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 Pensions - Stock Market, etc.

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Slow Puffs
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Age : 68
Location : Alberta. Canada
Registration date : 2007-12-10

PostSubject: Pensions - Stock Market, etc.   Mon Jul 26, 2010 11:25 pm

I retired early (55) and got rid of the stress.

I got half of the pension if I stayed ten more years.

I started my own "small business" as a grim reaper.

In Canada we can apply for a Canada Pension that I will be getting this month. If I had waited until 65, it would have been 1/3 more.

At 65, all Canuks get a Old Age pension... that is about $500 plus a month.

I decided to go early and be relieved of the stress. What do other countries offer in old age?

My wife still works and essentially is the support of our household.

I know this is personal... but if you want to add something to this, feel free Smile
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Slow Puffs
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Age : 68
Location : Alberta. Canada
Registration date : 2007-12-10

PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 12:17 am

Basically, my point is that if you work until 65 wanting a big pension... why?

You going to hobble around in a "walker" saying I made it?

Not for me. Lower income... more enjoyment.
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PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 12:43 am

Wow SP...... good thing you didn't do that in RSA.......... there is no such thing as a state pension for all!
For one, I will die on my feet working as I started a little late in life paying into a pension fund!

Well done SP....... kicking stress in the butt! wish I could do that and tell my boss to .............. geek
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TallSmoke

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Age : 47
Location : Sanford NC
Registration date : 2009-03-14

PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 8:14 am

I'm hoping my 401K and Roth IRA will do me well. I am not planning on Social Security to be of much or any help when I hit 65 - 26 years from now.

I would love to be in a position to retire in my late 50's. The key for my wife and me is to go ahead and enjoy life, travel, our kids, etc. now rather than waiting until we're too old to do that. Priority #1 is to remain debt-free other than our house payment and maybe a car payment if needed. That way any extra cash we have after our savings is for fun.
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PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 9:34 am

Late start in the second career (39). 21 years in so far.

Actuarially, life expectancy of "full contact employees" has risen over the years to 59. Ergo, full retirement's offered beginning at age 50, based on service time & income. Currently aged 62.5 with retirement un-thinkable.

1) State system pensioners don't get cost of living increases.

2) Social Security recipients get dishonest ones (steak replaced by hamburger &c. in calculating them, and always belated).

3) Economic future = trainwreck. Already in-place scheduled rate increases for electricity &c. will be devastating even at current income figures.

4) Child Bride is 11 years younger than I am and will need to be provided-for (if she follows her Aunt Peg who she takes after) to around age 104. CB is medically unable to work but state-appointed doctor refuses to certify this.

5) Dad will turn 97 this September, so no early check-outs are expected on either side.

The numbers just aren't there for stepping off the treadmill. No

We live in interesting times.

What a Face
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Slow Puffs
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Age : 68
Location : Alberta. Canada
Registration date : 2007-12-10

PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 9:37 am

There are news items here in Canada that our Canada Pension is one of the worse in the world. I'm not sure how a 401K works but my understanding is that the individual has some access and control over it. The key for me is that my wife is willing to keep working.
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Hunter5117

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Age : 62
Location : Somewhere between Kansas and Missouri
Registration date : 2009-07-29

PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 11:03 am

SP, my wife and I are both relatively the same age and are in the short-stages of entering retirement, about 10-12 years away for both of us.

Since we moved here from Canada when we were in our early 40's, and I worked from day 1, I have fully vested my USA retirement eligibility (social security pension and medical) but she has a few years to go. Plus, as in Canada, the longer you wait to start collecting, the more you will get (if there is anything left by then in the government programs). As well, we have saved privately both through work (401K's) and retirement savings plans so we hopefully will have a number of sources when we finally pull the plug. I manage some of our savings in the stock market and the rest is in more stable (???) funds. Last year we made a big step and bought some land with a small house on it using cash from our retirement fund, so we have a place to live. Right now it is weekends only but intend to build a larger house and move there full-time within the next 3-4 years.

The big difference between USA and most of the rest of the world is the cost of medical care when you retire. A couple like my wife and I can easily spend over $1000 per month for insurance and waiting until the old-age medicare kicks in is a big reason most people work until a later age. If it wasn't for that, we would both be rocking on our front porch at our retirement place right now.
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bronxbill

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Age : 70
Location : Triangle area NC
Registration date : 2007-12-20

PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 11:36 am

I was fortunate that I was able to retire at 58, I'm 63 now. I'm able to collect on a fixed benefit pension and I took early Social Security at 62. I figured I'd take a lower amount now while I can really enjoy it than wait until I was 67 to get the full pay out. Hell, I could be dead by then Smile. I was also lucky that I made some good investments while younger and have a steady income stream from them.

For medical, I currently use a combo of a company plan and the VA; when I hit 65 I'll use Medicare and the VA.
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mark
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Registration date : 2008-07-02

PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 2:04 pm

When my company pulled out I had 29 yrs 6 months invested, 6 months short of the generous six figure buyout they offered in lieu of a pension, which would have put me in retirement mode immediately at 51. I'm waiting until full retirement age to collect my pension from them now. After that fiasco I found a job I enjoy, comparable pay, no more 70 hour work weeks or overtime, reduced my commute from 70 miles/day down to ten, greatly reduced stress, 6 weeks vacation, great insurance and job security. One more year and I'll be locked in to a substantial pension with them. Had I not found this job I would have retired at 55, but I feel retired now enjoying my work unstressed.,,,, Damn, don't know whether to post this or delete,,,sounds like I'm bragging,,,,nevermind,,,,
Slow Puffs, I guess to answer your post, To retrire here I'd have to say Social Security is an "if",,,,medicare and medicaid are redtape rich and basic to say the least,,,
if you're not free of debt and able to save a considerable chunk of change well before you retire it may be a problem.

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Sometimes I wake up grumpy. Other times I let her sleep.
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Centurian 803
Long Arm O' The Law
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Age : 67
Location : Oak Ridge, TN
Registration date : 2008-09-10

PostSubject: Re: Pensions - Stock Market, etc.   Tue Jul 27, 2010 3:27 pm

Already been in this job way too long (38 years). Hope to retire in two more years - if the stress doesn't get to me first. The pipe helps in that aspect.
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abbacab

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Location : Houston, TX
Registration date : 2010-04-29

PostSubject: Re: Pensions - Stock Market, etc.   Thu Jul 29, 2010 11:22 pm

I've always thought of Social Security as supplemental retirement income. To me 401k's are kind of a scam, we let employers off the hook in regards to actually providing for a retirement. You put money into an account, the employer matches some of it. What you wind up with depends on those contributions, not what you actually made during your years of employment.

So much is self directed here, I've got a 401k, IRA and ROTH accounts and am STILL worried about being able to retire. EVER. Of course I love my work, but it getting more dependent on advanced technology. I gotta figure it's going to pass me by at some point.
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