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I am amazed
Old 12-12-2019, 12:59 PM   #1
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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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Old 12-12-2019, 01:06 PM   #2
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.......... How can you be stressed out at your job for at least the last 10 years and have not planned for retirement?
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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Old 12-12-2019, 01:31 PM   #3
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Many things that are the norm shock me when I find out that they're not the exception.
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Old 12-12-2019, 02:09 PM   #4
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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!
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Old 12-12-2019, 02:13 PM   #5
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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?
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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Old 12-12-2019, 02:38 PM   #6
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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!
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Old 12-12-2019, 02:43 PM   #7
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Congrats.
It is just the way it is. The jealousy part will come next.
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Old 12-12-2019, 02:57 PM   #8
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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.
Or maybe they're all really actors and you're the star of the Truman Show.
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Old 12-12-2019, 03:12 PM   #9
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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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Old 12-12-2019, 05:00 PM   #10
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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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Old 12-12-2019, 05:03 PM   #11
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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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Old 12-12-2019, 05:18 PM   #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.


Do teachers in IN contribute to social security (or does it vary from district to district)?
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Old 12-12-2019, 06:01 PM   #13
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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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Old 12-12-2019, 06:11 PM   #14
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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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Old 12-12-2019, 06:12 PM   #15
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Originally Posted by makingaplan View Post
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?


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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Old 12-12-2019, 06:16 PM   #16
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Yes teachers in Indiana can collect SS.
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Old 12-12-2019, 06:49 PM   #17
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Yes teachers in Indiana can collect SS.
Don't you also have the state contributing to a 403b type account in addition to the pension plan?
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Old 12-12-2019, 06:58 PM   #18
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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.
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.
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Old 12-12-2019, 07:20 PM   #19
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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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Old 12-12-2019, 07:49 PM   #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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