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Retirement is Unplanned for Many
Old 06-03-2019, 11:04 AM   #1
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Retirement is Unplanned for Many

Beyond the lack of financial planning, ~25% are forced into retirement by health or lack of work:

https://www.bloomberg.com/news/artic...r-of-americans
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Old 06-03-2019, 11:08 AM   #2
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My parents planned for retirement and it was a good thing because by age 54 my dad was too sick to work. My mom worked until 59 and then had to retire to care for him. Good thing they prepared.
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Old 06-03-2019, 11:22 AM   #3
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That's why the median age for retirement is ~ 62 y.o. Thus all the pundits saying one must work until 70 are not in touch with reality for many.
Even though I voluntarily took a package , no one would hire me for 15 months, but then discovered I could retire at 57. Luck and savings.
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Old 06-03-2019, 11:29 AM   #4
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That is why SS is taken by so many at 62. Out of need.
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Old 06-03-2019, 11:31 AM   #5
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I'm "retired" @55 3 years ago this month due to unemployment. Applied for (yet another) job I could have done blind folded last month... nada.
But I saw all the gray hair getting shoved out the door a MegaComputerCorp for years and saved like a madman...
With ACA for health insurance and until recently increasing interest rates my savings returns about matched my burn rates, cash accounts are draining while tax deferred are (until now) climbed making a flat net worth. Now that they're forecasting 3 Fed rate cuts and a recession... "we'll see". Not fun looking at inverted yield curves and no reward for higher risk bonds.
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Old 06-03-2019, 12:05 PM   #6
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My RE at age 52 was unplanned.
Pro: Stellar resume Con: Over 50 y.o.
Despite really trying never went back to work again.

Best thing that ever happened to me.
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Old 06-03-2019, 12:58 PM   #7
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My husband’s experience was similar to Marko.
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Old 06-03-2019, 01:35 PM   #8
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But I saw all the gray hair getting shoved out the door a MegaComputerCorp for years and saved like a madman...
Yes, it's surprising that more people don't pick up on this.
Most places I've seen, it's painfully obvious that the highest salaried people are the first to be let go, despite the games the company plays to deflect claims of age discrimination.
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Old 06-03-2019, 01:37 PM   #9
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Let go at age 50 from a high paying position, and quickly learned that 50 is "old.". Landed on my feet quickly, albeit with pay cut. Lesson learned and although still had kid in college really accelerated my retirement savings. Laid off again at 58, and although I did find another position I could have ER'd at that point. Whenever I see the latest pundit expound on the wisdom of working to age 70, it amazes me how they don't even mention the many people who are forced out early due to economics or health.
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Old 06-03-2019, 01:46 PM   #10
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I was fortunate enough to have a contract that delivered the "You'll Never Have to Work Again" Platinum Parachute, but when the company was sold it was amazing that no one out there valued what I could do.

Despite my assurances, the unspoken words were: "You're just a rich guy who just wants to do nothing but take clients golfing every day for the next ten years".
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Old 06-03-2019, 02:02 PM   #11
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Quote:
Originally Posted by Tekward View Post
Beyond the lack of financial planning, ~25% are forced into retirement by health or lack of work:

https://www.bloomberg.com/news/artic...r-of-americans
Interesting topic, and one we don't often discuss. Thanks for bringing it up.

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Originally Posted by COcheesehead View Post
That is why SS is taken by so many at 62. Out of need.
+1
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My RE at age 52 was unplanned.
Pro: Stellar resume Con: Over 50 y.o.
Despite really trying never went back to work again.

Best thing that ever happened to me.
My situation is similar, I also tried, just not as hard as you
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Old 06-03-2019, 02:33 PM   #12
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Beyond the lack of financial planning, ~25% are forced into retirement by health or lack of work:
I commented a few months ago that instead of planning for retirement, what people should be planning for is an age 50-ish UWS (unplanned work stoppage).

If it doesn't happen the rest is gravy.
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Old 06-03-2019, 02:37 PM   #13
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Dad was "demoted" from his job running the Chicago plant of a major steel mill in 1985. He was 55. He and Mom had saved like mad. He tried a couple of second careers and then retired for good. Mom died 2 years ago and he's in Assisted Living, many of his body systems failing but quite solvent financially.

It was an early lesson and I never forgot it. Job opportunities dried up for me at 61. I might have found something else but it likely would have involved a salary cut, relocation or both. Wasn't worth it. I made the right decision.
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Old 06-03-2019, 02:41 PM   #14
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I commented a few months ago that instead of planning for retirement, what people should be planning for is an age 50-ish UWS (unplanned work stoppage).

If it doesn't happen the rest is gravy.
+1

Plan for FI. Once reached the decision to RE can be at the discretion of you, your employer, or your health status.
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Old 06-03-2019, 03:14 PM   #15
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There are plenty of available low wage jobs to supplement
retirement income. , retirees that want to work can generally find work.

I work for HR Block, they love retiree workers. ( no benefits and we work cheap ). A friend in her 80's works at Costco giving away the food samples. Uber drivers are often retirees.
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Old 06-03-2019, 03:25 PM   #16
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But I saw all the gray hair getting shoved out the door a MegaComputerCorp for years and saved like a madman...

I noticed this back in the late 70s when I was in my late 20s .... I also started saving like a madman ..... Retired in 2001 at 50.....
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Old 06-03-2019, 04:16 PM   #17
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There are plenty of available low wage jobs to supplement
retirement income. , retirees that want to work can generally find work.

I work for HR Block, they love retiree workers. ( no benefits and we work cheap ). A friend in her 80's works at Costco giving away the food samples. Uber drivers are often retirees.
I've done the math on a PT minimum wage job and 47.35% of the $11/hr will go to just getting there, FICA, Fed/state income tax, and increased insurance premiums. The rest will swirl down a liquor bottle from working with the retail public.
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Old 06-03-2019, 04:24 PM   #18
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But I saw all the gray hair getting shoved out the door a MegaComputerCorp for years and saved like a madman...
My last day was May 31st. Been watching mega push out older employees for decades. I'm kind of an outlier on this forum in that I was a tradesperson that supervised other tradespeople in a retail environment (there's a riddle for you) lol. In other words no collage. Physical work. 10+ hour days on my feet. At 58 it's my time. My company has an ESOP and a 401k that thank goodness I took full advantage of. Saving, investing and LBYM came easy for me. I had a good example. My DF did the same thing.
This forum has been an inspiration. Kind of surreal. Retired at 58 with 1 1/2 times my spend rate available to live the life I want. Life is good!
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Old 06-03-2019, 04:30 PM   #19
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+1

Plan for FI. Once reached the decision to RE can be at the discretion of you, your employer, or your health status.
+1 I'm was afraid of being homeless or jobless. I decided to become a 'mercernary' when it comes to work. Work hard, work efficiently. Be ready for the time you don't want to work, can't work, or are laid off. Those who think they'll work to 65 or 70 might or might not be that 'lucky'....
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Old 06-03-2019, 04:48 PM   #20
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There are plenty of available low wage jobs to supplement retirement income. Retirees that want to work can generally find work.
A lot of it is physical and can involve being on your feet all day. Not kind to ageing bodies, especially if you quit due to poor health.
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