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 What age will you retire?

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KevinM



Age : 74
Location : Connecticut
Registration date : 2012-02-26

PostSubject: Re: What age will you retire?   Thu Sep 05, 2013 2:02 pm

62 was my magic number. Work in a large corp had become more and more like a life sentence to sophomore year in a public school. Then my boss made a clumsy mistake:-o that opened the door to a settlement in which I got a nicely sweetened early retirement package:-) I've never missed leasing 10-hours a day, 5X-weekly to spend it toiling under the direction of frantic, showily-dressed, over-educated narcissists.

So I'd say retire at your first good opportunity, and keep both eyes peeled, so you'll recognize it when it comes along.
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DrT999

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PostSubject: Re: What age will you retire?   Thu Sep 05, 2013 4:35 pm

Hopefully at age 67, if that's still possible in 11 years, 9 months, and 25 days (but who's counting) Cool
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sisyphus

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PostSubject: Re: What age will you retire?   Thu Sep 05, 2013 5:16 pm

56, but I may stick around one more year just to be sure all my ducks are in a row. Either way, I'm fortunate to be able to call it a day before 60.
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Slide



Age : 55
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PostSubject: Re: What age will you retire?   Thu Sep 05, 2013 8:43 pm

Man plan has been 62 or 63. At 51 I have two girls, a 14 year old and a 12 year old. Now my wife wants to adopt a 10 year old boy. You would think the 51 year old one would have taught her no good comes from boys! Very Happy

Needless to say child number 3 could change my retirement plans. But that's okay.

I will have a pension, a 401K and hopefully social security. I should have invested heavier in my 401K. I still have time to make to increase the contributions though. And each year I do.

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Brewdude

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PostSubject: Re: What age will you retire?   Thu Sep 05, 2013 9:06 pm

It's been said there is wisdom in many counsels.

Thanks for the responses all. Keep them coming.



Cheers,

RR
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jefe1037

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PostSubject: Re: What age will you retire?   Fri Sep 06, 2013 12:32 am

I have a 7 month and a 21 month old that already knows the word credit card. I will retire sometime after my 110th birthday.
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MrRetentive

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PostSubject: Re: What age will you retire?   Fri Sep 06, 2013 1:44 pm

My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.
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Slide



Age : 55
Location : Benton, Louisiana
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PostSubject: Re: What age will you retire?   Fri Sep 06, 2013 3:09 pm

MrRetentive wrote:
My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.
Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.Laughing
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Andy Lowry



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Location : Prescott, AZ, USA
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PostSubject: Re: What age will you retire?   Fri Sep 06, 2013 8:08 pm

Hereward wrote:
I'm planning on marrying a rich older woman when I turn 65. Her having a boat (Bertram 70 preferably) is a must. I'll probably buy lotto tickets as a safety net. I don't think there will be anything left in my 401k or pension by then. Wall Street has to take their 110% cut.

I may start playing poker. Seems like a lot of people make a lot of money on TV from this. Doesn't look too hard. I just need to find a good pair of dark glasses.
Hereward, this has nothing to do with your post, but does your screen name have anything to do with Hereward the Wake?
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Andy Lowry



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PostSubject: Re: What age will you retire?   Fri Sep 06, 2013 8:10 pm

Slide wrote:
MrRetentive wrote:
My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.
Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.Laughing
Think Belize-- you can speak English, and they have a special setup for people retiring there. Behold!

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Brewdude

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PostSubject: Re: What age will you retire?   Fri Sep 06, 2013 8:36 pm

Slide wrote:
MrRetentive wrote:
My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.
Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.Laughing
Know a guy that did this recently. He's younger than me, but somehow pulled it together. Looks like he's enjoying it too. More power to him.

There again it's all in what you eventually want to do. I had a sense he did his job to get the means to do something other than what he was doing for a living.

Nothing at all wrong with that, and it looks like he's made good on it. Just hope he continues to be satisfied with his choices.


Cheers,

RR
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Carlos
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PostSubject: Re: What age will you retire?   Fri Sep 06, 2013 10:07 pm

Andy Lowry wrote:
Slide wrote:
MrRetentive wrote:
My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.
Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.Laughing
Think Belize-- you can speak English, and they have a special setup for people retiring there. Behold!

I have some lawyer friends. Well, other interests, insurance sales etc. They recommend Ecuador. Belize is good, but a bit touristy.

_________________


"Never turn your back on a Breen".
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Carlos
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PostSubject: Re: What age will you retire?   Fri Sep 06, 2013 10:27 pm

Tate wrote:
Interesting to hear all of your points of view on this.

