What's the number?

[iceman]

Do it man.

[GeezerSteve]

I'm out ASAP. I'll figure out the rest. I'm not letting 8 years of decent youth/mobility get wasted in this metal cage.

live now bro

I ain't married.

We know

[PNWbrit]

I ain't married.

Couldn't find a nice local lass to settle down with?

[El Chupacabra]

Couldn't find a nice local lass to settle down with?

Bunny has a local in every port, and her pockets are always full with breakfast meat.

[PNWbrit]

Bunny has a local in every port, and her pockets are always full with breakfast meat.

They bring their own sausage?

Figures.

[Benny Profane]

Oh, right, like you guys have any kind of sex life to speak of. You're all very good friends with you left hand. Brit, I don't know. Those teeth and breath. Even the hand runs!

Sent from my SM-G900V using TGR Forums mobile app

[Toadman]

How many times have your heard, " Joe Blow just retired this year, and he died of a heart attack X months after he retired." ? I worked with a guy who retired at 65 and his wife died a week later. Another guy didn't show up to his retirement party because he was in the hospital being diagnosed with stage 3 brain cancer. Get busy living, the dying will happen when you least expect it...

[4matic]

Motley Fool is worthless. They used to be a source of outside the box type of analysis, and somewhere along the way turned into clickbait and scare-of-the-moment type of investment stories.

Re: SS and returns - for each year you wait between 62 and 70, your SS benefit increases by about 8%. That is why the conventional wisdom is to wait until 70 to claim SS. Unless you need the $ to live on, in which case, start taking it whenever you need it.

Assume 5% return. Or even 2% return. Money has time value. The simple calculation is funds received with zero time value

[XXX-er]

My retirement has the same shit built in. You can leave at 55 at 2% or you can stay and each birth quarter you go up a little percentage until you max out at 63 or something. They know the longer you stay, the sooner you die and the more money gets left in their coffers. Plus the longer you stay, you're still paying in. So they dangle that carrot. I have people I work with telling me I'm stupid for leaving at 55. But I'm more aligned with XXX-er. I'm out ASAP. I'll figure out the rest. I'm not letting 8 years of decent youth/mobility get wasted in this metal cage.

Actualy I completely failed to plan for retirement ( which is a plan ) so the noncontributory IBM DB pension payed the max (about 40% of salary) at 30 yrs of service no matter what age so starting right out of HS I got full pension
at 49 and getting canned was worth 1 year of severance ... I retired when they canned me.

In Canada i could put almost all that^^ severance in an RRSP tax shelter, in Canada you can take early Canada Pension Plan (CPP) at age 60 instead of 65, so at 60 I took about a 30% reduction for recieving the CPP early from the fed gov every month I get it sooner and at about 73 I will be even with someone who waited to age 65 ... a bird in the hand eh

I got the life time gig on my qualifications whcih were drink/smoke dope /fix hot cars, IBM was a lot like a rodeo in that you hang on, ride till the bell ... and there is a whole lot of bull in between

Guys used to retire and die within <3 years so they gave everybody a 12K life insurance policy to bury them as part of the cradle-to-grave thing, i been retired for > 12 yars so I beat the odds

[4matic]

I worked for Lotus a while and was in the IBM pension. I blew the money when they paid out. Lesson learned. Shoulda bought Berkshire with it.

[mcski]

Well done. I barely made it more than 5 yrs there before they broke me.

[XXX-er]

I was was pretty spaced for most of the 1st 10 yars then I realized I had vested pension rights and so this must be a career ?
I rode it out in HW where I could always fix the stuff fast and cheap

half of those 30 yrs was as a remote tech where I could hide away from the office

but seriously I think I never realized WTF I had got myself into

[4matic]

but seriously I think I never realized WTF I had got myself into

I believe that is the psyche of many rank and file tech workers. The tip of the tech spear is so complicated it can be very disconcerting.

[dunfree]

We know

didn't you marry for the healthcare benes?

[XXX-er]

I believe that is the psyche of many rank and file tech workers. The tip of the tech spear is so complicated it can be very disconcerting.

I was in Office products, fixed about 100,000 Selectric's which were a mechanical nightmare but you could see wtf was wrong, then one day a manager comes in and tells us 2 divisions have amalgamated, I was now a computer technician < clueless for the next 20yrs, so take yer best shot, fake it, just don't blow it

[BCMtnHound]

Actualy I completely failed to plan for retirement ( which is a plan )

I can't remember who said it - "No plan is better than a bad plan, you might get lucky."

[GiBo]

Actualy I completely failed to plan for retirement ( which is a plan ) so the noncontributory IBM DB pension payed the max (about 40% of salary) at 30 yrs of service no matter what age so starting right out of HS I got full pension
at 49 and getting canned was worth 1 year of severance ... I retired when they canned me.

In Canada i could put almost all that^^ severance in an RRSP tax shelter, in Canada you can take early Canada Pension Plan (CPP) at age 60 instead of 65, so at 60 I took about a 30% reduction for recieving the CPP early from the fed gov every month I get it sooner and at about 73 I will be even with someone who waited to age 65 ... a bird in the hand eh

I got the life time gig on my qualifications whcih were drink/smoke dope /fix hot cars, IBM was a lot like a rodeo in that you hang on, ride till the bell ... and there is a whole lot of bull in between

Guys used to retire and die within <3 years so they gave everybody a 12K life insurance policy to bury them as part of the cradle-to-grave thing, i been retired for > 12 yars so I beat the odds

Ya, I just meant that you took your pension and figured out how to live off it. You didn't crunch the numbers and have it all figured out- and neither will I.

