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Is 50 the new 70?

Discussion in 'The OT' started by Cholly, Jan 17, 2013.

  1. Drucifer

    Drucifer Well-Known Member

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    Technology changes do seem to be happening before a person can finish out their career in that technology.

    My old ex-GF is one of those. She's almost 60 and is now in her third year of unemployment.

    She worked a computer in the backroom of a financial institution. What was once done by a room full of operators, is now done by no one as it mostly automated.
     
  2. boukengreen

    boukengreen Legend

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    I was working on computers and doing sports officiating for local high schools on the side but then was offically DX with MS last year and forced me to retire at 24 wish i could have a job but i can't even get in my chair from my bed right now.
     
  3. Phil T

    Phil T Well-Known Member DBSTalk Club

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    Nothing wrong with living at home. I lived at home until I was 25, but I worked and paid rent (granted not much). It allowed me to save up and when I was ready to go out on my own I had some savings built up. Most young people I know couldn't wait to move out and then are living payday to payday. Then if something happens they are back home.

    What I am really talking about is some I know who will not work, or look for work and stay home and play video games all day. The parents feel powerless to do anything about it. Again I come from a different generation where you wouldn't think of not working. You did what your parents or teachers wanted or you to do because you did not want to face the consequences if you didn't.
     
  4. djlong

    djlong Hall Of Fame

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    I'm 50 and, believe me, I would love to be able to retire.

    "Marry well"? Yeah, well, I didn't do so good in that department. Not from a financial perspective. From the point of view of having 2 fantastic daughters that I'm very proud of, I'm a winner and I'd be a PAUPER before I'd give that up.

    I'm lucky enough to have gotten a second chance (ok, technically a third chance) and things are going much better now. Because I'm working where you're not a commodity and the employer doesn't raid your pension accounts to increase dividend payouts, I'm actually on the path that Roosevelt set out when Social Security was created - the three legs of retirement (savings, pension, Social Security).
     
  5. SayWhat?

    SayWhat? Know Nothing

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    I'm still confused on the SS thing and I've never been able to find a clear answer I can understand. If you quit working before age 62 (SS Early Benefits date), what happens to your projected payout? Does it go down if you have a few years of no income?
     
  6. wilbur_the_goose

    wilbur_the_goose Hall Of Fame

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    you can start drawing SS benefits early, but they'll be much lower monthly than if you wait.
     
  7. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    Benefits are calculated on your highest 35 years income after age 21. It's quite possible that your benefits would be less if you don't work the three years you talk about. Use the SS estimator -- http://ssa.gov/estimator/
     
  8. Rich

    Rich DBSTalk Club DBSTalk Club

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    That was about the time.

    I had guys from the Times sitting in classes for Word that could lay out a whole page of news on a computer and make it look like the front page of the Times. Told those guys privately they could skip out after signing in. Nothing I could teach them.

    Your grandfather was a wise man. Most folks don't see the avalanche until it's upon them.

    Rich
     
  9. Rich

    Rich DBSTalk Club DBSTalk Club

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    Well, it's not like he's much of a burden financially. As long as he lives with us, my wife's health plan covers him, so he doesn't have to shell out a lot of money for that. But that stops at 26, he's 22 now. He likes to cook and we've considered sending him to culinary school. I'd really like to get him a job with a big corporation, my wife and I made out well doing that. He was offered a job at Microsoft, but we didn't want him that far away.

    Ah, it'll all work out somehow. I hope.

    Rich
     
  10. Drucifer

    Drucifer Well-Known Member

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    The local news had a short piece on what new in the housing market and turned out that there is now a huge demand for multi-generation homes. Either in new constructions or additions.
     
  11. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    Granted, Microsoft is some 2000 miles from NJ, but you could maintain contact with him via Skype. If he has an opportunity, let him try out his wings. My wife and I missed our 3 kids when they went out on their own from our home in upstate NY - One son to Charlotte, the other to Dallas and our daughter to Ontario, CA. It wasn't all at once, of course, but we eventually became accustomed to being empty nesters.
     
  12. Rich

    Rich DBSTalk Club DBSTalk Club

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    Actually, when I was 50, I had a great job. Had my own office complex, had a 6 hour a day job, so I had plenty of time to just wander around the place, had a company car while inside the plant, all the good stuff. Then came a downsizing and I found out what they had planned for me on the last day you could take the package. Big raise, really important job (I don't like the pressure of really important jobs) and shift-work! Ran to my boss's office and took the package. Have never regretted it.

