Who is Retired, How old were you when you stopped working ?

[sportage]

That is the benefit of a life pension. One can retire at 55.
401k? You're basically fucked.
My moms 401k ran out 10 years after she retired. An auditor for a major US company.

Me? Simply due to one company I worked at for 20 years many years ago, that will give a life pension when I choose the switch into zombie land.
You can not beat a life pension at full salary.
And better yet, your spouse continues to collect should you die.
Note to the young worker. Unless you plan on becoming a lawyer, doctor, actor or rock star, focus on a company that offers a pension. Period!

 

[Wyndru]

Same building for 35 years, wow. You should know every crack and crevice in that building.

These walls are funny. First you hate them...

 

[Billb2]

Retired at 42, 24 years ago.
I Race my sailboat and crew chief for two race car teams.

 

[Doppel]

That is the benefit of a life pension. One can retire at 55.
401k? You're basically fucked.
My moms 401k ran out 10 years after she retired. An auditor for a major US company.

Me? Simply due to one company I worked at for 20 years many years ago, that will give a life pension when I choose the switch into zombie land.
You can not beat a life pension at full salary.
And better yet, your spouse continues to collect should you die.
Note to the young worker. Unless you plan on becoming a lawyer, doctor, actor or rock star, focus on a company that offers a pension. Period!

Your last sentence is a fantasy. He does one find such a job? Outside of public jobs there are really damn few pensions still offered. I know nobody who has one. The rest of us will retire on a tiny stipend from social security and whatever we have in our 401k which, if one looks at the numbers across the country, is for most people so small as to be mostly irrelevant. 401ks are an absolutely failed concept for most Americans.

 

[OBLAMA2009]

Your last sentence is a fantasy. He does one find such a job? Outside of public jobs there are really damn few pensions still offered. I know nobody who has one. The rest of us will retire on a tiny stipend from social security and whatever we have in our 401k which, if one looks at the numbers across the country, is for most people so small as to be mostly irrelevant. 401ks are an absolutely failed concept for most Americans.

401k's were conceived as a tax break on deferred income, not as a retirement plan. that was something that was later pushed by mutual fund companies who saw an opportunity to make huge fees and employers who didnt want the risk and expense of having to pay pensions to retired workers. government-axe workers are getting away with murder compared to private sector workers who earn the munnie to pay all their sheet. one of our employees is retired military and he retired at 55 and gets $3600 a month for the rest of his life, and i doubt hes even a high school graduate

 

[Ruptga]

401k's were conceived as a tax break on deferred income, not as a retirement plan. that was something that was later pushed by mutual fund companies who saw an opportunity to make huge fees and employers who didnt want the risk and expense of having to pay pensions to retired workers. government-axe workers are getting away with murder compared to private sector workers who earn the munnie to pay all their sheet. one of our employees is retired military and he retired at 55 and gets $3600 a month for the rest of his life, and i doubt hes even a high school graduate

That ia about 43k per year, or $21.50 an hour working 40 hours 50 weeks per year. That's enough to safely retire on, but hardly what I would consider getting away with murder.

 

[nanette1985]

I worked my full 15 years for a theatrical union, which vested my pension. Not a good pension, but at least it would have been something. When I became ill later, the IRS went through all my assets and discovered that the union had screwed up the pension funds, and I actually got a check for $65. I feel sorry for the folks who were counting on that pension.

Welcome to the real world.

 

[Engineer]

Your last sentence is a fantasy. He does one find such a job? Outside of public jobs there are really damn few pensions still offered. I know nobody who has one. The rest of us will retire on a tiny stipend from social security and whatever we have in our 401k which, if one looks at the numbers across the country, is for most people so small as to be mostly irrelevant. 401ks are an absolutely failed concept for most Americans.

QFT. When I started working, my company was in the process of switching to a 401k but still had pensions. I actually have had both up until 2008, the year at which my pension was froze. I will get 15 years service at 1-2/3% per year (25%) of my last 5 years average salary per year when I retire on their pension at 65. I can take it early starting at 55 but I lose 56% if I start at 55 and the losses are smaller from there the closer I get to 65.

As for the 401k, most people don't have a clue. I have seen countless people borrow against it, cash it out when leaving jobs, cash it out for their kids education, cash it out to buy a new vehicle after leaving jobs. People have no clue (nor do they care) about saving for retirement. Hell, I wish I had saved even more when I was younger.

