Retirement age

[Thats a RRRV]

I retired at 52 best thing I have done... Watch my 2 grandkids now. One helps me in shop wants to be engineer to design things and other helps grandma water flowers for now !!!!!

[curver900]

Originally Posted by icr21801

We could all retire at 55 if the government would stop stealing from us to fund the welfare state!

This... if I had all the money they took for SS, Medicare etc... I would be retired as well... but we get to pay for those who don't live within their means...

I will be lucky to collect any of the millions of dollars with interest and investment opportunities missed....

[farnik78]

Originally Posted by icr21801

We could all retire at 55 if the government would stop stealing from us to fund the welfare state!

Best and most truthful quote of this whole thread. The fact that the government Ponzi scheme, known as social security, is so popular proves how financially ignorant the general population is.

[Bassdogs]

Originally Posted by farnik78

Best and most truthful quote of this whole thread. The fact that the government Ponzi scheme, known as social security, is so popular proves how financially ignorant the general population is.

Its not that I disagree but politics is off limits here. All I'll add is that its not the government that is doing this, its the people we keep electing.

[RetiredOne]

Originally Posted by farnik78

Best and most truthful quote of this whole thread. The fact that the government Ponzi scheme, known as social security, is so popular proves how financially ignorant the general population is.

If the government didn't do this "forced" savings, half of all retirees would have nothing in retirement. Expecting the population to take the responsibility to save for themselves, is a fool's errand.

[kblast523]

Originally Posted by BrentB

How in the world do you guys afford to retire in your 50's???

Went to work for Texas & Pacific Rwy in Oklahoma in May, 1976 at age 22 days before my 23rd birthday. Texas & Pacific merged with Missouri Pacific Railroad on October 16, 1976. I was promoted to train dispatcher and moved to Ft. Worth in January, 1979, then relocated to Spring, Texas in 1981. 1982 brought the merger of Missouri Pacific Railroad and Union Pacific Railroad. Promoted again in March 1985 to Field Operations Manager and moved to Laredo, Texas. May 1990 saw a move to San Antonio. In March 1993 during 'downsizing' I was moved to Council Bluffs, Iowa, as Manager Yard and Industry Operations, and in August 1994 promoted to Senior Project Manager-Operations Analysis where I worked helping complete the Union Pacific/Southern Pacific Railroad merger, until March 1996 when I returned to train dispatching at the Harriman Dispatching Center in Omaha. I worked special projects during 2002 thru 2007 when I was promoted to Manager Central Train Dispatch and had responsibility to supervise over 500 train dispatcher and for operation of a VAX7000 which controlled all remote signaling in 24 states an across over 200 work stations across the system. I retired May 31, 2011 with 35 years service and at age 58. Railroad retirement rules permit retirement with 30 years service and age 55. Add to that, officer's pension for 26 of those 35 and it gave me a $1455/month boost over RRRB pension.

[icr21801]

Agreed, my apologies. Didn’t mean to enter into a political debate, Just a tongue in cheek statement for a laugh.

[RetiredOne]

Originally Posted by farnik78

Best and most truthful quote of this whole thread. The fact that the government Ponzi scheme, known as social security, is so popular proves how financially ignorant the general population is.

Just a data point regarding Social Security:

....."With a monthly benefit averaging just $1,369 (as of June 2017), the idea to retire on Social Security alone may sound next to impossible. Still, 23 percent of married retirees and 43 percent of single retirees count on their Social Security benefit for 90 percent or more of their monthly income."

Not sure what those people would do NOW without having S.S. "taken" from their paychecks when they were working?

[harryjr]

Originally Posted by BrentB

How in the world do you guys afford to retire in your 50's???

I was eating lunch in a deli one day and two coworkers joined me. Both in their 20's. One was complaining she didn't have enough cash to put gas in the car to get home, and her credit cards were maxed out. The other had similar complaints. Yet here they are eating lunch in a deli, both smoked, and they each stopped to get coffee @ Dunkin Donuts on the way in every morning & after lunch.

Buying lunch 5 days/week @ $10/day = $50/week
Coffee on the way into work and after lunch @ $5/day = $25/week
Cigarettes @ $10/pack, 1/2 pack/day = $35/week
$110/week x 50 weeks/year = $5500/year

$5500/year for 40 years @ 3% = $425.505. Not enough to retire on, but a pretty good start, all by making a couple of simple changes in life style.

To paraphrase Dave Ramsey: Live like no one else today and you'll be able to live like no one else later in life.

[farnik78]

Originally Posted by RetiredOne

Just a data point regarding Social Security:

....."With a monthly benefit averaging just $1,369 (as of June 2017), the idea to retire on Social Security alone may sound next to impossible. Still, 23 percent of married retirees and 43 percent of single retirees count on their Social Security benefit for 90 percent or more of their monthly income."

Not sure what those people would do NOW without having S.S. "taken" from their paychecks when they were working?

There’s a saying that says the government is like someone who breaks your legs and then gives you a pair of crutches and says, “see, without me you wouldn’t be able to walk.”

If people were allowed to invest all that money taken from them over 40+ years of working they wouldn’t have to live off peanuts. Your employer has to match your SS contributions, so the fact that you and your employer contribute all that money just to get peanuts in retirement is pathetic. If all that money went into an investment account similar to a 401k many retirees would have a comfortable income instead of living on the verge of poverty.

