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12-12-2019, 12:59 PM
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#1
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Dryer sheet wannabe
Join Date: Apr 2015
Location: Granger
Posts: 12
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I am amazed
I am amazed that my friends at work are amazed when I tell them I am planning to retire next year. The amazing part is they have the same job and income I do and most say they are in not financial position to retire. These are people that are pension and Social Security qualified. How can you be stressed out at your job for at least the last 10 years and have not planned for retirement?
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12-12-2019, 01:06 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by makingaplan
.......... How can you be stressed out at your job for at least the last 10 years and have not planned for retirement?
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It is the norm, not the exception. Most people here are at the tip the the distribution tail. Without Social Security, many if not most older people would be destitute.
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12-12-2019, 01:31 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
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Many things that are the norm shock me when I find out that they're not the exception.
__________________
“No, not rich. I am a poor man with money, which is not the same thing"
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12-12-2019, 02:09 PM
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#4
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Full time employment: Posting here.
Join Date: May 2007
Posts: 880
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I notice in your public profile that you are a teacher. Thank you for what you do! And, congrats on your retirement!
__________________
"It is better to have a permanent income than to be fascinating". Oscar Wilde
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12-12-2019, 02:13 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Quote:
Originally Posted by makingaplan
I am amazed that my friends at work are amazed when I tell them I am planning to retire next year. The amazing part is they have the same job and income I do and most say they are in not financial position to retire. These are people that are pension and Social Security qualified. How can you be stressed out at your job for at least the last 10 years and have not planned for retirement?
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They are making small talk and are proud of you. People are self-deprecating and very good at hiding how wealthy they are and how they really love their jobs.
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12-12-2019, 02:38 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,522
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I've stopped telling people about my impending plans. When I did, they usually give me a blank, uncomprehending stare, then ask..how can you afford to do that? Others become jealous...
Human beings, as a species, suffer chronic myopia. And most of those who are far-sighted don't want to make the sacrifices needed to RE. We are an exceptional lot, for the most part!
__________________
Balance in everything.
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12-12-2019, 02:43 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
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Congrats.
It is just the way it is. The jealousy part will come next.
__________________
TGIM
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12-12-2019, 02:57 PM
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#8
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Administrator
Join Date: Apr 2006
Posts: 22,923
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Quote:
Originally Posted by LOL!
They are making small talk and are proud of you. People are self-deprecating and very good at hiding how wealthy they are and how they really love their jobs.
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Or maybe they're all really actors and you're the star of the Truman Show.
__________________
Living an analog life in the Digital Age.
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12-12-2019, 03:12 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 6,985
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When I worked for the state most retired when fully eligible with no penalty. The exception was people that started later so didn’t have a lot of years in. Due to WEP this is important.
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12-12-2019, 05:00 PM
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#10
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Dryer sheet wannabe
Join Date: Apr 2015
Location: Granger
Posts: 12
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I know very few people in my school these days there is a big gap in the middle people who have been there 30 years and people under 5. Everyone who started less than 15 years ago has never gotten a raise so most leave. I have been subbing on my prep to pad my retirement a bit. (We can not get subs anymore so they pay us extra to fill in.)Couple of my old friends see me in their hallway and ask what I am doing and when I say picking up little extra pay for retirement they seem surprised. They want to retire as well, They also seem to be the same people saving their sick days up so they can get paid $14 bucks a day upon retirement. Comment I got when I took a 60 day FMLA leave couple years ago. That was the best 1K I ever forfeited. I needed to be with my parents. They will not sub for $80 an hour that they are already working anyway.
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12-12-2019, 05:03 PM
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#11
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Dryer sheet wannabe
Join Date: Apr 2015
Location: Granger
Posts: 12
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In Indiana you have to have saved some yourself no Health Insurance and only about of 25% your highest 5 years pay. I would also add that Indiana ranks 50th in teacher pay this last 15 years.
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12-12-2019, 05:18 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Quote:
Originally Posted by makingaplan
In Indiana you have to have saved some yourself no Health Insurance and only about of 25% your highest 5 years pay. I would also add that Indiana ranks 50th in teacher pay this last 15 years.
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Do teachers in IN contribute to social security (or does it vary from district to district)?
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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12-12-2019, 06:01 PM
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#13
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Recycles dryer sheets
Join Date: Sep 2018
Posts: 268
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Agree - many people that know I am about to retire, ask..how can you afford to do that? We have always LBYM so have saved $$. FIReCalc = 100%.
Others who have earned similar salaries ......become jealous.
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12-12-2019, 06:11 PM
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#14
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Dryer sheet aficionado
Join Date: Oct 2019
Posts: 30
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Have decided not to tell people about my retirement. Too many judgments and unasked for opinions that I have no interest in being exposed to.
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12-12-2019, 06:12 PM
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#15
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Thinks s/he gets paid by the post
Join Date: May 2007
Posts: 1,250
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Quote:
Originally Posted by makingaplan
I am amazed that my friends at work are amazed when I tell them I am planning to retire next year. The amazing part is they have the same job and income I do and most say they are in not financial position to retire. These are people that are pension and Social Security qualified. How can you be stressed out at your job for at least the last 10 years and have not planned for retirement?
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Some people may simply not know they can retire. They may not know how to do the math. I know people who have millions yet they tell me they can’t retire for whatever reason - children in school, health insurance, etc. I try to explain how they can figure out if they are financially ready and most times it goes over their head or they just gloss over it not seeming interested.
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12-12-2019, 06:16 PM
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#16
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Dryer sheet wannabe
Join Date: Apr 2015
Location: Granger
Posts: 12
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Yes teachers in Indiana can collect SS.
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12-12-2019, 06:49 PM
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#17
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Recycles dryer sheets
Join Date: Sep 2006
Location: clearwater
Posts: 439
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Quote:
Originally Posted by makingaplan
Yes teachers in Indiana can collect SS.
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Don't you also have the state contributing to a 403b type account in addition to the pension plan?
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12-12-2019, 06:58 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by Octogirl
Agree - many people that know I am about to retire, ask..how can you afford to do that? We have always LBYM so have saved $$. FIReCalc = 100%.
Others who have earned similar salaries ......become jealous.
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I was hoping that someone would ask so I could talk about LBYM, saving regulalry, investing in low-cost index funds, et al... but alas, no one has asked.
Perhaps I am such of a skinflint that the answer is apparent.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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12-12-2019, 07:20 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Oct 2013
Posts: 1,174
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It seems to me that the majority of people I meet just live in the moment, and just live for today rather than think about, and plan for the future.
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12-12-2019, 07:49 PM
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#20
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Dryer sheet wannabe
Join Date: Dec 2019
Location: Half way between the Grand Canyon and Yellowstone
Posts: 20
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I sometimes think that some of my colleagues think that I am admitting failure/"can't hack it any more" by leaving at straight up 60, even though I am getting an ER incentive equal to about 35% of my compensation package.
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