I was fortunate to have a 40 year career in banking where gray hair is a perceived asset. I could have gone another 5 years - I just didn’t want to.

Me and my wife are dinks ( double income no kids) and have done pretty well for ourselves. I first started some simple mutual fund type investing in my mid 20’s even before I was married. And while I have not maxed out my 401K ( probably should have) one of the issues I faced in modern society is most of us simply don get hired for a company stay forever and retire. In my career 30 years- I worked for 9 different companies, and each time you leave, there is the struggle of how to manage those little 401K’s that you never quite stayed long enough to qualify for a match. So my savings is not as robust as it should be. I also will have a small military ( reserve component- eligible to draw at 59)
We are lucky in both being medical professionals where when the time comes dialing back and doing 1-2 a week for a few years will be very doable

Without getting too dark, we also after seeing more than our fair share of death and tragedy in people fairly young (40-60) we also realized we better enjoy life while we can - far to many people save for retirement then can’t enjoy it due to health issues or die. My brother is a classic example. Worked his butt off, was frugal in the extreme now has more money than he could possibly use, but can’t make it 100 yards walking due to various health issues.

quote:

Originally posted by egregore:

quote:

It may not be the job you want, but you can always find something. Hell, work at a goddamn Tractor Supply or Walmart if you home is at risk.

I hear this all the time. Has anyone ever done this? I mean actually done it? Because I'm skeptical. How could a hiring manager at these places look at a guy's resumé and not think, "You did all this but want to work here for less money? You've been out of work how long? Why are you having such a hard time finding a job in your field? Are you here now out of desperation? Why would I hire you when you're likely to bolt at the first opportunity? I want somebody who'll stay for a while."

I haven't but I have a business associate who did. He was mid-level mgmt in the auto industry and got caught up in a massive layoff. He lived in the rust belt and unemployement was high due to all of the auto industry layoffs. He unsuccessfully applied for jobs for months and out of desperation applied for an asst mgr job at the gas station near his house. During the interview he was asked all of your over qualification and longevity questions. The corner gas station was owned by a franchisee with dozens and dozens of gas stations, and ultimately took a chance on the guy. Despite the much lower pay the guy gave it 110%, took pride in his work, implemented systems, trained employees, held employees to standards, etc. The franchisee's management noticed the guy, and began promoting him. By the time I met him, he was district manager and claimed to be making more money than his old midlevel mgmt job in the auto industry.

To be fair, he was a dynamic, impressive individual not a worker bee or a gremlin with zero social skills.

If you can do it financially, make it so.
I retired at 55.
My wife was 15 years younger than me. She did have some medical issues.
5 years later at 44 years old she passed away.
I am SO THANFUL that I got to enjoy those last 5 years strictly with her.

You never know what curve ball are coming your way.

I quit working at 58 after six months at a job that I thought would give me a fresh start at a new company. It was a proverbial from the pan into the fire situation where the fire was a micromanaging boss going through the symptoms of dementia.

Situation was so bad I did what I advised others not to do: quit without having another job offer in hand. After I quit, I added up my finances to see how long I can last without a job. Turned out, I could last quite indefinitely with proper planning so I did.

It was quite a pleasant surprise since ever since the crash of 2008, I thought I was going to have to work until the day I die.

Don't retire FROM something.
Instead, retire TO something.


I wish I'd learned this earlier in life, including the far deeper meaning of those words.

If you retire TO something, you're actively planning and not kicking the can down the road.

Procrastination will ruin you.

I'll say that one more time: Don't retire FROM something, retire TO something.

Sounds simplistic, but it's not.
.

quote:

Originally posted by flesheatingvirus:
Really? The first guy had that many applications with nothing? Then you are applying to the wrong jobs.

It may not be the job you want, but you can always find something. Hell, work at a goddamn Tractor Supply or Walmart if you home is at risk. "His experience is blah blah blah." Who cares? Find SOMETHING with a paycheck.

I'm only 40, but never really thought of a retirement age. I'll work until I either don't enjoy what I do and find something different, or don't feel like working.

Sure, finding SOMETHING is easy. $25/hr jobs are everywhere, but what if you need a $55/hr job? If that need is real, then the $25/hr 'SOMETHING with a paycheck' job you're advocating is going to be a serious impediment to searching for/finding/getting the job you need to pay your mortgage and provide for your family. It will also look WAY out of place on your resume, and then there's explaining that too. What's better, explaining the gap in your resume, or that you worked at Tractor Supply instead of successfully securing employment in your field of expertise. Either puts multiple 'why' questions (AND doubts!) in the in the hiring managers mind as to whether your committed and/or qualified, worth the risk, etc. Catch 22...

