I will be 63 this coming summer and the current plan is to go until 65.
People ask, why not now? I ask, how much will a gallon of milk/gasoline or a loaf of bread cost in 15-20 years?
I'm looking for a place to hang my hat when I pull the plug and have settled on Tennessee so, I've been doing a lot of research.
I too plan to work part time if I can find something suitable.
Having said all that, the stupidity in the workplace today makes me wonder whether I can last another 2 1/2 years.
I have no comment at this time
7 years till retirement.It can't come soon enough!
|Too old to run, |
too mean to quit!
When IBM offered a retirement incentive for any employee with 25 years of service and age 55 I may have been the first one to sign up.
Loral Space had just bought our division from IBM. One year later, to the day, Loral sold us to Lockheed Martin. 4 years later Lockheed offered up a retirement plan. Age 60 with 5 years service and we could retire. I wasted not a single second. Never looked back, and have zero regrets about it.
I think what broke the camel's back was when I found out that out of 160 employees in a 3rd level management engineering organization, I was the only one with any kind of college degree. The company had a cost effectiveness program which would keep track of savings by employees if they submitted the form.
When I retired on June 1, my savings were 30 million bucks. And that was actual cash savings for the company in that it was money the company did not have to spend.
There has never been an occasion where a people gave up their weapons in the interest of peace that didn't end in their massacre. (Louis L'Amour)
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The Idaho Elk Hunter
Holy F'n golden parachute!!!
7.5 to 12.5 years minimum and depending on / availability of an early retirement program. But it would also depend on family needs which could extend my full time working years. I'm hopeful for the 7.5 years.
|Watching for |
8 years 4 months to go... less than the length of time I've been on SF
Good for you! I am jealous!
I'll be 44 this year. My wife and I save every possible penny we can, so we can both stop working ASAP. I save 18% of my salary into my 401k and wife saves 12%. I am hoping to stop working around 58, maybe 60. I have so many things other than work I could be doing.
I work with a guy who is 67, and he has no plans to retire. He says he may retire in 2 or 3 more years. For the life of me I cannot understand that at all.
Live it up now that you're retired!
That's a nice plan if you can make it work. I used to think the same, but the math gets ugly real fast when you start backing off the years of saving and adding to the years of draw. You are also exposing yourself to more years of market risk on your investments when you are already cut off from the income stream.
I plan to cut back on my patient load at around 55 and taper it off more as time goes by. I'll work less days and take more time off, but don't plan to leave entirely until 65. I understand that may not be an option in every occupation.
So I retired 6 years, 6 months and 11 days ago. Every day I sleep in and grumble "I wish I'd just worked a few more years". Not. And the old adage was no one ever said that on their death bed.
As for retirement savings, its a pretty good balance on how well you behaved all along, and then how smart you are about how you spend after you retire.
Unhappy ammo seeker
32 years to go but I can't wait! So many things to work on in the house and my car.
P220 Carry SAS Gen 2 SAO
SP2022 9mm German Triple Serial
That's the trick, isn't it? Deciding how much income you are willing to give up in retirement to have the time. Where's that darn crystal ball?
Retired at 46 from the State under a little known provision written in the 1930's - becoming the poster child for pension reform. Used my sick and vacation time buyout to start my own machine shop. Best thing I ever did...
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|Cruising the |
Highway to Hell
At 56, retirement for me is dependent on getting rid of the Obama care nightmare and on to something I can afford.
“Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves.”
― Ronald Reagan
I retired at 46, and this is a HUGE issue. I am now down to one provider, deductibles and out of pocket keep going way up, and so does the monthly cost. It's nothing but a catastrophic plan for me, and only makes medical outcomes worse IMO, thus raising costs even more... Yeah, you just paid your $300-600/mo premium, and have to spend another $3000-$5200, before they pay a friggin penny for care. So now it better be a heart attack, cancer, severe injury before PAYING folks will go in for treatment. I'm planning to take SS at 62, to pay for what I figure will be insane premiums in 12 years.
This shit burns me up... I live a very modest lifestyle, live below my means, have zero debt, 815 credit score even after divorce, pay my taxes, and this is as good as it can get? People on Medicaid I'm sure get much more total dollars spent on them (housing/phone/utilities/SNAP, etc) than what I budget for the year, they have zero skin in the game, and damn little appreciation to boot. I don't give a damn if able bodied folks have to pick up trash, work in a library, do something to get what the system provides... $2 co-pay for a doc visit on Medicaid, for which they were driven to, being an able bodied 25 y/o. INSANE, and will never change unless there is some skin in the game, or you can live in Gov billets with three hots, and a bus pass. Good enough, and even better than what myself and my soldiers got, damn good enough for them.
Nitro smoke rewards a long days toil...
|Page late and a dollar short|
Even more so now. To sum it up, you just can't make this s*** up. When you think that things at work cannot get any stupider, they prove you wrong.
I got "retired" at 64. Plant moved to Texas, I chose to stay put in Ohio. At first I was mad; employers thought I should grace them with 35 plus years of experience and results for a dollar or so over minimum wage. No way.
After being away for about 4 years and doing consulting here and there; I'm overjoyed to be scrimping along and barely making it. I cannot believe how employers treat their people much less talk to a prospective employee. I will not tolerate it. I'm too old to roll in the floor, but by God call me a f*cking punk and shove me, I will do my level best to knock your teeth down your throat. In retrospect I'm glad to be where I'm at. Too old to go to jail, be sued while healing up from breaking my knuckles.
The part about stupidity quoted above is absolutely true and is a large part of my feelings also. Well spoke Sir.
Your right to swing your fist stops just short of the other person's nose,
Hope I can leave in eight short years.
If not, I hope I can work as a consultant again for those eight short years.
NRA Life Member
We don't really talk much about the obamacare stuff, but it was just as Roberts said,nothing but a huge tax hike or redistribution of "wealth" spelled wages. It gave the non workers a huge benefit, on the backs of those who don't have employer supplied health care. The only people who its affordable for are the poor and non-productive. Its why others, like those who retire early for whatever the reason pay the affordable sum of maybe $1000 a month and then foot the $7200 yearly deductible. Somehow those on the federal dole rate that as affordable.
The reality is they don't really have health care even if it takes the lions share of their income. Next time you hear some doofus tell you how good the plan is, ask them what health care they have. And if they pay for it.
In our case heart surgery for me made it preferable for me to retire early. I was on my wife's health care, so it didn't matter. She retired 6 months short of her turning 65 and used COBRA to cover that 6 month gap.
What obamacare has mostly done is remove the normal financial considerations and substituted the health care expense as the 800# gorilla in the room. For normal working people, the repeal can't come too soon. Of course it may not be necessary to repeal it. The new administration can just thank that outgoing bastard for the favor of teaching how to simply refuse to apply the laws. First, just don't enforce the penalty for not having an approved care plan. Hence, you 65 year olds won't really need maternity coverage. And then don't offer any lucrative credits. It would completely neutralize the law.
Unhappy ammo seeker
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