My wife and I aren't anywhere near retirement age but struggled with a somewhat similar question. We have a dream to sail a boat around the world - a circumnavigation. The two schools of thought on it were "Go small, Go now" vs "Retire and then go". We spoke to a great many folks that had done it and all of them told us the same thing, without fail, "we wish we would have gone sooner". So we have a plan to take a sabbatical for 5 years to live our dream. So we think of it as a sort of mini-retirement. Workis-Interuptis
Not trying to sidetrack the thread too much. Friends of mine were part of a ham radio DXpedition to the South Orkney Islands. While there, they were visited by a couple that were sailing around the world. They were just as surprised to see each other in such a rare place. They invited them to make use of the laundry and shower facilities onboard the Braveheart. The support vessel for the DXpedition. They stayed for a day or so. Ate with them and then went on their way.

_________________


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Dave_In_Philly

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PostSubject: Re: What age will you retire?   Mon Sep 09, 2013 2:02 pm

Carlos wrote:
Andy Lowry wrote:
Slide wrote:
MrRetentive wrote:
My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.
Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.Laughing
Think Belize-- you can speak English, and they have a special setup for people retiring there. Behold!

I have some lawyer friends. Well, other interests, insurance sales etc. They recommend Ecuador. Belize is good, but a bit touristy.
I have a buddy who married an Ecuadorian chick and is currently looking at real estate down there. He's planning on using it as a vacation rental type thing until they're in a position to retire down there.
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Argyraspide

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PostSubject: Re: What age will you retire?   Sat Sep 28, 2013 1:26 am

I took early social security retirement this year at age 63. I was laid off a good paying job as a security manager one year ago; and despite hundreds of applications and a dozen or so interviews my only success has been to verify that folks in my age bracket will find it hard, if not impossible, to find any kind of job more meaningful than, say, Walmart greeter.

Fortunately, I did also earn a military pension from over two decades of service in the Army. Between those two checks and my wife's earnings as a barber at the PX at Fort Carson, we are doing OK. If it wasn't for the military pension, life would definitely be financially difficult, to say the least...except for haircuts and beard trims, which are free!

We're saving our IRA and 401-K monies for when my wife retires, so we can go on cruises and otherwise enjoy ourselves in our "golden" years.
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Slide



Age : 55
Location : Benton, Louisiana
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PostSubject: Re: What age will you retire?   Sat Sep 28, 2013 8:04 am

Argyraspide wrote:
I took early social security retirement this year at age 63. I was laid off a good paying job as a security manager one year ago; and despite hundreds of applications and a dozen or so interviews my only success has been to verify that folks in my age bracket will find it hard, if not impossible, to find any kind of job more meaningful than, say, Walmart greeter.

Fortunately, I did also earn a military pension from over two decades of service in the Army. Between those two checks and my wife's earnings as a barber at the PX at Fort Carson, we are doing OK. If it wasn't for the military pension, life would definitely be financially difficult, to say the least...except for haircuts and beard trims, which are free!

We're saving our IRA and 401-K monies for when my wife retires, so we can go on cruises and otherwise enjoy ourselves in our "golden" years.
My uncle found out the same thing when he was in his mid 50's. He was able to find a job but it was straight commission sales. And while he was making a living doing it he decided he didn't need the stress. He sold his house and bought a small one with 3 rental properties on Bayou Teche. He then begin to guide individuals and group for hunting and fishing along the gulf coast. Which is not a bad gig if you can swing it:D He says he wish his company had been bought out long ago.

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PostSubject: Re: What age will you retire?   Sat Sep 28, 2013 10:02 am

This is a long article. I'm only quoting the beginning of it. You can read the rest via the link at the bottom.

You should if your own pension (if you're lucky enough to have one) is of any interest.

What a Face

Rolling Stone wrote:
In the final months of 2011, almost two years before the city of Detroit would shock America by declaring bankruptcy in the face of what it claimed were insurmountable pension costs, the state of Rhode Island took bold action to avert what it called its own looming pension crisis. Led by its newly elected treasurer, Gina Raimondo an ostentatiously ambitious 42-year-old Rhodes scholar and former venture capitalist the state declared war on public pensions, ramming through an ingenious new law slashing benefits of state employees with a speed and ferocity seldom before seen by any local government.

Called the Rhode Island Retirement Security Act of 2011, her plan would later be hailed as the most comprehensive pension reform ever implemented. The rap was so convincing at first that the overwhelmed local burghers of her little petri-dish state didn't even know how to react. "She's Yale, Harvard, Oxford she worked on Wall Street," says Paul Doughty, the current president of the Providence firefighters union. "Nobody wanted to be the first to raise his hand and admit he didn't know what the fuck she was talking about."

