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Successful retirement isn't really about money, it's about contentment. Some people need to work to be content. Some people need to maintain their big house/expensive cars lifestyle to be content. Some people need simplicity and almost nothing (in a material sense) to be content. What makes you content will define how much (or how little) money you will need. Most people's idea of contentment changes as they age. If you're lucky enough to already be in the 'need simplicity and almost nothing' category, it can be done well on a shockingly small amount of money. :cool: |
My former boss, in his words took "early retirement" at age 92. He sold the company and was done. He had retired form the FAA (it was the CAA when he started) long ago. He did not owe any money, and he sold his airplane after thanking his last flight as pilot in command on his 92nd birthday.
He did not see it is as coming to work, it was just for fun, and a way to help people. I am still in business, but I work from home most of the time. My wife is retired. We go do errands at the time of day others are off to work and avoid crowds. As long as my job is very low stress, and profitable, I have no intention of selling out. The only debt we have is the airplane. It was a necessary and logical thing to buy and if we get a few more of the big projects we just delivered we might pay off the airplane in a few years. |
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This is a good thread, but sure wants to make me retire ASAP so I can still do fun things.
I guess if I run out of money the wallmart greeter job is always there ;) |
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...the Griswold Center for Economic Policy Studies at Princeton University published a working paper on the same topic. It was formally published a year later in the journal Public Administration Research. This study found that “taking differences in employee characteristics into account,” federal workers earn 34.2 percent more than private-sector workers. And those government pensions aren't going anywhere. Politicians will take taxes to the max before even suggesting any kind of benefit reduction. Look at City of Chicago. They have a $50 billion unfunded pension liability and all they can come up with is raising taxes and putting the screws to the gullible country folk downstate. As for the tribes, that's a false comparison. They weren't government employees - they were effectively wards of the state (until gambling revenue came along for some of them). Those government pensions ain't built on sand, they're covered in gold courtesy of the taxpayer. Don't believe me? Then go suggest to all the participants they should be forced to convert their pensions into 401k's. Just take the bus that day or risk having car keyed into a pile of dust. ;) |
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'Good" men? How good?
Never mind, prolly not interested in ole farts with bad knees. |
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Caution - off topic ramble here: OTOH, in my early life I thought my father never did anything remarkable. He never got his name in the paper. He went to work every day, came home every night, didn't drink, he did smoke a pipe however. He kept all of us us clothed and fed and kept the house warm. As I look back I think that made him a pretty damn remarkable father. He told us kids, "You are going to go to college. I don't know how you are going to pay for it, but you are going to go." Of the four of us there are 2 PhDs, an MBA, and me - the dummy with an BS in ME, and we all did it ourselves. |
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A 401K is much better if you actually put money in it and take some risk (market-based fund). The problem is, people that don't have a pension (and get the extra compensation) simply spend it. |
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Perhaps you prefer this study then? from the CBO: https://www.cbo.gov/publication/52637 The first page pretty clearly shows than unless you have a PhD, you're better off being a government employee. |
I made investments at an early age, and worked pretty hard. I'd a daytime job, and evening job, and another job I worked at some weekends. Plus I'd been working most school holidays since I was 11, so when I got thrown out of my job at 45 I found my investment returns were more than I was getting paid as a low level computer tech, so I called it retirement.
