# Just a littel curious. How many 2coolers plan to retire at 62?



## mas360 (Nov 21, 2006)

A co-worker just passed away at 71 last week. He retired at 62. It seems to be awfully short despite of the fact that he retired early...sad_smiles

I am wondering among the 2cooler population how many plan to hang the hat early versus the full age of 66.


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## Gottagofishin (Dec 17, 2005)

60 is my target. That's if I last that long. 58 is looking better and better. Depends on the market and how well I read the tea leaves.


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## jesco (Jun 23, 2013)

My pension will kick in when I am 58.


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## SpeckReds (Sep 10, 2005)

The average number of years that a person lives in retirement is only about 7yrs. before death.
Many are not healthy enough during that time to do all they planned in retirement.
They spend what they saved trying to be Healthy.

Live a balanced life between work and play while you are young and healthy enough to enjoy it.


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## HoustonKid (Dec 29, 2005)

At 57 I'm out. 14 to go.


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## surffan (Oct 5, 2004)

Already missed 62. Looks like I need to go to as close to 70 as possible. Gets harder every day.


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## RRbohemian (Dec 20, 2009)

62 for me. Just need to train the wife on how to live on $1.5k a month.


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## GSMAN (May 22, 2004)

I am not totally sure when I am going to retire. I am ready and able to retire now but have a job that is very hard to walk away from. Low stress and high pay is what I am dealing with. I can realistically say that I don't see myself working beyond 56 at the most. Might do some consultant work but only because I want to not because I have to. Life is good!!


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## WilliamH (May 21, 2004)

I have to work until the day I die.


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## EndTuition (May 24, 2004)

I will be able to retire at 62. I'm 59 now so not too far away. I may or may not actually retire. Work is a roller coaster, some days are easy, some not so much. I think once I adopt the "I can walk out of here any time I want" attitude it may all be a lot easier to deal with.


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## Blk Jck 224 (Oct 16, 2009)

WilliamH said:


> I have to work until the day I die.


I'll always have an iron in the fire somehow also just to keep Medicare as my secondary insurance.


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## Cat O' Lies (May 21, 2004)

WilliamH said:


> I have to work until the day I die.


^^ what he said


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## MarkU (Jun 3, 2013)

I'm shooting for 55. That will be semi retirement. Unless I can find a sucker who wants to buy my business. Then it will be 55. I'll still have to do something part time, 2 days a week. Or I will go insane. Maybe work at a bait shop, or flip burgers. Possibly become an exotic dancer in a nursing home. What ever it is. Phones will not be involved.


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## Reloder28 (Apr 10, 2010)

3.5 years for me to reach 59.5 & you'll find my fat butt at home, never to work again.


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## RB II (Feb 26, 2009)

It is 62 or sooner for me. I think it about it way too often these days. I don't really have any retirement "plans", I have done pretty much everything I would want to do. I might buy a nice travel trailer to pull around some but that would be the extent of that. Wife and I are talking about selling our house and building a nice barndo on some acreage that we own that backs up to the National Forest. I might get started on that this year. Maybe in a few years build a new house on the same property. Other than that, I just take off as much as I want now and fish or hunt or play golf, etc. I go to work everyday now, but pretty much retired even at that. LOL.


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## andre3k (Dec 3, 2012)

Avg lifespan in my family is about 65. Yeah, so i'm shooting to enjoy at least 10 years of my pension before I check out.


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## bigfishtx (Jul 17, 2007)

Kinda hard to retire too soon when you will have to be living on the principle, and have no idea about the cost of healthcare.


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## Mont (Nov 17, 1998)

Here's a number that was thrown out at a recent meeting with my financial guru. For each $40K per year of income you want, it takes a million dollars in the bank to produce it. I bet I can count on one hand those of us that can live on 40K per year or that have a million dollars in their accounts.



> That is a very good question. There are four factors to consider: 1) interest rates; 2) investment returns; 3) inflation; 4) term period. In the past the rule of thumb was 5% consumption in order to preserve capital and spending power over time (so principal value grows as the rate of inflation). With interest rates incredibly low, many actuaries are suggesting 4% or even less (but this is based on a perpetual model i.e. no mortality). A good place to start _today_ for a moderate-risk investor would be 4% or $40,000 per million in my opinion. Once interest rates normalize it could/should be higher. Obviously this number also can be higher or lower based on the more conservative or more aggressive nature of the investor.


I have no plans to retire.


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## specktout (Aug 21, 2006)

I have been planning and working to retire at the age of 62 for many years, I learned along time ago to save and invest for a comfortable retirement, looks like I'm right on schedule. 1 year 8 months to go. Can't wait


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## Timemachine (Nov 25, 2008)

Retirement at 62??? ...bwahahaahqh.......my Son graduates HIGH SCHOOL when I turn 67. Then he is off to college. 

Retirement......????????????????????????? If you plan on have a kid when you are 48....there IS no retirement!


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## Mont (Nov 17, 1998)

Timemachine said:


> Then he is off to college.


College makes owning boats seem cheap 

If anyone has predictions on what health care costs will be in say, 5 or 10 years, post up. I have paper bills sent in the mail for injections that cost more than my first house did. While your are figuring, post up with insurance costs within 100 miles of the coast in 5 years. Even on a home you own, it's still $500 a month for taxes and insurance. Add water and lights, and groceries and it's easily 12K per year. That's just housing. http://www.guidrynews.com/story.aspx?id=1000061786


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## owens33 (May 2, 2007)

should be fine at 62. 6 more years. see how i feel then, i'd leave now, but there isn't anything i can find to do that's this easy and pays this good.


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## DCAVA (Aug 5, 2013)

Can't fathom retirement yet, gotta keep plugging away, lots of years to go.

If I would have gotten in the car bidness @ 20 prolly be done by 55-60. I didn't get in it till I was 32........


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## sotexhookset (Jun 4, 2011)

Same here. Not car business but actual retirement. Ill die still working to take care of the guys and their families. That and I'm not quite sure I'll see 62. Much less 52. Lol


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## 6.5 shooter dude (Jan 8, 2008)

I'm out at 55 that's 11 more years.
I have been planning my retirement since I was 25. Hope the wife keeps working though


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## Txfirenfish (Jan 8, 2005)

my plan right now is to leave at 56, God willing.


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## SafetyMan (Jan 3, 2012)

My plan is 60 - 62. I'll have my 80 points with the company and eligible for full retirement (pension and insurance). After a bout with cancer and spinal reconstruction surgery, I'll be ready to go. I can't think of anyone that I have ever met who, after retiring, said they wished they would have spent more time at work. There is really much more to life than just working. I'm currently on an expat assignment in London for four years and getting to see so many beautiful places. My wife and me love to travel and hope to see much more of the world after retiring. That's if those in Washington don't take all of our savings for their fun and pleasure....


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## Rubberback (Sep 9, 2008)

Mont said:


> Here's a number that was thrown out at a recent meeting with my financial guru. For each $40K per year of income you want, it takes a million dollars in the bank to produce it. I bet I can count on one hand those of us that can live on 40K per year or that have a million dollars in their accounts.
> 
> I have no plans to retire.


True statement.


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## CHARLIE (Jun 2, 2004)

Retired at 44 31 years ago (at least made the forecasted 7 years). Always had to do something to supplement my meager pension. Get about $330 bucks a month from SS. Wife just quit a few months back and she gets about $1,000. So far we are making it and enjoying every minute of it. Wouldnt change a thing.


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## poppadawg (Aug 10, 2007)

Mont said:


> Here's a number that was thrown out at a recent meeting with my financial guru. For each $40K per year of income you want, it takes a million dollars in the bank to produce it. I bet I can count on one hand those of us that can live on 40K per year or that have a million dollars in their accounts.
> 
> I have no plans to retire.