Now add to that inflation! Basically everything costs 30% more than it used to with MANY necessities costing 40-50% more! Half of your old compensation doesn't cut it (NOT even close!), and if you need to sell your house because you can't afford it any longer (this assumes a reasonable financial responsibility and that you weren't overextended in the first place!), you probably won't be able to afford to rent either! Then what? You need that $55/hr job more than ever, and again, catch 22!

People should invest in how to interview and how to develop a good resume. I’ve got no degree, but I’ve done quite a bit of interviewing throughout my career and some people are horrific and terrible interviewees. Just having a degree or experience is not enough.

I’ve also taken some pointers from those that did well in interviews (I interviewed a PhD and he had the best resume I’d seen so I copied his).

If I had applied for thousands of jobs and didn’t get any interviews, I’d think I was doing something wrong (which I’m sure he is).

Fortunately I’m in a field with a shortage of experienced people and a high demand for workers. If I got laid off I’ve got enough connections in my industry (along with a good reputation and work record) to find another job quickly.

I do think some people are too entitled and think work history and a degree are all that’s needed to get hired. I know that when I’m applying and interviewing I’m competing against every other applicant. I do what I need to in order to come out on top. I make sure when I leave the interview that I’ve done my best to make them feel like they can’t pass up hiring me. There’s a lot that goes into that, but it can be learned my studying the topic a bit.

BTW I’m mid 50’s and looking to retire in five years. I’ve planned for retirement with only one income (my wife has never worked) and have been fortunate enough for investments to do well. I’m retiring on my terms.

quote:

Originally posted by chongosuerte:
My goal is to retire after 30 years of service at 52 years old and get paid back for at least 31 years before I croak.

I will still do something after 52, but it will be because I want to.

I’ve given up a lot in my life to be able to do that and to have the job security that keeps me safe from a lay off. But I’m gonna get mine.

That’s exactly what I did.
Retired Aug 2022 after 31 yrs at the age of 52 & immediately began collecting my state pension.
Took a month to travel in our motorhome until my wife had to return to teaching post summer break and set about completing my to-do list.
Once that was done I sat around and got a little bored with the lack of personal interaction.
Something I’d not expected.
Not needing money as everything we have is paid off & we have no revolving debt, but needing something to pass time I found a great job .
I now do transportation for a local assisted living center driving old folks to & from their medical appointments .
M-F 7-3pm no holidays, the pay is less than half what I was making but it all goes to Edward Jones for later since it’s not needed now.
Looks like that moneys on track to be adequate to pay cash for another class A motorhome when my wife retires & starts collecting her state pension .
It seems like others have said that many folks wait far too long to begin investing for retirement.
I have trouble feeling sorry for them. If this simple jarhead can listen to what the experts say to do & do it, anyone can.
Just takes a little discipline.

I hope everyone can experience the joy I have being retired.

Paying for kids college seems to be a big expense. I will not do it. I paid my way through college and my child will have to as well.

I am trying to hold on to retire as an O6, I will collect years before the eligible date as I have deployments and active duty time. I also work a government job now, it doesn't pay as much as private sector but the security of the job and benefits such as health insurance, TSP matching and use of the facilities draws me. Also have a business which I'm trying to grow and have ideas for other businesses. I do expect to collect disability from the military after I retire, I have things accumulating that will require medical attention.

Thing is, even if your house is paid off, many of us don't look at property taxes and keep in mind that it's due forever. There are 2 states I know of, Texas and Florida, which grant property tax exemption for 100% disabled veterans. With my injuries, wear and tear and years in service, I do expect to be at that 100% by the time I retire.

Being in my mid 40s I don't ever plan on actually retiring. Maybe its the GenX in me, but I know for a fact that SS isn't going to be there when I retire (even though I've paid into the system for 50 odd years) and when that's gone - guess what the government is coming after next? All those sweet retirement accounts that they 'let' you have with various income tax schemes.

There are a lot of talented boomers in various roles and there are also a lot of boomers that are worse than the millennials with regards to work effort, entitlement and drama that they create in the workplace.

Im about to be 50 this year. There is a very high chance I get laid off becuase the new corporate owners don’t want remote workers. If that happens I’ll get equivalent of about 1.5 years of severance (less taxes) if I never work again I can live about 5 years on cash before hitting IRA’s. I suspect I can get a job doing something and wife is will likely need to as well. She has not worked since our oldest was born. Main concern is health care until I hit Medicare age.
I have been mental about saving as much as possible in and outside of IRA and 401k’s, there is no pension for me. Me and wife’s parents are all early il80’s and there is wealth there to split and we each have a sibling but I’m not counting on any of it. I assume their houses will be sold off to pay for end of life care like each of my grandparents was and little will be left at the end.
We have a lot of equity in our house and can downsize early out of this house. Youngest will off to college in 4 years. We have almost 3 acres that I love but I don’t see myself living here when I’m in my 70’s or 80s maintaining this place. Wife’s father just sold his acreage because at 80 it was such a PITA. Not how I planned it but life is what happens when your making other plans.