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Yes, that study is a bit better...but you read it wrong. Federal workers with a masters degree or a professional degree or doctorate earned less, on average, than their private-sector counterparts. That is a large portion of the workforce...so the difference is mostly where you compare low-level feds with fast food/service employees that don't need a clearance or background check. That is 29 percent of the Federal workforce vice 11% of the private sector workforce. 60% feds have a Bachelors or higher while only 35% of the private workforce does. The feds also cannot have financial problems, used drugs (even where legal), a criminal record, etc...and generally need a clearance which are higher requirements than most private sector jobs. Additionally, Feds work in urban areas where the cost of living is higher (16% of Feds work in high cost DC while only 2% of private sector do). Try moving to DC and see if the cost of living is the same as BF NC. 63% of feds are in professional or management jobs while only 39% are in the private sector. I constantly hear abut the fabulous benefits in the military and with Fed jobs...yet none of the folks that seem to think that are applying for either. Why is that? Like the military, if things were so much better, folks would be lined up all the way to the VA and MD borders for a job in DC and the huge problem hiring Feds would not exist. TSA will start you at $15.89 hr...Census $12.57 hr |
We sold our house in L,A,
Oct. 22 marked our first anniversary living in Mariposa. Today we went to Yosemite Had lunch at the Ahwannee Inn. Porsche is running great. Going to take the Tioga Pass & Sonora Pass before the roads close. I love being retired. |
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This sure took a turn.
Its pretty refreshing to hear about you old guys :) that have figured out how to make it work. I have a ways to go but hopefully not that long. I guess I could pack up, move to the midwest and call it. I sure hope there is more to it than that though. I've been a worker and saver since I was delivering newspapers and mowing lawns. One problem with that is still work too much and save. For what? Wait until 59.5, 65, 67? to stop working and enjoy the fruits? I feel pretty fortunate to make decent scratch, have a few skills in demand and be in good place. But I still struggle with the balance. How much do I spend now vs save for some day down the road? As said, its not about the cool car/boat/whatever but what does the toy/thing enable? Fun with friends at the track or racing the boat in the bay with friends are a lot harder without a track car or sailboat. I dont need a Cayman but it would be cool. But, whats the opportunity cost? Sucks to think that way sometimes. Anyway, thanks for the advice and its great to hear some success stories. So much BS flying back and forth these days I like the positive threads! |
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Personally, I don't want retirement to be a time of hardship..so I intend to work until I am relatively sure that will not be the case. It seems that when folks have to return to the workforce later through necessity, they just don't have the same opportunities as before (due to age, lack of network or currency, etc.). Despite the WalMart greeter jokes, no one really wants to do that for min wage. It seems to me that the best assurance of having enough is to either reduce the number of retired years by working longer and/or to protect yourself with assets that will likely keep up with inflation (or better). Owning your home outright/no bills is a good start. Rental properties and index funds seem to be great hedges as well. I too am torn, as I live pretty frugally and invest a lot of my income (newest car is 2004 that I bought used...and my wife drives a 2001. I wonder sometimes how much we have missed by working so hard and watching our pennies. We will likely have more in retirement than when working. Yes, all the happy retirees here are inspiring. I hope to join them soon. |
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V^2, we didn’t travel much until retirement, maybe a nice (typically domestic) trip every few years or so. We’re doing more now, mostly internationally, since we have more time & resources. 2 incomes helped us get to where we’re at now. We have the sailboat & the sports car, but might cut loose the sailboat next year (wife’s getting seasick more nowadays) and throw $$ at a RV.
I don’t think scraping together every penny so you can start to enjoy it at 65 or so is the best approach for everyone. Maybe periodically enjoying your self along the way and retiring a few years later is good for some of you guys that are thinking ahead about retirement. One of my brothers passed away about a year before he was planning on retiring. He was thrifty and didn’t do that much during his working years. You never know... |
Good for you, Sammy. Your head seems in the right place. On this topic. .)
I friend discovered a lump in his neck. Doctor suggested he get his 'affairs' in order. Turned out to be a simple cyst. By that time, he had learned he would make more in retirement than working (three pensions). Great guy. Johnny. Income is relative. If retirement and net wealth numbers were discussed here, some would be shocked at others' high incomes. Others would shake their heads at the low incomes. But one thing I hear consistently is that retirement is about peace of mind. Contentment. I have not heard one single person report it was a big mistake. wink.... I'm 62 and still working, for now. I plan to work a bit longer, but not much. I would rather not. I would rather travel. I have heard one piece of advice others have reported to be good advice: Do not get project lined up, then start them instead of your ex job. Chill first. Meditate. Take walks and smell the air. Read. Then decide. |
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