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Depends on the person. Most Americans are not in love with their jobs, but planned poorly and are now in a trap. Too many planned on SS taking care of their needs. Foolish to say the least. I will retire at 55. My last day will be the last time I ever walk through the gates of that factory. I don't hate my job or employer, but there is more to life than work. I have put over $1400 a month away for over 10 years, plus invested. I will move to Thailand where the cost of living is between 40 and 60% what ours is. My 401 k along with my own investments will give me a good life. SS will just be money I reinvest. I'll start that as soon as possible.
Better check out health care as an ex-pat. Cost of living can be less, but you also have to consider the standard of healthcare and access to highly-rated medical professionals where you chose to live.
Im seeing a lot of baby boomers still clinging and clutching to their power positions despite many of them living a nice comfortable life outside of work it appears.
They continue to hold these high money making positions and STILL WON'T RETIRE
What is the problem? How do you expect the younger folk in their 20s and 30s to move up the ladder if the older folk won't call it a career and continue to enjoy the good money and perks?
Haven't they saved any money? Are their lives so empty, they wouldn't know what to do unless they went to work every day?
The only way positions are going to open is if the older folk retire.
What really bothers me are these execs or Managers who have had a nice 6 figure a year income or better for 2-3 decades that still won't retire? What the hell did these people spend their money on that they can't afford to retire by their 50s-60s?
I retired New Year's Eve of 2015. We had to work until 6PM that day(car sales). I had already given 2-weeks notice, so December 31st was the day.
I told my boss I was leaving after lunch and never looked back. I had made it. 22-years of good behavior!
It was like in the movies when someone gets out of prison and walks through the outer gates and then looks back. I was free.
They've hired three reps to replace me. So far none have worked out. It would take a new-hire 10-years to equal my productivity.
Some jobs require more than fogging a mirror to be beneficial to the employer. So being young is not an important qualifier.
I have several friends that can't retire yet because of medical insurance costs. Some need the employer's contribution to make it affordable, and some are putting off retirement until Medicare kicks in.
Most can't retire because they never took socking-away money as a priority. They thought saving for retirement was something to worry about later in life! Once they realize the truth, it's too late to fix. I have no idea what will become of them when they are too old to work.
Or the worst scenario: paying for college for kids that won't utilize the higher education anyway.
Helping lazy kids for too many years is a top cause of being underfunded in old age. I've seen it too many times.
I retired New Year's Eve of 2015. We had to work until 6PM that day(car sales). I had already given 2-weeks notice, so December 31st was the day.
I told my boss I was leaving after lunch and never looked back. I had made it. 22-years of good behavior!
It was like in the movies when someone gets out of prison and walks through the outer gates and then looks back. I was free.
They've hired three reps to replace me. So far none have worked out. It would take a new-hire 10-years to equal my productivity.
Some jobs require more than fogging a mirror to be beneficial to the employer. So being young is not an important qualifier.
I have several friends that can't retire yet because of medical insurance costs. Some need the employer's contribution to make it affordable, and some are putting off retirement until Medicare kicks in.
Most can't retire because they never took socking-away money as a priority. They thought saving for retirement was something to worry about later in life! Once they realize the truth, it's too late to fix. I have no idea what will become of them when they are too old to work.
Or the worst scenario: paying for college for kids that won't utilize the higher education anyway.
Helping lazy kids for too many years is a top cause of being underfunded in old age. I've seen it too many times.
(last paragraph )...........as have I seen it over and over. It is a lot bigger problem than people will admit.
One other thing that occurred to me: for the people who are able to retire but choose not to: in an odd way, the ability to retire reduces the need to retire, since knowing that you can walk away from a job at any time makes it a lot less stressful.
One other thing that occurred to me: for the people who are able to retire but choose not to: in an odd way, the ability to retire reduces the need to retire, since knowing that you can walk away from a job at any time makes it a lot less stressful.
I was eligible (fed employee) December 2015. It gives me a good feeling to know that if the crap gets too deep I can walk. I don't want to, I'm probably the ONLY employee here because they want to be here.
One other thing that occurred to me: for the people who are able to retire but choose not to: in an odd way, the ability to retire reduces the need to retire, since knowing that you can walk away from a job at any time makes it a lot less stressful.
good point !
Right out of high school I got a union job that paid great but was very hard physically.
I stayed there 19 years and my married co-workers thought I was crazy because I did not need the paycheck as badly as they did.
The fact that there was no stress of supporting a wife and kids made my job easier to handle.
The election of Trump has certainly changed my ability to retire early. Obamacare would have provided a bridge to Medicare age; although expensive, at least I could have gotten myself and my wife insured, since we both have pre-existing conditions. Now with the distinct possibility that ACA will be gutted, and beyond that, the possibility that Medicare and Social Security may be rolled back - there's no way I'm going to take the risk of leaving my current job. I dare say there are a whole lot of people in similar circumstances.
When pensions were still a thing people felt more comfortable to retire because they had the security of a lifelong income stream. That used to open up positions for the younger workers. Nowadays people have to work as long as possible to stack their 401ks and get more from SS.ple
In the near future the only people who will be able to retire are wealthy people or those who are forced into retirement due to medical issues, or being "aged out" of their industries.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,936 posts, read 36,989,150 times
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Quote:
Originally Posted by GearHeadDave
The election of Trump has certainly changed my ability to retire early. Obamacare would have provided a bridge to Medicare age; although expensive, at least I could have gotten myself and my wife insured, since we both have pre-existing conditions. Now with the distinct possibility that ACA will be gutted, and beyond that, the possibility that Medicare and Social Security may be rolled back - there's no way I'm going to take the risk of leaving my current job. I dare say there are a whole lot of people in similar circumstances.
I've heard this from more than a few people. Very sad.
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