I didn't plan for retirement. I have no 'number'. I knew the city had PERS and knew I'd get a pension if I stuck around. I knew putting money in a tax free deferred comp was probably smart. How my life will be four years from today I have no idea. But I won't be at this poop plant. I'll check back into thread then and let ya'll know.

[XXX-er]

well besides not crunching the numbers I had no clue how to pay for it and I hadn't crunched life either

I never had a budget so I was 49/single & had no clue WTF to do next so I did nothing for a year cuz it was the easiest thing to do but probably it was also the right thing, I looked for inspiration with drink smoke party and since they quit paying me to do so ... stop cutting hair.

After 1 year i moved west did the whole living the life/ skiing/biking/paddling which was arrived at completely by accident really you don't know what you will want till ya git there SO actualy no plan ain't all that bad



Its been >12 years but writing this now and in conversation with new retiree's it reminds me that the leap to retirement is not all that pretty for a lot of people ... least of all yer wife

Cuz last week you were a someone you were the guy in the corner office overseering a cube farm of corporate drones, they paid you large coin to sit in front of that warm screen every morning, this week there is nowhere to show up and nobody listens to you ... least of all yer wife

I tell folks to think of retirement as a 4 year program, it will take some time for it all to fall in place, the qualities that made you good at reaching retirement (showing up ) are not the qualities that will make you good in retirement (not showing up) cuz the new job requires you to change completely, some guys can't handle it ... some guys just go back to work

[bagtagley]

My number currently relies on a pension. I like my job. It’s hard to imagine doing this another 20 years but with each passing year it’s even harder to justify walking away.

What’s the pension plus number look like? $500K would be a nice cushion. I’d need more if I want to retire before Medicare kicks in, which I definitely do.

[GeezerSteve]

didn't you marry for the healthcare benes?

Yeah, but that was mostly a timing thing. We planned to eventually marry for SS.

What’s the pension plus number look like? $500K would be a nice cushion.

That depends on pension payment amount, COL increases, debt (or absence thereof), lifestyle choices, ownership of residence, fixed costs (e.g., insurance premiums, RE taxes), etc.

A retired couple getting combined $5K monthly pension or combined SS, homeowners, on Medicare, no debt and $500K after tax cushion are >80%-tile and should do fine if they watch their expenses and live in an area with reasonable cost of living. We could get by with that, although we're planning for significantly more cushion.

[Benny Profane]

My number currently relies on a pension. I like my job. It’s hard to imagine doing this another 20 years but with each passing year it’s even harder to justify walking away.

What’s the pension plus number look like? $500K would be a nice cushion. I’d need more if I want to retire before Medicare kicks in, which I definitely do.

Fixed payment pensions are an anachronism from days past, for sure. I'm not sure if it's still the rule, but my old school pension and many others encouraged staying with the company the longer you liked. The graph on returns went parabolic in your fifties. It didn't really matter if you were there 15 or thirty years, but, if you stayed until, oh, at least age 60 you were far better off than age 53. Big contrast from age 46 to age 56. Not many of these pension calculations exist anymore, just as pensions have vanished, so, you may want to do some research on yours. Even in my company, I was grandfathered into the older, sweeter formula.
It really is a bad incentive, because it just encourages people to stay way beyond their happiness or usefulness.

[Iowagriz]

I have an odd/old pension that was created move people out at age 55 and let the new blood into the company. High amount is at age 55, then it declines each year until either 65 or 67. They froze it before I had enough of a salary to make the monthly payment worth anything. I think I start at about $2k monthly if taken at 55; drops to about $1500 monthly if taken at 63.

Smart move would be to cash it out at 55 for current valuation of $400k and reinvest. If I wait to 63, it drops to about $300k. Comes back up to $400k at the 65/67 age. Makes for quite the conundrum....I want to retire at 55 and take the cash, but finding medical until Medicare would be cost prohibitive. Plus the job now pays well, so leaving that on the table would be tough.

[shroom]

all you old dudes and pensions

1.2 and a paid off house now. that would mean no kids, though.

[Benny Profane]

I have an odd/old pension that was created move people out at age 55 and let the new blood into the company. High amount is at age 55, then it declines each year until either 65 or 67. They froze it before I had enough of a salary to make the monthly payment worth anything. I think I start at about $2k monthly if taken at 55; drops to about $1500 monthly if taken at 63.

Smart move would be to cash it out at 55 for current valuation of $400k and reinvest. If I wait to 63, it drops to about $300k. Comes back up to $400k at the 65/67 age. Makes for quite the conundrum....I want to retire at 55 and take the cash, but finding medical until Medicare would be cost prohibitive. Plus the job now pays well, so leaving that on the table would be tough.

Be careful with that cash out. I knew I had one coming, a very substantial sum, and thought, fuck, I'm smart, I could do a whole lot better than those boring old pension managers. Right. Spent a few years talking to some people and debating with myself, and decided to take the fixed annuity payment instead. Well, that was late 2007. We all know what happened in 2008.

[iceman]

Yeah we got to buy cheap stocks.