I don't know when I'll retire. I'm 44 now (soon 45) and have no debt. I have one child in college (sophomore) and one in middle school (8th grade) so it will take a few years to push them through school and get away from paying for that stuff. Wife has some sort of pension from work too. Was hoping to do it at 55 and still might. Depends on how the next 10 years treats me I suppose (markets, job situation, wife's job, etc.). Too bad that my previous company did not stay in business long enough as I could have retired at 55 off of active employment for NO loss of pension for early retirement .

 

[s0me0nesmind1]

Big 4 still pay pension :sneaky:

 

[cavemanmoron]

That is the benefit of a life pension. One can retire at 55.
401k? You're basically fucked.
My moms 401k ran out 10 years after she retired. An auditor for a major US company.

Me? Simply due to one company I worked at for 20 years many years ago, that will give a life pension when I choose the switch into zombie land.
You can not beat a life pension at full salary.
And better yet, your spouse continues to collect should you die.
Note to the young worker. Unless you plan on becoming a lawyer, doctor, actor or rock star, focus on a company that offers a pension. Period!

My pension is only aprox 65% of my salary. But because I don't have to pay
Union Dues, Medicare, State income tax, and Social security any longer;
it will be close to what I used to take home per month.

Things have changed for the incoming workers, they don't have the option to retire at 55 with 30+ years of service; they now have to work till age 63,
and have to pay into the pension system til they retire, vs the 25 years I had to pay.

I will probably look for a Part time job in the spring.

Cavey

 

[OBLAMA2009]

well congrads to you on balling the heck out of the taxpayers

 

[Slew Foot]

Aiming for age 50. Hoping to have the house and kids college fund paid off by then.

 

[Siddhartha]

After 25 years, I retired from the R&D department from a large corporation. Before I reitired I had either gone to school, worked or looked for work since I was four years old until I retired at 58. I love it.

I do what ever catches my imagination and interests. Right now I am relearning math\calculus. I recently took a video course on Big History which covered the period from the Big Bang to right now. I want to understand the science and math behind the big bang and string theory. I had three semesters of Calculus in college but never used it except when I took Physics and Physical Chemistry.

I am also planning on seeing the Grand Canyon before Thanksgiving and Holidays. Also I am planning on going to Mardi Gras New Orleans next year.

Pros:
1. I do not have to spend time with assholes and other unpleasant people.
2. I am doing the things I really do want to do.
3. I have gotten over half my day back. Work, getting to work, and getting ready for work chewed up almost 2/3 of my waking day.
4. Since I sleep when I want to as opposed to be being forced to fit to a schedule I am fully caught up on my sleep for the first time since I was 5 years old.
5. I am consuming less stuff.

Cons:
1. I would have to get a part time or maybe a full time job to be able to afford to live somewhere like Washington DC, San Diego, San Francisco, or NYC.

2. I have less money coming in. I have a lust for a car that is quick and handles well like a Boxster, Honda S2000, or maybe a Mazda MX5. When I was working I would have gotten something without hestitation. Now I debate about such a purchase. I really do not need another car and how much do I really want one....

3. I am a lot less active now which my body does not like. I get aches and pains if I sit and lay around too much. Even though I am eating less and drinking a lot less I have gained weight.

 

[cavemanmoron]

well congrads to you on balling the heck out of the taxpayers

I did not "Ball" anyone.
I PAID for my Retirement by paying 3% of my paycheck,
for 25 years. I Worked for what I earned, it was not a gift,
and your tax money is Not what is paying my Retirement. The money I contributed
for many years was invested, and earned more money. Ever hear the term it takes money to make money?

I did not sit at a desk and play games or surf the internet, or read the newspaper.
I had to Work and work pretty damn hard for 98% of those years.
I started out cleaning bathrooms, mopping large hallways, dumping trash, general hard work as a "Cleaner". I then was able to get a better paying job, but it was also a lot of physical hard work, driving a trash truck and dumping heavy baskets of trash into the truck
at about 1/2 the places I went we had to pick up the large containers off the ground and dump the trash in the back of the truck.
The newer trucks pickup small containers off the ground by a mechanical arm, not armstrong, LOL. About 15 years ago I got to go work with the grounds dept. which is also a lot of grunt work. I was hired for my strong back years ago.