40k a year per Million dollars saved? Well thats a real buzz kill. Heck medical insurance alone will probably cost 1000 bucks a month. Then taxes, insurance, food, electricity. You have to be a rich man to retire early, or very frugal. My wife is not frugal.


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## Rubberback (Sep 9, 2008)

DCAVA said:


> Can't fathom retirement yet, gotta keep plugging away, lots of years to go.
> 
> If I would have gotten in the car bidness @ 20 prolly be done by 55-60. I didn't get in it till I was 32........


Sell the matamoros folks more nissans.LOL
You know what I mean. I gotta be nice here.


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## TranTheMan (Aug 17, 2009)

mas360 said:


> A co-worker just passed away at 71 last week. He retired at 62. It seems to be awfully short despite of the fact that he retired early...sad_smiles
> 
> I am wondering among the 2cooler population how many plan to hang the hat early versus the full age of 66.


I ponder the same everyday. Your coworker probably worked for 40+ years, then only had nine years to enjoy it. Yea, it does not look like a good trade-of to me.


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## FISH ON (May 22, 2004)

I am looking at 62 as well. From SS I can draw $67k in the four years or wait until 66 and draw full dollar. Never know how many years you have.


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## poppadawg (Aug 10, 2007)

SpeckReds said:


> The average number of years that a person lives in retirement is only about 7yrs. before death.
> Many are not healthy enough during that time to do all they planned in retirement.
> They spend what they saved trying to be Healthy.
> 
> Live a balanced life between work and play while you are young and healthy enough to enjoy it.


? The average life span in the US is about 80. Who works till they are 73? In 15 years who knows how long the life span will be.


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## TranTheMan (Aug 17, 2009)

FISH ON said:


> I am looking at 62 as well. From SS I can draw $67k in the four years or wait until 66 and draw full dollar. Never know how many years you have.


http://www.fool.com/retirement/gene...urity-why-taking-benefits-at-62-is-smart.aspx

This is known as a break-even analysis. And while there are calculators for this purpose online, here's the gist of it: If you expect to live past 77, then you should wait until full retirement age to begin collecting benefits, as it's at this point when the gain from waiting overtakes the cumulative cost -- see "A" in the preceding chart.
Moreover, if you realistically see yourself living past 82, then it would also behoove you to wait until you're 70 years old. The rationale is the same; by that point (see "B" in the chart below), your cumulative benefits from waiting will add up to $206,000 compared to $204,000 had you elected to receive benefits at 66 and $189,000 had you begun drawing from the system at 62 -- this is assuming a primary insurance amount of $1,000.
But here's the thing that's important, if not a bit morbid, to keep in mind: According to the latest data, the average lifespan of an American is 79.8 years old. And for men, it's only 77.4 years compared to 82.2 years for women. Thus, based on age alone, and particularly for males, it's probably not as smart as you might at first think to hold out for larger Social Security checks.


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## KEN KERLEY (Nov 13, 2006)

If you can afford to, and your home is paid for, go for it. After working 50 years, I was ready at 66 but worked a little while longer for my wife's insurance. She hasn't worked in nearly 20 years and I figured it was my turn.


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## Submariner (Apr 18, 2014)

I'm 55 now and plan to retire at 62, maybe a little earlier if I can. Going to sell the house move to Corpus and work on my fishing.


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## DCAVA (Aug 5, 2013)

Rubberback said:


> Sell the matamoros folks more nissans.LOL
> You know what I mean. I gotta be nice here.


 LOL!!


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## cubera (Mar 9, 2005)

I pulled the plug at 62 (8 years ago) without a million to fall back on.
No regrets, doing pretty much what I want to do.

I will consider my life a success if my days and dollars run out at the same time.


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## OnedayScratch (May 23, 2012)

I like doing what I do during my 40. My hobby job is still going and can see that as my 3 day a week deal. The target is 56. But I'll never totally stop.


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## Sugars Pop (Jul 10, 2008)

Five more years of tuition at A&M. Six more years and the lake house is paid off, so I'm not even considering pulling the plug at 62 if I can keep my current job. Can't hunt and fish everyday and even if you did this is another monthly expense that can increase very rapidly. Bait, shells, gas, lease, corn etc.......................


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## duckmania (Jun 3, 2014)

Things worked out pretty well and I got walk away at 51, never really expected it. Get to do many things now which is nice, do miss the business world some but not enough to go back. 
Healthcare is probably the second highest concern for everyone strategizing for retirement, and no one know what it will look like 5 yrs from now. Stay healthy now, take care of yourself so you can enjoy that time.


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## bobbyc28 (May 26, 2004)

Retiring at 58, twelve more days to work. I am so ready:bounce:


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## Rubberback (Sep 9, 2008)

If you retire. Find something you like to do & do it. Set goals small & have at it.
Make your goal daily living exspenses & make sure you already have enough for bills & no debt.


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## RockportRobert (Dec 29, 2006)

I guess we're all assuming the dollar holds?


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## duckmania (Jun 3, 2014)

Yes, we do hope the dollar holds and the stock market does not do a major tank. But I've always been confident in the dollar, it is still standard of the world.


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## poppadawg (Aug 10, 2007)

duckmania said:


> Things worked out pretty well and I got walk away at 51, never really expected it. Get to do many things now which is nice, do miss the business world some but not enough to go back.
> Healthcare is probably the second highest concern for everyone strategizing for retirement, and no one know what it will look like 5 yrs from now. Stay healthy now, take care of yourself so you can enjoy that time.


X2 on health care. This is my biggest concern about retiring early.


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## cva34 (Dec 22, 2008)

We retired at 60 We had everything paid for home/new appliances and road stuff and camper was less than 2y old and paid for and had 2 boats /l I sold one recently ..This will be 10y in august..no regrets,We ain't rich/never were..We really never hardly touched out 401K..We go up north to Wis.and west to calif/ariz a few times a year ..Fish and garden when at home and keep up with family..I/We would do it again its been wonderful


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## FISH ON (May 22, 2004)

That is my main concern my health ins. is with my wife job. She will have to work until 66.


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## alant (Dec 7, 2006)

No. I will work as long as someone will have me in order to support my autistic daughter.


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## Spooley (Feb 24, 2013)

Retired at 56 almost 4 years ago. Time goes by fast.


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## BretE (Jan 24, 2008)

I'm gone next year. I may do something but it will be something I enjoy. I plan on doing nothing but fishing and hunting for awhile before I do anything constructive.....


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## bayrunner (Sep 26, 2004)

If collecting rent and doing minor repairs to my 6 rental properties doesn't count I retired at 51 when all but 1 was paid off. I have another 5 years to pay off my house and then my wife might retire. She like taking trips too much to quit now.


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## Po Boy (Nov 29, 2010)

Retired at 58, 74 now. Did a little hobby farming/ranching for a while, moved to the Coast for a few years. The cost of wind storm insurance and worrying about not getting paid off if there was a hurricane event ran me back to the DFW area closer to our kids. Now I have to set and listen to my daughter tell me what I need to do and not do, like I did her when she was a kid. Sometimes I wish that I was still worrying about hurricanes. Lol


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## RRbohemian (Dec 20, 2009)

I notice the theme on this thread is the rising cost of healthcare. Well, didn't someone sell us a law that is suppose to make healthcare more affordable? So why worry about the high cost of healthcare, someone took care of that for us. :wink:

I have a question, who is planning on living on less than half of what they live on today during retirement? I will not live like I do today, no need to since I'm working to have it. I only need a/c, a little heat, and some fishing equipment to enjoy life.


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## Retired (May 12, 2014)

I am retiring at the age of 56, just had enough.


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## DA REEL DADDY (Jun 7, 2005)

I almost 51 and am in my prime. Retirement, never!


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## bigbarr (Mar 9, 2010)

60 is my plan right now,,, my wife is 5 years younger so there will still be some income and insurance if needed...


