Retirement thoughts Past Present Future

   #1  

Gale Hawkins

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Retirement means many different things depending on one's age, health and country.

At the age of 71 clearly it should be serious subject for the 18-25 age group but that seldom happens. When I was a kid I thought living to be 33 would be a stretch. :)

When you run across related information please post a link.

 
   #3  

MossRoad

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Retirement means many different things depending on one's age, health and country.

At the age of 71 clearly it should be serious subject for the 18-25 age group but that seldom happens. When I was a kid I thought living to be 33 would be a stretch. :)

When you run across related information please post a link.

I already got screwed by my parents' generation when they raised retirement age from 65-67 back in 1983 because they couldn't manage their finances and refused to fund the promises that they made. Thanks old people. It's your generation that screwed things up. So I don't want to screw my kids as well. Fix the problem. Don't kick the can down the road.

At the very least, make it a tiered increase in age, and don't start the tier for anyone that's already been born. I had the additional 2 years added to me when I was already 22 years old. So, as a young adult, I got screwed by a majority of elderly adults. Thanks.
 
   #4  

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Retirement at 55 meant sacrifices. I was once told that for every year before 65 that you retire you gain 5 years. I’m not sure if that is true, ask me again in 30 years, I hope.

I lived my retirement financial lifestyle 2 years before retiring. I proved I could live on the money and allowed me to pay off all debt by 55. I am definitely living my dreams.

Retirement is a state of mind. If you have a mind to you can.

Carpe diem!
 
   #5  

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We became debt free 9 years ago. I just turned 45 yesterday. I have a goal to be able to retire at 55. Whether I exercise that option, is another question. It’s difficult to leave a job that you work 12 days per month. Who knows?
 
   #6  

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Who wants to retire? My job is too fun to retire from! Not even close, anyway.
When I retire, I’ll be horizontal in a field, work boots laced, ready for my Lord.
Rocking chair be damned! :)

Now….about those knee replacements…..
 
   #7  

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Who wants to retire? My job is too fun to retire from! Not even close, anyway.
When I retire, I’ll be horizontal in a field, work boots laced, ready for my Lord.
Rocking chair be damned! :)

Now….about those knee replacements…..
When I croak, I hope it's in a nice warm bed, at night, in my sleep, when I'm well past 100. ;)

Probably not realistic, but I'd like to try.
 
   #8  

milkman636

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It’s a sad truth that things like social security, health care, education and roads will always be “underfunded” and problematic. Those are proven issues that the government can use to rally us for votes and increased taxes. What would elections sound like without those issues?
 
   #9  

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Who wants to retire? My job is too fun to retire from! Not even close, anyway.
When I retire, I’ll be horizontal in a field, work boots laced, ready for my Lord.
Rocking chair be damned! :)

Now….about those knee replacements…..
Hopefully not face down in the field is all I care about.

I think a big problem with folks my age is they've avoided ever doing anything hard with their body so they just move less and less...eventually can't. Folks that do hard things seem to be able to continue doing them, at least that's what I keep telling myself! Besides, it's fun.
 
   #10  

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It’s a sad truth that things like social security, health care, education and roads will always be “underfunded” and problematic. Those are proven issues that the government can use to rally us for votes and increased taxes. What would elections sound like without those issues?
Who wants to have a rally for increased taxes?
 
   #11  

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One concern again getting attention is the effect of inflation and low interest rates.

Unfortunately know many that I wouldn't say outlived their money but found that big nest egg at 65 with money in T-Bills isn't all that 15 or 20 years down the road even being frugal.

One spry and sharp widow was beside herself having to dip into principal....

Her Accountant Husband said with no debt, social security and interest she is set... inflation and near zero rates changed this...
 
   #12  

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.....At the age of 71 clearly it should be serious subject for the 18-25 age group but that seldom happens......
Exactly. It was for me, but indeed it does not seem to be so for most young people. I was putting the Max into my 401K from the start. I was also buying stocks since mid 20s. And trying various side-businesses. All with the idea of creating wealth enough to be secure in older age. It has worked really well. I plan to retire at 58 but also plan to then get another job I like better!
 
   #13  

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Exactly. It was for me, but indeed it does not seem to be so for most young people. I was putting the Max into my 401K from the start. I was also buying stocks since mid 20s. And trying various side-businesses. All with the idea of creating wealth enough to be secure in older age. It has worked really well. I plan to retire at 58 but also plan to then get another job I like better!
Thats what I did-sorta. I beat nails in for 30 years and invested in real estate, gold and stocks.
In my 40’s, I began my dream of custom mowing & farming. I was good at construction and still get calls to build garages & homes. 2020 was about the last year I buckled a tool bag around my waist and I hope to never have to do so again!
 
