Realistically, when do you think you can retire?

Recently we learned our pensions are being frozen starting next year..we'll still get the interest but no more of the company adding more $$. We don't have the ability to pay into it ourselves. They did at least increase the % they add to the 401K to make up for it.

No real surprise, both with current state of the world plus that pensions aren't something important to the college crowd just starting their career.

 

Welcome to the [*#@!]'d by your company club! Thing is they don't GAF. You are just a number. They did the math and the chances of you or your colleagues leaving or going to a competitor over this aren't enough for then to stick to the terms and conditions conveyed to you when you started.

PS: How about your unused sick time? One thing we HAD: we could actually retire up to 6 months early with accumulated unused sick time (So much for that 1,900+ hours)

 

That's funny..the sick time thing. About 7 years ago they started capping us at 3 weeks worth to have at one time. We can earn 8 days a year.

In other words, someone like me that takes 1-2 days a year being ill basically gets hosed out of earning the other days while someone who calls in and goes to the beach or something using all their days will get to use them as extra vacation days basically.

 

9 days.

 

I'm in IT and goal is 58.5 or 59 to retire. I started late too...I have 14 year young daughter and a 11 year young son. 51 in March so retirement time is inching closer. Already working out something with my employer that would allow me to continue part time after I retire. I can work anywhere with an internet connection. So I'll travel, fish/hunt and work a little to keep my brain functioning.

 

I can retire at 50 with a government pension and 401k. Will likely do that and work a part time for hobby/travel money.

 

Enjoy sir!!

 

It was kick in the knackers when they froze our pensions, fortunately I saw the writing on the wall 25 years ago. I took control of my retirement at that time. (basically stay away from debt and not fall into the McMansion mentality that many seem to dive into. It's just a house.

Never purchased any big ticket items new and spent reasonably and found a hobby that makes me WAM (walking around money).
I don't feel I sacrificed enjoying life to save money. According to some of the payment poor coworkers, they may disagree. I dunno? I'm 53 and they are gonna have to keep working another 10 years. I'm not sure who really comes out ahead. They did more stuff while younger and have the energy. I get to do that stuff now with a few, constant aches and groans.

 

55.... which is 9 years from now. Thankfully, my Pensions (two sources) are pretty significant. I won’t be getting rich, but when I retire my net income will be the same as when working. Plus I have a 401 k I’ve been paying into for a long time. With no kids to put through college and relatively little debt it should be a nice retirement.
While I may work some in retirement, if I do it will just be something to do and on my own terms.

 

TMI here....but your first paragraph and McMansions is one of many reasons that hindered my ability to continue with my marriage. She wanted the 2K a month payment in a lot/block city setting and the "image" of having our shat together. I have my land and a simple home that will be paid for in 5 years...been in this spot for 25 years. Handing it to my kids at 65 so they can have something. Then I move way, way, very far out into the boonies. Close enough to an area with good healthcare but still way out in the country away from people. Latter comment may be a pipe dream but it's a goal.

I ride enduro. So completely hear you on aches and pains! But it keeps me young...ish.

 

I thought such a place was a mythical place populated with leprechauns, dragons, Sasquatches and the like

 

11 days!! Too funny we are so close.

 

Pretty much anywhere I look hasn't offered pensions in a while, except union jobs perhaps so it's not a shock to me that it's happening.

I have the "just a house" as well, bought what I could afford versus what I wanted. Put a ton of money in over time, eventually I'd like to move south and pay cash for a house..a little bigger garage and inground pool is my only real indulgences.

I guess re the doing things it really depends what you want. Some people love to travel. My parents always wanted to and never did, now with Mom on dialysis it isn't really an option.

I'm very blessed in that my wife is very thrifty and good with money. I suck at it but I'm working on improving. I could go to less concerts for instance..but we're on track to own our house in 8 years because we aggressively pay the mortgage. I have a second job that takes care of the car payment (200-300 a month) and we purposely plan to not have 2 loans at the same time.

 

Sixteen years ago at age 59. Two phrases that should never be said in the same sentence--"60 years of age" and "middle school teacher". Still miss the kids, coaching, some of the adults, but grading papers--not at all.

 

Yikes!

Thank you for your service. All those hormones floating around. Thanks, but no. I can't think of a job that is more underpaid.

 

Due to the current state of affairs and our economy as up and down the way it is, I can't see anyone's pensions being paid out as they are deserved to them. I've heard of many pensions being scammed from right out under folks after 20+ years of workforce loyalty to a company, which is in no way fair. If our government is broke as a joke, what hope does that leave for any other US based company?

At the brisk age of 31, I cannot foresee any sort of retirement at any point in my life while living in this nation.

This post is not intended to be a smartass one or even sarcastic. Just my general observation of the world (and by world, I mean the US) at this point in my life.

 

SS is essentially empty.

401K is in the same.

Other investments are following suit.

I've adjusted my retirement expectations to a body bag being toted out of the office.

 

I was thinking the first line about SS 40 years ago. But I can start now, and get around $1X00 month. Over $2X00 or so if I wait a few years.

I put my 401K is max drive. That account and my rolloover accounts, doing just fine. That is how I am retiring, basically.

But I also have a few businesses I run, that I started 12-20 years back - just in case. I am not getting rich from these, but they do just fine. I can buy mods and toys with the money. Plus it helps save more money.

I also will get a small pension of about $500 month, that I sort of forgot about.

My point is - don't be pessimistic. Work hard, pay yourself first (meaning - always save at LEAST 20% of every dime that comes in!!!)

 

If SS is gone in the near future, the country is toast. I don’t know what that will look like, but it won’t be good. We all know the vast majority of Americans are living off SS and SS disability. Take that away and the US will be a third world country in short order. That gives me some (very small) hope that those in power, that want to remain in power, know they have to shore up the shortfall soon.

I’ve always said that if they take away SS, I’m not paying another cent of federal tax until I make back the money I paid in. It’s a win win really. I either pay no taxes for a long time or they put me in prison and pay my room and board.

 

When the LOML and I planned our retirement funds. We set everything up to NOT include SS. We did this in 1991. Set up multiple accounts, funds, investments. Any time I leave a company, the 401K gets pulled out to roll into one of our plans. I always bury the % to get the maximum of company matching in the retirement plans.

We'll have money. But I still expect my retirement will be a body bag and LOML will have all the nest egg.