It's a Trap! The Keep W*rking Plan

[Surewhitey]

We've got three BU plans.

1. Domestic relo from mod COL area to LCOL area
2. Lake Chapalla
3. Chaing Mai

In that order.

I've checked out Hot Springs, AR and East TX areas. Lakes, reasonable housing, not far from cities. LCOL for sure there and many other places out of the city.

Lived in Mexico for a few years and would definitely go back there, maybe 6 mo on / off (pretty hot in the summer).

Would be interested in checking out Portugal or Spain or other parts of Europe too. There really are a lot of things to see if you just step out of your comfort zone a bit.

 

[Dtail]

I've checked out Hot Springs, AR and East TX areas. Lakes, reasonable housing, not far from cities. LCOL for sure there and many other places out of the city.

Lived in Mexico for a few years and would definitely go back there, maybe 6 mo on / off (pretty hot in the summer).

Would be interested in checking out Portugal or Spain or other parts of Europe too. There really are a lot of things to see if you just step out of your comfort zone a bit.

Bolded - from what I read, Lake Chapala has decent temps in the summer. IIRC, May is the hottest month with temps in the low-mid 80's, unlike the beach areas.

 

[tb001]

In reality people shouldn't be saving for retirement at 65, they should be saving in case they can't find work again at 50.
.

Yes, yes, yes. I’ve seen this so often, but it didn’t hit home until DH was let go at 48. He went from a c-level position to not even getting an interview at jobs he was way overqualified for. He was lucky and smart enough to have planned ahead, but he’s someone who really enjoys working, so it was a huge blow to his emotional well being. After 5 years, he found some consulting work for someone he use to work with in his 20s and was eventually hired full time at less than half his former salary.

I see so many of my peers spending their salaries on housing and living large in their 30s, then on kids in their 40s and 50s and thinking they’ll save a ton in their 50s. It may or may not happen...

 

[Dean56]

... It made me realize that you don't always get to choose when your career ends.

This is so true at Megacorps. I've seen many careers end short due to cut-backs.

 

[TwoByFour]

Not every ER is voluntary. Mine wasn't, not by any stretch but I was [-]lucky[/-] smart enough to have planned ahead.

I had planned my retirement (not an early one) and told my boss well in advance so a replacement could be trained. The last year I was working remotely and I got a call from him 2 months before my last day of work, telling me I had been RIF'ed. I couldn't believe it - my company policy was to give one month of severance for every year of service, maxing out at 12, so they were going to give me a year of severance in order to let me go 2 months early?? There were other bennies that went along with that - all-paid COBRA for one. I thought I had died and gone to heaven, it sort of sucked to get fired but the financial end was great for me.

I found out later that he was told to cut one head count in our group. By cutting me, who was quitting anyway, he was able to save someone else's job, so it worked out well all around.

 

[kgtest]

Indeed. Yesterday at the gym I noticed that a lady on the cleaning staff appeared to be well over 65. It's probably a safe bet that she's not there for the social interaction.

the janitor at mediumCorp is pushing 90. Works PT 4hrs in the AM everyday. Even in the blizzards. I've been meaning to ask why, but don't feel it's appropriate.

 

[oldphd]

I see so many of my peers spending their salaries on housing and living large in their 30s, then on kids in their 40s and 50s and thinking they’ll save a ton in their 50s. It may or may not happen...

Whenever I read an article that says "highest earning years in career" referring to those in their 50s/60s, I think to myself it's out of date. May work out for some, but many will get laid off and not work or work at something paying much less (which is what happened to me), while others may experience health issues that prevent them from continuing.

LBYM. Save. Invest. Repeat.

 

[Teacher Terry]

My husband’s wasn’t either at 53. He is a engineer. We would have moved to a booming place like Texas for him to work and we chose not to do that. In the past 6 years he has had 2 contract jobs. He hates being retired and is working the polls the next 2 weeks.

 

[friar1610]

Indeed. Yesterday at the gym I noticed that a lady on the cleaning staff appeared to be well over 65. It's probably a safe bet that she's not there for the social interaction.

I go to a restaurant where one waitress is an older woman who walks as if she has a deteriorating hip. I really feel sorry for her - always am thankful that my mother never ended up having to do that in her senior years. The Good Lord willing, my wife won't have to either.

 

[HI Bill]

I just watched a 30-something guy unloading 161-pound kegs of beer from a delivery truck. No lift gate. He struggled to get the keg down from the bed, which was about 5 feet off the ground, and onto a hand truck. I don't think he'll be able to handle this when he's 50, much less 65.

 

[HI Bill]

I had been RIF'ed...it sort of sucked to get fired but the financial end was great for me.

Glad you were RIF'ed, and not fired, or there would have been no severance package. BIG difference! Also, you could have filed for unemployment!

 

[MI-Roger]

In reality people shouldn't be saving for retirement at 65, they should be saving in case they can't find work again after 50.

Agreed!!

 

[HI Bill]

Agreed!!

IMHO, people should be saving like they might lose thier job or health at any time. That way, when the unexpected happens, you have a better chance of financially surviving the catastrophe.

