Retirement
Instructor
Joined: Aug 2006
Posts: 170
Likes: 2
From: East Fremantle Western Australia
All you retire-ees HAVE A BLAST
Best Regards, Gary (Perth, Australia)
CF Community Team
Joined: Oct 2004
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From: Cape Cod, Mass.
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Team Owner
Joined: Oct 2000
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From: Washington Michigan
Racer
Joined: Jun 2003
Posts: 290
Likes: 1
From: Torrington Ct
Retirement
I can't be sure about the absolute numbers on the chart but I have heard things that indicate most people collect VERY FEW SS and Pension checks. Isn't this basically the fuel that SS runs on? You vountarily put money in all your life and then pass away before you get $.10 or $.15 on the dollar back? The lucky few that make it to their 80's or 90's are covered by SS and the rest who paid in all their lives are all on the wrong side of the grass and never actually benefit.
This retirement stuff is indeed an important topic. I just got word a week or so ago that an old buddy died at 57 of brain cancer. Retired at 55 after 30 years of hard work in a job he took immediately surviving two tours with the Marines in Vietnam. Poof ...........gone cannot enjoy his two boys and their families, retirement with his wfe, riding his motorcycle. It is just soooooooooooooooooo unfair
I somethimes think there should be a special "Retired" forum on this board.
This retirement stuff is indeed an important topic. I just got word a week or so ago that an old buddy died at 57 of brain cancer. Retired at 55 after 30 years of hard work in a job he took immediately surviving two tours with the Marines in Vietnam. Poof ...........gone cannot enjoy his two boys and their families, retirement with his wfe, riding his motorcycle. It is just soooooooooooooooooo unfair
I somethimes think there should be a special "Retired" forum on this board.
Safety Car
Joined: Jan 2001
Posts: 4,414
Likes: 765
From: Barrington IL
Instructor
Joined: Apr 2006
Posts: 127
Likes: 0
From: Clovis CA
There is some fine wisdom here. I read an article a few weeks back titled, "How much is enough?" The issue is that most don't know what it is going to take to retire. I have done every model possible and come out fine regardless of which one I use. But, the old question, do I have enough? always creeps back into my mind. The problem is that if I don't pull the trigger soon, it won't matter! I hope this thread keeps going for a while. Hearing stories about other guys helps keep me focused. I actually have way more than I need. What a lack of faith I must have to worry about it. BTY, current age 54.5 
Drifting
Joined: Aug 2004
Posts: 1,354
Likes: 0
The younger folks may be part of the first generation that will not have a higher standard of living than their parents. I am about your age, make very good money and retirement is not something that is even remotely possible.
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Team Owner
Joined: Aug 1999
Posts: 30,995
Likes: 99
From: Ontario
SBR, I think you are dead on about younger people not being able to retire early. Every day I hear stories about companies either eliminating their defined benefit pension plan or switching over to a cash balance plan. Both options are good for the company and bad for the employee, particularly if you have been contributing to the plan >10 years. Don't let the benefit consultant "wonks" tell you differently.
You are so right. That is happening in Canada as well. Fortunately my pension is defined benefit and indexed to inflation on an annual basis for life. If I die before my Wife she continues to receive 50% until she passes away. And conversely, although still working, she has the same plan and if she passes away first I receive 50% of her pension. These are not large sums of money (I can't shop at Barrett-Jackson) but you know exactly what the deposit in the bank account will be at the end of each and every month. And do your personal accounting accordingly. It lends a high degree of stability to your life and reduces stress. That's a luxury that few in upcoming generations will enjoy in future.
You are so right. That is happening in Canada as well. Fortunately my pension is defined benefit and indexed to inflation on an annual basis for life. If I die before my Wife she continues to receive 50% until she passes away. And conversely, although still working, she has the same plan and if she passes away first I receive 50% of her pension. These are not large sums of money (I can't shop at Barrett-Jackson) but you know exactly what the deposit in the bank account will be at the end of each and every month. And do your personal accounting accordingly. It lends a high degree of stability to your life and reduces stress. That's a luxury that few in upcoming generations will enjoy in future.
Last edited by Paul L; Apr 29, 2007 at 03:07 PM.
