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Edited 1 time(s). Last edit at 2023-08-24 10:00 by wiredallnight.

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Big Al
State pension in the U.K. is 66, as mentioned above. In regard to actually retiring from employment, I’d imagine the age is going up. I have a colleague aged 76, and she has no intention of retiring anytime soon. I’m a civil servant, which means, historically, you actually sign-off at 60: my late father being someone who did so. However, with the cost of living, etc, it seems they most stay on for longer.

That's right . Retirement age may be 66 for those of us approaching it now...but that doesn't mean we can afford to retire.

Those of us who have worked in the private sector in lower paid jobs, and without the benefits of a good pension scheme, will struggle to survive on the meagre basic sate pension .

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kovach
USA is a bit different, you can get full social security at 67 but can take reduced amounts as low as 62. You get Medicare healthcare at 65. You can start to withdraw from your tax deferred retirement savings without penalty at 59 1/2. So...you have options depending on your situation.

This clearly explains the US system. I worked for 40 years for only three places and believe I was paid well/fairly. I realized I wanted more out of life than working in an office though and saved really hard the last 10-15 years to knock off at 59 1/2 and three months later I began working in local schools part-time doing Substitute work which I find really rewarding and enjoyable. I leave at the end of the day feeling like I made a difference and helped a few kids. I feel like I could do this type of work for another 10-15 years, I had a loose plan for something like this before "retiring" thanks to my financial advisor. I had talked with him several times in the years leading up to my retirement and some his best advice was not financial - it was that he recommended thinking of what I wanted to do also - he saw many people financially ready to retire but retired without a plan or goals for their retirement - it's not healthy to sit around without a good reason to get out of bed and not have somewhat of a heathy routine. I will be taking the day off when the new album comes out LOL

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Lynd8

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kovach
USA is a bit different, you can get full social security at 67 but can take reduced amounts as low as 62. You get Medicare healthcare at 65. You can start to withdraw from your tax deferred retirement savings without penalty at 59 1/2. So...you have options depending on your situation.

This clearly explains the US system. I worked for 40 years for only three places and believe I was paid well/fairly. I realized I wanted more out of life than working in an office though and saved really hard the last 10-15 years to knock off at 59 1/2 and three months later I began working in local schools part-time doing Substitute work which I find really rewarding and enjoyable. I leave at the end of the day feeling like I made a difference and helped a few kids. I feel like I could do this type of work for another 10-15 years, I had a loose plan for something like this before "retiring" thanks to my financial advisor. I had talked with him several times in the years leading up to my retirement and some his best advice was not financial - it was that he recommended thinking of what I wanted to do also - he saw many people financially ready to retire but retired without a plan or goals for their retirement - it's not healthy to sit around without a good reason to get out of bed and not have somewhat of a heathy routine. I will be taking the day off when the new album comes out LOL

Yes, the more I watch retirees, the more I realize sitting around doing nothing is a death sentence. Remaining active, physically and mentally, is key.

I only worked for 4 companies now in my 36th year, felt fairly compensated too. Could I have made more? Probably but I think I'd be worse for wear now. No regrets on that. Took lump sums in lieu of pensions at 2 of the companies and plan to do the same at the current one so no pensions to speak of, it's all me from here on out!

Working full time at 69. Could retire now but won’t. Enjoy my job. Keeps my brain active. And, as a travel agent, working from home, the benefits are too good to let go of!!

Rod

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kovach

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daspyknows
I retired at 59 but that doesn't mean I am sitting home in a rocking chair. After surviving covid I realized I had enough and getting on planes to work onsite at corporate clients was no longer what I wanted to do. I worked my 45 years in 35 by usually working 60-70 hours a week so getting it back now. Getting the opportunity to do what I want while I can now which means lots of travel for music.

The two criteria for retiring are can one afford it (with or without government retirement benefits) and does one want to continuing working or do they have other things they would rather do. Knowing how to manage ones investments goes a long way to being able to retire and that is now my "job".

I'm kinda in the same boat, spent some years traveling across country and occasionally around the world, some as a consultant working some very long hours, starting to feel my age into my 36th year of work (turning 59 next month) and probably going to call it quits next spring.

And I'll be bored in a month so will probably get a job doing something rather mindless and part time and far removed from what I do today just to stay active and earn a little beer money. Plus getting some of my health back (that is more exercise) that has somewhat been neglected the last decade as well as spending more time learning to play the guitars I have better! Possibly a move to a warmer climate after I get my kid through college in a couple years where I can live in shorts, sandals, and a t-shirt and hopefully, downsizing but into a house with a pool but first thing's first!

Oh, and yes, max out savings early if you can, things will interrupt it, having kids, time between jobs. And subscribe to Kiplinger (rather good investment monthly magazine).

Definitely have not been bored. Lots of travel. So far this year I have spent 7 weeks in Europe on two trips, multiple trips to NY with 2 more planned. Next trip is Ben Harper tour which will run me through 6 states, one trip to Austin and San Antonio for Tedeschi Trucks and another coming for First Aid Kit. I am in Southern California once a month too. When home lots to do and tons of local shows.

I watch CNBC and do lots of reading. So far this has worked out well. August has been a really good month in a down market.

It’s Mick and Keith’s fault. If those buggers had retired years ago, they wouldn’t be being used as benchmarks now.

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Spud

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Big Al
State pension in the U.K. is 66, as mentioned above. In regard to actually retiring from employment, I’d imagine the age is going up. I have a colleague aged 76, and she has no intention of retiring anytime soon. I’m a civil servant, which means, historically, you actually sign-off at 60: my late father being someone who did so. However, with the cost of living, etc, it seems they most stay on for longer.

