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Old 01-27-2013, 11:56 PM   #41
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How many of you early retired without having owned a business, no pension, no health care benefits in retirement, no inheritence. Basically the new normal. A job, and LBYM. (And Children.....)
+1.

All of the above (and with 3 young children). I benefited from several back-to-back expat postings which helped on the saving side.
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Old 01-28-2013, 12:25 AM   #42
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At 55, plan to retire this year from a large org. Lucky to have pension and medical for both of us which will replace our current take home. Have saved for 35 years from the ground up to 7 figures in the tax deferred accounts, don't plan to touch those until 60+.

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Old 01-28-2013, 02:37 AM   #43
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Small pension will start collecting next year.No healthcare,pay for my own.Always tried to max out 401k + IRAs.Was a workaholic.Worked huge amounts of overtime for my last 20yrs. Now glad I did but payed a price.Glad I got a severance package when I did.Was pretty burnt out.When asked what I did in my 30s+40s I really don"t have much of an answer cause I was at work most of the time.Some people thought my wife was a widow.Like I said thank God I saved what I did or I would be screwed now.Everything happens for a reason.Funny how now at 54 some folks think your lazy if you don"t work,but never said anything when I was working 70 hour weeks.Not important anyway.
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Old 01-28-2013, 07:09 AM   #44
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We're still ~7 years away from retirement, with no pensions or health insurance coming, and we're assuming no SS in ~30 years when we get to that age.

I wanted to say we're doing it all with LBYM, but that's not entirely true. My parents gave me their house, which we remodeled, and will eventually sell off to pay for a different place. I don't count the house as part of our NW though, since we'll just trade-in until we end up in a Continuing Care Community of some kind.
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Old 01-28-2013, 09:37 AM   #45
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From the latest Census data, people should feel fortunate to retire at all, let alone early. Consider the following numbers.

* In 1990, 21.8% of people in the age group of 65-69 were still working. It was 30.8% in 2010.

* Including all people above 65, 12.1% of people were working in 1990. In 2010, 16.1%.

Conclusion: It's getting harder to retire, let alone ER.
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Old 01-28-2013, 10:22 AM   #46
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The sad thing about NWs stats are that people HAVE to work at that age.It also clogs up the job wheel.Less openings for younger folk.Not sure what solution would work.
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Old 01-28-2013, 12:51 PM   #47
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The sad thing about NWs stats are that people HAVE to work at that age.It also clogs up the job wheel.Less openings for younger folk.Not sure what solution would work.
Looks like a similar thing happening in the UK. From the Office of National Statistics, the number of people over the age of 65 still in work doubled between 2001 and 2010.
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Old 01-28-2013, 01:08 PM   #48
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Those numbers are disturbing. But lets not forget the larger societal trend known as Baby Boomers that has come of retirement agre in that timeframe. Our population has noticeably grayed in that time period.
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Old 01-28-2013, 01:18 PM   #49
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How many of you early retired without having owned a business, no pension, no health care benefits in retirement, no inheritence. Basically the new normal. A job, and LBYM. (And Children.....)
I did receive an inheritance a couple of years ago, which was about 25% of the value of my portfolio at the time. It gave me a significant boost and made the difference between working a part-time job in ER, and not working one.

Other than that, I received no pension or healthcare benefits from my former employer. My retirement consists of personal savings, an inheritance, and SS (in the future.)

Although my signature says that I am ESR, my part-time gig is so minor as to be almost insignificant. It amounts to less than a week of work a year and pays about a grand, which buys me a few extra radio goodies for my ham radio hobby.
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Old 01-28-2013, 01:25 PM   #50
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Looks like a similar thing happening in the UK. From the Office of National Statistics, the number of people over the age of 65 still in work doubled between 2001 and 2010.
This points to one of the dangers of raising the retirement age. Though it makes both economic and demographic sense in many ways to raise the SS and Medicare age to (say) 70, you'd certainly lose some of the cost savings to higher unemployment, Medicaid and food stamp costs for folks aged 65-70 because you are adding to the ranks of job seekers without increasing the number of jobs and who are not yet eligible for old-age benefits.
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Old 01-28-2013, 01:49 PM   #51
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People should not work after age 70. Proof here:
Epic Old Man - Senile Cashier - YouTube
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Old 01-28-2013, 02:34 PM   #52
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People should not work after age 70. Proof here:
Epic Old Man - Senile Cashier - YouTube



