The Captain
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Post by The Captain on Jun 12, 2014 16:17:00 GMT -5
I would like to have the choice to retire at 56-57. By then, hopefully, DD will be done with college and the house will be paid off. I enjoy what I do, but would like to cut back on the hours to have more time for my hobbies.
That will give me 39 years in the workforce. I've worked full time since I was 18 (even during college).
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kittensaver
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Post by kittensaver on Jun 12, 2014 16:20:02 GMT -5
Probably another 2-3 years here, then taking the mommy track to "retirement" hopefully. Who knows though. That doesn't answer the entire question. At what age do you plan on retiring and how many years total in the workforce will that give you?
I've been full-time in the workforce in two different careers for 35 years. I intend to work for another 11 years and "retire" at age 70. By then the only debt we have (the mortgage) will be paid off and I will have enough money to go to medical school without taking out any loans. My horoscope says I'm supposed to live to be about 102, so I'll have plenty of time to practice . A dream looooooong deferred . . . .
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Phoenix84
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Post by Phoenix84 on Jun 12, 2014 17:34:09 GMT -5
What type of medicine do you intend to practice?
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Phoenix84
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Post by Phoenix84 on Jun 12, 2014 17:43:37 GMT -5
I just picked 40 years of full time work since it was a round number. Who knows what will really happen. SS will probably be totally different, if it's still around at all, so I'm not really counting on it. Healthcare could be a major issue for anyone retiring before medicare age. I'm not sure what the rules are governing federal employee health benefits for retirees. There could be any number of factors that could make me work shorter or longer. If I'm still single and have nothing else to do, I might end up working until I drop dead. On the other hand, if I hate my job I may retire earlier. Who knows?
Still, it'd be kinda cool to get to 40 years.
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Phoenix84
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Post by Phoenix84 on Jun 12, 2014 17:45:16 GMT -5
Right now all of my projections I do in excel regarding current retirement and savings balances are built out to the age of 62. That said I'm aiming to be able to retire before then and as others mentioned work part time and/or volunteer my time to keep busy. I know too many people who had health problems in retirement or died young after working long hours their entire life. No one on their deathbed wishes they worked more. I don't know if that last statement is really true. I think there can be some satisfaction of feeling like you worked hard during your life and earned your keep and provided for your family. I know everyone defines success differently, but I can't imagine too many people die relishing the fact they were lazy.
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vonna
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Post by vonna on Jun 12, 2014 17:49:37 GMT -5
Right now all of my projections I do in excel regarding current retirement and savings balances are built out to the age of 62. That said I'm aiming to be able to retire before then and as others mentioned work part time and/or volunteer my time to keep busy. I know too many people who had health problems in retirement or died young after working long hours their entire life. No one on their deathbed wishes they worked more. I don't know if that last statement is really true. I think there can be some satisfaction of feeling like you worked hard during your life and earned your keep and provided for your family. I know everyone defines success differently, but I can't imagine too many people die relishing the fact they were lazy.Phoenix, so do you think once a person is retired, they are lazy?
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kittensaver
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We cannot do great things. We can only do small things with great love. - Mother Teresa
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Post by kittensaver on Jun 12, 2014 17:50:10 GMT -5
What type of medicine do you intend to practice? Functional Medicine (look it up). I'm still waffling between a Naturopathic or traditional medical school.
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Phoenix84
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Post by Phoenix84 on Jun 12, 2014 17:50:30 GMT -5
I am hoping to "retire" at age 55 (DH will be 58). That would put me at 33 years in the workforce fulltime (I worked part time jobs for another 4 years-high school + grad school). I need to do the math to see if that will work 55 just seems like a nice round number. I don't have a pension but DH does (govt). If I stay with my current employer and their retirement plan doesn't change, I would have a pension as well. I don't see that happening though, as I want to move to an area where my employer doesn't have any locations Could you work from home full time?
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Phoenix84
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Post by Phoenix84 on Jun 12, 2014 17:52:26 GMT -5
I don't know if that last statement is really true. I think there can be some satisfaction of feeling like you worked hard during your life and earned your keep and provided for your family. I know everyone defines success differently, but I can't imagine too many people die relishing the fact they were lazy.Phoenix, so do you think once a person is retired, they are lazy? No, you missed the context given above. I mean when you retire, I can see people taking pride in a job well done and doing their part for society. Retirement has no meaning to someone who never really worked in the first place. If you're on your deathbed, would you rather remember yourself as a contributing member of society or lazy mooch who never really worked for anything they have?
