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1 in 4 Americans never plan on retiring

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  • bjl584
    started a topic 1 in 4 Americans never plan on retiring

    1 in 4 Americans never plan on retiring

    Saw this on CNBC this morning.
    I'm not sure how accurate these types of surveys are but it is concerning if it's true.

    Financial instability was the number one reason given as to why people said they will keep working

  • Longhorn60
    replied
    For 30 years I worked and saved 20% of my paycheck. Fortunately, I never touched that money. That money and my pension allowed me to retire at the age of 50. I haven't worked since. What I have learned about retirement planning, its not the size of the savings account (although that helps), but how much money one has going out every month. If you are strapped with credit cards, water crafts, car notes , then it will be very tough to retire. If you have no debt then its easy. I have had the same vehicle for 20 years, but its better than paying the crazy prices that ask now. we do some traveling (been to the grand canyon, rockies, NYC, Washington DC, the Keys). This was done cheap and lots of store bought food. One can do this, but you will have to sacrifice some luxuries when you are younger.

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  • Gailete
    replied
    Originally posted by disneysteve View Post

    1. Many people don't plan on retiring. They are forced to due to illness or disability or elimination of their job. If they haven't adequately prepared for that possibility, then what are they supposed to do?

    2. I love my job, and I can't wait for the day when I can walk away from it for good. Enjoying what you're doing and not wanting to do it until the day I die are completely different concepts.
    I know I sure wasn't planning on 'retiring back 17 years ago! Walked out of my office one day in horrible pain and never went back. I had plans made that I was working on so that I could retire somewhat early as I knew my knees were caput. Suddenly I found myself at home and started selling my books off since I thought I was dying and wanted to deal with them so my new husband wouldn't have to (we had been married 6 weeks when I got sick). It gave me an incentive to get up and before I knew it I had a parttime job going and then switched to sewing patterns when the books got too heavy for me to juggle them to pack them up. Several years in, even though the RA continued its steady march to destroy my body, I realized that for the most part, other than that, I was living my dream life. I had wanted to have a small home-based business, especially considering I live in the land of winter - and my last three years working I don't know how many blizzards I had to drive through white-knuckled. Now if a blizzard rages, I just whisper a quiet thank you! Even so, I am still working vigorously on stashing what I can into my retirement fund. My husband is a lot younger than me so there will be a big gap potentially between my SS check and his retirement as he has to work to 67, although I doubt that he can go on that long.

    One of my favorite activities, when I was working, was calculating how much I really needed to live on so that I could cut out 1-2 days a pay period, so that I could be home and start my own home business! LOL. Not that I didn't love doing my job and as an RN I found that I much preferred hands-on patient care but between my knees and promotions I never sought out, I ended up sitting at a desk most of the time. I took great pride when my guy with Guillain-Barre who came to me right after he was weaned off a ventilator and was a 4-5 person lift to bed, and was basically paralyzed. He walked out of the hospital after handwriting me a thank you note that is one of my precious possessions! Who wants to sit at a deck, when they could be part of that healing?

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  • Petunia 100
    replied
    I think a part-time job which you enjoy is a great situation for a "retired" person.

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  • disneysteve
    replied
    Originally posted by QuarterMillionMan View Post
    I had congratulated the female on her FB page a few years ago when she announced she would be retiring after 30'ish years of employment saying that was a tremendous accomplishment. When she announced that she would be returning to the work place I thought WTF (lol). If I announce my retirement on FB, I am not planning on returning to the work force.
    We've had this discussion here a few times: What does "retirement" mean to you? The traditional definition was stopping work entirely but as people are living longer, healthier, more active lives, that has changed. People want to stay involved and busy so they may "retire" from their career and then start working at something they enjoy and are passionate about. They aren't doing it for the money, though that certainly is nice. They want the socialization, the structure, the feeling of contributing to something, etc. I know a bunch of people who "retired" and then took other jobs and not for financial reasons.

    I've said before that when I was in family practice, my expectation was that I would retire and be done. Now that I do urgent care, I've changed my mind. This job is so much easier and less stressful. I can see myself doing this on a limited basis for a long time, so I may retire from doing it full time and switch to just doing it per diem. At my current job, that would mean working at least 8 hours/month.