   #14  

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I retired at 51 after 30 years in the fire service. We always lived well within our means, and were debt free - which goes a long way in being able to retire without significantly changing your lifestyle.
Retiring early is great, but not without it's challenges. Staying active, busy, and productive are practically mandatory imho.

I mow lawns and plow snow in a one mile radius as my retirement hobby, and find it very enjoyable. If I break even I would be satisfied, but I'm actually doing pretty well monetarily with it.
 
   #16  

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But seriously, if we kept to the original intent of social security, the retirement age would be continuously updated to the average life expectancy. It would not be a plan to provide 20 years of happy retirement for those who were unable or unwilling to save for it. It would be an insurance policy for those who live abnormally long.
 
   #17  

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I already got screwed by my parents' generation when they raised retirement age from 65-67 back in 1983 because they couldn't manage their finances and refused to fund the promises that they made. Thanks old people. It's your generation that screwed things up. So I don't want to screw my kids as well. Fix the problem. Don't kick the can down the road.

At the very least, make it a tiered increase in age, and don't start the tier for anyone that's already been born. I had the additional 2 years added to me when I was already 22 years old. So, as a young adult, I got screwed by a majority of elderly adults. Thanks.
Stop whining. That's nothing compared to the screwing we are giving the youth of today..... ;)
 
   #18  

ovrszd

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Define retirement?
 
   #20  

ultrarunner

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Is the WE a royal WE?

I can think of many ways the tables have turned…

Growing up there was no Section 8 housing, School Lunch, Childcare Credits, Free Cell Phones, Tax Refunds when no taxes paid and so on…
As a property manager how can a property owner be told irrespective if rent is paid or not the owner must continue to maintain, provide services and utilities for years???
 
   #23  

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Our kids turn 25 later this year and I am concerned when talking with that age group.
Me too Gale. I visit with 25-45 year olds a lot. I always express my concern for them and try to prepare them for the life they may have when they are my age. I struggle to find optimism. My biggest concern for them is the smaller percentage that is willing to carry their share of the "load". In our age group a high percentage shares the load and works toward self sufficient retirement. They don't have that luxury.
 
   #24  

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YOU are the problem! If you had the common decency to die at 65, like we used to, we wouldn't be in this mess!
But we aren't living longer anymore if suicide and drug overdoses are counted. The long upward age trend has been flat or reversed since 2014.

US birth rates have also been in decline for some time as well, which means less new workers to fill in and fund SS and Medicare as many of us baby boomers retire.
 
   #25  

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Our kids turn 25 later this year and I am concerned when talking with that age group.
Oldest heads to college this fall. I was giving her a hard time about the boys on campus and without a pause she said "Dad, I could easily beat-up half the boys here and probably the other half if I had too". She wasn't impressed with the urbanites.

But what really scares me is the 12-20 year olds right now. I'm not seeing even interest in the opposite sex let alone dating etc. Very odd to me.
 
   #26  

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Oldest heads to college this fall. I was giving her a hard time about the boys on campus and without a pause she said "Dad, I could easily beat-up half the boys here and probably the other half if I had too". She wasn't impressed with the urbanites.

But what really scares me is the 12-20 year olds right now. I'm not seeing even interest in the opposite sex let alone dating etc. Very odd to me.
You and I have incredibly similar situations in life. My daughter and wife are tougher than most of the “males” I see around here. My daughter has difficulty with dates. She’s beautiful, athletic and smart, but when the prospective boy sees my son, they get scared off. lol
He’s got that “stare” and the farm tough thing goin pretty good hahahaha
 
   #27  

ovrszd

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But we aren't living longer anymore if suicide and drug overdoses are counted. The long upward age trend has been flat or reversed since 2014.

US birth rates have also been in decline for some time as well, which means less new workers to fill in and fund SS and Medicare as many of us baby boomers retire.
Yeah, if we'd close our borders we'd probably be in a declining population number. There are those that will use that as a reason to allow mass immigration. Someone to do the work. Research the Roman Empire to see how that worked out. :)
 
   #29  

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as soon as foreign conscripts fill the ranks, its pretty much over.
Russia kind of finding that out right now
 
  
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#30  
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Gale Hawkins

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Oldest heads to college this fall. I was giving her a hard time about the boys on campus and without a pause she said "Dad, I could easily beat-up half the boys here and probably the other half if I had too". She wasn't impressed with the urbanites.