[RetiredOne]

Originally Posted by farnik78

If people were allowed to invest all that money taken from them over 40+ years of working they wouldn’t have to live off peanuts. Your employer has to match your SS contributions, so the fact that you and your employer contribute all that money just to get peanuts in retirement is pathetic. If all that money went into an investment account similar to a 401k many retirees would have a comfortable income instead of living on the verge of poverty.

Sounds good in theory, but the facts and data are against that. If people were just given the amount that's withheld and allowed to invest it on their own, they would just spend it each week on crap.

Having 6.2% of your pay withheld is peanuts in the big picture. If people really wanted to save, they would. The data in my post above proves they don't.

Considering almost 70% of the population live paycheck to paycheck, and the median retirement savings for Boomers is like $126K (of the people who HAVE saved anything), shows the true data. If you factor in ALL Boomers (including the ones who haven't saved), the median amount saved drops to $17K..

Sorry, government ISN'T to blame here...

[farnik78]

Actually government is to blame. You could still take the 6.2% along with the 6.2 from the employer and allow it to be invested and earn interest and dividends instead of going into a poverty inducing Ponzi scheme. Every worker who put in 40 years plus would be a millionaire if not a multi millionaire and could live comfortably plus have an asset they could pass on to their family.

Instead they are dependent on the nanny state and have nothing.

[curver900]

Originally Posted by RetiredOne

Just a data point regarding Social Security:

....."With a monthly benefit averaging just $1,369 (as of June 2017), the idea to retire on Social Security alone may sound next to impossible. Still, 23 percent of married retirees and 43 percent of single retirees count on their Social Security benefit for 90 percent or more of their monthly income."

Not sure what those people would do NOW without having S.S. "taken" from their paychecks when they were working?

They would still be working that is what they would be doing... again take care of yourself and be free... it isn't my or anyone else's charge to take care of those that live outside their means and don't save...

besides what are they all going to do when SS runs out in 2030? or sooner???

[Hookladder29]

Good for you way to turns lemons into lemonade.

[cjgoetz]

Planned on retiring this year (I'm 53) but was made an offer to work from home and I get to set the hours and days working for the same pay so I agreed to 5 more years.

[trashman]

how's retirement going, and who's next to retire ,at what age and their plans?

[RPR]

Retired at 64 5 years ago. Wife retired few years before me. Bought our 2018 Class C 31DS three years ago. Fits our life style perfect. Sold our house we had in Mobile for 41 years and hit the road. Plan was to travel for a year then buy a town house closer to our daughter and son in law in North Alabama as a home base. We left Mobile and made our way to Nova Scotia, Quebec, back down into New England, across to Niagara, and wondered back down to Alabama. Stopped in to visit then wondered West to Sedona, Az. Then back towards Alabama. Signed paper work on a town house to be built year ago right before the COVID-19 hit. With the high demand for houses in Huntsville and COVID-19 it did not get finished till December. We just hung out in different state parks, COE campgrounds etc in Alabama. Leaving home base in June wondering towards Bad Lands, Glacier National Park etc. As we all know it takes a lot more planning now and work to put a trip together. Decide where you want to go, what you want to see and fine a place to park the RV. We do not spend anytime in campgrounds to us its just a place to park.

[Bandit12]

Originally Posted by Bandit12

I enlisted in the USAF at age 17, I'm now 56 and have been retired for just a little over 19 years. I still work for beer and camping money (and because my wife says I'd drive her nuts if I was at home all the time) and I plan on doing what I do for another 11 years. My short term goal is to make Uncle pay me more money for being retired than they did for being on active duty. As near as I can figure, I break even at age 62. The men in my family tend to live long lives. Grand-dad passed at age 94, Dad just gave up driving this year and he is 93. I figure I got quite a few more good years left in me.

Wow. A reply to this thread popped up in my email so I took a look at it. A few things have changed since 2018. Dad passed in Dec 18, Mom passed in Oct 19. I was planning on working until I was 67. California decided they needed to raise the minimum wage this year to $14/hour. I had been working for the same company for over 10 years and when they hire new employees, those new people got minimum wage. I got a raise in Jan and it ended up being $1 over minimum. I had a 30 mile one way commute and was the only one that has ASE certification. A few years back they changed the paid time off policy as well. They made it were they dropped 56 hrs in your PTO bank at the beginning of Jan, you could carry forward a max of 24 hours from the previous year. And since they weren't to anxious to hire more employees, we were required to work every other Saturday. I had to fight tooth and nail to schedule time off, I told my manager last summer I was taking 2 weeks to go camping and he said you don't have 2 weeks time saved. I said ok, I'm taking 56 hours of PTO and I'll be gone for 2 weeks. I'll take the other 24 hours as un-paid time off. He hemmed and hawed about whether or not I could actually do that. We went, but he wasn't happy about it. After the 1st of Jan, I talked with my family and friends about my situation. I felt under-valued and got fed up with the BS, so I decided to retire at the end of Mar. Now we got a bunch of trips planned for this spring and summer. Really looking forward to being able to pick up and go when I want.

[RPR]

A financial adviser for years told clients to work as long as they could and build up a big nest egg. His best friend took his advice and worked till he was 70. Two months after he retired he had a medical problem and passed away. It devastated him. Now he tells people to retire when they can do comfortable. Stop and smell the roses before they wilt and die.

[cbeers]

62, 33 years in the Cattle Industry