You see Mr./Ms. Interviewer, the reason I have this two year employment gap is because I was diligently filling out 1,700 job applications waiting for the right job to present itself and the job you are offering is it!

Or:

You see Mr./Ms. Interviewer, the reason I took a job at Tractor Supply is because I know the job market is unpredictable for my skill set, especially when Amazon laid off 1,000 people just like me. Besides, I enjoy working, I want to contribute my skills to the best of my ability to help others, and working with a variety of people keeps me sharp.

I don’t know, explaining a gap where you worked, volunteered, went back to school, or something productive seems a lot easier than explaining a gap where you did nothing.

A challenge for someone in their late 50s and beyond is to show that you are not just looking for a job to ride out to retirement.

quote:

Originally posted by ElToro:
Main concern is health care until I hit Medicare age.

There are options. We retired early and are on Christian Healthcare Ministries. (There are some other similar plans out there, too). We pay a total of just over $500 per month for very good coverage though with a $1000 deductible per event. It is costing less than my coverage when I was working! They do have a 2 year restriction on pre-existing conditions, and as a Christian based association they don't cover things like unmarried pregnancy.

Through the state healthcare exchanges you can get a plan quite cheap if you have little or no reportable taxable income. This is the Obamacare stuff, which is priced based on your income. Yet another reason to have ROTH accounts! As long as you don't take money out of your traditional 401k or IRA, and don't have significant wages, you look poor on paper and can get very cheap insurance from all the usual places. They even have free consultants in your state which can help you find the right plan for your situation.

quote:

Originally posted by Edmond:
There are 2 states I know of, Texas and Florida, which grant property tax exemption for 100% disabled veterans. With my injuries, wear and tear and years in service, I do expect to be at that 100% by the time I retire.

You can add Arkansas to that list. No personal or homestead property taxes for disabled vets.

Come on down.

quote:

With my injuries, wear and tear and years in service, I do expect to be at that 100% by the time I retire.

^^^^^^^^^^^
That is not a slam dunk.Be sure you have everything documented in your medical records.

[quote]I hear this all the time. Has anyone ever done this? I mean actually done it? Because I'm skeptical. How could a hiring manager at these places look at a guy's resumé and not think, "You did all this but want to work here for less money? You've been out of work how long? Why are you having such a hard time finding a job in your field? Are you here now out of desperation? Why would I hire you when you're likely to bolt at the first opportunity? I want somebody who'll stay for a while[/
^^^^
Frankly I have NEVER seen this sort of arrangement work out. It is almost a myth. There are issues of self esteem and pride at work.

quote:

Originally posted by ZSMICHAEL:

quote:

With my injuries, wear and tear and years in service, I do expect to be at that 100% by the time I retire.

^^^^^^^^^^^
Be sure you have everything documented in your medical records.

This, 1,000%.

quote:

Originally posted by 1967Goat:
Similar situation happened to my dad in 2008 when he was 61. He had saved for retirement his entire life, but didn't leave on his terms when he was laid off. He was able and willing to work in the corporate world for several more years. Absolutely could not find a job. He lived off of savings and claimed SS at age 67. He also has a pension. I'm not so lucky!

I just turned 51 this year and we save, save and save. My wife, who is 43, just switched jobs and basically doubled her salary. We are now at a point where we are spending a little more on ourselves. I'm hoping to leave my current job in 4 - 5 years. Not "retire", but work less hours on something I want to do, not my current soul sucking corporate job. I put away $1,000 per month into our kids 529 accounts. They'll be in college in 6 years...UGH!

I recently had a conversation with my two boys on them saving for their children’s college. They were complaining about struggling with building up their retirement.
I suggested instead of saving for education, focus on pounding retirement savings until the kids go to college. Then focus on helping them pay down their debt. They were offended that I thought they would put themselves before their kids. I think one of our main goals is to reach retirement and be financially stable. Plus I feel college kids take things more seriously when they’re footing most of the bill.

Just spitballing, but using an investment calculator, $1000 per month @8% for 20 years is just under $600,000. Now, your $1000 per month goes to student debt for ten years. At this point you’ve paid 120,000 for college, and your original investment is worth $1,300,000.
Like I said, spitballing, but since 1957, the stock market has averaged 10.5%.

I would think like saving for retirement early, this might be something to ponder on when you’re young.

quote:

Ageism is real.

Yeah... it sucks.

I wonder if demographics have anything to do with it? There's a pretty big wave of boomers at retirement age.

Some of these people may have to re-invent themselves as self-employed. For example, I bet this guy could design a videogame and then use his internet marketing skills to sell direct to consumers:

quote:

Seacat's skills include internet marketing, videogame design, search engine optimization, voice acting and songwriting. Back in the ‘80s, he played and sang in Seattle hair bands.