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## Rubberback (Sep 9, 2008)

RRbohemian said:


> I notice the theme on this thread is the rising cost of healthcare. Well, didn't someone sell us a law that is suppose to make healthcare more affordable? So why worry about the high cost of healthcare, someone took care of that for us. :wink:
> 
> I have a question, who is planning on living on less than half of what they live on today during retirement? I will not live like I do today, no need to since I'm working to have it. I only need a/c, a little heat, and some fishing equipment to enjoy life.


You will be good.


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## Texxan1 (Dec 31, 2004)

Im thinking i wont make it to 62... Id like to retire at 55 and have some fun, but who knows.


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## Shady Walls (Feb 20, 2014)

Retired a year ago, the day after I turned 60!


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## in the field (Jun 8, 2014)

They are willing to pay me not to come to work when I hit 51 as of right now. I'm considering rolling over my 401k from my previous life in the private sector so I can by time and walk away @ 47. In all reality I'm most likely gonna end up hanging around till 59 1/2, that put's 100% pay rate on my retirement check and I can leverage the other retirement savings I'm building without tax penalties and I won't have to buy the time.


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## Tortuga (May 21, 2004)

You guys don't even want to know my 'plan'......:rotfl:

Like the old fire horses...when the bell rings I just go stand in the traces. Know I'm not good for nothing no more but old habits are hard to break..

:cheers:


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## Mont (Nov 17, 1998)

Texxan1 said:


> Im thinking i wont make it to 62... Id like to retire at 55 and have some fun, but who knows.


I have already lived longer than I ever planned.

For you guys (and gals) that have company sponsored health care, kiss it goodbye. The employers are going to pay the penalty and "let" you buy it yourself. It's the way business works. Employers didn't want to be health care administrators to begin with.


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## RRbohemian (Dec 20, 2009)

Mont said:


> I have already lived longer than I ever planned.
> 
> For you guys (and gals) that have company sponsored health care, kiss it goodbye. The employers are going to pay the penalty and "let" you buy it yourself. It's the way business works. Employers didn't want to be health care administrators to begin with.


I thought they up the penalty to make employers think twice about dropping health insurance for their employees?


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## tbone2374 (Feb 27, 2010)

Retired @ 58, and loving it!!!


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## My Little Big boat (Apr 24, 2012)

I am trying to follow in my dad's footsteps, he retired at 55. He is now 81.


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## kenny (May 21, 2004)

I got my first real job at 35, before that we lived off my art sales. I look at that as early retirement or late work! I'm almost 64, live at the beach, fish almost every day and teach college, which I plan to do until I'm 70. Somebody has to teach folks to be productive citizens.


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## TrueblueTexican (Aug 29, 2005)

*I will never retire*

I may be forced to stop working , but I am not wealthy, I have a job I like that I can do well into my seventies - so why retire? I already get to fish and travel all I want -

Had too many people who worked for me that got the "retirement" bug and were dead in five years -


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## Blk Jck 224 (Oct 16, 2009)

Mont said:


> I have already lived longer than I ever planned.
> 
> For you guys (and gals) that have company sponsored health care, kiss it goodbye. The employers are going to pay the penalty and "let" you buy it yourself. It's the way business works. Employers didn't want to be health care administrators to begin with.


Never happen in my field...No need for Junior Health Care Moderators around here. :biggrin:


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## Mont (Nov 17, 1998)

RRbohemian said:


> I thought they up the penalty to make employers think twice about dropping health insurance for their employees?


yea, it's $2500 a year to drop it or $9000-$12000 to keep paying for it. It's a major headache to deal with getting the coverage, paying for it, dealing with all the complaints, ect. For $2500, it all goes away.



> *Never* happen in my field..


If there is *one* word you should not use concerning federal policy, that would be the one. Ask the snapper guys about how well federal fishing policy is working for them. It's 20 years old and getting worse. This medical nightmare is just getting started.


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## Blk Jck 224 (Oct 16, 2009)

Mont said:


> This medical nightmare is just getting started.


It gets worse everyday...If I had known 25 years ago this is where I would be I would have got into oil & gas, or started an AC company.


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## Blue.dog (May 8, 2005)

Mont, glad you have such an insite into 
the future. Guess that I will have to rely 
on my 401k that I started paying into many
years ago, when my former employer decides
to dump on its retired employees. 
I guess it depends upon what company
one worked for for 40 years.


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## mas360 (Nov 21, 2006)

RRbohemian said:


> 62 for me. Just need to train the wife on how to live on $1.5k a month.


That is a monumental task....:fish:


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## Blue.dog (May 8, 2005)

Retired at 58 and have enjoyed every minute
of my retirement. 71 now. Yes, slowing down
some, but that is OK. 
Wife worked for 38 years. Her retirement 
@ 70% of salary and mine at 50% keep 
us with enough money to hunt and fish. 
Plus do whatever she wants to do. 
B.D


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## Twitch-Twitch-Boom (Jun 24, 2011)

I've got a long way to go, but my goal is to be out by 55. My goal is to have house paid off, kids college tuition paid for, and continue maxing out retirement plans annually. I've ran the numbers.... The more I save now, the easier it will be 25 years from now. I wish social security would be there for me when I hit 62, but I'm afraid it will not. I do think eventually we will have means testing for Social Security. For all of you currently retired and drawing S.S, I'll be going to work tomorrow to make your Social Security payment. 

I can only imagine what it's like to fish a random Tuesday morning and not have a boat burn by my wade, or cut off my drift. Ahhhh the pleasure of being a weekend warrior.


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## Be Young (Jun 16, 2004)

Wife and I retired at 50, both with 30 years for the State. I hated my job and had to purchase 3 years of service for 40k. No debt, 70% of salary each and paid insurance for life. We have been planning this from age 25 and couldn't be more happy, at the beach right now!


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## steverino (Mar 8, 2006)

*Retirement?*

I'll be 65 in August so I've already missed the age 62 retirement opportunity! I am thinking about retiring in early 2016 when I'll be 66-1/2 years old. I'm not a flashy person so I can get by on my cobbled-together retirement (maybe $4,000 per month; everything is paid for). In hindsight, I should have married rich !!! Maybe I still can (I need to go troll the old folks' homes)!!! LMOFAO!!!


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## Blk Jck 224 (Oct 16, 2009)

steverino said:


> I'll be 65 in August so I've already missed the age 62 retirement opportunity! I am thinking about retiring in early 2016 when I'll be 66-1/2 years old. I'm not a flashy person so I can get by on my cobbled-together retirement (maybe $4,000 per month; everything is paid for). In hindsight, I should have married rich !!! Maybe I still can (I need to go troll the old folks' homes)!!! LMOFAO!!!


Yup...Find you a good to go Cougar Sugar Mama in her early 80's!


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## Mont (Nov 17, 1998)

Blk Jck 224 said:


> Yup...Find you a good to go Cougar Sugar Mama in her early 80's!


LOL! the old school way towards money is to marry it, bury it, and win it in court  Not necessarily in that order either.


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## Johnny9 (Sep 7, 2005)

I'm 61 now and have 6 more years till I retire. I love working and alot of people die after retirement. I intend to keep working outside on my land sweating and getting physical exercise. I have been sitting behind a desk on a computer for over 5-8 years now. I also will get $2,250 a month from SS at 67.


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## Bozo (Jun 16, 2004)

I'm 46 now and currently don't have any plans to retire. So far, that doesn't seem appealing to me. When I say no plans, I don't mean I'm not saving, but I don't think that I'll want to stop working at something. My mother in law worked until the day she died and wouldn't have done it any other way. I think I'm the same way. About 3 days into a week of vacation and I'm chomping at the bit to get back to work. I feel guilty and useless if not employed doing something.


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## HTJ (May 26, 2011)

I am 49 now and if my plan works out I should be able to walk away from my actually very good job inside of 2 years. Still likely some teaching/consulting type stuff here and there. While my plan is my plan (and certainly not for everyone) I have put allot of resource into building income rather than accruing cash. As Mont alluded a few pages back stacking up millions to produce 40K a year is tuff. I have 5K of monthly rental income now and should double that within the next couple of years. 

If ya cant marry rich then marry smart - my wife is a whiz with money, I just make it.


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## teeroy (Oct 1, 2009)

Mont said:


> For you guys (and gals) that have company sponsored health care, kiss it goodbye. The employers are going to pay the penalty and "let" you buy it yourself. It's the way business works. Employers didn't want to be health care administrators to begin with.


The city is feeling the pinch already. I wouldn't be surprised if we don't have employer health coverage here in the next few years. I don't have a premium as of now, but I suspect I'll be paying for one soon. I'd rather pay a small premium than have to find my own coverage.

I'll have 30 years of service with the city at 52. Retirement is pretty good at thirty years. It's really good at 35 and REALLY good at 40. I don't know if I wanna hang around for 40 years until I'm 62.

As of now, at thirty years I can take a partial lump sum of $200,000 and bring home $4500 a month
or
Take no lump sum and bring home $5500 a month...

Got a while to think about it...


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## fishingcacher (Mar 29, 2008)

56 for me and glad I did it.


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## DCW (Aug 3, 2005)

I retired at 50 and have never looked back! I have gone back a few times consulting made good money too. They wanted me to come back this past Jan. but I said no. Full retirement now! You do need to have something to fill time with though.


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## Tortuga (May 21, 2004)

I'm afraid that when obamacare fully kicks in...a lot of 'retirement benefits' and 'lifetime healthcare' plans are gonna take a whipping.... Already a lot of 're-arrangement' of those bennies going on as we speak...


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## flatscat1 (Jun 2, 2005)

I plan to be ABLE to retire when I'm 55. That is, have enough money to walk away and not have to worry about things. Wife and I have done a good job being responsible and creating alternative income streams from our investments and savings. 

I worry about you guys in your 40's who are relying heavily on social security as part of your retirement income. 

In my financial models, I assume $0 for the wife and myself from Social Security (despite having worked full time since college.) At some point it will be phased out (by either age, income, or some other metric) and redistributed to someone more needy than you, despite the fact it is your own money. Most pensions will have either monetary or medical coverage decreased I suspect too. If you think Detroit is the only pension provider in trouble you are nutz.

Point is, don't plan based on promises, plan only on what you have full control over.


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## bigfishtx (Jul 17, 2007)

teeroy said:


> The city is feeling the pinch already. I wouldn't be surprised if we don't have employer health coverage here in the next few years. I don't have a premium as of now, but I suspect I'll be paying for one soon. I'd rather pay a small premium than have to find my own coverage.
> 
> I'll have 30 years of service with the city at 52. Retirement is pretty good at thirty years. It's really good at 35 and REALLY good at 40. I don't know if I wanna hang around for 40 years until I'm 62.
> 
> ...


Problem is that in 20 years all the cities will have declared bankruptcy because they cannot possibly pay the public employee pensions.

Not to burst your bubble.


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## poppadawg (Aug 10, 2007)

I don't think SS will ever go away. Age requirement and income restrictions will be implemented. But it is too popular of a program with the masses and keeps old people that didn't properly prepare (the majority) from homelessness. Nobody has a stomach for homeless old people.
What politician is going to get elected on a no SS platform?


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## w_r_ranch (Jan 14, 2005)

There was a couple of studies that were done (one by Boeing & the other by McDonnell Douglas) that concluded that for each year a person worked past the age of 55, that it shorten the life expectancy by one year. The studies were based on their actual pension data...

I personally retired for the last time at 62.


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## Tortuga (May 21, 2004)

w_r_ranch said:


> There was a couple of studies that were done (one by Boeing & the other by McDonnell Douglas) that concluded that for each year a person worked past the age of 55, that it shorten the life expectancy by one year. The studies were based on their actual pension data...
> 
> I personally retired for the last time at 62.


Well, Rosie..what do you do with a mess like me ? I retired (slightly) at 65 and here I am almost 20 years later still kicking.. Guess I should have gone to the great beyond at least a dozen years ago....:rotfl:

I kinda like it on the right side of the grass.....:tongue:


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## BajaRat (Aug 5, 2005)

I plan on 62 unless they medically retire me (COPD). Fortunately my wife will finish her Doctorate in 2 years so we should be ok with my small pension plus any SSI I can get. ( been paying in for over 40 yrs) hwell:hwell:


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## Blk Jck 224 (Oct 16, 2009)

Tortuga said:


> Well, Rosie..what do you do with a mess like me ? I retired (slightly) at 65 and here I am almost 20 years later still kicking.. Guess I should have gone to the great beyond at least a dozen years ago....:rotfl:
> 
> I kinda like it on the right side of the grass.....:tongue:


It is all that Viagra keeping your heart supercharged! :doowapsta


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## mstrelectricman (Jul 10, 2009)

Really? I sure hope I ain't wantin to retire at that age! People stop and they die! I can't afford to die.


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## Tortuga (May 21, 2004)

Blk Jck 224 said:


> It is all that Viagra keeping your heart supercharged! :doowapsta


Don't be 'hating' on the 'Blue Wonders', Roberto...

I sell a LOT of it...and mostly to guys under 50 (whoops !!!)...:rotfl:


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## Txredfish (Oct 27, 2010)

I retired the day after I turned 55 and now 70. Retired for 15 years and hope for another 15+.


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## dunedawg (Jun 17, 2007)

Reloder28 said:


> 3.5 years for me to reach 59.5 & you'll find my fat butt at home, never to work again.


What he said!! I'm gonna fish when I want, shoot when I want, highly organize my shop/garage, work on some gun projects, etc. I have a fairly new, nice 24 ft camper. Man, I'm gonna be busy!!


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## peckerwood (Jun 9, 2012)

I retire this coming April 14 at age 62 from Peterbilt Motors.Already pulled out of my 401 stock and will get full company retirement money.I'll be drawing more per month than I'm making now working my nerts off.


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## w_r_ranch (Jan 14, 2005)

Tortuga said:


> Well, Rosie..what do you do with a mess like me ? I retired (slightly) at 65 and here I am almost 20 years later still kicking.. Guess I should have gone to the great beyond at least a dozen years ago....
> 
> I kinda like it on the right side of the grass.....:tongue:


I hear ya Tortuga, I believe it was an 'average'... & we both know that some of us will beat the 'average' & some don't...

I like it on this side of the grass as well. :rotfl:


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## ronbeaux (Mar 25, 2006)

I got my retirement calculated down to the day. Current figures show me having to work three days after I am dead.....


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## Newbomb Turk (Sep 16, 2005)

I went into work one day and was handed my letter of intent to retire I had been working on for some time (early retirement). I was given 72 hours to think it over and make a decision but signed it right then and there. I then had 30 days to be out of my position and gone. Boss kind of freaked. It was 5 months before my 50th birthday. In a few months I'll be starting my 8th year into retirement. Took a little pay cut from what I would have received at 55 but have never regretted the decision. I just can't buy all the toys I used to and got to watch the spending. Getting used to the once a month paycheck took a little getting used to but everything falls into place..


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## JFolm (Apr 22, 2012)

I'll let y'all know in 30 years...


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## apbubba (Jul 25, 2007)

*Don't retire!!!*

I did at 63 and have more work than I can do. All those home projects catch up to you and the "Honey Do Projects' will work you to death. Got more work to do now than before I retired. Bud, my Lab, and I have to sneak off before daylight to get a day off. Never answer your cell phone before 11 PM!!!


