Retirement from workforce


Kreskin
#1
Im curious about what age you were when you retired or how old you will be when you do retire.
 
IdRatherBeSkiing
+1
#2
107. Maybe 108 if I feel inspired.
 
Curious Cdn
#3
I will retire into a pine box, hopefully.
 
Kreskin
+1
#4
Freedom 107?
 
Cannuck
+1
#5
60 if all goes well.

I'm 52 and could possibly retire now but I would be eking out a life instead of enjoying retirement. My goal is to get a place to winter. I'm leaning toward Panama.
 
Curious Cdn
+1
#6
Quote: Originally Posted by KreskinView Post

Freedom 107?

It's the new 65.

My goal is to get a place to winter. I'm leaning toward Panama

How long can you flap your arms for?
 
Durry
#7
 
Ludlow
+1
#8
Depends on your health. Some are fortunate and feel good all of their lives. Others develop problems earlier.
 
Cannuck
#9
Quote: Originally Posted by Curious CdnView Post

It's the new 65.

My goal is to get a place to winter. I'm leaning toward Panama

How long can you flap your arms for?

Houses Province of Panama | venta | Propiedad con 2 casas en venta cerca de Coronado : 3 habitaciones, 177 m2, USD 168000.00 (external - login to view)

About 225k Canadian.
 
Kreskin
+2
#10
I'm 55 and could retire now. 30 years in company. I should go to 60 but not sure if I can. Its not the physical side. Just feeling mentally drained. Did anyone hit the wall in their mid 50's?
 
Ludlow
+2
#11
Quote: Originally Posted by KreskinView Post

I'm 55 and could retire now. 30 years in company. I should go to 60 but not sure if I can. Its not the physical side. Just feeling mentally drained. Did anyone hit the wall in their mid 50's?

Takes a lot of commitment to work at one place for 30 years.
 
Kreskin
+3
#12  Top Rated Post
Quote: Originally Posted by LudlowView Post

Takes a lot of commitment to work at one place for 30 years.

Worked for them in 7 different cities. I've been loyal to them and they've been good to me.
 
JLM
+2
#13
Quote: Originally Posted by KreskinView Post

Im curious about what age you were when you retired or how old you will be when you do retire.


55 years 10 months, that was 18 years ago and I've never looked back. Highly recommend it. The trick is to start saving early, I started saving for retirement at age 20. Time is the main factor in accumulating wealth and if you can save at the source, you don't miss the money.

Quote: Originally Posted by KreskinView Post

I'm 55 and could retire now. 30 years in company. I should go to 60 but not sure if I can. Its not the physical side. Just feeling mentally drained. Did anyone hit the wall in their mid 50's?


I did, 35 years is plenty, especially as management continued to deteriorate. Three years after I retired the rest of the crew got laid off or transferred out or forced on early retirement. Better to leave on one's own volition! (Consultants who generally knew f**k all were getting all the work)

Quote: Originally Posted by KreskinView Post

Worked for them in 7 different cities. I've been loyal to them and they've been good to me.


I couldn't have wished for better treatment when I retired. I got to choose from close to 50 different packages.
 
Kreskin
#14
Quote: Originally Posted by JLMView Post

55 years 10 months, that was 18 years ago and I've never looked back. Highly recommend it. The trick is to start saving early, I started saving for retirement at age 20. Time is the main factor in accumulating wealth and if you can save at the source, you don't miss the money.




I did, 35 years is plenty, especially as management continued to deteriorate. Three years after I retired the rest of the crew got laid off or transferred out or forced on early retirement. Better to leave on one's own volition! (Consultants who generally knew f**k all were getting all the work)




I couldn't have wished for better treatment when I retired. I got to choose from close to 50 different packages.

Were you with the same company the whole time?
 
JLM
+1
#15
Quote: Originally Posted by KreskinView Post

Were you with the same company the whole time?


Yep, B.C. Gov't Ministry of Highways (at the time) Now Min. of Transportation.


The pay was generally a little less than the private sector, but while I was there we felt we had more security. I never got sent home because thing got slack for a day or two or even a week. We did get other duties assigned when our normal work was slow. I was on a mobile crew so had to be prepared to move on short notice.
 
Danbones
+2
#16
Quote: Originally Posted by Curious CdnView Post

I will retire into a pine box, hopefully.

and the mortgage on yer pine trailer home will still be unpaid

its called debt slavery


Me, 55 was the magic year, the heart docs told me to slow down, everything is paid for, so lose the worries and stress - though I still do all kinds of fun hobby work to stay busy, have fun and stay revenue neutral...and a lot of cycling to keep the ticker ticking
lol
its nice having computers all over the house too...so relaxing...

and saving early is key...like buying silver at 6 bucks an Oz and selling at forty...then buying at 14...maybe I'll sell some when it hits 600 an oz
Last edited by Danbones; 3 weeks ago at 11:15 PM..
 
JLM
#17
Quote: Originally Posted by DanbonesView Post

and the mortgage on yer pine trailer home will still be unpaid

its called debt slavery


Me, 55 was the magic year, the heart docs told me to slow down, everything is paid for, so lose the worries and stress - though I still do all kinds of fun hobby work to stay busy, have fun and stay revenue neutral...and a lot of cycling to keep the ticker ticking
lol
its nice having computers all over the house too...so relaxing...

and saving early is key...like buying silver at 6 bucks an Oz and selling at forty...then buying at 14...maybe I'll sell some when it hits 600 an oz


You know all the right tricks.
 