That's right . Retirement age may be 66 for those of us approaching it now...but that doesn't mean we can afford to retire.

Those of us who have worked in the private sector in lower paid jobs, and without the benefits of a good pension scheme, will struggle to survive on the meagre basic sate pension .

The UK state pension is the lowest of any formulated countries.

I retired 3 years ago at 63.

Go cycling around 3-4 times a week and the garden keeps me busy. Looking to buy a smaller property next year and fortunate to have property in Spain in which we enjoy going to.
Started to receive my state pension last January and no regrets from me.

Might look at doing some volunteer work soon.

I’ve worked construction since I was 20. My body was broken at 54 years old and I ended up on disability. I never officially retired. I’m 64 now and live each day in pain. I’ve had 12 surgeries for broken bones, joint reconstruction, ligament damage and on and on. People say work hard and be tough. I would do it all over again not to feel this way.

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daspyknows

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kovach

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daspyknows
I retired at 59 but that doesn't mean I am sitting home in a rocking chair. After surviving covid I realized I had enough and getting on planes to work onsite at corporate clients was no longer what I wanted to do. I worked my 45 years in 35 by usually working 60-70 hours a week so getting it back now. Getting the opportunity to do what I want while I can now which means lots of travel for music.

The two criteria for retiring are can one afford it (with or without government retirement benefits) and does one want to continuing working or do they have other things they would rather do. Knowing how to manage ones investments goes a long way to being able to retire and that is now my "job".

I'm kinda in the same boat, spent some years traveling across country and occasionally around the world, some as a consultant working some very long hours, starting to feel my age into my 36th year of work (turning 59 next month) and probably going to call it quits next spring.

And I'll be bored in a month so will probably get a job doing something rather mindless and part time and far removed from what I do today just to stay active and earn a little beer money. Plus getting some of my health back (that is more exercise) that has somewhat been neglected the last decade as well as spending more time learning to play the guitars I have better! Possibly a move to a warmer climate after I get my kid through college in a couple years where I can live in shorts, sandals, and a t-shirt and hopefully, downsizing but into a house with a pool but first thing's first!

Oh, and yes, max out savings early if you can, things will interrupt it, having kids, time between jobs. And subscribe to Kiplinger (rather good investment monthly magazine).

Definitely have not been bored. Lots of travel. So far this year I have spent 7 weeks in Europe on two trips, multiple trips to NY with 2 more planned. Next trip is Ben Harper tour which will run me through 6 states, one trip to Austin and San Antonio for Tedeschi Trucks and another coming for First Aid Kit. I am in Southern California once a month too. When home lots to do and tons of local shows.

I watch CNBC and do lots of reading. So far this has worked out well. August has been a really good month in a down market.

Wow, good for you August has been a bummer for my investments. Sounds like you take a more active approach, I'm just well diversified and buy and hold.

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More Hot Rocks

I’ve worked construction since I was 20. My body was broken at 54 years old and I ended up on disability.

And in Germany, politicians have been publicly thinking about the retirement age of 70 for many years (with the reasoning that the state pension would otherwise no longer be financially viable).
Those who demand a retirement age of 70 should first work 45+ years on construction sites.



Edited 1 time(s). Last edit at 2023-08-26 00:00 by Irix.

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kovach

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daspyknows

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kovach

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daspyknows
I retired at 59 but that doesn't mean I am sitting home in a rocking chair. After surviving covid I realized I had enough and getting on planes to work onsite at corporate clients was no longer what I wanted to do. I worked my 45 years in 35 by usually working 60-70 hours a week so getting it back now. Getting the opportunity to do what I want while I can now which means lots of travel for music.

The two criteria for retiring are can one afford it (with or without government retirement benefits) and does one want to continuing working or do they have other things they would rather do. Knowing how to manage ones investments goes a long way to being able to retire and that is now my "job".

I'm kinda in the same boat, spent some years traveling across country and occasionally around the world, some as a consultant working some very long hours, starting to feel my age into my 36th year of work (turning 59 next month) and probably going to call it quits next spring.

And I'll be bored in a month so will probably get a job doing something rather mindless and part time and far removed from what I do today just to stay active and earn a little beer money. Plus getting some of my health back (that is more exercise) that has somewhat been neglected the last decade as well as spending more time learning to play the guitars I have better! Possibly a move to a warmer climate after I get my kid through college in a couple years where I can live in shorts, sandals, and a t-shirt and hopefully, downsizing but into a house with a pool but first thing's first!

Oh, and yes, max out savings early if you can, things will interrupt it, having kids, time between jobs. And subscribe to Kiplinger (rather good investment monthly magazine).

Definitely have not been bored. Lots of travel. So far this year I have spent 7 weeks in Europe on two trips, multiple trips to NY with 2 more planned. Next trip is Ben Harper tour which will run me through 6 states, one trip to Austin and San Antonio for Tedeschi Trucks and another coming for First Aid Kit. I am in Southern California once a month too. When home lots to do and tons of local shows.

I watch CNBC and do lots of reading. So far this has worked out well. August has been a really good month in a down market.

Wow, good for you August has been a bummer for my investments. Sounds like you take a more active approach, I'm just well diversified and buy and hold.

I have had a couple stocks do very well in August (Eli Lilly, NVidia, Pioneer Nat Resources) and do a bit of trading where I buy on dips then sell short term call options to generate income and make a quick 3% to 5% in a week or two on most of these. I treat it as my "job" and spend a few hours a day on it. Not really day trading but definitely more active. I did this while traveling through Europe in June and paid for the entire trip.