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## Capt Tom (Jul 16, 2005)

Just kind of took a first step towards retiring a couple of weeks ago at 58. i Left my regular full time job with benefits at Halliburton. Going to go into a 1099 position as a consultant. Man i already miss the insurance benefits. The new health insurance is kind of creepy and a friggen nightmare........ The older i get, the less i like change.....


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## drathe3112 (May 30, 2008)

12 years and I can retire with a full pension at 55. Probably will hang until I'm 60, but we will see. 

I have started doing some consulting work, so I may retire at 55 I continue the consulting for something to do when I want to work.


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## Morpheus51 (Aug 29, 2006)

This past March I took steps to semi-retire. I took a job in Montana where work 2 weeks and then have two weeks off. I don't ever plan to retire completely, I don't know what I would do? I plan to purchase a motorhome, live in it while I am at work and travel when I am off. It was 60 degrees here today and in the low seventies earlier in the week. ONe lady here said we tolerate the winters so we can enjoy the summers.


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## BullyARed (Jun 19, 2010)

There is a place where I can retire on $2K/month that I can have my own chef, housekeeper, and driver.


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## ComeFrom? (May 21, 2004)

My wife and I are 62 and could do it now but 66 is our target date.


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## sea hunt 202 (Nov 24, 2011)

I can not wait


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## DannyMac (May 22, 2004)

Retired at 65, been retired 2 years!


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## Tucsonred (Jun 9, 2007)

I was going to retire at 62, but I bought my 1st house at 60. I have 29 yrs and 10 months left to pay on it. So, maybe 65!! 
Linda


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## Stumpgrinder (Feb 18, 2006)

60 is the plan. Of course they say if you wanna hear God laugh, tell Him the plan.


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## Lunkerman (Dec 27, 2004)

I always thought I'd retire at 62, but the way these austin folks are throwing $ at me I'll keep plugging away for awhile.


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## Trouthunter (Dec 18, 1998)

62 is my retirement age and unless things change that's when I'll call it quits.

TH


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## rockyraider (Feb 1, 2006)

bigfishtx said:


> Problem is that in 20 years all the cities will have declared bankruptcy because they cannot possibly pay the public employee pensions.
> 
> Not to burst your bubble.


I doubt your bursting his bubble. The deal is, many city retirements are handled by TMRS, which is a stand alone entity, in no way directly affiliated with the cities. The employee contributes a percentage of their salary to their TMRS account and the city contributes whatever percentage they have agreed to match. The city has no responsibility in managing the employees account or making retirement payments when the employee retires. TMRS invests the members money, makes adjustments to the actuarial tables, etc. Some larger cities have their own "in-house" retirement systems, but 95% of the municipalities around the state use TMRS.

My personal plan is that I don't really have a set in stone plan. I can retire with TMRS when I'm 46 yoa with 20yrs or go till I'm 51yoa with 25 yrs of service. When I say retire, I mean technically retire on paper and get a check for getting out of bed every morning. I don't have any plans to actually stop working at any pre-set age. I'm honestly too ADD to set around the house. I would literally lose my mind, I have to feel like I'm working, being productive, accomplishing something every day or I'm pretty miserable.

When I do pull the plug on my current job at 51yoa, I'll be looking to start a second, totally different career. Being a cop is a young mans game, I don't want to be in my mid 50's still doing this stuff. My kids should be done with college when I'm in my very early 50's, house will be paid off, solid monthly retirement check with a chunk of change if I choose to take a lump sum payment in addition to my monthly payment, wife's 401k is growing nicely with the market, etc. My biggest goal is to get my wife out of the work force, at least the full time work force, by the time she's 50yoa. I know she's tired of working, worn out raising kids, etc... I would like her to be able to stay home and do whatever she wants or just work part time. I'll keep working and draw my retirement, we should have plenty of cash flow especially with having a house that's paid off, kids grown and self sufficient, etc.


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## cbantum200 (Jul 3, 2007)

59 is my plan, 35 more years to go!


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## Tortuga (May 21, 2004)

'Plans' are nice...but don't be surprised if 'Life' get's in yore way.. Just keep on strokin'.

As noted before...."If you want to hear God laugh...tell HIM your 'PLAN'...".....:rotfl:


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## mas360 (Nov 21, 2006)

BullyARed said:


> There is a place where I can retire on $2K/month that I can have my own chef, housekeeper, and driver.


South America?


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## funewgy (Apr 1, 2005)

Turned 62 yesterday, no plans to retire. I own my own sucessful business and really enjoy what I do. Besides, I have a wonderful son who will just be a senior in high school. Maybe retire when he gets out of college, if I live that long.


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## Tucsonred (Jun 9, 2007)

Well, actually I guess I am "semi" retired. Got my 1st retirement check 2 wks ago from the police dept.


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## Pasadena1944 (Mar 20, 2010)

BullyARed said:


> There is a place where I can retire on $2K/month that I can *have my own chef, housekeeper, and driver*.


I did it on 2K a month and I have all of that...I call her Wife...My health isn't to good and she takes real good care of me....


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## locolobo (Dec 2, 2005)

Hopefully @ 62 which is just a few years from now. I now have 40 years with my current employer. Last kid has one more year in college and Mrs. Lobo will be eligible for retirement at the same time.


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## Shady Walls (Feb 20, 2014)

Retire on 2k a month, with maids, Gardner, etc. . Have some friends that went to South America, some to Central America, said it was great, but your not guaranteed to have electricity 24 hrs a day, then the police find out your American so get ready to pay every time you go to town. They will shake you down, don't expect to go to town and get several things done, it may take all day to get one thing done. Becareful where you bank, don't use atm's because you will be robbed. Remember most country's hate America. They were all in American retirement communities and made it a year, like most of the other Americans there. Now if you want to retire there for 5k or more, you can get more amenities plus Security. Oh yea Kidnapping is a real big business. Do your homework before you leap. Visiting and living there are entirely two different things


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## notthatdeep (Feb 5, 2005)

I had planned to retire at 62 then, as usual, "life" kept happening. Been planning to retire each year since. Now at 68 am thinking about this January. Starting to sense the limits of what time is left.


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## uncle dave (Jul 27, 2008)

I retired at 65, no pension, just 401k, wife never worked, but did raise two fine young men aand save money that I made. We fish hunt and travel now when we want to, but sometimes I still get bored. Overall, life has been good to me.


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## Phantom Fisherman (Mar 28, 2005)

Eligible right now, at 55 yrs/old, for pension. House will be paid off in 4 more years. Thinking I will hang on til 60. Good Lord may have other plans and want me to stay longer. I would try to retire today if I could.


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## Shrimpy26 (Oct 25, 2013)

I made it through 10 pages of this thread, and decided that I had read enough of the unicorn and rainbow ****. I consider MOST hunting and fishing guys and gals to be well above the curve on seeing "trends". Mont alluded to it earlier in the thread about how much investment cash was needed to support 40K a year income.

For ANYONE to believe that 5 or 10 years from now that healthcare will still be paid for by your former employer is delusional. As Mont stated, $2500 penalty or $10,500 (average) per year per employee.......you do the math. Oh, well they will offer it to attract better employees......maybe. But the last person off the Titanic was still stuck in the middle of the ocean with no where to go.

Those who speak of 401k's obviously haven't been reading about the feds plan to take your 401k, IRA or other retirement plan and issue you the proceeds it feels you need. All a company or municipality has to do is STOP paying on your pension, get tied up in legal proceedings for the next 10 years, and you are going to survive how? 

We are in for some DRASTIC resets in how we as Americans live our lives going forward. Some are still hoping the market does not correct.......My question is, How can it NOT???? There is zero footing to support the prices for most equities. Some say these companies are sitting on MOUNDS of cash, and they are.......the feds just haven't figured out how to get it yet, but they are hard at work. 