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  • Smallsteps
    replied
    Originally posted by QuarterMillionMan View Post
    I had congratulated the female on her FB page a few years ago when she announced she would be retiring after 30'ish years of employment saying that was a tremendous accomplishment. When she announced that she would be returning to the work place I thought WTF (lol). If I announce my retirement on FB, I am not planning on returning to the work force.
    I had to laugh at this post as I too have seen these "retirement" announcements and even a few pictures of the party.
    Only to find out the Retirement angle was to save face as the person was really fired or on the verge of.
    Maybe some are true, with them finding out they were bored or taking a lower paying job in a field they always were interested in
    .More often in what i saw were people who had other things going on. if they said they retired rather then they were downsized and were either embarrassed or shy to go look for other employment in their late 50s or 60s. I see many people out there ,and yes, some jobs can be found but many people hear or think it is too late or no one will hire someone at (X) age.

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  • QuarterMillionMan
    replied
    I had congratulated the female on her FB page a few years ago when she announced she would be retiring after 30'ish years of employment saying that was a tremendous accomplishment. When she announced that she would be returning to the work place I thought WTF (lol). If I announce my retirement on FB, I am not planning on returning to the work force.

    Leave a comment:


  • QuarterMillionMan
    replied
    Both of those scenarios. One person I know constantly posts sayings on her page sort of "anonymously" such as "toxic workplace culture drives good workers out." Another person thought he could retire but found out to have insufficient retirement income and forced to go back to work.

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  • disneysteve
    replied
    Originally posted by QuarterMillionMan View Post
    Hum you've got a good point there ds. I was only looking at the people the people my age (I'm 53). A lot of friends on facebook post their retirement but then they have to go back to work at a lower paying job nonetheless. I would scratch my head thinking why did they retire and give up a higher paying job only to return to the workforce at a lower paying job. They should have kept working.
    I guess it depends on the whole story. Did they leave a high stress job and take something low key that covers expenses and letís their retirement savings continue to grow? Or did they think they could retire and then realize they couldnít support themselves and get forced back to work?

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  • QuarterMillionMan
    replied
    Hum you've got a good point there ds. I was only looking at the people the people my age (I'm 53). A lot of friends on facebook post their retirement but then they have to go back to work at a lower paying job nonetheless. I would scratch my head thinking why did they retire and give up a higher paying job only to return to the workforce at a lower paying job. They should have kept working.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by QuarterMillionMan View Post
    I rather see people realistically envisioning not retiring
    Those are the ones I worry about the most. Itís lovely to think youíll never retire but itís not at all realistic. If your ďplanĒ is to work until you die, what happens when youíre no longer able to work at 61 or 67 or 58? If you havenít been aggressively saving for retirement youíll be in a lot of trouble.

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  • QuarterMillionMan
    replied
    I rather see people realistically envisioning not retiring than those who unrealistically say they plan to retire at an early age but not having nearly enough to live on. TD Ameritrade has a commercial where the guy says he doesnít want to retire.

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  • Gailete
    replied
    >Those chasing a dream such as one lady I worked with spent at least 50 a week on lottery, but did not save for retirement, as she was sure she would win. It has been 12 years. the money of small wins she had were just reinvested hoping for the big one. She is 70 now and still working in a store. <

    $50/week x 52 weeks x 12 years=$31200!! That doesn't even include interest/dividends. etc. that would have grown that money!

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  • Captain Save
    replied
    Originally posted by Smallsteps View Post

    You are lucky that you enjoy your work i think the amount of people who DO NOT enjoy it is probably a large number.
    Perhaps that would be a better selling point not saving some X amount for retirement but instead teaching/ encouraging people to work towards financial independence to face multiple things in life not just retirement.

    not lucky at all.. .I was in an industry for 12 years. .and I actually enjoyed what I was doing but I did not have any control over my life. I decided to quit and take a major paycut and now my focus is doing something that will bring me income whether I'm actively "working" or not...however it takes some sweat equity on the front end.

    Leave a comment:


  • Captain Save
    replied
    Originally posted by disneysteve View Post

    1. Many people don't plan on retiring. They are forced to due to illness or disability or elimination of their job. If they haven't adequately prepared for that possibility, then what are they supposed to do?

    2. I love my job, and I can't wait for the day when I can walk away from it for good. Enjoying what you're doing and not wanting to do it until the day I die are completely different concepts.

    #1 .. They should be prepared for that.. hence why I said .. "what's more concerning is people not being financially independent" .. or at least not preparing to be.

    #2 .. that's great.. just because I don't want to retire does not mean everyone should do the same. At the same time just because you plan to retire.. doesn't mean everyone should as well. However I think everyone should be in a position to be flexible when that time comes. Another thing that's probably just as common as health problems when you get old.. is that you change your mind .. or circumstances change.

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