Burning Brakes
Joined: Mar 2006
Posts: 1,102
Likes: 171
From: Colorado Springs, CO
Retired three years ago at age 54, after a 33 year career in construction. Too many close friends were dying, made me take a long hard look at things. Only problem is, time is going by much too quickly! Congrats on your retirement - you will not regret it!
Melting Slicks
Joined: Nov 2002
Posts: 2,460
Likes: 5
From: Wheaton IL
66BBDriver -
Man am I envious! Congratulations! I remember thinking during the summer after I graduated before joining the workforce.... I won't have freedom like this again for 35 years! Now it is time to be a kid again. Hopefully you have a lot of family to spend it with.
I think most people my age (31) will be working well into their 60s or even 70s. Pensions are quickly becomming old world relics and most people my age are caught up in the debt game and live well beyond their means. Oh.... and don't even get me started on Social Security. A friend of mine "bought" a $50k BMW -- it's only $600 a month with his trade-in. The car was just about as much as he makes in a year. Sub-prime lenders, 5 year ARMs, debt consolidation. no money down.... there are so many traps out there.
The first thing my wife and I did after we got married was sit down with an investment advisor to prepare for retirement. When I look towards another 25 years in the workforce, it makes me ill........
.... but I know I will be able to retire comfortably.
brian
Man am I envious! Congratulations! I remember thinking during the summer after I graduated before joining the workforce.... I won't have freedom like this again for 35 years! Now it is time to be a kid again. Hopefully you have a lot of family to spend it with.
I think most people my age (31) will be working well into their 60s or even 70s. Pensions are quickly becomming old world relics and most people my age are caught up in the debt game and live well beyond their means. Oh.... and don't even get me started on Social Security. A friend of mine "bought" a $50k BMW -- it's only $600 a month with his trade-in. The car was just about as much as he makes in a year. Sub-prime lenders, 5 year ARMs, debt consolidation. no money down.... there are so many traps out there.
The first thing my wife and I did after we got married was sit down with an investment advisor to prepare for retirement. When I look towards another 25 years in the workforce, it makes me ill........
.... but I know I will be able to retire comfortably.brian
Last edited by Allcoupedup; Apr 29, 2007 at 08:48 PM. Reason: bad grammar
Race Director
Joined: Feb 2004
Posts: 14,984
Likes: 185
From: CT
I can't be sure about the absolute numbers on the chart but I have heard things that indicate most people collect VERY FEW SS and Pension checks. Isn't this basically the fuel that SS runs on? You vountarily put money in all your life and then pass away before you get $.10 or $.15 on the dollar back? The lucky few that make it to their 80's or 90's are covered by SS and the rest who paid in all their lives are all on the wrong side of the grass and never actually benefit.
This retirement stuff is indeed an important topic. I just got word a week or so ago that an old buddy died at 57 of brain cancer. Retired at 55 after 30 years of hard work in a job he took immediately surviving two tours with the Marines in Vietnam. Poof ...........gone cannot enjoy his two boys and their families, retirement with his wfe, riding his motorcycle. It is just soooooooooooooooooo unfair
I somethimes think there should be a special "Retired" forum on this board.
This retirement stuff is indeed an important topic. I just got word a week or so ago that an old buddy died at 57 of brain cancer. Retired at 55 after 30 years of hard work in a job he took immediately surviving two tours with the Marines in Vietnam. Poof ...........gone cannot enjoy his two boys and their families, retirement with his wfe, riding his motorcycle. It is just soooooooooooooooooo unfair
I somethimes think there should be a special "Retired" forum on this board.
Hard to figure out with this info comes from, including John's Boeing chart, but basically it's all bunk (I suspect the person in HR at Boeing was pulling someones leg and somehow someone took it as fact). One of the biggest problems facing Social Security is the fact that people are living far longer than they did 20, 30, 40, 50 years ago and are collecting longer under Social Security. Life span charts for men & women have also been on the increase for many years. The majority of people do not retire earlier than 65 and more work even longer (because they either need to or want to), this does not mean they are going to die sooner simply because they work longer. I bet if you dig deep enough you will find that those who keep active by either working or keeping an active lifestyle live far longer than they guy who retires at 50 and sits on his butt. Also, the vast majority of people who have retired, or are just beginning to retire today receive far more in SS payments than what they contributed over the years - just look at your annual SS statement and figure it out.