TY for sharing that
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Old 01-29-2013, 12:12 AM   #53
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I did it that way except I had no children. No pension, No post-retirement health care provided, no inheritance, no business, just a tiny amount of stock options. I was an engineer who started out at a good salary and that rapidly went to a great salary. I went from minus $45K net worth (school loans) to millionaire in less than a decade. I still wonder how I did this . . . It was obviously a good sequence of returns during the accumulation phase and at the time I was a bit focused on emerging markets which did very well.

I didn't start college until age 23 and didn't finish until age 29 with a Master's Degree. I received zero financial help from my family. I retired at age 41. No regrets . . .
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Old 01-29-2013, 12:26 AM   #54
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People should not work after age 70. Proof here:
Epic Old Man - Senile Cashier - YouTube
This is great!
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Old 01-29-2013, 08:00 AM   #55
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I did it that way except I had no children. .... I still wonder how I did this . . .
You answered your own question.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 01-29-2013, 09:01 AM   #56
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This is basically the case with me. I do have a small pension awaiting me at the age of 65, but did not include that in my plan for ER. I consider my small pension and Social Security as "reinforcements".
Heyyyyyyyyyy, you stole the word I have posted here for years, describing the money sources I cannot access now but will be able to when I am old enough to be eligible for! I also include unfettered access to my Rollover IRA as one of my "reinforcements."

While I had a large chunk of money (but a miniscule share of ownership; it is not like I ever "voted" my shares on any corporate decisions) in my company's stock (ESOP) when I ERed 4 years ago, I never felt like I "owned" a business. I just thought of it as an extra employer match in my 401(k) but one which grew at a huge rate.

No retiree health benefits. No inheritance (okay, I got about $8,000 from my grandfather).
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Old 01-29-2013, 12:42 PM   #57
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With many of the post, the are many folks who have retirement income or benefits that are no longer "normal" for most folks. This would include pensions, health care benefits in retirement, and inheritance.

How many of you early retired without having owned a business, no pension, no health care benefits in retirement, no inheritence. Basically the new normal. A job, and LBYM. (And Children.....)
I have not ER'd yet but when I ER in 2014, it will be w/o a pension, or any health care benefits from former employer, or inheritance. Worked a corporate job, do not own a business. Funding ER 100% from savings --- that is my plan.
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Old 01-29-2013, 03:10 PM   #58
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I have not ER'd yet but when I ER in 2014, it will be w/o a pension, or any health care benefits from former employer, or inheritance. Worked a corporate job, do not own a business. Funding ER 100% from savings --- that is my plan.
Not even Soc Sec and Medicare?
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Old 01-30-2013, 09:39 PM   #59
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How many of you early retired without having owned a business, no pension, no health care benefits in retirement, no inheritence. Basically the new normal. A job, and LBYM. (And Children.....)
No pension, no health care, no business ownership, no inheritance. A job with a growing salary, expenses that I did not allow to grow. No children probably helped with those expenses. 16 years of LBYM, but lots of fun along the way. Maybe SS in 20 years, but my ER doesn't depend on it.
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Old 01-30-2013, 10:48 PM   #60
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Small pensions from me and my ex, pay for health care myself, 30 years working in corporate america, maxing out 401K's. Ex and I paid for #2 son's ridiculously high tuition (did not qualify for financial aid) out of savings for that purpose. Thankfully he graduated in 3 years! Hurray for AP credits and a private university where kids can finish early by getting the classes they need. #1 son is highway patrolman, no college expenses there.

I think we lived below the average "means" of fellow dwellers in affluent suburbia, and we did save more than most neighbors as well.

ER'ed at 56, am 59 now. Been working parttime, sold my place, will probably rent the rest of my life.
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