What age will you retire?

[Brewdude]

So there are already a good few of us here on BoB that have retired, or are semi-retired. But how does one go through the actual process of deciding when to say "time"?

With some, the answer must surely be related to when one can start drawing SS benefits. Yet that is also a sliding scale dependant on your age and what you have accumulated, plus what you might be earning through other income.

Those who are lucky enough to have a true pension through a long held position are in the best place to receive benefits there as well as SS. Plus whatever they have saved and invested over the years.

And of course there are some that cannot work any more due to health or other issues, but that's not my focus here.

I ask since I'm now getting to be of an age that I need to consider the various possibilities. I could retire at 62 ( a mere 1.2 yrs from now) with reduced SS benefits, or wait until I'm 65 or 70 for fuller payments. Fortunately I would not have to depend on SS alone.

Bear in mind that I've not researched any of this in any finite way. These are  just some of the generalizations I've gleaned through the past couple years or so, and could be inaccurate. I'd welcome clarification from those who are in a position to speak from a position of experience.

Beyond all this, I personally have no immediate plans to retire. Frankly I see myself going on in my current capacity as far as my health holds out, since I love what I do and would want to continue doing it as long as I can.

Equally, sooner or later there may be a point where I need to consider the "retirement" thing. Hopefully later, but one never knows, do they? My general heath is just fine, and I'm doing much the same kind of physical work I did when I first got into commercial brewing some 25 yrs ago this month. So it's kind of an anniversary for me, you see.....

Yet, forewarned is forearmed as the saying goes.

Any words of wisdom, practical considerations, and useful info is appreciated.

TIA



Cheers,

RR

 

[monbla256]

When they no longer need you and can replace you with a thirty something that will work for less and cost them less in any benefits. I went thru this a few years ago and have been trying off and on to find full time work but when they take a look at my resume, they realize the number of years I've been working and do the math for my age and I'm not considered. I have friends at or near my age who have been going thru the same thing these past few years. Sad, but it's the world we live in ! :twisted:  :twisted:

 

[the rev]

as a minister probably never, as a tradesman I suppose when I can no longer do the job. I think I will not work full time however

rev

 

[daveinlax]

I know paying for healthcare until medicare is the big issue. I'd like to retire at 55 but I know my pension payments at that age wouldn't cover my insurance unless things change and I leave my plan and go on a low pension income Obamacare exchange. I'll have to see what premiums/pension income will be in a few years. :shock: 

 

[Brewdude]

When they no longer need you and can replace you with a thirty something that will work for less and cost them less in any benefits. I went thru this a few years ago and have been trying off and on to find full time work but when they take a look at my resume, they realize the number of years I've been working and do the math for my age and I'm not considered. I have friends at or near my age who have been going thru the same thing these past few years. Sad, but it's the world we live in ! :twisted:  :twisted:

I hear what you're saying Michael. At the same time my situation may be somewhat different since I'm a long time partner in the brewery. Not just an employee.

So that, plus being head brewer and production mgr I have a key role in the company. Yes I do a great deal of the actual production, but am involved with myriad other aspects that relate to QC/QA, product development, etc. Not trying to blow my own horn here, just wanted to expand a bit.

So it would not be in the best interest of the business to sideline me due to age alone. That is, unless I could not perform at my current level. Hopefully those years are a long way off yet.

Again, one does have start planning for the eventuality. Sooner or later it'll be a reality I need to face, like it or not!


Cheers,

RR

 

[monbla256]

When they no longer need you and can replace you with a thirty something that will work for less and cost them less in any benefits. I went thru this a few years ago and have been trying off and on to find full time work but when they take a look at my resume, they realize the number of years I've been working and do the math for my age and I'm not considered. I have friends at or near my age who have been going thru the same thing these past few years. Sad, but it's the world we live in ! :twisted:  :twisted:

I hear what you're saying Michael. At the same time my situation may be somewhat different since I'm a long time partner in the brewery. Not just an employee.

So that, plus being head brewer and production mgr I have a key role in the company. Yes I do a great deal of the actual production, but am involved with myriad other aspects that relate to QC/QA, product development, etc. Not trying to blow my own horn here, just wanted to expand a bit.

So it would not be in the best interest of the business to sideline me due to age alone. That is, unless I could not perform at my current level. Hopefully those years are a long way off yet.

Again, one does have start planning for the eventuality. Sooner or later it'll be a reality I need to face, like it or not!


