Retirement Age

What age do you plan to retire?

  • 55

    Votes: 21 25.3%

  • 60

    Votes: 11 13.3%

  • 62

    Votes: 8 9.6%

  • 65

    Votes: 19 22.9%

  • 70 or above

    Votes: 24 28.9%
  • Total voters
    83
hindsight2020 said:
I find interesting by the poll results that the demographics of POA wish to work until they drop (70+ age leads the poll), yet we live in an unapologetic labor surplus in pretty much every industry of meaningful wage bracket. Talk about a Hunger Game. Globalization has truly brought home a nasty decrease in expectations and standards of living to this Country. I shudder to think what American life will be for the rank and file, economically, in 2050 at the rate we're going. There's no way the middle class is a solvent construct in 30 years at the rate housing, education and healthcare* expenses continue to expand unabated. I understand I have no control over the S%t sandwich my generation inherited, and that I will make less inflation adjusted than my parents as a mean line, but to have the HHE* indices continue to rocket as if I was getting inflation adjusted payraises every year is just a bridge too far. This thing has to deflate or it's America game over for the middle 75 million households. Expating would be the only way to maintain income parity in 30 years. Throw in the inevitable SS payments means-testing for millenials and forget it. This thing's DOA. Yikes.

As for my pipedream? I figure 57 would be a nice number to stop working full time. As an "accidental/opportunistic" airline aspirant, I always hear the idea of effectively dropping the schedule down to a de facto part-time work. For one, I think those days are coming to an end, as the airlines tighten the belt and make reserve utilization more "southwest like". Secondly, part-time positions in airline work will never work due to training costs associated with keeping more bodies current and qualified for less utilization rate, and thank God for that, because just doing a cursory count on POA about the amount of Tom, Dick and Harrys who would be willing and able to work for an airline on a part-time basis, it becomes clear the income leverage of full-time airline pilots who rely on that income to raise their families would plummet to regional levels in a new york minute. Way too many Richards willing to do my job for free is not a good thing; alas I'm aware of that, which is why I'm investing my hard earned cash on my wife becoming a medical worker so that I can have a second leg to the income and retirement plan, if and when the professional domestic-lift/near-intl pilot income scales plummets forever into "supplemental income" McWages under the weight of hobby pilots or cabotage (whichever happens first).

I'd still like to stop working full time in my 50s, so that I can shift more time to flying avocationally and have true scheduling flexibility to caribbean hop with my wife without having to beg and plead with an employer to give me permission to go live my life. If making money costs me too much time, it's a non-starter for me, particularly in the context of working in my 50s.
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I retired, or I should say that I retired from one job, and started my part time retirement job a few days later. I went through three part time jobs, and a short time in another full time job over the course of the next seven years. Part time jobs are still jobs. You still have a schedule, you still have responsibilities, and you still have to perform to a standard. So while you are fulfilling that work ethic that society likes to hammer you with every chance they can, you have all the constraints of a full time job, just longer weekends, or shorter workdays.
 
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I'm 36, and if I could realistically retire today, I would. I never understood people who can't find things to do in retirement... It must be a tragically boring existence. I have so many things I'd like to do, and I never feel like I have enough time to do them. At age 55 I can take a 70% pension, and I plan to do so at that time.

I've been on vacation for the past two and a half weeks, and today (in a blizzard) is the most I've really sat still. I have flown a few times, hiked better than 50 miles, camped in Utah, gone out shooting, ridden our horse, gone to a convention I was interested in, and visited a few museums with my wife. If I didn't have to be at work tomorrow, I'd probably go skiing.

As soon as I'm well off enough to not need to work for a living, I'll probably stop doing it. I'd love the ability to travel the country by small airplane, but currently I need to worry about being back by certain days/times, which limits my options around weather. I also have some longer hiking trips that I'd like to take, without concerns about being back by any given day. I'll enjoy retirement, and dance my way into it when I'm eligible!
 
hindsight2020 said:
I find interesting by the poll results that the demographics of POA wish to work until they drop (70+ age leads the poll), yet we live in an unapologetic labor surplus in pretty much every industry of meaningful wage bracket. Talk about a Hunger Game. Globalization has truly brought home a nasty decrease in expectations and standards of living to this Country.
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I'm not sure what you're saying.

As for the 70+ age backet leading the poll, I figure people fall into one of two categories. One, they enjoy what they do for a living and are in no hurry to give it up. Two, to maintain their standard of living they're going to have to work longer to make ends meet.
 