My philosophy is that I'm a salaried mercenary. My plan since 1998 has been to maximize my earnings and savings, working with minimal breaks (no years away), so that as soon as I'm able, I can be out the door. I also did some fun stuff along the way (dive travel to Bahamas, Caymans, Indonesia, Australia, Bonaire, Florida, Japan, Guam, etc.). Balance in everything, but plan for the future!!

 

[athena53]

IMHO, people should be saving like they might lose their job or health at any time. That way, when the unexpected happens, you have a better chance of financially surviving the catastrophe.

I agree. I realized that, even though I wasn't close to FI, I had the resources to survive a period of unemployment when my company was acquired in 2006. Many people jumped ship and I wonder how many did because they were living from paycheck to paycheck. I decided to stay and see what happened and I lasted another 6 years. Thanks to better investment options in the 401(k) and a Phantom Stock Purchase plan, they were very good years for retirement savings, too. It was good to be in a position to take the risk.

 

[brucethebroker]

65 today isn't the 65 of 30 years ago. There's no reason some people couldn't work past 65, if they want or need to.

If not for blatant ageism discrimination in the workforce, I would be happy to agree with you. The only place I see 60 year old plus workers anymore is fast food restaurants, servers at Denny's and HD/Lowes.

 

[GR111]

I'm retiring next year at mid 50s - good buy mega corp! But if you love what you do, keep working. The only thing I would have done differently would be to save more earlier IOT reach FI earlier...and not sold apple at $24.

 

[wrigley]

Ha, I got 4. Amway , Avon , Marry Kay ( going to get that Pink Cadillac ), and Herbalife. One more, Publishers Clearinghouse.

I thought Herbalife was part of Amway?

Mike

 

[wrigley]

65 today isn't the 65 of 30 years ago. There's no reason some people couldn't work past 65, if they want or need to.

Not everyone has a goal to retire early.

Some were sloppy with their money, but others had life situations that kept them from saving enough money for retirement.

My mother worked for big oil for nearly 40 years. She finally retired at age 72. She made oodles of money. Her house has been paid off and she has no other bills other than day-to-day living expenses. She's never had any hobbies and could care less about traveling. Her social interactions were mostly at work and that is why she continued to work for so long. Now she sits at home doing pretty much nothing (although, she does volunteer a little in the community) counting her money. To each his own!

Mike

 

[TwoByFour]

Also, you could have filed for unemployment!

At that point I had no intention of ever working again and getting unemployment would have been a little too weird to get, so I didn't try for it.

 

[Dc45]

FIRE before your fired

 

[LadyIJ]

Interesting data from Kiplinger:

Consider this: 53% of workers expect to work beyond age 65 to make ends meet, according to the Transamerica Center for Retirement Studies. Yet, you can't count on being able to bring in a paycheck if you need it. While more than half of today's workers plan to continue working in retirement, just 1 in 5 Americans age 65 and over are actually employed, according to U.S. Department of Labor statistics.

Talk about being set up for failure.

Only 28% of baby boomers surveyed by Transamerica have a backup plan to replace retirement income if unable to continue working.

and consider how many people keep working when they don't need to -- they are actually cheating themselves out of TIME to enjoy life. Although it's impossible to predict how long your money has to last, one can always invest in a few SPIA's if it looks precarious down the line.

 

[Ferd]

I like my job but if it weren't for health insurance I'd retire tomorrow. Instead I'm holding out for Medicare at 65. Only got a few more years to go. Also have restricted stock that I would forfeit if I go before then. But if they were to come around and offer me some kind of package that included health insurance and my stock I'd be out of there in a flash!

 

[Dtail]

I like my job but if it weren't for health insurance I'd retire tomorrow. Instead I'm holding out for Medicare at 65. Only got a few more years to go. Also have restricted stock that I would forfeit if I go before then. But if they were to come around and offer me some kind of package that included health insurance and my stock I'd be out of there in a flash!

Can you manage income for ACA purposes?

 

[candidman]

65 today isn't the 65 of 30 years ago. There's no reason some people couldn't work past 65, if they want or need to.

Not everyone has a goal to retire early.

Some were sloppy with their money, but others had life situations that kept them from saving enough money for retirement.

But I seeing a lot of people barely making 60 these days. Many think it's the GMO's, the water, chemtrails...etc. It's like the people who are already 65 and over have a better chance of surviving. But at the same time, the ones who are very serious about diet and exercise, and don't use drugs or alcohol, are doing fine, including the ones past 65.

 

[candidman]

Ditto.

There is a Chik Filet near out hood. It's always slammed. Anyway, really, really, senior guy doing the custodial stuff. I tried to BS myself and think he was there from choice. I really doubt that thought.

A long time friend of the family ran out of short-term disability after being on it for 18 years. He just turned 60 this summer, and started doing landscape work. I know a few guys past 55, that got new positions requiring them to be on their feet. That's a good way to wound up on a cain prematurely, or needing hip replacement, especially if the job requires any lifting...and I don't mean only heavy lifting.