Cheers,

RR

Your'e fortunate to be an OWNER and BOSS. But from what all the retirement advisors I've read you needed to have started economically planning ten years ago so I'd get REAL SERIOUS at your age now! I did not and am stuck with a min set income now. Good luck  

 

[Fr_Tom]

I taught for 32 years, and I supposed I am retired from it. The last four of those years I was bi-vocational and had a small church. I could go back to the classroom, but it seems unlikely at this point.

I discerned I was called to spend more of my energy with parish ministry, and I am doing that full time now. In my situation, my bishop could call me in and ask me to prayerfully consider that I might be called to something new next week. I could be hit by the #2 bus on my way to work tomorrow. It is hard to make too many plans. So - you grow where you are planted. You are open to new opportunities.

"The harvest is plentiful, but the workers are few." I don't see myself slowing down any time TOO soon...

 

[Brewdude]

When they no longer need you and can replace you with a thirty something that will work for less and cost them less in any benefits. I went thru this a few years ago and have been trying off and on to find full time work but when they take a look at my resume, they realize the number of years I've been working and do the math for my age and I'm not considered. I have friends at or near my age who have been going thru the same thing these past few years. Sad, but it's the world we live in ! :twisted:  :twisted:

I hear what you're saying Michael. At the same time my situation may be somewhat different since I'm a long time partner in the brewery. Not just an employee.

So that, plus being head brewer and production mgr I have a key role in the company. Yes I do a great deal of the actual production, but am involved with myriad other aspects that relate to QC/QA, product development, etc. Not trying to blow my own horn here, just wanted to expand a bit.

So it would not be in the best interest of the business to sideline me due to age alone. That is, unless I could not perform at my current level. Hopefully those years are a long way off yet.

Again, one does have start planning for the eventuality. Sooner or later it'll be a reality I need to face, like it or not!


Cheers,

RR

Your'e fortunate to be an OWNER and BOSS. But from what all the retirement advisors I've read you needed to have started economically planning ten years ago so I'd get REAL SERIOUS at your age now! I did not and am stuck with a min set income  now. Good luck  

Yes, I hear that loud and clear. A cautionary tale to be sure. One can always have more set by for the eventuality.

Fortunately I started my estate planning back in my 20's. And despite 2 divorces I never had kids enter into the equation. So no child support. That can wreak havoc on a man's finances!


Cheers,

RR

 

[Doc Manhattan]

So - you grow where you are planted.

Ah, that explains all the ******** everyone keeps shoveling on me at work.

 

[Fr_Tom]

Ah, that explains all the ******** everyone keeps shoveling on me at work.

Perhaps it is just a growth opportunity...

 

[MisterE]

So - you grow where you are planted.

Ah, that explains all the ******** everyone keeps shoveling on me at work.

:lol!: :lol!: 

 

[idbowman]

The way things look right now, I anticipate retiring a week or two after they put me in the ground.

 

[RDPipes]

RETIRE? What in tarnation is that? If it hadn't been for my fairly recent disability I would have worked till I was at least 65 if not 70 crossing my fingers all the while that some Moron in the White House wouldn't just take Social Security and spend it on his vacation and then piss down our backs and tell us it's raining by saying NO more SS, it's bankrupt.
I was lucky in a way when I became disabled, I had a good amount in SS because of starting the work force early in life and had mostly over average paying jobs. I fear some will never see there SS because of government spending. So if your smart or were smart enough to pile away long ago you'll be okay when retirement knocks at your door. But, don't count on SS being there. I still fear that they'll just close the doors some day and leave schmucks like me standing out in the cold with an worthless I.O.U. So save like the dickens, you can't have too much money unless your Bill Gates.

 

[pepesdad1]

I am a good example of what happens when you don't take the future into consideration when making plans.  I'll be 70 in November and while working for the state (state government) is not physically taxing...dealing with the morons that get elected every 4 years is taxing enough.
I will be working until this country has decent medical coverage for everyone.  The healthcare coverage I have now through the state cannot be beat.  The medical issues that I have would have made any other insurance carrier drop me like a hot stone years ago.  The piss-poor pension that I will have barely covers the costs of healthcare insurance....and SS helps alot.  After our Governor cut our benefits and salaries this past year, makes the SS check a necessity in order to cover food and shelter.

The bottom line is this...PLAN your retirement NOW.  Don't wait to see if Uncle Herschell is going to leave you a million bucks.  He is broke too.

For all those who think that the President is responsible for this mess...guess again. Your congress critters are the ones responsible for decimating SS years ago.  Stop giving billions in tax breaks to the oil companies and billions to the MIC and you will have all the money you need to run this country and take care of its citizens.