I guess I just expected to see more honesty laid out as to what and why. I am one of the lucky ones, I have both a pension and 401k as of right now. Been employed with the same company for almost 30 years. But I read everyday about markets and money. I read the rainbow and unicorn reports right along with the "everything will fail tomorrow" stuff. Somewhere there is a middle ground, but finding it without acknowledging the downside is crazy.


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## waterwolf (Mar 6, 2005)

THIS IS WHAT HAS ME WORRIED....."Those who speak of 401k's obviously haven't been reading about the feds plan to take your 401k, IRA or other retirement plan and issue you the proceeds it feels you need. All a company or municipality has to do is STOP paying on your pension, get tied up in legal proceedings for the next 10 years, and you are going to survive how? "

I'm in your boat 31 yrs at same company and just waiting on what the government will pull next...hopefully I can go at 55. Work hard all your life and save and the government wants to give more of it to the same people I've been supporting since I started working in 1983. ITS CRAZY.


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## Shrimpy26 (Oct 25, 2013)

Exactly Waterwolf. And SS will not last, it can't in it's current form. No matter how they try to reduce cost, somebodies bull is going to get gored, and then what.

No, I believe that the current crop of flim flam artist in Washington will ride this bad boy right to the bottom. And most don't realize that them and their way of life will be dragged down with practically zero ability to slow it down. My investments over the last 5 years have been in lead and BB's, with the appropriate devices to launch said lead and BB's.

So others will understand, I hope and Pray that my projections are 180 degrees off the mark. I hope folks continue to prosper as they go about their working lives. I have no intention of officially retiring, no age or date for me. But I support others in their pursuit of what makes them happy, be it semi retired or fully retired.


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## poppadawg (Aug 10, 2007)

The govt of the US will confiscate all 401k accounts? Really? Might not go over well in the pols. Let me guess, doomsday prepper? Hows that koolaid?


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## JFolm (Apr 22, 2012)

Who's passing out the tin foil hats?


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## Uncle Doug (May 26, 2009)

Retired at 55 and still loving it!


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## C-KRIGAR (Jul 16, 2011)

My grandpa retired as a school teacher at 55 and is 73 now he's busier now than when he worked everyday. I work with a man who's 70 says he might retire this year I asked why he hadn't earlier and he said well all my friends retired then they died I asked what he would do once he retired he said well I might now my own yard again lol I hope I'm as well prepared as he is at that age. He's been giving me a lot of advice since he was in my shoes once. 


Sent from my iPhone using Tapatalk


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## LandLocked (Apr 28, 2005)

I wouldn't factor a red nickel of SS into your retirement. Particularly if your 10-15 years away from hanging it up. 


Lots of bad things can happen when a large chunk of the voting populous are gaining more in than they put in like what is happening now. They begin wanting more and more. And they will continue voting for those who give it to them. Democratic politicians thank us working stiffs for the taxes that give them the ability to buy the votes they need to hang around. All these retirement vehicles are at risk because of this. 

Term limits!!!!


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## Shrimpy26 (Oct 25, 2013)

poppadawg said:


> The govt of the US will confiscate all 401k accounts? Really? Might not go over well in the pols. Let me guess, doomsday prepper? Hows that koolaid?


Here is some good reading for you dog..........if you can comprehend it.

And Jfolm, hope you have that hat ready.

http://www.zerohedge.com/news/2014-...nd-runs-looking-imposing-bond-exit-fees-gates

Good reading!!!!


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## Shrimpy26 (Oct 25, 2013)

Since several have posted to me on PM, here is another article that should scare the daylights out of folks. Again, I hope I am wrong about what is most likely heading our way in the near future. But I have yet to read a convincing article from any source, on why thing aren't going to go right down the crapper............

http://www.zerohedge.com/news/2014-...its-new-record-high-nearly-60-trillion-dollar


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## mas360 (Nov 21, 2006)

@Shrimpy26,
You stated "the Feds are going to take away our 401K plans...". It came across as though our 401K accounts were going to be physically confiscated/frozen/dissolved...etc..

That is not going to happen. The Feds are a whole smarter than that.

With the current FIAT money system, there is no limit on how many more dollars can be injected into circulation....which at this time is not even about printing money on paper. It is merely the matter of punching a few keystrokes at Central Bank. There is no need to freeze anyone's 401K account and get everyone upset. Here is why.

Ben Bernanke implemented QE3 (Quantitative Easing) starting in September 2012, which pumped between 40 to 80 billion new dollars *per month* into the money supply. QE1 and QE2 had been implemented since 2009.

In June 2013, Bernanke announced the plan to scale back QE3 from 85 billion to 65 billion per month. Wall Street stock market immediately responded with a 4.3% (659 points) drop in three trading days. That put a stop on Bernanke's scale back plan. In September 2013, the Fed officially put the scale back program on indefinite hold and thus QE3 earned its new beloved "QE Infinity" nickname to the delight of Wall Street and financial institutions.

The ultimate effect of QE on retirement funds, needless to say, is to reduce the buying power of the dollar due to the money supply fattening. So, yes, you are right, the govt, through the Central Bank and its Chairman, which American citizens have no control over (your votes have no bearing on the Central Bank Chairman's employment), takes away a part of everyone's 401K as well as everyone's other monetary assets, which are based on FIAT money, without the owners' knowledge. All you would know is that your today dollar does not buy as much as what it could six years ago and the American dollar is losing its credibility and foot hold in international financial arena.

That, my friend, is the reason PHYSICAL gold price has gone out of sight and you see plenty of "we buy gold" signs popping up all over town.


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## poppadawg (Aug 10, 2007)

Shrimpy26 said:


> Here is some good reading for you dog..........if you can comprehend it.
> 
> And Jfolm, hope you have that hat ready.
> 
> ...


 So an unknown author writes an opinion piece on Fed policy on an unknown website equates to Federal seizure of all private 401k's? Sorry, but thats whacked


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## flatscat1 (Jun 2, 2005)

poppadawg said:


> The govt of the US will confiscate all 401k accounts? Really? Might not go over well in the pols. Let me guess, doomsday prepper? Hows that koolaid?


I don't think they will seize our 401k's or IRA's outright, as most of those were funded with out own dollars. But I certainly think other measures (as have happened in various societies) can and will likely be implemented. Possiblities:

1) Some sort of weath tax. Gov. determines those with XYZ have enough, and up the tax rate on maybe social security or distributions from 401k and IRA in retirement.

2) Adjust the RMD (required mandatory distribution) so that it is based on wealth and not actuarial tables. They can accelerate withdrawl age too. Generates more revenue now, on the backs of the savers and wealthy, and prevents multi-generational asset transfers and long-term wealth accumulation.

3) Adjust tax treatment on various investments, based on one's particular income or wealth. Phase out of tax free interest on REITS, Muni bonds, carried interest in LP, etc. for particular groups of people. Again, would boost tax receipts at the expense of the responsible savers/investors.

4) Increase tax rate on any employer "Matching" component within a 401k.


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## poppadawg (Aug 10, 2007)

flatscat1 said:


> I don't think they will seize our 401k's or IRA's outright, as most of those were funded with out own dollars. But I certainly think other measures (as have happened in various societies) can and will likely be implemented. Possiblities:
> 
> 1) Some sort of weath tax. Gov. determines those with XYZ have enough, and up the tax rate on maybe social security or distributions from 401k and IRA in retirement.
> 
> ...


Cant argue with any of that. Death and taxes.


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## Johnboat (Jun 7, 2004)

*Health care issues*

Recurrent theme is that retirement depends on healthcare insurance.

This is a feature of our great American healthcare system, with or without Obamacare:

1. You have to keep a job you would rather leave for healthcare.
2. You have to stay in a marriage you would rather leave for healthcare.
3. You have to defer retirement for healthcare.