But what really scares me is the 12-20 year olds right now. I'm not seeing even interest in the opposite sex let alone dating etc. Very odd to me.
I hear your last point well. Japan has a huge problem with young people showing interest in starting families.

When the human mind doesn't see hope in the future things can start to run in reverse.
 
   #31  

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I already got screwed by my parents' generation when they raised retirement age from 65-67 back in 1983 because they couldn't manage their finances and refused to fund the promises that they made. Thanks old people. It's your generation that screwed things up. So I don't want to screw my kids as well. Fix the problem. Don't kick the can down the road.

At the very least, make it a tiered increase in age, and don't start the tier for anyone that's already been born. I had the additional 2 years added to me when I was already 22 years old. So, as a young adult, I got screwed by a majority of elderly adults. Thanks.
Fixing Social Security is as easy eliminating the Cap, without increasing the benefit. Problem solved.

But those who are always demanding the 'rich' pay their 'fair share' will scream Bloody Murder! if we do.

Just like the same crowd did when OMB introduced the SALT (stateandlocaltax) cap. They could deduct up to $10,000 in SALT but that wasn't good enough for them. They wanted the rest of the Country to carry their weight for them. As usual. They wanted off the hook. So, if they're not paying tax, who is? Take a guess.

Think about how much those people have to make before the SALT cap kicked in. New Yawk and Cali would be the places that got hit. Not here. We don't have State Income Tax in Florida. Indiana does. It's 3% first dollar, IIRC. Fair. Not great, but fair. SS is exempt from State Tax but not Federal. You pay into it with after-tax dollars and it gets taxed when you withdraw it??? Suck-a-what?

Florida = 0 Income Tax for Individuals. And we're the most fiscally sound, the richest State Treasury Reserves of all of them. With no Income Tax. How does that work??

Screwed? Maybe a little. For one thing, SS was never intended to be a stand alone Retirement Income. It was meant to keep little old 65+ widows from eating dogfood and scrounging through garbage cans. And people didn't live much past 65 in those days. At all

Then it expanded to widows and orphans, disability and about 50 other things it was never originally intended to do. Which I'm okay with.

The worst part of our government (one of them anyway) is how they like to give money away without a way to pay for it.

Then when a Businessman like OMB finds a way to pay for it, through those who can SERIOUSLY afford it, he catches Hell over it. And trust me, that was one of the main, major reasons they hated him. Bigly. He took Snowflake's money and you're not supposed to do that.

Which is why my plan will never work. Can't touch Snowflake's money. He/She/They/Them/Xim/Xer -- They got connections.

We don't. whatev
 
   #33  

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College loan forgiveness is next…..
Free education, but will they EVER LEARN ANYTHING? :cry:
 
   #35  

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Yeah, if we'd close our borders we'd probably be in a declining population number. There are those that will use that as a reason to allow mass immigration. Someone to do the work. Research the Roman Empire to see how that worked out. :)
No argument there. But I do agree with Moss.
Myself and many others on this site probably got their SS card as soon as they turned 14 and have actively been paying into the system for over 40 years.

It irked me as well that our age groups qualification date was pushed back.
 
   #36  

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Buy a bigger belt...... :):):);)
The mental scars from the first one (primarily working too many Sundays) was enough. :) ;)
Wish I had hung it up even earlier.

My neighbor called me yesterday and asked me about building a 3-car detached with living space above. Said plans were done and asked me if I’d like to come out of “retirement” (Im well short of ”retirement age”)
I politely declined. I’m having too much fun losing money in my second career. ahahahaha
 
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   #37  

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I hear your last point well. Japan has a huge problem with young people showing interest in starting families.

When the human mind doesn't see hope in the future things can start to run in reverse.
I don't recall ever being told by my Parents that I should move out on my own when I got out of High School. Not one time. I'm actually not sure how they instilled that goal in me?

When I graduated I immediately started looking for a way to fly out of the nest. By Fall I was gone. Only went back to visit. Wasn't because of a bad life at home or again, any pressure from my parents. It was like I was born into that mindset. How did that happen?

I'm afraid today that's lost. The average age in America for kids to move out on their own is 27. 27!!!!

When I was 27 I had spent two years in the Army, one of that in Vietnam. Was married with two Sons. Was self employed. Owned 20 acres of land and was building a new house on it. Eyeball deep in debt. 24hrs a day, 7 days a week stress. Living the Dream. :)
 
   #38  

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No argument there. But I do agree with Moss.
Myself and many others on this site probably got their SS card as soon as they turned 14 and have actively been paying into the system for over 40 years.