Don't give me this "conservative crap" about taking your country back...it was sold out from under you 40 years ago.

 

[Dave_In_Philly]

My dad worked for the NYC Board of Ed for nearly 40 years. He has a fantastic pension. So much so that the last few years he was working, he was actually losing money (net, not gross) by continuing to work. My mom worked for Columbia Presbyterian Hospital for nearly as long. They didn't offer a pension and she didn't start investing in a retirement account until later in life (though early by the standards of the time). She lost most of her IRA when the markets crashed. Fortunately they live very comfortably on just my Dad's pension. They retired about 5 years ago and my dad still hasn't started to collect SS. He's waiting until he hits 65 next year. My mom did start at 62 1/2, though.

I'm still too young to have any concrete plans for that far in the future. Though, I had the benefit of watching what happened to the markets in the late 90s and beyond from the outside (meaning I was educated enough to understand what was happening, but didn't have any money to lose) and I saw what it did to people's ability to retire as planned. So it has always been important to me to make sure that my wife and I have as much money going into various and diverse retirement accounts.

I am also fortunate to be in a position and with a company that, barring any significant upheaval, can carry me comfortably to retirement. My son is 18 mos old today. Assuming we have one maybe two more, I'm likely to be dealing with college and the sort of stuff right up until I'm 60. If I can retire then, I will be happy. If not, I'll survive.

 

[bosun1]

I retired at 62. Military pension and health insurance to pay the bills. If it wasn't that I would be looking for a dumpster to call my own (g). All this talk of you need XX millions of dollars to retire is spread by all of those kindly millionaire folks who want to make their money by 'managing' yours. I invested my money in my kids and food! And not much left after those bills, the government doesn't pay too well in cash - it is the pension system that balances things out if you can survive long enough to have your minimum twenty years. Obvious 'war movie' type scenarios, doing stupid/dangerous things as a matter of routine, then add in "Reduction in Force" programs when the pols think we have too big a military and they cut ten percent plus across the board in manpower and hardware.
As I slowly came up on that age 62 marker, more of me started to hurt. Unless you are working in a high paying, low stress, low wear and tear job you are just a mule being abused. Welcome to life. House is paid of, college loans are paid off, cars are paid off. Got money in the bank, but I'm not taking vacations to Greece or driving a Corvette either. Simple low stress lifestyle, every day is Saturday! Off on a tangent from what the OP was looking for, but that's how it is when you're old and cranky!

 

[Anonymous]

I'm planning on marrying a rich older woman when I turn 65. Her having a boat (Bertram 70 preferably) is a must. I'll probably buy lotto tickets as a safety net. I don't think there will be anything left in my 401k or pension by then. Wall Street has to take their 110% cut.

I may start playing poker. Seems like a lot of people make a lot of money on TV from this. Doesn't look too hard. I just need to find a good pair of dark glasses.

 

[Fatman]

I plan on working until I die. Great job, great pay, and I am insured if I die on the job!

 

[ftrplt]

Made the decision six years ago to hang it up at the end of 2007. Actually hung around until end of March 2008. The "retirement decision" is so personal based on personality, economic situation, spouse/family situation, etc. that it's hard to make recommendations to someone. That said, the one situation to be avoided is wanting/needing to retire; but not not being able to do so due to one or more factors. Early planning and execution is important. I fully realize that when you're young, married, have kids, etc. that retirement planning seems a far off event best left until later! The longer you wait, the harder it is!! The time-value of money is important. I found myself, at the tender age of 36; divorced with child support payments, broke, in debt, and starting a new job (thank goodness!!) in a new city. I worked two jobs for 14 years ( I was also a pilot in the Air Force Reserve), lived well within my means, developed a long-term financial plan, and stuck to it!!! Got beat up a few times (The Oil Bust in '83, S&L Crisis shortly thereafter, the DotCom Bust, and this last friggin' five-year disaster!!). But I was able to retire on my terms when the time came. I enjoyed the hell out of my job. However, a new manager and the drag of traveling every week got old.

Two points and I'll shut up!!! (1)Have a plan....(2)Pay yourself first!! If your plan is to save the $$$$ you have left at the end of the month, you ain't got a plan!!! FWIW! FTRPLT

 

[Carlos]

I am trying to decide now to retire at the end of the year. Or try to tough it out. The longer I tough it out, the more I will have. But I have this nagging feeling that I could be so much more productive at home while I still have my health. That the time spent working is wasted.