But, every other industrialized country has ZERO of this situation. Its called universal taxpayer funded healthcare. Yes they are on the government hook for healthcare, but they are FREE to live the other parts of their lives as they see fit without worrying about health care. It doesn't matter for example in Canada if you are young, old, retired, employed, unemployed, in the military, etc. Everyone who is a citizen get basic health care. You can pay for extras, but the basic is covered.


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## mas360 (Nov 21, 2006)

Johnboat said:


> Recurrent theme is that retirement depends on healthcare insurance.
> 
> This is a feature of our great American healthcare system, with or without Obamacare:
> 
> ...


The devil is in the details. What exactly is basic? sounds good on paper but if basic amounts to taking vital signs and prescribe some generic medication....what we ends up with is likely even less than HMO....and you know what it is like with HMO.


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## sweenyite (Feb 22, 2009)

I'd like to go at 60 but we'll see. When all the kids are grown and gone Momma might decide to go back to work. I'm not holding my breath on that one.


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## JFolm (Apr 22, 2012)

Shrimpy26 said:


> And Jfolm, hope you have that hat ready


I just resorted to bury my money in coffe cans in the back yard!


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## TranTheMan (Aug 17, 2009)

JFolm said:


> I just resorted to bury my money in coffe cans in the back yard!


Geocaching ... GPS coordinates?


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## poppadawg (Aug 10, 2007)

JFolm said:


> I just resorted to bury my money in coffe cans in the back yard!


Forget that. S&P 500 index fund. America, where the world prefers to invest. With good reason.


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## JFolm (Apr 22, 2012)

TranTheMan said:


> Geocaching ... GPS coordinates?


I've only got about $14.67 so far. Save your gas money.


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## thebigredboat (Feb 2, 2011)

I quit at 52, wife will quit at 60 hopefully.


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## sweenyite (Feb 22, 2009)

JFolm said:


> I just resorted to bury my money in coffe cans in the back yard!


 Don't let Deuce know that... he'll dig it up and take it to the strip club.


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## Category6 (Nov 21, 2007)

hopefully I'll be dead long before retirement age


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## Shrimpy26 (Oct 25, 2013)

mas360 said:


> @Shrimpy26,
> You stated "the Feds are going to take away our 401K plans...". It came across as though our 401K accounts were going to be physically confiscated/frozen/dissolved...etc..
> 
> That is not going to happen. The Feds are a whole smarter than that.
> ...


Very well said mas360. When you start talking Fed Banking policies, most peoples eyes just glaze over. My oldest, after 4 years of college, has started asking me all sorts of questions about how the Fed works. Our talks have resulted in her being utterly amazed that more people don't understand what is happening. She was upset the two or three economics classes she took NEVER mentioned the Fed, how it came about, or it's working and how it influences our society/country.


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## Shrimpy26 (Oct 25, 2013)

poppadawg said:


> Forget that. S&P 500 index fund. America, where the world prefers to invest. With good reason.


But for how much longer???? Goggle "china and russia decouple the dollar". While you are at it, also goggle "china uk decouple the dollar". That would be our SUPPOSED #1 or #2 ally, UK, actively in discussions with china.

Happy reading dog.


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## JFolm (Apr 22, 2012)

sweenyite said:


> Don't let Deuce know that... he'll dig it up and take it to the strip club.


Hahaha I think you're the third person that has mentioned those establishments. He must really like them!


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## mas360 (Nov 21, 2006)

Shrimpy26 said:


> Very well said mas360. When you start talking Fed Banking policies, most peoples eyes just glaze over. My oldest, after 4 years of college, has started asking me all sorts of questions about how the Fed works. Our talks have resulted in her being utterly amazed that more people don't understand what is happening. She was upset the two or three economics classes she took NEVER mentioned the Fed, how it came about, or it's working and how it influences our society/country.


As long as the majority of US citizens are aloof and focus their interest on football, Dancing with the Stars, American Idols, Kim Kardashkian and what not.....the game goes on smoothly....stock market rises...everyone 401K stock portfolio goes up....everyone is happy.....but the truth is the higher the numerical value of one's 401K the higher one will pay fed income tax upon withdrawal while the dollar buying power goes down....:brew2:

By the way, Japan is also playing same game. Take a look at the Nikkei market and see the astronomical paper growth...:brew2:


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## Popo107 (Jun 5, 2013)

going next month after 32 years at the Sheriffs department..............IM READY!!


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## Gottagofishin (Dec 17, 2005)

The problem with the gold Standard argument that they don't tell you about, is that there is physically not enough Gold in the world to back the outstanding US currency, much less the currency of the G7. There hasn't been enough gold to do that for a long time. This was one of the primary drivers for moving off the Gold standard in the first place. The lack of Gold to back the currency was constraining economic growth.

That doesn't mean Gold isn't a good investment. However, at the end of the day it is just a commodity that fluctuates in value like many other commodities.


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## chaco (Dec 24, 2010)

No chance, no expectations of retiring. Hoping to keep working until they move me into the hospice, or whatever it is at the time. Almost 64 yrs old, Chemical Engineer with MBA, had some darn good jobs, but no way i would ever feel the least bit comfortable not contributing to the bank account regularly. 

Now if I had stayed with Exxon, and had all that ESOP stock, it might be different, but i was young and arrogant and left. 'Course, they might have run me off soon anyway, had I tried to stay, so who knows â€¦

Best get back to work here!

.


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## Gottagofishin (Dec 17, 2005)

chaco said:


> Now if I had stayed with Exxon, and had all that ESOP stock, it might be different, but i was young and arrogant and left.
> 
> .


My FIL retired very comfortably from Exxon when he was 55. That was a good deal.


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## mas360 (Nov 21, 2006)

chaco said:


> No chance, no expectations of retiring. Hoping to keep working until they move me into the hospice, or whatever it is at the time. Almost 64 yrs old, Chemical Engineer with MBA, had some darn good jobs, but no way i would ever feel the least bit comfortable not contributing to the bank account regularly.
> 
> Now if I had stayed with Exxon, and had all that ESOP stock, it might be different, but i was young and arrogant and left. 'Course, they might have run me off soon anyway, had I tried to stay, so who knows â€¦
> 
> ...


Chem E is only behind Petroleum engineering in pay.

Did you have too much romatic life? I found that to be one of the most effective counter-retirement measure....:biggrin:


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## mas360 (Nov 21, 2006)

Gottagofishin said:


> The problem with the gold Standard argument that they don't tell you about, is that there is physically not enough Gold in the world to back the outstanding US currency, much less the currency of the G7. There hasn't been enough gold to do that for a long time. This was one of the primary drivers for moving off the Gold standard in the first place. The lack of Gold to back the currency was constraining economic growth.
> 
> That doesn't mean Gold isn't a good investment. However, at the end of the day it is just a commodity that fluctuates in value like many other commodities.


I am no economist, but out of common sense I'd say govt got rid of gold standard and adopted FIAT money because they could easily manipulate wealth and economy by their exclusive power to money printing. Imagine if gold standard is still in use, what do you think the govt would have to do to get enough dollars to pay for govt expenses? no other way besides of heftily raising tax, which would upset everyone as everyone can easily feel a tax increase and react to it. By gradually injecting more dough into circulation govt can get all the dough they want without the obvious and direct hit on everyone's wallet thus avoiding horrendous discontent and consequentially civil disobedience/uprising.


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## Billphish (Apr 17, 2006)

*How Much?*

I haven't read every post but the question is: How much do you think you need in retirement and other liquid accounts to retire at 62?


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## Gottagofishin (Dec 17, 2005)

mas360 said:


> I am no economist, but out of common sense I'd say govt got rid of gold standard and adopted FIAT money because they could easily manipulate wealth and economy by their exclusive power to money printing. Imagine if gold standard is still in use, what do you think the govt would have to do to get enough dollars to pay for govt expenses? no other way besides of heftily raising tax, which would upset everyone as everyone can easily feel a tax increase and react to it. By gradually injecting more dough into circulation govt can get all the dough they want without the obvious and direct hit on everyone's wallet thus avoiding horrendous discontent and consequentially civil disobedience/uprising.


