of leave and still working there than walking out the door without doing a thorough enough knowledge transfer.
My late uncle battled cancer for years and only retired when the diagnosis became terminal. He was also a workaholic, though, so it was a case of him wanting to work rather than just wanting to get paid.
My dad, OTOH, retired about 15 years ago and is still kicking. He could have gotten a higher percentage but the job was killing him and he was about to have to spend a lot of time dealing with various family issues popping up such as multiple ill relatives.
My general plan is to at least work through the youngest child hitting college and then reevaluate whether to retire or keep on going.
By that point, though, I may be effectively a part-timer because the bosses would rather someone taking a ton of leave and still working there than walking out the door without doing a thorough enough knowledge transfer.
Posted on 3/13/19 at 12:42 pm to Homesick Tiger
quote:
Yes. You can make something around $17,000 per year without your pension being affected.
That is only applicable to social security, and only if you start drawing before your normal social security retirement age. If you retire at or after your normal Social Security retirement age there is no limit as to what you can earn. If you receive a private pension there is no limit to what you can earn after retiring. For state, and teachers pensions, etc. where you do not pay into social security I have no clue.
Posted on 3/13/19 at 12:45 pm to fallguy_1978
quote:
My dad retired at 54. He couldn't wait to stop working
Posted on 3/13/19 at 12:48 pm to Kujo
It's good to hear some companies still have a pension plan.
Posted on 3/13/19 at 12:53 pm to Kujo
This is why you retire early...
If you look at those who retire at 60, the average age at death is about 77. For those who retire at 65, the average age of death is 67.
My father was able to retire at 58 with a nice pension (they company offered bridge points, allowing him to take full retirement). He just turned 81, and has made a nice career out of being retired. You work to live, not live to work.
If you look at those who retire at 60, the average age at death is about 77. For those who retire at 65, the average age of death is 67.
My father was able to retire at 58 with a nice pension (they company offered bridge points, allowing him to take full retirement). He just turned 81, and has made a nice career out of being retired. You work to live, not live to work.
Posted on 3/13/19 at 1:01 pm to fallguy_1978
quote:
My dad retired at 54. He couldn't wait to stop working
Ditto
My dad put in 33 years and retired at 55 with that same 80% pension. Him and my mom now spend time between BR and their condo in the French Quarter also visits Colorado and Key West a few times a year. I give it to him he definitely didn’t have a hard time adjusting to retirement.
Posted on 3/13/19 at 5:05 pm to East Coast Band
quote:
LoL. I know plenty of government workers who complain about not getting "raises", yet get built in "cost of living" adjustments every year.
Yep, and pensions > raises.
Pensions need to be done away with in all areas of govt.
Posted on 3/13/19 at 5:10 pm to Kujo
Within 1 minute of learning that I have enough funds to retire, I will be drafting my letter of retirement/resignation.
There will not be an ounce of hesitation.
There will not be an ounce of hesitation.
Posted on 3/13/19 at 5:13 pm to TheCaterpillar
quote:
Within 1 minute of learning that I have enough funds to retire, I will be drafting my letter of retirement/resignation.
There will not be an ounce of hesitation.
Yep, this is me too.
Posted on 3/13/19 at 5:15 pm 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.
Those are the folks who die 2 months after retirement.
frick that noise. I'll be living life til the day I die.
Posted on 3/13/19 at 5:16 pm to Kujo
I guess I was luckier than most. My company guidelines called for 75% pension at age 55, gradually increasing each year until 100% at 62-1/2. I left as soon as I hit full pension, took discounted social security as soon as I was eligible and never looked back. I bring home just as much as when I was working and won't even touch 401k until I am forced to at 70-1/2. Whenever I was asked what I planned to do after retirement my response was "whatever I damn well feel like". 
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