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phil

Retirement

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phil   

A good number of us contributors and readers on this board were born between 1946-1964. Of course we all know that we are referred to as the Baby Boomers. Our 78 million member cand adversely or positively impact many things. As the sixties have come for some boomers and is fast approaching for others....(including me and Eric this year)...I propose a question:

When do you anticipate retirement (at what age?).

Also there is a vote to take on it on this article.

Good article and good discussion topic.

As for me....probably will be 65 at least. Medicare or whatever it will be is effective then and I see no way to pay for health benefits under anything current without a job and benefits....

Phil

http://www.msnbc.msn.com/id/32086450/ns/business-personal_finance/

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Guest Fresh   
Guest Fresh

I decided a long time ago that I would take Social Security benefits as soon as I am eligible,which translates to age 62.I know I would only be able to get a partial amount compared to if I wait until age 67,but 5 years is a long time (60 monthly checks) and in the long run I would still be ahead dollar-wise compared to waiting til 67.Also,I might not make it to 67...you never know.Also,with all the talk of Social Security going belly-up,I'm not taking any chances I don't have to take!I fully plan on working during my retirement,but at a lower intensity(hours worked per week).Sitting around doing nothing,or not having a meaningful purpose in life,is not my idea of the "Golden Years".

By the way, I will NEVER join AARP as long as I live.They are,in my opinion,a bunch of self-serving fake,phony frauds(to quote a well-known NY city-based talk-show host).I don't want anything to do with them.

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mannoman   

Fresh - realize that at 62 you will be taking a reduced amount of Soc Sec $s and if you decide you need more money and go back to work part-time, a portion of your earnings will be deducted from your already reduced Soc Sec check. However, if you are ok financially, then go for it.

When I was approaching 62 my accountant said I should wait until 66 (in my case). Any monies earned after that would not impact my Soc Sec $s. I'm glad I waited. I've been collecting Soc Sec for almost 4 years and bank the check because I am still working.

I am not suggesting you do what I did. I am suggesting you be sure to talk to a professional. Everyone's situation is different. I just don't want to see you make a mistake and retire too soon. Soc Security is NOT going belly up. There are some issues in that area but I believe the problems will be corrected - eventually. That's a whole different discussion.

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darlene   

Hi Phil! I remember when you retired! I was planning on retiring at age 62, but then my husband lost his job and wound up in forced retirement. And the economy took a nosedive and the stock/mutual fund scene became disheartening. So, since I love what I do, would miss the kids so much and want to get as much out of my pension as possible, even though I've now taught 41 years, I'll continue on for awhile. Herman's trying to talk me into retiring but I'm not quite ready yet.

A better economy would encourage me in the future to take the plunge. I see a lot of people who did retire and chided me for not retiring, taking substitute teaching jobs because they're not getting as much money as they had hoped. I don't ever want to be in that position, so I'll stay a bit longer.

:)--Darlene

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What a wonderful way to get to know each other. I am 47, which has me looking at retirement sometime in the 2020's. I always thought I wanted to retire at around 58 or 60, but at age 36 decided I wanted a family. I now have a 10, 8 and two 5 year olds so.... I am anticipating working at least another 17 or 18 years until I get all 4 of them through college. I currently work for a hospital system in nursing administration. However would like to get onto the national speaking circuit at some point in my 50's (after I am finished with my MBA) where I could "write" my own schedule.

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phil   

Dar, I remember that I retired also about 4 years ago and then realized I was not making enough money to pay bills and health insurance. My monthly cost for health insurance was $1250 and I still had at that time 10 years to go until Medicare kicked in. So retirement was not reality. I found a full time job quickly. I would agree that our leaders need to find a new health care system. What has been in place is NOT working. You cannot get different results if you keep going with the same system that is tremedously flawed. Predictions are that in a very few short years 50% of our expeditures will be for health care unless changes are made.

I would agree with Ted that the Social Security System will make it although there will have to be changes there as well. I really feel that I will work as long as I possible am able. My dad taught until he was 79 so I am 59 and have a ways to go to teach that long. But it will all work in the long run, I am confident of that.

Phil

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Guest Fresh   
Guest Fresh

Alot of interesting stuff being tossed around this thread.I plan on working as long as I physically am able,but not a 40-50 hour work week.My goal is to keep a practice with a 3 day schedule, M-W-F, 18-20 hours/wk.No HMO's or other networks.Cash at time of service.Low fee so all can afford my services.

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Kirk   

I was going to go at 55 (last year). I stayed behind the curve and watched the ol' pension plan take a nose dive. I'm right behind Darlene (40 years same business) BUT, I'm on my feet at least 40 hours a week and on the move all day. Fortunately, I can still do it, but it really is a young persons job. It's nice to know I can go any time, but I'll hang in there and see what happens for now. I'd be working 2 or 3 days a week anyway, and there's really not much out there right now. Might as well stick with what got me here...

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missm   

Darn it, Phil! You are just full of bad news, aren't you? No, I did not know I am actually part of the Baby Boomers. I want to be with the Gen X people! Why can't the BB cut off be...hmmm...1962? As for retirement, well, I might to have to come out of retirement. Yes, at 46 I have no business being in retirement, but since there are already two incomes to sustain one, what does one need with a third.

Were it not for being an automotive snob, coming out of retirement would not be under advisement.

Phil, I hope to stay retired and for me that happened at age 46. Also when "the sixties" come for you (and Eric) please be sure to take pictures and post them so we can all know what they look like and who to look for. winkcool

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darlene   

Phil, I remember your last hockey trip and the girls leaving the equipment at the away game or something ahaha!!! ;-)

You accomplished the virtually impossible--got another full time job right away! That's because you're a fantastic teacher!

king And I know that's true!

So I'll be working for a few more years. I'm really fortunate that I love teaching strings and love the kids so much. And I'll always play in the symphonies and freelance as a violinist also.

:)--Darlene

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phil   

Dar,

Actually it was the Girls State Track Meet and I was the one who left the poles (for the pole vault) in the landscaping of the parking lot. Luckily they were found by the university and the boys team brought them back the next weekend!

Today I am starting my handyman summer job of painting for a friend. So, I guess I am multitalented...whatever. I will probably work and teach for a long time. I read an article recently that said if you keep working you are far better off mentally and physically than if you retire early. I do believe that for sure. So we shall see as the days and years go by. Best of luck to you in your strings teaching.

Phil

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Shelley   

I've been retired :), was going to school for a career change, but a knee injury...blew that dream out of the water...I'm going to finish my degree anyway...I'm 50 this year, I have a good Roth IRA, so I'm not worried,Hubby will retire at 60..then the party starts haha

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Guest Fresh   
Guest Fresh

I had planned to move to Delaware after my youngest graduates high school in 3-years.I will most likely purchase a piece of property there within the next 12 months.However,with all the rage going on concerning health care,I'm seeing a stormy future,so I enrolled in an accupuncture program that will take 2-years to complete.When I relocate to Delaware I will have my chiropractic license and acupunture certificate and I will rent a small office within a short distance of where I will live.Between the two disciplines, I can keep as busy as I want.I am really looking forward to this next chapter of my life.

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