"We retired too early"

[Amethyst]

Has a happy ending. The couple in their mid-50s, whose retirement income was less than they expected, realized that retirement, itself, made up for the missing moolah!

Amethyst

Retiring Too Early? - The Invested Life

[flyfishnevada]

"If I just look at dollars and cents, I go, "Man, what a knucklehead!" But when I'm sitting here on my back porch, the sun's shining, and I'm going to go play golf at noon, I'm going, "You made the right move!"

Glad to see a story about a guy that retired early and is liking it despite the lack of funds. It's always a balance between having enough money and getting out young. You can always play that "what if I worked another year?" game, but in the end not working is pretty nice.

On the other hand, that pension deal sucks. I wonder how many private pensioners realize their pension could get tied up in a bankruptcy and go away or be reduced? Kind of a shock after working towards something all your life to have it just go "poof" and disappear, I would guess.

[Moemg]

I bet a lot of people unretired or questioned their decision when the melt down occurred . I know I did but I also knew I could always return to work if I needed to. I just hung tough and cut down on travel spending for a year and everything worked out well . It's nice that they can see the positives and enjoy retirement .

[traineeinvestor]

The cutting of the defined benefit pension must have hurt, but it shows up the very real risks of defined benefit plans which are not backed by the taxpayer.

On the positive side, they clearly did the right thing with their investments during the crisis.

[Arnie]

Gotta love the attitude.

[sheehs1]

Quote:

Originally Posted by flyfishnevada [I] On the other hand, that pension deal sucks. I wonder how many private pensioners realize their pension could get tied up in a bankruptcy and go away or be reduced? Kind of a shock after working towards something all your life to have it just go "poof" and disappear, I would guess.

My uncle lost his pension when the company he was flying for...sold to another company. My twin sister lost hers when the pharmacy she managed went into bankruptcy.

[ksr]

Quote:

Originally Posted by sheehs1 My uncle lost his pension when the company he was flying for...sold to another company. My twin sister lost hers when the pharmacy she managed went into bankruptcy.

Doesn't the Pension Benefit Guarantee Corp. cover at least a portion of those pensions? I didn't think someone could lose their entire pension, even in private industry. That's really awful.

[sheehs1]

My twin sister...totally lost hers but am unclear on the exact legal designation it. I think it was a defined benefits package...but it may not have been. It was a privately owned pharmacy.

I remember my mom being very upset when her brother lost his....so I don't think he got a lot back...if any. His was a private company also. Perhaps others with more knowledge can shed some light on it.

[BLS53]

Airline employment is not what it once was. It all started with the PATCO strike, then Frank Lorenzo, Carl Icahn, discount airlines, 9/11, and a few oil crisis' thrown in for good measure.

I worked for a small cargo airline for a few years after I retired from the Navy. Eastern had shutdown prior to that, and we had some old pilots from there. They had lost most of their pension, and were just scraping by. Flying ancient DC-8's around in the wee hours of the morning, for a fraction of what they once earned. I think the maximum PBGC pension was about $25K a year then. Not near what they would have got if Eastern had stayed in business. The airlines today, that have gone through bankruptcy, have all eliminated their former pension plans.

Pilots are generally not known for LBYM. The trading in of trophy flight attendants every few years is often the culprit. A hamster wheel of alimony and child support that plague them into their retirement years.

The other side of the spectrum is the kids that drop $100K in student loans on flight training, and are stuck flying for sub-par wages with the regionals. With little upward mobility in sight.

[wolfbay]

Quote:

Originally Posted by ksr Doesn't the Pension Benefit Guarantee Corp. cover at least a portion of those pensions? I didn't think someone could lose their entire pension, even in private industry. That's really awful.

Yes and the gov. program is totally underfunded. No worries . We'll borrow and print the money. Gotta love it. Let the good times roll!

[Amethyst]

I'm curious, since you appear to know a lot about airline pilots. Do both male & female airline pilots trade in trophy flight attendant spouses, or are the female pilots more LBYM?

Amethyst

Quote:

Originally Posted by BLS53 Pilots are generally not known for LBYM. The trading in of trophy flight attendants every few years is often the culprit. A hamster wheel of alimony and child support that plague them into their retirement years.

[Bestwifeever]

The story seems to have a happy ending.

Funny that MSN ran it under a different headline originally as discussed here: http://www.early-retirement.org/foru...cle-55340.html.

[haha]

Quote:

Originally Posted by Amethyst I'm curious, since you appear to know a lot about airline pilots. Do both male & female airline pilots trade in trophy flight attendant spouses, or are the female pilots more LBYM? Amethyst

Come on Amethyst, why these rhetorical questions?

Ha

[Amethyst]

Why would you assume my question is rhetorical?

A.

Quote:

Originally Posted by haha Come on Amethyst, why these rhetorical questions? Ha

[haha]

Quote:

Originally Posted by Amethyst Why would you assume my question is rhetorical? A.

Have you ever seen a male flight attendant that would be any woman's trophy? Do women even think in terms of sexual trophies?

[HFWR]

Quote:

Originally Posted by haha Have you ever seen a male flight attendant that would be any woman's trophy? Do women even think in terms of sexual trophies?

Never heard of a cougar, Ha?

[sheehs1]

Quote:

Originally Posted by haha Have you ever seen a male flight attendant that would be any woman's trophy? Do women even think in terms of sexual trophies?

Good point and come to think of it ....my answer is NO.

[Alan]

Quote:

Originally Posted by ksr Doesn't the Pension Benefit Guarantee Corp. cover at least a portion of those pensions? I didn't think someone could lose their entire pension, even in private industry. That's really awful.

If the company goes bankrupt when you are age 55, it is a small % of your pension, which ramps up to a max % and max $ amount of ~$4k/month at age 65. But it is a lot better than nothing, and before PBGC I knew a couple aged about 70 who lost their pension when the husbands ex company went bankrupt.

[Amethyst]

Quote:

Originally Posted by haha Have you ever seen a male flight attendant that would be any woman's trophy?

Although I've certainly not "lived under a rock," I doubt that anything I've seen represents the whole of humanity or even of one section of it.

I've been flown by male and female pilots, but never thought to inquire into their financial or marriage arrangements. Since the other poster claimed to know about pilots, I was simply asking for more information.

Quote:

Originally Posted by haha Do women even think in terms of sexual trophies?

I have known women who put metaphorical notches on the lipstick case, showed off their male "arm candy," etc. It takes all kinds.

A.

[MikeD]

I shared a hospital room with the strike leader of the PATCO union. I mind my own business and don't know what he was in for and what he was planning at the time. But the 18 days we were "together" he sure had a lot of visitors who were planning something and whispering a lot. After I got out of the hospital I saw him on TV and then when Reagan fired them he was astonished and gave lots of TV interviews.