Retirement

[gbaglo]

I'm still thinking about it, but, I've seen a financial adviser, and the company is offering $150,000 to leave on a substantially reduced pension ( as in, can I afford gas for my tow ?). And, then I realized that $150,000 is only 7,500 12-packs of beer.

baglo

[escape artist]

Hi: gbaglo...Glenn. When we got married a 2-4 was $5.50 and my allowance was $10./wk. Now a cheap 2-4 of beer is $26.50 and my allowance is still $10.00/wk. Inflation will pick your pocket...book!!! Alf
escape artist N.S. of Lake Erie

[Donna D.]

My aged parents are constantly on me to take retirement as soon as I can even if it means not having as much in the future. Their thinking is everyday is a gift and no one is guaranteed tomorrow. What they've found is their mind is willing, but the body is not. If one takes retirement in their early 60s, you really only have about 15 quality years to travel. After that time it becomes more work than pleasure. Doesn't mean folks over 75 aren't traveling, but fewer at that age spend much time away from home. At least not for weeks on end. Grab the brass ring!

[JeffZ]

I'm agreeing with Donna.. who the heck knows what tomorrow will bring, but one thing is for certain.. Taxes! So spend the denario now as we know in Glen case, the mind will be the first to go and he won't know whats going later on anyway..

[thoer]

I heartily agree - Glenn - go for it. As my friend says - retirement is the best job I ever had. You will love it.

[Hokie Escape]

Originally Posted by Donna D.

My aged parents are constantly on me to take retirement as soon as I can even if it means not having as much in the future. Their thinking is everyday is a gift and no one is guaranteed tomorrow. What they've found is their mind is willing, but the body is not. If one takes retirement in their early 60s, you really only have about 15 quality years to travel. After that time it becomes more work than pleasure. Doesn't mean folks over 75 aren't traveling, but fewer at that age spend much time away from home. At least not for weeks on end. Grab the brass ring!

There's certainly some truth to that! My problem is, I still really enjoy what I do.... But then again, there are places to go, and things to do, too! A little quandary. Maybe my partner and I could go half time, and alternate months we work He'll work Jan, me Feb, him March, etc. Or, maybe he'll work those 3 while I'm in a warmer climate, then alternate : - ) I get kind of "down in the mouth" thinking about it : - )

[gbaglo]

Actually, taxes is the issue. I can shelter about 120,000 but when I take it out it is taxed, and the other 30,000 is taxed now. So, a pension that's about $1,300 less a month at age 62 than it would be at 65, and continues that way until we croak, tends to add up.

Given my health, I would prefer to have the money I earn now and can spend now, rather than sitting in some tiny apartment, looking out the window, wishing I could use more than three sheets of toilet paper. No way I could afford RV toilet paper.

Besides, how hard can it be to take pictures and video for a living?

baglo

[Vermilye]

So, a pension that's about $1,300 less a month at age 62 than it would be at 65, and continues that way until we croak, tends to add up.

To me the real question is do you need it? It doesn't matter how much you make in retirement if it is enough. What will you do with more than you need? I'd invest some time making realistic predictions & see how it goes...

[gbaglo]

Well, if your expenses are $1,200 more than your pension, and your daughter still is at home, going to school, paying her own tuition, about to lose her temp job, and you don't have to time to find out if you can cut your expenses, because there is a deadline to accept the offer.....

I could go on and on, but from what I read, you need to plan your retirement, not be coerced into taking it by the company.

Believe me, I have lots of regrets when it comes to saving for retirement, the house I bought, the stocks I invested in, but I still have had a great job for 40 years and hopefully three more.

And, I've got three more years to make plans.

baglo

[Hokie Escape]

Originally Posted by gbaglo

Well, if your expenses are $1,200 more than your pension, and your daughter still is at home, going to school, paying her own tuition, about to lose her temp job, and you don't have to time to find out if you can cut your expenses, because there is a deadline to accept the offer.....

