Why don't old folks retire when they can?
- Thread starter ClonesTwentyOne
- Start date
Some will.
The bigger issue will be when they/we start living until 85+ and want to retire at 55 or 60. Having 25-30 years of retirement savings is a lot.
yeah I would definitely agree that this is the mentality - work to live - but whether or not it's a financial option is another thing. Though I actually think the Gen X-ers may be worse off in that regard. They already had mortgages, student loans, kids, etc. when the recession hit. I would guess they are further behind on retirement - and they have less time to have compounding on their side. Millennials have put off home buying and having kids (though they still have the whole student loan thing). Quite a few of my friends (who are able to) have started putting money toward retirement - you see that on the financial threads here too sometimes. The 20-somethings talking about what they are invested in and their retirement savings. I think of a lot of them don't expect to see social security and are more financially conservative so they are trying to start on retirement now. Whether enough of them are saving enough is the question.
Yeah that's the issue. Planning for a 40 year retirement where health care and end of life costs continue to skyrocket. I think most completely underestimate the amount of money it is going to take our generation to retire comfortably.
CycloneErik
Well-Known Member
This is refreshing.
Historically, every generation makes the same negative generalizations about the younger generation, and it hasn't really been true yet. They'll get done what they have to get done, and a lot of it is after being left in some pretty ugly scenarios. They'll overcome.
I plan to retire "officially" the day I can if not a smidge sooner praying all goes well. Then I will probably take some time off and travel a little. Come back to a chump job for some extra walking around money and some social interaction. But on MY terms. If I dont like what I see, I can leave without repercussion. I work to live, I dont live to work. Im not one of those people with vacation time that accumulates every year and doesnt take it. Life is too short to dedicate to making someone else money at the expense of my sanity.
One difference between boomers (I have a sister smack dab in middle) and us Xers ( I'm in the middle, big gap from oldest sis and me) is that we were lectures that SS would be gone so most of my friends started retirement in their 20s. Many boomers weren't thinking about it, and I don't mean the dope smoking, free love hippies.
I started right out of college, not a lot, but something. I could quit contributing now and survive, but here on out is increased security. Plus, I load roths to pass to my kids', never plan to touch them. I have businesses that I plan to pay for my old time living.
I started right out of college, not a lot, but something. I could quit contributing now and survive, but here on out is increased security. Plus, I load roths to pass to my kids', never plan to touch them. I have businesses that I plan to pay for my old time living.
Isn't it the rule of 90 or 92 now? Pretty sure it switched to 90 back in 2010/11ish and there was at least talk of going 92 really quickly after that. Don't know if there was grandfathering talk or not since I'm nowhere near that rule.
I know plenty of 'old folks' who retired as soon as they were able to. This big world is made up of a whole lotta different people.
This. I was saving like a mad man. Ive eased up a smidge because...hey you gotta enjoy life now too. Not being able to retire terrifies me, but I think I have a decent trajectory. My father in law kept on working for ISU past 65 because the insurance was so damn good. I dont have that where I work.
You stop it. Just stop it right now. :smile:
If being a mod paid me, I would probably enjoy it more than what I do for a living.
I think my neighbor growing up laid out my retirement plan. Once he retired he got a part time job mowing grass at the local golf course in the morning. This allowed him to have some walking around money and a major discount on a membership at the golf course. Then he would spend the winters in Florida.
- Mar 27, 2006
- 42,740
- 33,760
- 113
It's still 88 for IPERS.
I tell you what, if you're an Ames high school or college student, looking for a part time job, before you take that gig at Walmart or McDonalds, try to look at public entities first. Get a job parking cars or washing dishes in the cafeteria at Mary Greeley. Any time you work for a public entity, counts toward IPERS. To begin with, it's a good place to work, and if you end up with a public sector job down the line as your career, you're doing yourself a favor.
Last edited:
