When will you retire?

Hampton

Hampton

Air Defense Dept
TECHNICAL Contributor
Nov 26, 2006
7,628
Panama City, Fl
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2008 44 Sedan Bridge
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Cummins QSC-500's
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I'll retire from the military in about 2 years. Then, I'll return to the airlines with 11 years seniority. I used to think I'd retire from that job at age 60. 10 years as a first officer, and 10 years as a Captain.

Since 9/11 we've been set back quite an awful lot. This past year, retirement age was extended to 65 (from mandatory 60). This stagnated progression up to an additional 5 years. They say that for every year an airline pilot works past age 60, he dies two years earlier. That leaves 3 less retirement years per year worked past 60.

Since our retirement benefits were taken in bankruptcy, I'm pretty sure I'll have to work past 60. 10 years first officer, 5 more years military, 10 years Captain? The tough part about leaving early is that you miss out on the highest seniority, highest pay, best schedules of your entire career.

Perhaps I'll be able to work a light schedule in my senior years and delay the point at which I have to start liquidating assets. If I live on a boat, cruise around, and commute to work, I could hang on until, well, 'til I die. That's our new retirement plan - fly 'til you die.
 
As I tell my kids I will be working till I am a 110 to pay their bills. Kids make boating look like a cheap hobby.

I work 14 hours 2 on 2 off at least, no break no sitting moving constantly. Last week I worked 82 hours. I am concerned about how long I can keep this pace up. Only time will tell. On the plus side I try to stay in good shape by swimming most days.

What is a pension? The 401K is another problem. Until we were bought out about 6 years ago it was poorly managed, poorly funded, and had high fees. In addition they used all the tricks they could think of to deny a match. The average participant had no idea what was going on in their 401k. Congress eliminated a lot of those games a couple of years ago.

I am less concerned about the markets current downdraft than the mismanagement of the 401K for about 20 years. That should give you an idea of the enormity of this problem. When the 401K was first introduced the main office had no idea about it. I had to mail them the article from Forbes, there was no email then. It then took then several more years to implement the plan.

Best be salting away for retirement while counting on one's self to finance the golden year.

Have a great day!! I have to work tomorrow.
 
I'll max out my pension in 32 years, when I'll be 55 years old. I've waited two years to get hired on as a firefighter....can't wait to start recruit school in just over a month. I'll be taking a pay cut the first few years, but the benefits and job satisfaction are unmatched.
 
Hampton said:
I'll retire from the military in about 2 years. Then, I'll return to the airlines with 11 years seniority. I used to think I'd retire from that job at age 60. 10 years as a first officer, and 10 years as a Captain.

Since 9/11 we've been set back quite an awful lot. This past year, retirement age was extended to 65 (from mandatory 60). This stagnated progression up to an additional 5 years. They say that for every year an airline pilot works past age 60, he dies two years earlier. That leaves 3 less retirement years per year worked past 60.

Since our retirement benefits were taken in bankruptcy, I'm pretty sure I'll have to work past 60. 10 years first officer, 5 more years military, 10 years Captain? The tough part about leaving early is that you miss out on the highest seniority, highest pay, best schedules of your entire career.

Perhaps I'll be able to work a light schedule in my senior years and delay the point at which I have to start liquidating assets. If I live on a boat, cruise around, and commute to work, I could hang on until, well, 'til I die. That's our new retirement plan - fly 'til you die.
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I think the average life expectancy in the US is about 78. If you work untill 65 but lose 10 years due to working, that means you'll only make it to 68. If your going to have that short a retirement you won't need so much money so why work that long. Thinking about your upcoming retirement too long is going to ruin mine, I'm older than you.
 
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Well, it now looks to be 66, that's 8 more years. The down side is the admiral is 10 years younger so we will need to look at that situation as we get closer.

I am fortunate to work where I have 403(b) that is paying a $ for $ match on 8% and I am putting away the max including catch up. If the real estate market cooperates and turns around, we plan to be living on something in the 50'+ range in 5 years and when it's time to quit we're going cruising. Lotta "ifs" in this scenario but all you can do is develop the plan and try and stick to it.

I don't fly like a couple of you guys but I have had one knee replaced and the other one gets replaced in 30 days. Big Express boats are looking better and better.
 
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I retired as a Senior Engineer this past June...but at the request of my employer, I work 16 hours a month from home and at my convenience, to help out, and occasionally when my previous co-worker (who inherited the job both of us used to do) needs vacation time. I turned 68 shortly after retiring and now enjoy getting up in the morning when we naturally wake up instead of beginning our day with an alarm clock.
 
The admiral and I are both the same age, 41.

I have a confession. Both the admiral and I enjoy our jobs.

Based on multiple online financial tools, we plan to be financially ready to retire by age 58.

As to when we will actually retire, I don’t have a date. The best answer I can give would be this. After we are financially able to retire based on reasonable and conservative assumptions and once we are no longer having fun or our health dictates that we are no longer able. Sorry, this does not provide a specific number but its our plan.
 
Well I must be in the lucky minority. I'll be celebrating 3 years fully retired this month. I am 62, retired at 59. 24 years active military service and 10 years state service. The state retirement benefit sucks and even sucks more because when I became social security eligible the state cut my benefit by about $100.

Wife continues to works, she is 9 nine younger and is a registered nurse, has been for
20+ years. She recently went to a 3 day schedule, kinda preping for retirement in maybe 2-3 years.
 