    I've been married 3 times. This time I was more careful and had the whole thing planned. All I needed was a woman who had a degree, was ~ 25 years old and made a fairly good salary in a stable workplace. And was a cutie pie who was willing to put up with me and my eccentricities. Took me 2 years, but I did it.

    Savings are the most important. Pension and SS only cover so much and savings are really critical. And you have to make sure you really can stop working. I've met many guys I worked with who aren't happy with retirement. They seemed to have gotten the idea that something magical happens when you retire, prices go down, doctors don't charge you anything, if you've got a mortgage, somehow that's not a burden, things like that. And they quickly find out nothing changes.

    Put simply, it's a big step. And deserves planning.

    Rich
     
  13. Rich

    Rich DBSTalk Club DBSTalk Club

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    My company actually paid me the equal of what I would get at 62 until I was 62. The package was pretty good monetarily too.

    Yeah, to answer your question, you get less at 62 than at 65. You can wait until you're 67 now, I think. You'll get even more. I took it at 62.

    Rich
     
  14. Rich

    Rich DBSTalk Club DBSTalk Club

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    Fortunately, my home is one of those mother-daughter homes. It's a raised ranch, the top floor is a fairly large ranch and the bottom floor is a bit smaller, but my son has carved out an apartment on the bottom floor. Well, he told us what he needed and wanted and we carved$$$ it out, but the house looks even more sell-able than it did before.

    Rich
     
  15. Rich

    Rich DBSTalk Club DBSTalk Club

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    He's also got a daughter that lives with the baby mama's mother and we get her 3 days a week. He didn't want to separated from her and there's no way her mother was gonna let her go to Seattle. Lotta factors in the equation, Charlie. If not for the kid, he could have gone. I'd have bought a house for him there. We could have retired there. Wasn't much of a difference in money, but I know the chance for advancement was there.

    Rich
     
  16. SayWhat?

    SayWhat? Know Nothing

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    I know about the 62, 65, 67 bit.

    This thread is talking about stopping work in your 50s, so if you stop at 50 or 55, what happens to SS?

    I've never had much luck with their calculators either.
     
  17. Rich

    Rich DBSTalk Club DBSTalk Club

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    Sorry, misunderstood your question. If you stop work, it's gonna be lower than if you had continued working until 62,65 or 67.

    Rich
     
  18. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    As I understand it, if you were to stop working at 55, your potential SS payment at the age of full eligibility (currently 67) would essentially be based upon the average of your pay from age 20 to 54 (your 35 highest paid years).
     
  19. AntAltMike

    AntAltMike Hall Of Fame

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    If we take literally the generalization that it is calculated based on your highest 35 earning years, then stopping working early if you have already worked 35 years will not reduce the value of your payout except to the extent that the working years you will be choosing to forgo would likely displace some lower earning years that go into the calculation. My sister was looking at retiring at 62 or even earlier rather than 65, but she is earning nearly $50,000 per year at present, and any earning years in between, that she chooses to forgo, would otherwise be displacing years in which she surely made under $10,000 each.

    Back when my father was first considering early retirement back in the mid 1980s, the formula was different and weighed in part by one's highest five years, which was nice for him because he got promoted to general manager where he worked for his final seven working years. It was something Social Security could afford to do as long as the baby boom was of working age.
     
  20. phrelin

    phrelin Hall Of Fame DBSTalk Club

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    I think Jack Ma (the subject of the article) is an idiot.
    Really? He has no dreams at 48. I have been "retired" since I was 56 and still have dreams, ideas, opinions, etc. Maybe he hasn't noticed but the world out there isn't quite perfect yet. He has not one bright idea how to improve things?????

    Ma had "nothing to worry about" at age 35. Lucky him. Anxiety-free at 35. No wonder he's among the walking dead at 48.

    I recognize things are different now. But a number of you here have already "retired" from one career path. The trick is to find another activity that provides whatever compensation you need, whether that compensation be in the form of cash, recognition, or achievement.

    But good grief. The only way life is over at age 50 is if you die at 50. Some of my friends did die young. I have a responsibility to them to contribute because I am alive.
     

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