Gerhardt said:
I'm not sure what you're saying.

As for the 70+ age backet leading the poll, I figure people fall into one of two categories. One, they enjoy what they do for a living and are in no hurry to give it up. Two, to maintain their standard of living they're going to have to work longer to make ends meet.
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Agreed. I chose "70+" in the poll, because I have no doubt that I'll have to work until that point in order to have enough to survive. I have zero faith that the SS program will be solvent by the time I'm in my 60's, so I'm just planning on working into my 70's in order to be financially capable of retiring for a decade or two.

As far as free time, I could entertain myself with visiting tons of small towns/attractions in every state in the union via RV for at least a year or so. Not to mention being out fishing/playing golf/flying and other things I enjoy currently. I'd love to travel internationally for weeks at a time if able. Hell, I wouldn't mind taking some welding/woodworking courses at a local VoTech just for fun, maybe even collegiate-level courses I might find interesting. Tinkering with muscle cars and such is always fun, too. I'd have no shortage of things to entertain me.
 
Gerhardt said:
I'm not sure what you're saying.

As for the 70+ age backet leading the poll, I figure people fall into one of two categories. One, they enjoy what they do for a living and are in no hurry to give it up. Two, to maintain their standard of living they're going to have to work longer to make ends meet.
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The point I was making is that working into your 70s as a function of economic duress isn't a bona fide choice nor is it something to applaud or cheer on as normalcy. It's a horrible life concession. Though I respect peoples freedom to display stoicism in accepting that generational lifestyle downgrade, politically at least I don't have to behave in a way that lends legitimacy to it. I'm not about to go into retirement insolvency (and don't kid yourself, retirement in infirmity by economic need is the very definition of insolvency) quietly. I'm gonna make it hard for the haves to enjoy the income inequality. That's politically what I would do anyways.

Now, in all reality, I would simply expat to maintain a certain standard of living, in lieu of accepting that economic uncle Tom behavior of working my fingers to the bone and dying the next day because I couldn't afford retirement in the most affluent country in the new world. Get the flock outta here with that lousy social contract. Living well while young to retire miserly in infirmity is one thing, living miserly to barely afford a miserly retirement? Nooo thanks. Society seems to agree, as most people predictably choose carpe diem over a retirement solvency on the backs of their youthful desires and endeavors. Living well and retiring well is growingly a mutually exclusive proposition for the average American, and even my own household making above median income is not immune from that reality.

To be clear, my point has nothing to do with people who find so much sense of self identity out of their paid occupation they find no reason to retire. That's the "live to work" crowd. That lifestyle is foreign to me; I have no opinion and no quarrel with that position, beyond plainly stating it's not part of my personal moral construct. Please don't conflate the two and imply my comments address the live to work demographic, as they don't. Granted, the poll did not specify if the 70 plus folks belong to one side or the other. Perhaps a more useful poll would make that distinction, as it is a very important one in my opinion.

I'm still shooting for 57. If I can't attain a 70 PCT working income replacement lifestyle in retirement by then, I'm heading south and the hell out of this Protestant work ethic trickle down economics bait and switch dystopia.
 
The poll did not have a choice for what I and I think many others will do and that is "retire" from full time employment and switch to a part time gig. I figure I'm going to do something that brings in some income pretty much forever but will only be 10-20 hours a week. I had planned on doing it with a CFI gig but have not yet gotten that part done so I'm not sure. I can draw a pension this fall from my current full time job and will likely take it but at this point I will need to find another full time gig for a couple of years.
 
flyingron said:
Going into what? They fired me over the phone while I was at a conference.
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I got 'released' by email once, while I was home with bronchitis.

I always keep a resignation letter handy, and never bring personal stuff to decorate my office/cubby/whatever. I can be out the door in 90 seconds. Nature of my business.
 
Well I'd been there for 23 years (in fact I was THE senior employee). I'd largely taken most stuff home earlier when they had a prior "purge." Fortunately, the girl who packed up my personal effects for me to pick up the next week boxed up anything that didn't say "Property of Textron" on it. So I got things I wasn't expecting to get like my roladex and random business cards from professional contacts. Amusingly, I also got an office chair and a computer monitor out of the deal (apparently not on the corporate inventory).
 