Burning Brakes
Joined: May 2002
Posts: 751
Likes: 8
From: Escondido CA
Congratulations, 66bbdriver!
I feel exactly the same way - like work is getting in the way of all the things I really want to do. I regularly take time off (I am fortunate enough to be a mid-level manager and can cover most of my responsibilities from home when necessary) to 'practice' retirement and work on my cars and in my garage. A couple of my friends have recently retired, and I am SOOO jealous; yet I am thankful to have a job that I thoroughly enjoy and still look forward to.
Someday...someday!
AWESOME!!!! I was just at a meeting today where they were talking about our pensions and retirement.....I am still 5 to 10 years away, but I am jealous.....have a great first week being retired....if you are bored and need something to do, please come to my house and I will get you busy putting my '60 back together....this work thing keeps getting in my WAY!!!!
Someday...someday!
Drifting
Joined: Apr 2004
Posts: 1,716
Likes: 3,668
From: North Central Wisconsin & Shitcago
I retired three years and fifteen days ago after 36 years as a Chicago cop and it is the GREATEST! I loved my job but I love my freedom more.
Just got my car out of storage today, it was 82 degrees here and cruzin was great.
America is the best! I'm sure glad the folks made the boat.
Just got my car out of storage today, it was 82 degrees here and cruzin was great.
America is the best! I'm sure glad the folks made the boat.
Drifting
Joined: Oct 2006
Posts: 1,864
Likes: 5
From: OZ City, Kansas, The Land of AHHHHHHS!
My father was a PhD "forced" to retire from his teaching job at age 70. He was a 1920's immigrant with an ultra strong work ethic who made it through the Depression & WWII era. He had numerous interests & hobbies that he wanted to pursue, but because of his background, he never felt like we had enough money; he would not stop working---and then he dropped dead less than 2 years later....
So my lesson learned from him; I'm in my mid-50's and self-employed ("Stay small, but keep it all") with low stress work that pays well. But even so, if the Stock Market continues to head north, and as they say, "the creek don't rise", at age 59-1/2 (or less) and our financial goals are met, then I'm done with work. Because in this crazy world you just don't know what will get you-or when. So then it's going to be Gardening, Travel, Car Shows, Fishing, Ball Games, and Grand Kids!
Reminds me of the bumper sticker on the back of Grandma's Cadillac- "I'm spending my kid's inheritance!"
So my lesson learned from him; I'm in my mid-50's and self-employed ("Stay small, but keep it all") with low stress work that pays well. But even so, if the Stock Market continues to head north, and as they say, "the creek don't rise", at age 59-1/2 (or less) and our financial goals are met, then I'm done with work. Because in this crazy world you just don't know what will get you-or when. So then it's going to be Gardening, Travel, Car Shows, Fishing, Ball Games, and Grand Kids!
Reminds me of the bumper sticker on the back of Grandma's Cadillac- "I'm spending my kid's inheritance!"
Last edited by Tom E.; Apr 30, 2007 at 10:29 AM.
Le Mans Master
Joined: Jun 2004
Posts: 9,016
Likes: 331
From: Southeast Missouri
Been crusin' daily for the past 10 years . . .
Le Mans Master
Joined: Jul 2003
Posts: 6,808
Likes: 24
From: Westport CT
man there sure are a bunch of retired guys on this forum!
just jealous I guess, I have about 20 years left
but I do live each day like it might just be my last, never saw any sense in not having fun along the way (have a few pals who busted *** at the expense of family and happiness, with a plan to finally "have fun" upon retirement, and their lives ended up not lasting that long )
just jealous I guess, I have about 20 years left
but I do live each day like it might just be my last, never saw any sense in not having fun along the way (have a few pals who busted *** at the expense of family and happiness, with a plan to finally "have fun" upon retirement, and their lives ended up not lasting that long
)
Team Owner
Joined: Mar 2003
Posts: 31,144
Likes: 461
From: Wilmington N C
St. Jude Donor '14 thru '26
chart is bunk
Sorry, but that Boeing chart has been around for a long time, and been proven to be nothing but bunk. I've seen that chart and an accompaning magazine story refuting all of it. I'll search around and try to find it. Seems it was based on work done by some graduate students, and the underlying assumptions were flawed.