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Re: When will you retire?
Is everyone getting a pension to retire so early (before 65)? I see so many people retiring recently only to have to go back to work as for some reason they thought they could afford it.
We will probably never be able to retire as we will never be able to save enough and wont get pensions. Sometimes I feel like I live on a different planet than everyone on here lol.
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Posted 2/16/15 9:20 AM  |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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When will you retire?
DH will be able to retire at 55...I plan on retiring at that time as well - I will be 53 (Actually, I'm hoping I can stop working SOON and be a SAHM).
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| Posted 2/16/15 9:26 AM |
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Re: When will you retire?
Probably never even though my company does offer a small pension, I won't count on it (last year they laid off about 4 people at another office and they were all over age 50). Age discrimination still exists in corporate America, so I plan to stay here as long as possible until I have enough saved for retirement (which Suze Orman claims is at least a $ 1 million). My 401K balance right now is pitiful since I didn't start contributing until age 35.
DH has more saved for retirement but he, too, plans to work as long as possible because his father retired at age 62 and by age 75 he was flat broke. Social security checks are a joke, and I certainly can't rely on that as s decent source of income when I am age 65.
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| Posted 2/16/15 9:30 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: When will you retire?
Posted by afternoondelight828
Is everyone getting a pension to retire so early (before 65)? I see so many people retiring recently only to have to go back to work as for some reason they thought they could afford it.
We will probably never be able to retire as we will never be able to save enough and wont get pensions. Sometimes I feel like I live on a different planet than everyone on here lol.
I have no pension and only a small 401k that I need to step up.
DH was NYPD so that's a whole other animal.
20 years and a very nice pension.
But they have to give them some incentive to work in such deplorable conditions or there would be no cops.
He also has a deferred comp account (like a 401k i guess) that he contributed to very heavily throughout his career and that grew due to the investments made with the money. That money can be touched when he hits 65 or something like that. (earlier if needed, but with penalties)
Message edited 2/16/2015 12:39:17 PM.
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| Posted 2/16/15 9:39 AM |
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babydreams21
LIF Adult
Member since 12/12 3656 total posts
Name:
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When will you retire?
55 since that's when I'm allowed to retire and get my pension. I might do something part time then.
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| Posted 2/16/15 9:40 AM |
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hmm
Sweet
Member since 1/14 7993 total posts
Name:
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When will you retire?
The rate Im going never
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| Posted 2/16/15 9:43 AM |
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sunnygirl
loving life
Member since 1/07 5413 total posts
Name:
D
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Re: When will you retire?
I am a teacher and bought into the 55/25 plan so after taking off 3 yrs when my girls were born I plan to retire at 57
Dh owns his own business so who knows when he will retire
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| Posted 2/16/15 9:48 AM |
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Re: When will you retire?
Posted by EclecticEsq10810
Probably never even though my company does offer a small pension, I won't count on it (last year they laid off about 4 people at another office and they were all over age 50). Age discrimination still exists in corporate America, so I plan to stay here as long as possible until I have enough saved for retirement (which Suze Orman claims is at least a $ 1 million). My 401K balance right now is pitiful since I didn't start contributing until age 35.
DH has more saved for retirement but he, too, plans to work as long as possible because his father retired at age 62 and by age 75 he was flat broke. Social security checks are a joke, and I certainly can't rely on that as s decent source of income when I am age 65.
This sounds like a lot of people I know that retire and go back to work. I think may people think they can retire until they do and realize that they wont have enough and go back to work.
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| Posted 2/16/15 10:12 AM |
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Re: When will you retire?
Posted by EclecticEsq10810
Probably never even though my company does offer a small pension, I won't count on it (last year they laid off about 4 people at another office and they were all over age 50). Age discrimination still exists in corporate America, so I plan to stay here as long as possible until I have enough saved for retirement (which Suze Orman claims is at least a $ 1 million). My 401K balance right now is pitiful since I didn't start contributing until age 35.
DH has more saved for retirement but he, too, plans to work as long as possible because his father retired at age 62 and by age 75 he was flat broke. Social security checks are a joke, and I certainly can't rely on that as s decent source of income when I am age 65.