It irked me as well that our age groups qualification date was pushed back.
I've never been bothered by paying SS. I've always believed in it as it was intended. When I look around at the poverty level elderly I'm glad they have it.
 
  
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Gale Hawkins

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So every one of you was at some point complaining about teen pregnancy and welfare, etc... but now you're concerned about teens not having an interest in sex.

🤣
A double minded man ...

Living in a time of declining populations boggles my mind after a lifetime of overpopulation talk.

SS should Not be factored into retirement plans of those born in the past 30 years.
 
   #40  

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But seriously, if we kept to the original intent of social security, the retirement age would be continuously updated to the average life expectancy. It would not be a plan to provide 20 years of happy retirement for those who were unable or unwilling to save for it. It would be an insurance policy for those who live abnormally long.
So SS should start paying out earlier since life expectancy has dropped almost 2 years since 2019 according to the cdc.
 
   #41  

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SS should Not be factored into retirement plans of those born in the past 30 years.
I agree. And a 30yr old or younger will need multiple millions of dollars in their retirement fund to have any kind of financial security/comfort in their later years.
 
   #42  

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College loan forgiveness is next…..
Free education, but will they EVER LEARN ANYTHING? :cry:
College. for most kids, not all but most, is a 'coming-of-age' party. A four year-long one.

Which I'm okay with. Most kids between the age of 18 and 22 aren't good for much anyway and with the current condition of our Union-Run High School system, they come out almost as dumb as they went in.

What I'm not okay with is the elitism that kids come out of College with. I blame that totally, completely and absolutely on Academia itself. There is no more arrogant, self-important group of people on the Planet than College faculty.

And no group less deserving
 
   #43  

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So every one of you was at some point complaining about teen pregnancy and welfare, etc... but now you're concerned about teens not having an interest in sex.

🤣
Hmmmm, I think I've always been more concerned with personal responsibility but whatever you need to tell yourself.
 
   #44  

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Our kids turn 25 later this year and I am concerned when talking with that age group.
Not so much for me. My kids are just above and below that. They, their friends, their spouses are all employed or in school and have decent ambitions.
 
   #46  

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College. for most kids, not all but most, is a 'coming-of-age' party. A four year-long one.

Which I'm okay with. Most kids between the age of 18 and 22 aren't good for much anyway and with the current condition of our Union-Run High School system, they come out almost as dumb as they went in.

What I'm not okay with is the elitism that kids come out of College with. I blame that totally, completely and absolutely on Academia itself. There is no more arrogant, self-important group of people on the Planet than College faculty.

And no group less deserving

Im right in the thick of the college zone. Im the chief “elitism deprogrammer” for my kids. Luckily, they dont buy into the faculty lounge garbage, so I must have prepped them well. :)
 
   #47  

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College. for most kids, not all but most, is a 'coming-of-age' party. A four year-long one.

Which I'm okay with. Most kids between the age of 18 and 22 aren't good for much anyway and with the current condition of our Union-Run High School system, they come out almost as dumb as they went in.

What I'm not okay with is the elitism that kids come out of College with. I blame that totally, completely and absolutely on Academia itself. There is no more arrogant, self-important group of people on the Planet than College faculty.

And no group less deserving
Paragraph #1 - totally agree.

Paragraph #2 - School was never intended to make your kid more mature and a better person. That's the parent's responsibility. The School system is based on a set of measures. These are met. If we as a society believe those measures aren't good enough then we need to push for a change.

Paragraph #3 - totally agree.

Paragraph #4 - totally agree.
 
   #48  

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Retirement is about free cash flows. Always have multiple revenue streams.

The notion that people think what age they can retire at is stupid. They should be thinking at what income level can I retire at.

The one thing that always puts retirees off track is health issues. If you have your health, you have your wealth.
 
   #49  

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Im right in the thick of the college zone. Im the chief “elitism deprogrammer” for my kids. Luckily, they dont buy into the faculty lounge garbage, so I must have prepped them well. :)
Time will tell. My eldest turns 50 in two months. I still "teach" him today. My Mom at 94 was still teaching me on her last day.
 
   #50  

ovrszd

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Retirement is about free cash flows. Always have multiple revenue streams.

The notion that people think what age they can retire at is stupid. They should be thinking at what income level can I retire at.

The one thing that always puts retirees off track is health issues. If you have your health, you have your wealth.
Yes. Yes. And yes.
 
 
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