I also PAID for almost 40 years into social security, that is not an entitlement, it is something else I PAID for and Earned. When I am old enough I will hopefully be able to collect that too.

 

[Scarpozzi]

That is the benefit of a life pension. One can retire at 55.
401k? You're basically fucked.
My moms 401k ran out 10 years after she retired. An auditor for a major US company.

Me? Simply due to one company I worked at for 20 years many years ago, that will give a life pension when I choose the switch into zombie land.
You can not beat a life pension at full salary.
And better yet, your spouse continues to collect should you die.
Note to the young worker. Unless you plan on becoming a lawyer, doctor, actor or rock star, focus on a company that offers a pension. Period!

Not true. Both are simply annuities. When you save, you have to put $X/year and hope the fund gets X% returns....when you start drawing from it, you can draw X% from it per year as an annuity while invested in safer investments.

If you simply pull all the money out and put it in checking without being invested, your money will dry up very quickly as it won't be growing to offset the money you're taking out.

In the case of pensions, these are often mis-managed and the funds eventually get raided. There's risk involved in anything you do. My advice is to put up as much money as early on as you can in 401k and Roth IRAs....max them out as much as possible.

 

[cavemanmoron]

Aiming for age 50. Hoping to have the house and kids college fund paid off by then.

Hope it works out for you Slew Foot.

It has Almost been 2 years since I retired, best job I ever had, but alas never any Overtime money.

5 years till I can get Social Security.

 

[BoomerD]

Hope it works out for you Slew Foot.

It has Almost been 2 years since I retired, best job I ever had, but alas never any Overtime money.

5 years till I can get Social Security.

But the flip side of not getting overtime pay...is the unlimited days off with pay!

It's nice jumping in the motorhome during the week and hitting campgrounds that are almost completely empty...as long as I leave before the weekend...and the working folks with kids arrive.

 

[K7SN]

I could have retired a long time ago but I love my job and enjoy accomplishing something.

 

[quackagator]

Retired at 62. 79 now

 

[brianmanahan]

Your last sentence is a fantasy. He does one find such a job? Outside of public jobs there are really d**n few pensions still offered.

umm, you search for pension in your job descriptions? there are plenty of non-government places that have them.

the last 2 places i have worked and the last 3 places i've interviewed all have pensions. banking/finance, insurance, manufacturing.

and those pensions are all supplementary to a 401k, and covered by the PBGC.

 

[Slew Foot]

Hope it works out for you Slew Foot.

It has Almost been 2 years since I retired, best job I ever had, but alas never any Overtime money.

5 years till I can get Social Security.

:thumbsup::thumbsup::thumbsup:

Things are looking better now, wife got a swanky job with killer pay and benefits, including healthcare and pension for life. i technically dont need to work but ill probably hold on for about 10 years and retire at 48. Hope its been treating you well.

 

[brianmanahan]

i need a wife with a swanky job

one of my co-workers' wife is a doctor. he probably makes about 150$k, and his entire income is just the fun money.

 

[D1gger]

I retired last December at 55 years old. No pension until Canada Pension Plan kicks in at 60, but even then I don't think I'll see a penny of it as it gets clawed back in taxes if your earnings are too high. I made some lucky financial decisions early in my career and have no need of a pension, as long as the stock market doesn't go to zero.

I worked 10-12 hour days for 34 years and now I love retirement.

 

[Mai72]

Many people underestimate just how much they need to retire. I'm currently reading a book titled "The 10X Rule." You need to earn 10X what you're currently making to secure yourself from anything that may happen to you.

I have $200k in the bank. Liquid. That's free money for whatever I want to do. My plan is to purchase apartmenuts in the near future. I've got to have passive income. That's my plan, because $200k is peanuts today.

The rich do think differently than the middle class. It's evident from the comments I'm reafing.

 

[Capt Caveman]

Many people underestimate just how much they need to retire. I'm currently reading a book titled "The 10X Rule." You need to earn 10X what you're currently making to secure yourself from anything that may happen to you.

I have $200k in the bank. Liquid. That's free money for whatever I want to do. My plan is to purchase apartmenuts in the near future. I've got to have passive income. That's my plan, because $200k is peanuts today.

The rich do think differently than the middle class. It's evident from the comments I'm reafing.

Must be nice to have money from your family b/c we know you didn't earn it. And $200k to buy apartments? Maybe, in the middle of nowhere or some crap area where the rent will be so little that you'll still be living at home.