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kittensaver
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Post by kittensaver on Jun 12, 2014 17:53:08 GMT -5
Okay - here ya go Phoenix84 (saved you the trouble):
Functional Medicine addresses the underlying causes of disease, using a systems-oriented approach and engaging both patient and practitioner in a therapeutic partnership. It is an evolution in the practice of medicine that better addresses the healthcare needs of the 21st century. By shifting the traditional disease-centered focus of medical practice to a more patient-centered approach, Functional Medicine addresses the whole person, not just an isolated set of symptoms. Functional Medicine practitioners spend time with their patients, listening to their histories and looking at the interactions among genetic, environmental, and lifestyle factors that can influence long-term health and complex, chronic disease. In this way, Functional Medicine supports the unique expression of health and vitality for each individual.
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souldoubt
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Post by souldoubt on Jun 12, 2014 17:55:26 GMT -5
Reading what you wrote none of that has anything to do with what I meant. When the lights are about to go out permanently I don't envision anyone thinking "you know what, I wish I worked more and missed out on things with my kids/wife/friends." If anything people wish they were there for more or had more time with their family. My grandfather worked for one of the major oil companies for almost 40 years. He was able to retire at a decent age but shortly thereafter he had health problems that prevented him and my grandma from taking all the trips they planned. One of his biggest regrets was the fact that he put in so many long hours and missed out on some things along the way. He was still a great dad and grandfather and none of his kids or grandchildren felt like they were an afterthought but that didn't change how he felt. He told me he felt bad that he couldn't do more with me due to his health concerns since my dad was MIA. Being proud of what you accomplish career wise and working yourself to death or missing moments in your kids lives because of work are two different things.
Edit - this makes me think of the movie Click. Not using that as proof of anything rather he saw what his life was like if he worked long hours to climb the corporate ladder - he missed vacations, had strained relationships with his kids, lost his wife and had health issues that were a result of his choices. Taking pride in what you accomplish in life career wise is great but for some people that's all they have because they've burned other bridges or haven't made those connections that many people strive for. I probably am wrong because I'm sure for people who only had work they wished they accomplished more when their time comes. More power to those people but I'm not aiming to be one of them.
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swamp
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Post by swamp on Jun 12, 2014 17:56:19 GMT -5
Seems like most posters misunderstood the question.
At what age AND how many years in total in the workforce will that give you?
Just telling us "I have 16 more years" doesn't tell us much. For all we know you just started work yesterday and will only have 16 years in the workforce. I started working as a lawyer at 25, so 35 years as a lawyer. My first 5 years were with the county, so I have a NYS pension coming. Amount TBD. Ive worked since I was 16, and babysat and dog sat befor that.
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vonna
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Post by vonna on Jun 12, 2014 17:59:26 GMT -5
Thanks for the clarification, Phoenix.
But, I definitely see what souldoubt is saying. Sometimes people regret spending too much time working, or realize that they could have quit/retired sooner but they were always driven to amass more wealth, instead of balancing work with financial security.
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Mardi Gras Audrey
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Post by Mardi Gras Audrey on Jun 12, 2014 19:07:04 GMT -5
I am hoping to "retire" at age 55 (DH will be 58). That would put me at 33 years in the workforce fulltime (I worked part time jobs for another 4 years-high school + grad school). I need to do the math to see if that will work 55 just seems like a nice round number. I don't have a pension but DH does (govt). If I stay with my current employer and their retirement plan doesn't change, I would have a pension as well. I don't see that happening though, as I want to move to an area where my employer doesn't have any locations Could you work from home full time? Not with my current employer. I work in health care and we have to there to see patients. There are other employers in my field that do have people work from home (via telemedicine). I did an internship with that and did not like it (I like being able to see and be with the patient while talking to them). We were managing chronic conditions (diabetes, asthma, etc) and it hard to tell if a patient understands you and get their full concerns via the phone. I also need to be around people in my job (vs. working from home). I'm pretty introverted and, if left to my own devices, would stay home and not see other people. I then get somewhat depressed because of the lack of contact but won't go out and fix it. By having a job to go to and people to see, it provides a good amount of people contact to keep me mentally healthy.