I have figured it out too and need $2,000,000. Bawahhaa. Yeah, hows that going to happen getting 2.5% raises, having kids and living on LI.
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| Posted 2/16/15 10:13 AM |
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jam11308
Member since 11/07 7273 total posts
Name:
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When will you retire?
My dh hopes to retire at 60. He'll be eligible at 55 and has a pension & a 403b. He hopes to get something part-time at that point that he'll enjoy doing...
I'll be eligible to retire from my job at 60, but will have to work until at least 65. I also have a pension & a 403b (a good chunk of which I rolled over from a 401k at my previous job).
These are our best case scenario plans though...who knows where we'll be 25-30 years from now?
Message edited 2/16/2015 10:33:43 AM.
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| Posted 2/16/15 10:31 AM |
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Rosie0613
LIF Adolescent
Member since 8/10 875 total posts
Name:
Rosie
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Re: When will you retire?
DH and I both only have 401(k) plans so probably somewhere between 62 and 65 which is when we project to have enough money in the accounts to draw out a comfortable monthly income.
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| Posted 2/16/15 10:45 AM |
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Chatham-Chick
*********************
Member since 5/05 10311 total posts
Name:
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Re: When will you retire?
I'm a SAHM, so I'm looking forward to eventually working. 
I don't ever see my DH "retiring." He even states he can't imagine not doing something.
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| Posted 2/16/15 10:45 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: When will you retire?
Posted by afternoondelight828
Is everyone getting a pension to retire so early (before 65)? I see so many people retiring recently only to have to go back to work as for some reason they thought they could afford it.
We will probably never be able to retire as we will never be able to save enough and wont get pensions. Sometimes I feel like I live on a different planet than everyone on here lol.
I'm on your planet!!
I'll have to wait until 65, unless I get a major windfall of cash!
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| Posted 2/16/15 11:44 AM |
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Re: When will you retire?
Posted by afternoondelight828
This sounds like a lot of people I know that retire and go back to work. I think may people think they can retire until they do and realize that they wont have enough and go back to work.
Exactly, one always needs more money than they expected. I see this with my parents, who both retired and my dad has a pension but still makes a stink every year when he finds himself paying escrow shortages on the mortgage and my mom had to go back to work part time after realizing taxes deducted from her pension and social security left her with peanuts each month.  What is worse is many companies don't want boomers working part time - after age 65 it is very hard to find a job as even libraries probably like hiring that 15 yr old HS sophomore for $10/hr than an aging boomer with bad eyesight. It isn't easy!!!
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| Posted 2/16/15 11:58 AM |
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ChilisWife
God Bless America
Member since 5/05 3572 total posts
Name:
A.K.
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Re: When will you retire?
I don't see how it will ever be possible to retire. We joke at work that they will carry us out of our office building in a wooden box.
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| Posted 2/16/15 12:05 PM |
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Re: When will you retire?
Posted by Katareen
Posted by afternoondelight828
Is everyone getting a pension to retire so early (before 65)? I see so many people retiring recently only to have to go back to work as for some reason they thought they could afford it.
We will probably never be able to retire as we will never be able to save enough and wont get pensions. Sometimes I feel like I live on a different planet than everyone on here lol.
I'm on your planet!!
I'll have to wait until 65, unless I get a major windfall of cash!
Lol
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| Posted 2/16/15 12:26 PM |
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Re: When will you retire?
Posted by EclecticEsq10810
Posted by afternoondelight828
This sounds like a lot of people I know that retire and go back to work. I think may people think they can retire until they do and realize that they wont have enough and go back to work.
Exactly, one always needs more money than they expected. I see this with my parents, who both retired and my dad has a pension but still makes a stink every year when he finds himself paying escrow shortages on the mortgage and my mom had to go back to work part time after realizing taxes deducted from her pension and social security left her with peanuts each month. What is worse is many companies don't want boomers working part time - after age 65 it is very hard to find a job as even libraries probably like hiring that 15 yr old HS sophomore for $10/hr than an aging boomer with bad eyesight. It isn't easy!!!
Yep. People think the can retire, on paper, when in reality, they cant.