Soon she was being talked about as a probable candidate for Rhode Island's 2014 gubernatorial race. By 2013, Raimondo had raised more than $2 million, a staggering sum for a still-undeclared candidate in a thimble-size state. Donors from Wall Street firms like Goldman Sachs, Bain Capital and JPMorgan Chase showered her with money, with more than $247,000 coming from New York contributors alone. A shadowy organization called EngageRI, a public-advocacy group of the 501(c)4 type whose donors were shielded from public scrutiny by the infamous Citizens United decision, spent $740,000 promoting Raimondo's ideas. Within Rhode Island, there began to be whispers that Raimondo had her sights on the presidency. Even former Obama right hand and Chicago mayor Rahm Emanuel pointed to Rhode Island as an example to be followed in curing pension woes.

What few people knew at the time was that Raimondo's "tool kit" wasn't just meant for local consumption. The dynamic young Rhodes scholar was allowing her state to be used as a test case for the rest of the country, at the behest of powerful out-of-state financiers with dreams of pushing pension reform down the throats of taxpayers and public workers from coast to coast. One of her key supporters was billionaire former Enron executive John Arnold a dickishly ubiquitous young right-wing kingmaker with clear designs on becoming the next generation's Koch brothers, and who for years had been funding a nationwide campaign to slash benefits for public workers.

Nor did anyone know that part of Raimondo's strategy for saving money involved handing more than $1 billion 14 percent of the state fund to hedge funds, including a trio of well-known New York-based funds: Dan Loeb's Third Point Capital was given $66 million, Ken Garschina's Mason Capital got $64 million and $70 million went to Paul Singer's Elliott Management. The funds now stood collectively to be paid tens of millions in fees every single year by the already overburdened taxpayers of her ostensibly flat-broke state. Felicitously, Loeb, Garschina and Singer serve on the board of the Manhattan Institute, a prominent conservative think tank with a history of supporting benefit-slashing reforms. The institute named Raimondo its 2011 "Urban Innovator" of the year.

The state's workers, in other words, were being forced to subsidize their own political disenfranchisement, coughing up at least $200 million to members of a group that had supported anti-labor laws. Later, when Edward Siedle, a former SEC lawyer, asked Raimondo in a column for Forbes.com how much the state was paying in fees to these hedge funds, she first claimed she didn't know. Raimondo later told the Providence Journal she was contractually obliged to defer to hedge funds on the release of "proprietary" information, which immediately prompted a letter in protest from a series of freaked-out interest groups. Under pressure, the state later released some fee information, but the information was originally kept hidden, even from the workers themselves. "When I asked, I was basically hammered," says Marcia Reback, a former sixth-grade schoolteacher and retired Providence Teachers Union president who serves as the lone union rep on Rhode Island's nine-member State Investment Commission. "I couldn't get any information about the actual costs."

This is the third act in an improbable triple-fucking of ordinary people that Wall Street is seeking to pull off as a shocker epilogue to the crisis era. Five years ago this fall, an epidemic of fraud and thievery in the financial-services industry triggered the collapse of our economy. The resultant loss of tax revenue plunged states everywhere into spiraling fiscal crises, and local governments suffered huge losses in their retirement portfolios remember, these public pension funds were some of the most frequently targeted suckers upon whom Wall Street dumped its fraud-riddled mortgage-backed securities in the pre-crash years.

Today, the same Wall Street crowd that caused the crash is not merely rolling in money again but aggressively counterattacking on the public-relations front. The battle increasingly centers around public funds like state and municipal pensions. This war isn't just about money. Crucially, in ways invisible to most Americans, it's also about blame. In state after state, politicians are following the Rhode Island playbook, using scare tactics and lavishly funded PR campaigns to cast teachers, firefighters and cops not bankers as the budget-devouring boogeymen responsible for the mounting fiscal problems of America's states and cities.

Read more: http://www.rollingstone.com/politics/news/looting-the-pension-funds-20130926#ixzz2gCCNQkvV
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bosun1

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PostSubject: Re: What age will you retire?   Sat Sep 28, 2013 11:19 am

When corporate 'heads' retire, they get cash and stock options. Stock options because they only pay 15% in taxes. The workers get promised a pension. Then the promise turns into "Sorry, the money disappeared some how (decreased revenue, stock market crash, investments that didn't turn out as promised, over optimistic monetary projections, etc.) and we aren't going to be able to pay you. It's not our fault that you didn't properly plan on your retirement and save more money while you worked for us. Have a nice day!" Then now that they don't have to pay for their retirement promises, they can use that 'disappeared' savings to balance their budget and go Vote for ME! I balanced the budget/saved the state/city from financial ruin!"
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PostSubject: Re: What age will you retire?   Mon Oct 07, 2013 10:46 am

My wife works for a world renowned children's hospital that has always treated their employees exceedingly well. When she first signed on she was enrolled in a 403b (401k for non-profits) that provides a 2% employer match, and a "Pension Plan". The Pension Plan is actually a fund that the hospital contributes a certain amount to (a percentage of her salary that increase the longer she stays with the hospital). At retirement the Pension account is converted to an Annuity and paid out accordingly. The Pension account has a minimum guaranteed rate of return and requires no contribution from the employee at all. While not quite as good as the pensions of old, its a pretty good plan for this day and age.

