Retirement, Social Security, and Wages

[ihuntbear]

i don't thing they wanted you to retire unless you make that kind of money..1m of assets.Maybe I need to find a job.....wait ,I don't think so

 

[300UGUY]

Just another perspective on retirement and finances.

Before I retired the Co I worked for held a couple sessions for those reaching retirement age. A couple things were presented for financial needs. Typ person needs about 80% of take home pay for income during retirement. Another item that was a real wake-up comment was a person/family should have assets of $1M to take care possible needs. I'm sure some of that amount was meant to generate income to supplement SS & possible pension. This was figures from mid-90's.

One would hope as part of managing your financial resources, one would not have any large debt come retirement time.

I retired when I was 58 and cashed out on Co pension. Presently, income comes from SS and investments.

There were a lot of yrs where saving was in the range of 25% of take home pay & rarely going into debt. We live on a very modest amount but anytime we desire something, there is money to pay for it.

Oh, as another person pointed out, FWJ no longer posts here but is active on another forum.

I have a friend of mine that cashed out a company pension. 3 years later ( 2008 ) he lost over half, now he is trying to sell his motorhome and other toys. I retired early, @53. My job in the auto industry basically went away. I was lucky to have 30 years in, giving me a pension. Our union contract doesn't have a cash out option. Probably lucky for me!!

I really feel blessed. Retirement has been great so far. But I really think I was lucky. A lot of my friends here in Michigan got hurt in the recession. A lot of folks did a lot of planning and saving and still got whacked. Better to be lucky than good?

 

[jinman]

Here's a sad story that proves a job in public service does not guarantee happiness nor financial well-being. Of course, I don't know all the details, but this has the whole DFW metro area in a state of shock. There appears to have been no obvious signs or people chose to ignore them. How sad for the 19 year old daughter who never had a chance.

Coppell Mayor's murder-suicide.

 

[mjarrels]

We had a city treasure last year loose her job ($100,000 plus pay) because she couldn't keep her fingers out of public funds. Forced to resign or face jail time. Big new house, two new SUV's. Public records at bankrupcy showed assects of less than $2,000 dollars. Some people just can't make it no matter what.

mark

 

[scoutcub]

just turned fifty in febuary and retired last friday.Now living the good life

I retired early, @53.

Very, very nice. I'd love to and am trying to retire before 55.....we'll see.

 

[mostly_gas]

you will love it. I retired @53. I kid SWMBO with the song from the WHO "Won't Get Fooled Again" Meet the new boss, same as the old boss. Always gets a rise out of her.

 

[Travelover]

you will love it. I retired @53. I kid SWMBO with the song from the WHO "Won't Get Fooled Again" Meet the new boss, same as the old boss. Always gets a rise out of her.

I retired at 54, SWMBO needs to work until 60 to qualify for paid health care. I have to be careful not to smile too much in the mean time, especially on those really nasty winter mornings.

 

[300UGUY]

I retired at 54, SWMBO needs to work until 60 to qualify for paid health care. I have to be careful not to smile too much in the mean time, especially on those really nasty winter mornings.

Hee, hee, hee, hee...... My wife is 7 years younger than me, and I make sure I am up and motivated before she leaves for work. Sometimes then I go back to bed. Naps are nice!!!))) But I'd never tell her that!!! )))

 

[300UGUY]

We had a city treasure last year loose her job ($100,000 plus pay) because she couldn't keep her fingers out of public funds. Forced to resign or face jail time. Big new house, two new SUV's. Public records at bankrupcy showed assects of less than $2,000 dollars. Some people just can't make it no matter what.

mark

We just had one like that in western Michigan. What gets me is can they possibly think they won't get caught? I was really surprised at the amounts embezzled from kid's sports leagues - some of these were over 100K!! and ran for years. I think in the case of private companies, the recession creates cash flow problems that expose the cheaters. One local company had a female bookkeeper that took 1 million over 20 years. The owner died, and the kids went over the books. She went to jail for 2 years. Crime can pay, I guess.

 

[dave1949]

We just had one like that in western Michigan. What gets me is can they possibly think they won't get caught? I was really surprised at the amounts embezzled from kid's sports leagues - some of these were over 100K!! and ran for years. I think in the case of private companies, the recession creates cash flow problems that expose the cheaters. One local company had a female bookkeeper that took 1 million over 20 years. The owner died, and the kids went over the books. She went to jail for 2 years. Crime can pay, I guess.

Every couple years, a town clerk somewhere in Maine gets caught embezzling. It is really strange, many work in town offices with only two or three employees and usually only one has signature authority over cash/check payments. So, it's not like Sherlock Holmes is needed to figure out who dunit.

For the most part, these people just want to buy things they cannot afford. They often say it was an emergency and they planned to repay the account. For them, an emergency is having to pay for things they couldn't afford
Dave.