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Old 02-20-2016, 08:34 PM   #21
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Did anyone else catch the Bloomberg radio piece yesterday about working until you are 65 is the new status symbol and retiring early is not!

Not sure what to make of it.
I think it fits in with all the other work until you drop and you need a zillion dollars to retire scare stories. Our financial and corporate overlords want us to keep paying taxes into SS and not withdraw money from our retirement accounts so they can keep collecting their management fees as well as help keep stock prices high.

I like reading up on happiness studies instead. Working 60+ hours a week isn't usually listed as one of the main paths to bliss, unless you are in a career you really love.
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Old 02-20-2016, 09:06 PM   #22
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Sounds good to me. Less folks taking up the lap lanes at 11 am and clogging up the aisles in the grocery store mid-day.
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Old 02-21-2016, 06:27 AM   #23
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Even though I currently have OMM issues, I know I won't work 10 more years to get to 65!
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Old 02-21-2016, 07:21 AM   #24
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Yahoo Finance has an article today "You'll Need $2 Million Before You Can Think of Retirement". Conditioning the drones again.
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Old 02-21-2016, 08:34 AM   #25
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Yahoo Finance has an article today "You'll Need $2 Million Before You Can Think of Retirement". Conditioning the drones again.
That's for sure. Many of us who didn't have $2 Million when we retired, are doing just fine.

So much depends on other factors.
  • Is the house paid off? Is it a giant mansion that is expensive to maintain?
  • Is money coming in from a pension or SS?
  • How many people in the household?
  • Any debt? Any dependents?
  • Does the retiree live in Manhattan or someplace cheaper? http://www.cbsnews.com/pictures/10-c...ive-in-the-us/
  • Does the retiree thirst either for expensive international travel, or for other aspects of "Lifestyles of the Rich and Famous"?
We are individuals, and so often our situations differ markedly.

From the Yahoo Finance article, taken from TheStreet,
Quote:
People need more money in retirement than they initially believe. Many clients are spending a minimum of $3,000 a month once they stop working on basic necessities such as property tax, car payments and federal taxes, Ulin said.
Here's the link: You'll Need $2 Million Before You Can Think of Retirement - TheStreet

Perhaps the quote above is correct, but I think many of us live quite comfortably on less than the conventional 4% of $1M (plus annual cost of living increases) from our portfolios.
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Old 02-21-2016, 08:42 AM   #26
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So many of these articles do not add anything to the discussion, they just remix the same things and present them with a slightly different flavor. I wonder how much of it is written by programs.
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Old 02-21-2016, 08:46 AM   #27
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So many of these articles do not add anything to the discussion, they just remix the same things and present them with a slightly different flavor. I wonder how much of it is written by programs.
Yes, but they are so fun to refute.
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Old 02-21-2016, 08:48 AM   #28
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The yahoo article talks about needing $36k for basics. I think there are people here living nicely, with some extras, on less than that, or near that. But then again they don't have the car payments mentioned, and federal income tax is probably a lot less than this Ulin person thinks.
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Old 02-21-2016, 08:52 AM   #29
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I did see on a retirement calculator that they are not really ready to let you out of the rat race either... It will only allow an age of 58 and higher.
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Old 02-21-2016, 12:38 PM   #30
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So many of these articles do not add anything to the discussion, they just remix the same things and present them with a slightly different flavor. I wonder how much of it is written by programs.

One bot telling the other bots to keep w*rking...
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Old 02-21-2016, 01:01 PM   #31
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These articles also have a habit of not letting facts get in their way. According to the 2014 Consumer Expenditure Survey, mean investment type income for households over age 65 have under $3K in interest, dividends and rental income, which would imply that most households do not have seven figure portfolios, let alone $2M.

A recent study in the U.K found that people age 65 to 79 happiest of all and "People with jobs were happier than unemployed people, with part-time workers the happiest. Of those are were not working, retirees had the highest levels of happiness, followed by students."
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Old 02-21-2016, 08:47 PM   #32
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Go figure. I'm ERing in 68 days and now it's out of style! What will I do?!
The good news is that you'll have plenty of time to think about it! Maybe a top hat, cravat, and diamond-studded walking stick will add the style back!
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Old 02-22-2016, 05:27 AM   #33
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I don't want to drop a dog in this fight but if you read the article properly it was directed at millennials, so I would have to agree that by the time they want to retire (20 to 30 years from now) and considering inflation, 2 million should probably be the goal, especially with limited pension options and possibly reduced SS payments. I think it is totally reasonable for a today's average early retirees (mid 50"s) to make it work on 1 million plus a paid for home considering they might have a small pension and/or will have a good chance to receive most if not all of their projected SS.
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Old 02-22-2016, 07:00 AM   #34
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Too many stories about folks dropping dead at age 64, 65, 66 having had just a few months of retirement. Know a few myself.

Nothing stylish about that.
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Old 02-22-2016, 03:23 PM   #35
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Too many stories about folks dropping dead at age 64, 65, 66 having had just a few months of retirement. Know a few myself.



Nothing stylish about that.

But, it does represent very nearly optimal resource utilization for the labor unit consumer, something any corporate entity could be proud of.


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Old 02-22-2016, 03:31 PM   #36
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I'm sure it's been posted before, but...
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Old 02-22-2016, 04:45 PM   #37
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Since these authors are paid to write articles and generate page views, they don't care if there is any truth to what they write. They could write another article next week stating the exact opposite and be happy if it gets used. They are like the stock broker that gets paid on each trade whether you make any money or not. Sensationalist headlines sell. Just keep churning out the drivel!
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Old 02-22-2016, 08:39 PM   #38
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Too many stories about folks dropping dead at age 64, 65, 66 having had just a few months of retirement. Know a few myself.

Nothing stylish about that.
Or 56, 57 like happened recently in my little place at Megacorp.
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Old 02-23-2016, 09:46 AM   #39
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Or 56, 57 like happened recently in my little place at Megacorp.
Exactly. Back when I was in college, I worked at a defense contractor. One day the alarms went off and some EMT's came running down the aisle. An engineer had keeled over at his desk. He died right there, so they carted him away. Right then I swore I would not let that happen to me. That was 37 years ago. I no longer sit in a windowless cloth-covered box all day, thanks in part to encouragement from this forum.
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Old 02-23-2016, 10:35 AM   #40
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I'm sure it's been posted before, but...
too perfect !
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