Gerhardt said:
There is no pressure or stress in my job. There's a lot to know, but I've been doing it long enough that I spend maybe 15-20 hours a week actually working. If I get here 15 minutes late no one notices, no one cares. If my lunch hour runs over an extra hour I have a couple of folks to cover for me. 4 1/2 weeks vacation a year, plus sick leave that I may take 2-3 days a year if I have a cold.
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They hiring?
 
Not sure. Probably in my early to mid 60's. We could probably retire now, but I doubt we'd like the lifestyle. We could downsize the house, move to a rural location, drop flying as much via GA and probably not travel as much as we'd like to overall. What's the fun in that? Instead we'll work for several more years, my wife 5-8 years and me 10+ years; she's older than I am. She was thinking of just working 4-5 more years, but now is thinking she may work a few more. That will put us into a much better financial shape to stay more urban and do a lot of traveling. We'll travel while we work too, especially with the youngest going to college this coming fall.
 
wayne said:
..... We'll travel while we work too, especially with the youngest going to college this coming fall.
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I hope you have better luck than me. 1) oldest has had an FTL event and is now supplementing her Business degree with an AA degree and credential in Respiratory Therapy. 2) Mom wants to travel. But, doesn't want to spend money. End result, we talk about it, and take a few short trips. But, never pull the trigger on the trips we (I ?) really want.

I want to quit my day job and concentrate on doing more "funner" stuff so bad! But, it'll have to wait a little longer.
 
FTL?

Yeah life could always throw us a curve. We'll deal with that when it happens.

My wife has no problem spending money. She's also good at saving it. Not a bad combination.
 
flyingron said:
Well I'd been there for 23 years (in fact I was THE senior employee). I'd largely taken most stuff home earlier when they had a prior "purge." Fortunately, the girl who packed up my personal effects for me to pick up the next week boxed up anything that didn't say "Property of Textron" on it. So I got things I wasn't expecting to get like my roladex and random business cards from professional contacts. Amusingly, I also got an office chair and a computer monitor out of the deal (apparently not on the corporate inventory).
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Same story for my wife. My wife was VP of a software company that was struggling after 2008, so they cut her department in 2012 to try and keep it afloat. A year later, they went under. They called her up and asked her if she wanted all of her office furniture. We got a truck and hauled it all home, and the drawers were still full of stuff, including her company lap top.
 
Probably the biggest factor with me was that we bought a condo in San Juan, Puerto Rico. We have family in Iowa, so we didn't want to just pull up roots and move to PR, but at the same time we wanted to have the freedom to just hop on a plane and come down. Even a part time job and the responsibilities of it makes that hard.
 
Maxmosbey said:
It certainly can. I went through that.
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Going through that right now. And have no idea yet if we'll do it again.

It doesn't always affect the decision of WHEN to retire or downsize the house, but it certainly does affect WHERE.
 
I'll have to watch how Mr. Haney explains Medicare later. I'm sure it is hilarious. I've been on Medicare for almost a year. it doesn't look like it works any different than the BC/BS that I had, except that the premiums are about at third of what I was paying before.
 
I'd hoped to retire next fall at 64, but the fickle finger of fate moved that date up to last December. Since then I've been helping out in my wife's tax business and working on a personal software project. I hang out with my grandson a lot.

I don't need social security right now. We have Tricare, which is a great secondary insurance for lab work and drugs. Not so hot for actual physicans. I put my wife on an ACA plan because she's much younger than me. I'm pretty much expendable now from a financial POV, so I'm OK with just Tricare.

I'd be in great financial shape if only I could shake the flying habit. What with my club having a lot of weekday availability I'm snorting more 100LL crack than I should.
 
JimNtexas said:
I don't need social security right now. We have Tricare, which is a great secondary insurance for lab work and drugs. Not so hot for actual physicans.
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Are you on Standard or Prime?

As an active duty guy, I've been forced to be on Prime (which sucks), but I've had my family on Standard for years. Wife has been very happy with Standard. You are limited somewhat by what doctors accept Tricare, but overall, we haven't had any trouble finding good ones.
 
Fearless Tower said:
Are you on Standard or Prime?

As an active duty guy, I've been forced to be on Prime (which sucks), but I've had my family on Standard for years. Wife has been very happy with Standard. You are limited somewhat by what doctors accept Tricare, but overall, we haven't had any trouble finding good ones.
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I'm retired, and have standard, which is going away soon, for something newer. I had a knee replacement a few years ago. At the time it was pretty much free because I had a good employer provided policy, and what it didn't pay, Tricare did.