I'm not saying that the current system isn't being manipulated inappropriately.

I'm simply saying, that the gold standard had become a constraint on economic growth and it was abandoned. It worked. Our economic growth rate since the gold standard was abandoned is proof enough. The fiat money system isn't inherently bad, but it can be abused. However, do a little research and you will quickly see that commodity backed currencies were also abused from time to time.

There are currently no countries on a gold, silver or bi-metal standard.


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## Johnboat (Jun 7, 2004)

*I hear you loud and clear*



chaco said:


> No chance, no expectations of retiring. Hoping to keep working until they move me into the hospice, or whatever it is at the time. Almost 64 yrs old, Chemical Engineer with MBA, had some darn good jobs, but no way i would ever feel the least bit comfortable not contributing to the bank account regularly.
> 
> Now if I had stayed with Exxon, and had all that ESOP stock, it might be different, but i was young and arrogant and left. 'Course, they might have run me off soon anyway, had I tried to stay, so who knows â€¦
> 
> ...


Same age here. I quit two different company jobs in Houston. Funny thing is both companies reorganized or faded away so that the jobs did too. Our parents age you stuck it out and the company took care of you. Our age if you stuck it out with a company you likely got hosed. You had to have five years to get a third week vacation or to start vesting any benefits. Now it has come full circle. Stay with a good company and get moderately rich. Guys I know would like to leave and start their own business or hire on a small company but it is too much to walk away from. They say "I'm hooked past the barb!"


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## cuzn dave (Nov 29, 2008)

62? 

Too late... I'll retire when they pry my hammer out of my cold dead hand!


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## boatmanjohn (Mar 18, 2009)

I'm already retired. (Just please don't tell my boss!)


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## Shrimpy26 (Oct 25, 2013)

Gottagofishin said:


> I'm not saying that the current system isn't being manipulated inappropriately.
> 
> I'm simply saying, that the gold standard had become a constraint on economic growth and it was abandoned. It worked. Our economic growth rate since the gold standard was abandoned is proof enough. The fiat money system isn't inherently bad, but it can be abused. However, do a little research and you will quickly see that commodity backed currencies were also abused from time to time.
> 
> There are currently no countries on a gold, silver or bi-metal standard.


All it took was for the strongest country, with the world standard for currency, to move away, and it was like opening a water faucet. Other countries were forced to follow, they could not even begin to compete on ANY level. I would rather be abused from time to time rather than all day, every day, 24-7, in EVERY facet of my life.

The economic constraint you speak of, was once know as a NORMAL economy. It you don't have the means to expand or grow, you saved until you did, or approached outside sources. Where the outside sources obtained THEIR capital (money) was through saving or selling assets.......REAL assets, physical, tangible, THINGS. I have a small amount of metals, but wish I had more.


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## Shrimpy26 (Oct 25, 2013)

Billphish said:


> I haven't read every post but the question is: How much do you think you need in retirement and other liquid accounts to retire at 62?


Being able to answer that question in today's economic mine field, and you could surely write yourself a check of five or six figures. There is NO WAY social security hangs on for more than a decade from now MAX. Where will the money come from? Tax EVERY person with a net worth of 5 million or more, at 100%, and there is still not enough money for the current spending going on in the federal gov.

How much do you need to retire?????? I'm more worried about how I can help my kids survive in the coming world. I have lived my life, had a few victories......but many more defeats. I just hope to be able to leave my kids something to help them keep their heads above water, and allow them to have a few victories along with the defeats.


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## PassingThru (Aug 31, 2005)

I'm 66, so no, I did not plan to retire at 62. Surprised I made it this long. Most males in our family's recent generations did not make it to 63. Still plan to work a few more years as long as I feel I'm making a real contribution at work.


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## Gottagofishin (Dec 17, 2005)

Shrimpy26 said:


> *All it took was for the strongest country, with the world standard for currency, to move away, and it was like opening a water faucet. Other countries were forced to follow, they could not even begin to compete on ANY level. *I would rather be abused from time to time rather than all day, every day, 24-7, in EVERY facet of my life.
> 
> The economic constraint you speak of, was once know as a NORMAL economy. It you don't have the means to expand or grow, you saved until you did, or approached outside sources. Where the outside sources obtained THEIR capital (money) was through saving or selling assets.......REAL assets, physical, tangible, THINGS. I have a small amount of metals, but wish I had more.


Actually you have that backwards I believe. If I remember correctly, GB was the first country to move off the Gold standard because they couldn't acquire gold reserves fast enough to satisfy their trade obligations during WWI. Other major countries in Europe were forced to do the same through WWII.

The Us actually held on for as long as it could, but found it was losing ground to European countries who had more flexibility and speed with their money supply. Another major reason for the shift. The Great Depression what what really exposed that need IMO.

As for the hard assets, you are missing a lot with that statement. It's not just about gold and silver. Think about all the capital and hard assets employed in our economy today versus 60 years ago. Our economy alone has grown more than the world's entire gold production since 1950, even after adjusting for inflation and rising gold prices. When you factor in that about half of the gold produced every year goes into jewelry and industrial goods, it isn't even close.

The numbers just don't support the gold standard argument.


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## SpeckReds (Sep 10, 2005)

I planned to at least semi retire at 40 until the Great Recession/ Crash. Now who knows.


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## Gottagofishin (Dec 17, 2005)

Billphish said:


> I haven't read every post but the question is: How much do you think you need in retirement and other liquid accounts to retire at 62?


It depends on the standard of living you want to maintain. I think somebody said you can plan on $1mm generating an average of $40k per year after taxes, which is a good safe number for planning. You also need to factor in any pension, and social security (while it lasts). Don't forget to factor in inflation.

Now some people say don't ever touch the Principal, but that ignores the fact that you won't live forever and you can't take it with you.

Here is my plan...

Go into retirement 4 to 5 years from now with 0 debt. I currently have modest mortgages on both houses simply because my return on investments is much higher than the mortgage rate. If I don't pay them off early, they will mature before I retire.

My base living expenses will be about 80% of my after tax pension income.

Income off of investments will pay for the extras. Travel, new cars, boats, etc.

If needed in later years, I will use up to half half of my investment principal to cover inflation or hopefully in home assisted living if it becomes necessary.

There are a few other upsides in case of emergency. It doesn't factor in inheritances, of which there are likely some, although our Mothers may outlive all of us at the rate they are going. I can always sell my real estate which should net a tidy sum and further reduce my expenses.

I know people who live a very comfortable but modest retirement on surprisingly little. You just need to sit down plan it out. The key is to start living within your means today so you have the capacity to save.

I don't think it is ever too late. Now if you just like working, that's fine. Go for it. But I've never seen an epithet on a tombstone that says "I wish I had worked more. "


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## Shady Walls (Feb 20, 2014)

A lot of people are just scared to retire. After working your whole life, it is a giant leap. I started paying into SS at 13 and retired at 60 from a major chemical plant. You have to pay everything off, no debt. Invest into a 401k, example every time you get a raise put a big percent into your retirement fund. Get all your tax papers out and look at the percent they go up yearly to give yourself an idea of what they may be in the future. I use Fidelity to manage my 401 and it's been doing real good. May pull some money out next year to buy a new truck. I'll start collecting my SS next year along with my retirement. What I found out if you Don't want a day off-- Retire, life to short to worry about the future and the Fed.


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## Bigj (Jul 22, 2007)

The company had the Retirement people in here last month talking to us about our pension plan. I was going to retire at 63 thats in December after all the paper work was done if I stay to 65 - 2 more years it comes up to 1400.00 more . I figure its worth it to me That brings me up to 35 years of service.....


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