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| Posted 2/16/15 12:27 PM |
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Re: When will you retire?
Posted by ChilisWife
I don't see how it will ever be possible to retire. We joke at work that they will carry us out of our office building in a wooden box.
Lol
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| Posted 2/16/15 12:27 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: When will you retire?
DH is eligible to retire at a pretty early age but due to the COL would not be able to , or if he does, would def need to look for a second job. I'm thinking we probably can't retire until our kids are at least graduated from college... and even then we would prob have to move south where the COL is cheaper.
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| Posted 2/16/15 12:37 PM |
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Re: When will you retire?
Posted by ChilisWife
I don't see how it will ever be possible to retire. We joke at work that they will carry us out of our office building in a wooden box.
I always say I will be working 2 days past being dead, LOL.
I really have no clue about retiring. One thing life has taught me is planning is really not up to me. DD should be done with college when I turn 61, so hopefully once she graduates I can retire. DH is much older than me so will probably have to work until 65 but will be retired before she goes to college.
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| Posted 2/16/15 12:52 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: When will you retire?
This thread is depressing! I just met with our company's retirement plan rep. He told me to up my contribution up 1% each year. My company matches and im already at like 13%. I want to live NOW not just when i retire!
My 403b plan is set for 65 yo and my 30 year mortgage will be paid off when Im 65 so fingers crossed that i will have a decent lifestyle, as long as I have my health - God willing!
When Im 65 my kids will be 35 and 37 so hopefully i will have a good 10 years of being done with their expenses by then! ??
One thing that it's diificult to plan for is long term care expenses. I havent planned for that yet.
Message edited 2/16/2015 1:02:02 PM.
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| Posted 2/16/15 1:00 PM |
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beachgirl
LIF Adult
Member since 7/05 7967 total posts
Name:
sara
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Re: When will you retire?
When we hit lotto...
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| Posted 2/16/15 2:01 PM |
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teachermom
LIF Adolescent
Member since 8/11 843 total posts
Name:
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Re: When will you retire?
57
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| Posted 2/16/15 2:23 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: When will you retire?
Posted by afternoondelight828
Is everyone getting a pension to retire so early (before 65)? I see so many people retiring recently only to have to go back to work as for some reason they thought they could afford it.
We will probably never be able to retire as we will never be able to save enough and wont get pensions. Sometimes I feel like I live on a different planet than everyone on here lol.
DH recently joined a new company, and did so fast right before they made some changes for new hires. He (along with anyone else hired around the same time as him) has been grandfathered in to the pension plan, which we were told made a BIG difference at retirement time. I have a 403B & a 401K from 2 different previous employers, both of which have done VERY well in the market. I don't have anything here at this new job, but I'm starting an IRA shortly, and I'm sticking with Traditional after doing my research, it makes the most sense for me. We also have a decent savings, and we purchased a house that at the time was under our budget, and now provides us the ability to live very comfortable.
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| Posted 2/16/15 2:49 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: When will you retire?
Posted by afternoondelight828
Posted by EclecticEsq10810
Probably never even though my company does offer a small pension, I won't count on it (last year they laid off about 4 people at another office and they were all over age 50). Age discrimination still exists in corporate America, so I plan to stay here as long as possible until I have enough saved for retirement (which Suze Orman claims is at least a $ 1 million). My 401K balance right now is pitiful since I didn't start contributing until age 35.
DH has more saved for retirement but he, too, plans to work as long as possible because his father retired at age 62 and by age 75 he was flat broke. Social security checks are a joke, and I certainly can't rely on that as s decent source of income when I am age 65.
This sounds like a lot of people I know that retire and go back to work. I think may people think they can retire until they do and realize that they wont have enough and go back to work.
I do know several people that had to go back to work. The few that are home have a lifestyle I wouldn't want. In my office, there were 3 women going through divorces around the same time. 2 cop wives, 1 gov't worker. They all planned on retiring @ 55. Of course the divorce screwed up plans and they had to continue working. This is 10 years ago and they are all still working in the same office. Situations change , ideally PT work would be good
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| Posted 2/16/15 3:20 PM |
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