Had I had only Tricare I'm pretty sure I'd be out of pocket a lot. Nobody was ever able to tell me how much the whole thing cost, but the Surgeon's fee for the hour or so long operation was $32000.

I shudder think how much of that Tricare would have covered. The guy was an ass (I was an EWO, he reminded me of a couple of pilots I flew with), but according to my family doctor he was the best guy in town for this kind of thing, and it was a state of the art technique. I even got a 3-D printed copy of my knee out of the deal. And no complications.
 
JimNtexas said:
Had I had only Tricare I'm pretty sure I'd be out of pocket a lot. Nobody was ever able to tell me how much the whole thing cost, but the Surgeon's fee for the hour or so long operation was $32000.

I shudder think how much of that Tricare would have covered.
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Our experience with Standard is that it actually pays a lot. My wife has had several surgeries and we have never had to pay more than our annual catastrophic cap.

Now it is true, Tricare doesn't pay the full billed amount. When you look at the statements it might show that the surgeon billed $32,000 but Tricare only paid $10,000. But the patient is never expected to pay the difference.

I liken it to haggling. The doc says he wants some ridiculous amount. Tricare says he'll no, this is what we are willing to pay, and the doc say...'okay'. This may be one reason why there aren't that many docs who accept Tricare.
 
Fearless Tower said:
Our experience with Standard is that it actually pays a lot. My wife has had several surgeries and we have never had to pay more than our annual catastrophic cap.

Now it is true, Tricare doesn't pay the full billed amount. When you look at the statements it might show that the surgeon billed $32,000 but Tricare only paid $10,000. But the patient is never expected to pay the difference.

I liken it to haggling. The doc says he wants some ridiculous amount. Tricare says he'll no, this is what we are willing to pay, and the doc say...'okay'. This may be one reason why there aren't that many docs who accept Tricare.
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Regular insurance companies haggle too. But the negotiated rates for procedures may be lower for Tricare.
 
Maxmosbey said:
I retired, or I should say that I retired from one job, and started my part time retirement job a few days later. I went through three part time jobs, and a short time in another full time job over the course of the next seven years. Part time jobs are still jobs. You still have a schedule, you still have responsibilities, and you still have to perform to a standard. So while you are fulfilling that work ethic that society likes to hammer you with every chance they can, you have all the constraints of a full time job, just longer weekends, or shorter workdays.
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Not necessarily. I work full time, four ten hours days with every Thursday, Friday, Saturday and almost half of Sunday off. Wouldn't trade it.
 
The reason my wife is holding out until September is that she'll have sufficient time with the federal government for us to be able to continue subscribing to the federal health plans. Since we're still the better part of a decade away from medicare, it's worth the wait.
 
I just planning to suck it up and pay for a health plan. I don't see any other way as I don't have any "retirement" in the conventional sense.
 
GlennAB1 said:
Not necessarily. I work full time, four ten hours days with every Thursday, Friday, Saturday and almost half of Sunday off. Wouldn't trade it.
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Then you are not retired. I worked those hours before too, and it is nice to have those three day weekends, but you still have to show up for the other four. Retired to me means that you don't have to show up for those other four.
 
The closer I get to pulling the cord, the more I wonder about what I'll do to fill my time. As far as my retirement plan goes: There is nothing like a good plan, and this is nothing like a good plan.
 
My retirement plan us to travel internationally and volunteer, which is why I'm planing to make my retirement residence a condo which basically takes care of itself for long periods of time. I'm testing out the international travel part by going to Africa in a couple months.
 
When I retire I plan to work at big box stores and tell idiot customers what all the big box store employees really want to say to them. We will see if I can make it through an entire pay period before getting canned before moving on to the next place.
 
Maxmosbey said:
Probably the biggest factor with me was that we bought a condo in San Juan, Puerto Rico. We have family in Iowa, so we didn't want to just pull up roots and move to PR, but at the same time we wanted to have the freedom to just hop on a plane and come down. Even a part time job and the responsibilities of it makes that hard.
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Why PR? What's the attraction?
 
paflyer said:
Why PR? What's the attraction?
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Perhaps the convenience of being in the US for access to Medicare benefits and other civic conveniences, versus "expating" the retirement to Mexico or the Central American location du jour (I believe Costa Rica at the moment). It's also closer than Hawaii for the "east of the Rockies" mainland crowd. Better airport access to the mainland than USVI, also cheaper. That'd be my guess but I was only born and raised there..
 
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