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Nazgul Girl
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Post by Nazgul Girl on Jun 12, 2014 19:55:30 GMT -5
Two more weeks, retiring at the age of 61 and 8 months, because I want to enjoy the summer. My first S.S. check will hit 12/1/14, and I am paying for health insurance through cobra. I may seek a part-time remote ( work-from-home ) coding position later on, after I've rested up. I really only like E & M ( evaluation and management, i.e. doctor visits ) coding, whether inpatient or outpatient, and small procedures. Other coders love to code the big procedures and the massive facility charges, but I like the day-to-day stuff. I also like to resolved edits and billing rejections, and am pretty good at fixing the stuff in the areas that I know. I don't like drama, and it's been in an upswing this month, so I'm glad to be going... To more fully answer Phoenix's inquiry, I started my first real job ( Social Security claims rep ) when I was 21, worked until I got pregnant and couldn't get a transfer to an office closer to where my first husband's govt. job placed him, and lost the pregnancy, so I didn't feel like working fulltime for several years. I worked fulltime for the first period of my life for about six years. I then worked part-time throughout the next 6 years as a "stringer" newspaper reporter, and had our only child (2nd pregnancy ). I stayed home with her until she was five years old, and then went back into the fulltime workforce at the age of 32. I've been there ever since, except for a few months here and there between jobs ( constant moving with my first husband ), and for 7 months after my mother died and I helped settle her estate, having quit the crappy job at the nursing home she was supposed to enter prior to her sudden death. I'm an expert paper pusher ( now computer mouse clicker ) and processor, and have had my fill of office cubes, so it's time to enjoy my freedom, better health, marriage with my 2nd husband and true love, and daughter.
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MN-Investor
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Post by MN-Investor on Jun 12, 2014 21:44:56 GMT -5
(I'm excluding high school and college jobs for me.)
I graduated from college in Dec '74 and worked full time (except for a couple of summers) from Jan '75 - June '99, so basically 24 years. I stopped working in '99 when I was 46. There were a lot of changes at work and in our lives, plus we were on track with our savings, so it made sense for me to stop working. BTW, we have no children.
My DH, on the other hand, has been working for about 38 years. He also spent a lot of time in high school and college working (railroad, stone quarry, electrical wiring, etc.). He turns 60 this month and I am strongly encouraging him to retire. At one time DH said he would work until 66. Now I've got him down to 62 as a maximum. So far my most powerful argument for his retiring was when I told him that I need him more than his company does.
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Deleted
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Post by Deleted on Jun 12, 2014 23:03:39 GMT -5
I will probably early retire at 57. Will have worked full time for 39 years at that point. Not positive on the retirement form but I think no work for wages anymore and just volunteer at things I like to do.
Maybe I should say that I hope to retire around 57 years old. There is too much stoopid at work, so not positive I will make it that far. I think this place will be my last job.
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quince
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Post by quince on Jun 13, 2014 1:29:33 GMT -5
Have been working for 16 years. No plans to go back to full-time work. Part time work could stop at anytime. I will probably stop working once we have a second child. No idea if and when I will reenter the workforce after.
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steph08
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Post by steph08 on Jun 13, 2014 5:59:22 GMT -5
I plan to retire at 59. From the time starting my first full-time job, that will give me 37 years in the workforce. DH will be 65, with a state pension (hopefully), plus 37 years of my contributions to retirement. I'd like DH to keep working until 65 to get the full pension, but I can see him retiring around 62/63, spending a year of retirement doing whatever the hell he wants (hunting/fishing/woodworking all the time) before he gets bored without me and wants me to retire. 65 will give DH 44 years of full-time work (worked full-time since 18, 3 years off for going back to college). I could let him off the hook early.
Our kiddo will be 31 when we are 59/65, and if we have another, they would be way past launched as well.
Considering that, maybe we'll retire earlier if we have enough money. We're not getting any younger and life is too short to spend it working.
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cael
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Post by cael on Jun 13, 2014 7:35:12 GMT -5
If I stay in public service, I'll have 30 years in at 55. I'd love to retire then, even though I'd take a hit on my pension, and I could maybe work PT for a little while. Also if DH has a good salary by then who knows, maybe I could retire completely!
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Deleted
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Post by Deleted on Jun 13, 2014 7:45:07 GMT -5
Technically if you say years of service, I think paying in to SS, but I think you mean 'grown up professional work' ... I taught for 8 years. Still not sure what I want to do after I'm done with kids. I'm thinking at least a few more years will be spent in paid employment... Not sure if I'll ho back full time, part time, to teaching or to something else...