I could go on and on, but from what I read, you need to plan your retirement, not be coerced into taking it by the company.

Believe me, I have lots of regrets when it comes to saving for retirement, the house I bought, the stocks I invested in, but I still have had a great job for 40 years and hopefully three more.

And, I've got three more years to make plans.

baglo'

AND, you've got a great trailer to go sit in while you contemplate it all : - )

[gbaglo]

Yup. I'll always have a home.

baglo

[Hokie Escape]

Originally Posted by gbaglo

Given my health, I would prefer to have the money I earn now and can spend now, rather than sitting in some tiny apartment, looking out the window, wishing I could use more than three sheets of toilet paper. No way I could afford RV toilet paper.
baglo

Get one of these (http://www.campingworld.com/shopping...solution/16617) and you can use regular toilet paper! If that is the deciding factor : - )

[gbaglo]

$89 for a do-it-yourself colonoscopy?
That's cheap.

baglo

[escape artist]

Hi: baglo...Glenn... This is only my snapshot, but your plan is not giving you $150 grand they are deducting it from your total now and then paying you per mo. from the leftovers. To loose $1300 per mo. is a whoping loss. I'd stick it out 3 more years if I was behind your lens!!! Alf
escape artist N.S. of Lake Erie

[gbaglo]

Yah. That's already been my call. I turned it down, as did the guy next in line. So far, the only photog to take it is two years from 65. Sold his house a few months ago, putting money in the bank. Built his retirement home, which is ready to occupy at the end of Oct. ( same as his termination date ).

Take the buyout and lose a very good salary, medical, extended health and dental and a $50,000 insurance policy. ( and the company car, cell phone and this computer - and I'd have to pay for my high speed internet ).

Also, in B.C. there is no mandatory retirement. I can work until I'm 100 if I choose. They offered people now over age 65 $50,000 if they would go away. They did that about a week ago.

They made the buyout offer and gave us three weeks to apply and then another week to respond if we were accepted. Read an article about planning for retirement and it would really be a leap of faith to accept it.

I answered the questions in the article and had the "right answer" for about one in ten. First item was to "choose retirement, not to accept it through coercion.

I have one of the best jobs you can get - one I've often described as "early retirement on full pay".

Do you realize that if you retire you don't get vacation

baglo

[escape artist]

Originally Posted by gbaglo

Actually, taxes is the issue. I can shelter about 120,000 but when I take it out it is taxed, and the other 30,000 is taxed now. So, a pension that's about $1,300 less a month at age 62 than it would be at 65, and continues that way until we croak, tends to add up.

Given my health, I would prefer to have the money I earn now and can spend now, rather than sitting in some tiny apartment, looking out the window, wishing I could use more than three sheets of toilet paper. No way I could afford RV toilet paper.

Besides, how hard can it be to take pictures and video for a living?

baglo

Hi: baglo...Glenn just a note on affordability of TP!!! Our No Frills store had a special sale on White Swan 1ply. 24 rolls for $3. bucks so I picked up a case 4X24roll packs. Trouble is my wife got 3 cases too!!! 384 rolls should see us thru till "Retirement". I hope we can use some of it in "Our Escape Hatch" : Alf
escape artist N.S. of Lake Erie

[PGDriver]

1 ply... Glenn good thing you didn't retire.

[Hokie Escape]

Alf....that means 3 folds for every square of 3 ply!!!!!!! What were you thinking?

[escape artist]

Hi: HokieEscape...Dan I was thinking back to what our "Sceptic" man said about using 1ply. "It dissolves faster!!! Alf
escape artist N.S. of Lake Erie

[PEI peapod]

Sure glad we've got the tiolet paper question solved. Retirement is worthy of much more deliberation. Now 67. Been mostly retired for 10 years. You need a much income every month as you are going to spend. It gets replenished every month.......without working for it.......hoooray.