She just received an offer to change her retirement plan structure. In exchange for giving up the pension plan (right now they're funding her pension account at 5% of her earnings, at a guaranteed rate of return of 8%) they offered to match another 1% of her 403b contributions! They pushed it as being geared toward helping younger employees be better prepared for retirement. My wife is 32, been with the hospital for 7+ years, so we assumed she'd fit that bill...apparently not.

I was really shocked. I understand that in this day and age companies need to be mindful of its abilities to payout on the promised retirement benefits, whatever they might be, but to offer such a crappy comp package in such a way that the employees think they are getting actually getting a better deal is way too shady for my tastes. I spent half a day reading and rereading the information they sent her trying to see what benefit there might be to the new program, and the bottom line is there is none. It only marginally benefits someone who is hired under the new plan and intends to leave within the the first few years.

New employees have to take the new package, but thankfully my wife was able to stay under the old plan.
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PostSubject: Re: What age will you retire?   Tue Oct 08, 2013 9:49 am

Meanwhile, on a distant planet with "alien" values . . .

Quote :
BERNE Switzerland will hold a vote on whether to introduce a basic income for all adults, in a further sign of growing public activism over pay inequality since the financial crisis.

A grassroots committee is calling for all adults in Switzerland to receive an unconditional income of 2,500 Swiss francs about $2,800 per month from the state, with the aim of providing a financial safety net for the population. Organizers submitted more than the 100,000 signatures needed to call a referendum on Friday and tipped a truckload of 8 million five-cent coins outside the parliament building in Bern, one for each person living in Switzerland.

Under Swiss law, citizens can organize popular initiatives that allow the channeling of public anger into direct political action. The country usually holds several referenda a year.

In March, Swiss voters backed some of the world's strictest controls on executive pay, forcing public companies to give shareholders a binding vote on compensation. A separate proposal to limit monthly executive pay to no more than what the company's lowest-paid staff earn in a year, the so-called 1:12 initiative, faces a popular vote on Nov. 24.
http://news.msn.com/world/swiss-to-vote-on-dollar2800-monthly-income-for-all-adults

What a Face
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DrT999

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PostSubject: Re: What age will you retire?   Tue Oct 08, 2013 10:03 am

Yak wrote:
Meanwhile, on a distant planet with "alien" values . . .

Quote :


In March, Swiss voters backed some of the world's strictest controls on executive pay, forcing public companies to give shareholders a binding vote on compensation. A separate proposal to limit monthly executive pay to no more than what the company's lowest-paid staff earn in a year, the so-called 1:12 initiative, faces a popular vote on Nov. 24.
http://news.msn.com/world/swiss-to-vote-on-dollar2800-monthly-income-for-all-adults

What a Face
My initial reaction was, 'I wonder how much Wal-Mart and McDonald's would pay their employees under that rule?' Then I realized companies like those would simply not have many full-time employees. . . .
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PostSubject: Re: What age will you retire?   Tue Oct 08, 2013 10:31 am

Reality Check : They don't now. Wink

What a Face
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PostSubject: Re: What age will you retire?   Tue Oct 08, 2013 12:09 pm

At the current rate of this country, my financial situation ect........ I will retire when I expire!
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PostSubject: Re: What age will you retire?   Tue Oct 08, 2013 5:24 pm

If you strongly believe you have the funds in place to retire now, do so. If you have income such that you can pay for your car and medical costs and otherwise live a frugal lifestyle, bail. I have enough interests to last me many lifetimes. I am really happy that I no longer support someone else's dream in a full-time job that demands all my time.
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PostSubject: Re: What age will you retire?   Tue Oct 08, 2013 7:33 pm

Brewdude wrote:
I personally have no immediate plans to retire. Frankly I see myself going on in my current capacity as far as my health holds out, since I love what I do and would want to continue doing it as long as I can.

Equally, sooner or later there may be a point where I need to consider the "retirement" thing. Hopefully later, but one never knows, do they? My general heath is just fine, and I'm doing much the same kind of physical work I did when I first got into commercial brewing some 25 yrs ago.


Cheers,

RR
Just to reiterate what I said in the OP.

Still, it's been interesting to read the posts here. There is wisdom in many councils.


Cheers,

RR
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