Our plan is for me to retire at 55, 42 now. UBS financial dude states it will happen at our current savings rate. We save 25%+ of gross, so far.

We are trying to balance having nice toys now versus having nice toys later. My wife thought she grew up poor. Come to find out her dad was frugile, saving for the future, so now he lives a great life. I like that idea but I do not know if I will even make it to 60.

I say retire, I will always be doing something...can't sit still for 10 minutes kind of person. My plan is to be in a position to do what I want to do and work if I want to.

We will see.....

BTW, from my retired folks and my wife's, the biggest expense for them, which I never thought about, health care...the premiums are incredible.....make sure you are planning for this extra expense.
 
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Let's see ... I am 47 ... my wife is 38 and we have a 2 year old son ... we checked ... there are web sites where you can run these estimates ... when he turns 20 a four year college degree will cost approx. $180K to $200K ... sooo us RETIRING?? Probably never. Even though we are saving at 22% of gross p.a. I am probably needing to sell our organs and intestins to the highest bidder to allow my son to go to college.
 
I am 36 and have no idea when and if I can retire. My wife just started her career as a Cardio Vascular Tech. so hopefully this will help out with things. As for Social Security and Pensions, my generation is screwed.

The way I see it, we'll all be lucky if the world lasts another 25-30 years at the rate it's going! LOL! If I do reach retirement age, I guess I'll deal with it then. My motto is plan for tomorrow and live for today!
 
Presentation said:
Based on multiple online financial tools, we plan to be financially ready to retire by age 58.
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Based on "financial tools", last week, I could have retired a month ago. Using those same tools today, I can't retire for another 35 years. :grin:

But seriously, for me it boils down to the difference between inflation rate and the rate of investment return. And since both those numbers are basically unpredictable . . . I will stay working.

I have enough to be "better off than most", but not so much I can be careless and sloppy.
 
"As for Social Security and Pensions, my generation is screwed."

No worries, Social Security will be bailed out for us. I laugh every time I get the statement from SS telling what I will receive per month based on my contributions to date.

I would pay to not have to contribute to SS...

By the way, try to remember, SS was not established as a means for retirement.....
 
mrsrobinson said:
........I would pay to not have to contribute to SS...
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My wife is the manager of the local SS administration building. She's been in the FERS retirement system since '74. She's NOT in the SS system...ie; she pays nothing into SS but will get nothing out of it either......kind of like 'they' new it wasn't going to last in the first place. Sometime in the mid 80's they changed their system and made it mandatory for all new employees to contribute to SS, but gave the vested employees the option. Smartly, she opted to stay out of the SS system.

I've been asking her for years to hit some buttons on her computer to get me out of the SS system....she's just too damn honest....
 
osd9 said:
My wife is the manager of the local SS administration building. She's been in the FERS retirement system since '74. She's NOT in the SS system...ie; she pays nothing into SS but will get nothing out of it either......kind of like 'they' new it wasn't going to last in the first place. Sometime in the mid 80's they changed their system and made it mandatory for all new employees to contribute to SS, but gave the vested employees the option. Smartly, she opted to stay out of the SS system.

I've been asking her for years to hit some buttons on her computer to get me out of the SS system....she's just too damn honest....
Click to expand...

Interesting...so if I read this correctly Gov't employees at one point were given the option to not contribute to SS and could contribute to FERS instead?
 
I'm 36, we have a 7yr old and a 4yr old, and my wife is a stay at home Mom. I've been fortunate with my career so far, so 20 yrs from now I can see myself having the ability to retire (lots of assumptions there!)

My wife is going back to teaching next year, when our kids are in school full time, and the goal is to take all of that income and put it away.

When I retire, I'm sure I will do something. I might consult, or teach, or work at a gas dock, who knows... I'm also someone who can't sit still, and while I would like the ability to retire, I would also like to have something to keep me going.

All 4 of my grandparents lived (or are living) well into their 90's, and my parents are in great shape as they are about to hit the 70's, so hopefully we have a little longevity on our side.
 
I am 43....will be eligible to retire at age 50 (under Federal Law Enforcement)....mandetory at age 57. Right now I don't know if I will go at 50 or not.....I will cross that bridge when I get there.


mrsrobinson said:
Interesting...so if I read this correctly Gov't employees at one point were given the option to not contribute to SS and could contribute to FERS instead?
Click to expand...


There was a change in the retirement systems in 1984 or 1985(I think)....the old system prior to these dates was CSRS (Civil Service Retirement). These employees did not contribute to Social Security, but are paid a percentage of their salary when they retire, based on their years of service. After 1984/1985 (FERS) the retirement was changed and contributions are now made to social security...but the big change was the establishment of a 401K type vehicle...which includes matching funds(if you contribute 5% the gov't will match 5%). The FERS program is a "3 source" retirement....social security, pension (% paid based on salary on years of service) and 401K.
 
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I'm 57, and the admiral is 49. Daughter is 19 and a freshman in college; son is 14 and in 8th grade. Our plan is for me to wind down my current business before son goes to college, when we plan to start our Great Loop. Both kids' college funds are ample, unless the market goes WAY South. After looping, I plan to teach some so I don't go crazy with nothing to do but watch the stock ticker all day.
 
I have no idea.

John, You should come out here, when you're ready to slow down. There is a large Seaplane airlines here that shuttles people from the San Juan Islands and resorts in Canada to and from Seattle.
You can live on the boat next to the Marina and have no commute.

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