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Deleted
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Post by Deleted on Jun 13, 2014 8:34:42 GMT -5
"If you're on your deathbed, would you rather remember yourself as a contributing member of society or lazy mooch who never really worked for anything they have?"
Not wishing to work more in one's deathbed and being a lazy mooch are totally different!
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Deleted
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Post by Deleted on Jun 13, 2014 9:09:47 GMT -5
Depends on who you talk to bunny...
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teen persuasion
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Post by teen persuasion on Jun 13, 2014 9:38:51 GMT -5
How do you define work? Is it working for pay? I'm pretty sure I was doing work as a SAHM, but I wasn't paid. I did the same work when I did child care in my home for a few years, and was paid then. Do I count the time I did childcare in exchange for a lower rent instead of pay? Was I working when we had our own rentals, or was I still just a SAHM? Does part-time work count the same as full-time? What about a bunch of part-time jobs that totaled more than full-time in college? What I'm trying to say is that I really don't know how to compute how many years I have worked in my 47 years. If you want full-time, post college jobs, then zero. Full-time, paid, maybe 2 or 3. Paid, maybe 13-15, 20 if you include teen babysitting. I'm currently enjoying my part-time work, and would like to continue as long as possible. I am, however, trying to transition finances so that DH can retire soon. He always joked about us switching roles - when I eventually went back to work, he would start staying home. I'm beginning to come around to seeing it his way, although I prefer to get us to FIRE, and then I can continue as long as it is fun. My boss is still going strong at 70, why not?
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tractor
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Post by tractor on Jun 13, 2014 9:47:03 GMT -5
I hope to put in at least 40 years and retire at 61. Only 16 more to go. I might work more depending on the circumstances, but I can't do my existing job when I'm 60, I doubt my body will hold out that long, hopefully I be in upper management by then and I won't have to worry about it.
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muttleynfelix
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Post by muttleynfelix on Jun 13, 2014 10:16:53 GMT -5
I don't know. I've always said I would work until 70, but it really depends. DH is 17 years older than me. So assuming I'm not a young widow (as in 40s or 50s), than I may go part time or something like that in my 50s. If DH is still healthy, we have talked about wanting to be campground hosts for a couple years. In my career a lot of people work well into their 60s and even into their 70s. Heck there was a retirement party last year for a guy in his 80s. If he dies while the kids are still young, I anticipate that I will drop down to more like 30-35 hours a week at work while they are in school and then maybe work closer to my 70s. I started at my profession at 22. So, I expect to work in some capacity up to 50s year at my job. That would be depressing if I didn't like what I do. I've been at it 10 years and I do like ... the thought of doing exactly this for the next 40 years is a bit depressing. I don't know. There are just too many unknowns to try to figure it out right now. Just trying to take it a day at a time and not get caught up making exact plans right now. In 21 years, the youngest will be out of college (theoretically) and the house will be paid off. I would be 53. DH would be 70. Anyway, our long term savings seem to be on track right now even if our short term financial health is a little shaky. The other unknown is my parents. I would bet money they'll live to be 100. In 20+ years, they may be needing regular help and my siblings and I will have to figure out how to make that work.
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HoneyBBQ
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Post by HoneyBBQ on Jun 13, 2014 10:17:04 GMT -5
I would like to retire in 16 years at the age of 53. My daughter will be graduating from high school. My H will be old enough he can draw SS at that point. That puts me at 27 years in the work force. I "need" to retire early to be able to spend time with my spouse since we have a large age difference.
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Deleted
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Post by Deleted on Jun 13, 2014 10:39:18 GMT -5
I've worked continuously since my first paper route at 10.. Planned retirement at 60, 20 years from now. If I can pull that in a bit, I will.
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Deleted
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Post by Deleted on Jun 13, 2014 10:59:02 GMT -5
I have been working for 14 years. I would like to retire the minute I can but I have 28 years to turn 65 if I choose that as my retirement age.
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yogiii
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Post by yogiii on Jun 13, 2014 11:13:26 GMT -5
I've been working for 12 years. I'm not sure how much longer I can handle it at my current employer but my goal is until the youngest is in grade school which is still 5 years away. Then hopefully I can find something a lot closer to home, even at half the pay I get now I'd be happy. The commute is killing me. I'd like to retire in my early 50's, so about 20 years from now but we'll see how much health care costs at that time.
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