Danbones
#18
Quote: Originally Posted by JLMView Post

You know all the right tricks.

Thanks JL, yeah, I noticed a while back all the MSM type money advisers are out of business these days because their subscribers all went broke on their advice

so conspiracy theories can actually be better sources of financial ideas...
if one is careful about due diligence and research

also i did sub contract work for some very successful VIPs and they were good about educating me

I agree saving early is key, but now they are penalizing savers with low interest and banker bailouts/currency devaluation, so one has to be a little more aggressive...
I feel sorry for the young folks of today, I don't think they will get the chance
 
Dexter Sinister
+3
#19
Quote: Originally Posted by KreskinView Post

I'm 55 and could retire now. 30 years in company. I should go to 60 but not sure if I can. Its not the physical side. Just feeling mentally drained. Did anyone hit the wall in their mid 50's?

Sure did. I retired at 56 because I'd planned for it carefully for 35 years and could afford it then, and I'd just had enough of being a manager and having to deal with other people's damnfool problems and that pettifogging backstabber in the next office. So when the mortgage was paid off, the children were established successfully, and the last cat died, I was gone. And a good thing too, in retrospect I think I was pretty close to burnout.

Interestingly, my gross income dropped about 30%, but that put me in a lower tax bracket and I was no longer paying into the superannuation fund, or getting deductions for EI, CPP, and a variety of other things, so my net income was not much different, only a few $hundred a year less, which I more than made up for by converting private RRSP funds into RIFs. And since retiring I've been to Scotland, England, Wales, the Netherlands, France, and Germany, bought the high end photo gear I've always wanted, got much better at playing a guitar, bought a lathe and started making pens and bowls and plates and tools for spinners and weavers, I'm thinking seriously of getting a good astronomical telescope and starting to photograph the night sky... Best job I've ever had, doing what I want, when I want, no deadlines, and no pressure but what I choose to put on myself.

If you can retire now Kreskin, I strongly recommend that you do it. I know you have other interests, you won't be bored, and you'll be happier, more relaxed, and live longer.
Last edited by Dexter Sinister; 3 weeks ago at 12:47 AM..
 
JLM
+1
#20
Quote: Originally Posted by DanbonesView Post

Thanks JL, yeah, I noticed a while back all the MSM type money advisers are out of business these days because their subscribers all went broke on their advice

so conspiracy theories can actually be better sources of financial ideas...
if one is careful about due diligence and research

also i did sub contract work for some very successful VIPs and they were good about educating me

I agree saving early is key, but now they are penalizing savers with low interest and banker bailouts/currency devaluation, so one has to be a little more aggressive...
I feel sorry for the young folks of today, I don't think they will get the chance


I don't know a hell of a lot about investing but a little common sense and watching my money managers over the years screw up has taught me a couple of things. Identify your risk tolerance early & be conscious of time horizons. If your risk tolerance is low lean toward fixed income, if it's high lean toward equities but ALWAYS have a combination of each, that way you can switch back and forth to your advantage. That's about the sum total of what I know. One cardinal rule - there is no such thing as fast sure money.
 
Dexter Sinister
+2
#21
Excellent advice JLM. I don't know much about investing either and I don't really want to, and neither does my wife, so we hire other people to take care of that. We were fortunate to find a really sharp advisor 20 years ago, who did really well for us, enriched us far beyond anything we could have managed ourselves and enabled us to give our children significant financial assistance for education and acquiring homes and cars. They're going to get it all eventually anyway, but it's nice to be able to give them a leg up while we're here to see them enjoy it. Investing is a long term thing, returns can be fast, sure, big, pick any two, and there's no such thing as something for nothing.
 
tay
+2
#22
55 and just because I wanted to do other things on my own time although I do work part time on a consultancy basis. Sometimes I will work 3 days a week for a period of time (4-6 weeks) then do nothing for a month or 2. I never work on Mondays or Fridays unless it's absolutely urgent.

But then again I'm always working as I'm always keeping up with the latest events regarding the biz.

I still play guitar in the band but the bar scene has quieted down so it's down to playing events. My beer salesman buddy figures the down turn is due to 'no smoking in bars' and a changing demographic.....
 
Curious Cdn
+1
#23
Quote: Originally Posted by JLMView Post

Yep, B.C. Gov't Ministry of Highways (at the time) Now Min. of Transportation.


The pay was generally a little less than the private sector, but while I was there we felt we had more security. I never got sent home because thing got slack for a day or two or even a week. We did get other duties assigned when our normal work was slow. I was on a mobile crew so had to be prepared to move on short notice.

How do the Chinese put it, again?

Iron rice bowl ...?
 
Danbones
#24
Quote: Originally Posted by Dexter SinisterView Post


If you can retire now Kreskin, I strongly recommend that you do it. I know you have other interests, you won't be bored, and you'll be happier, more relaxed, and live longer.

trick is stay active and follow what makes you happy

Quote: Originally Posted by tayView Post

55 and just because I wanted to do other things on my own time although I do work part time on a consultancy basis. Sometimes I will work 3 days a week for a period of time (4-6 weeks) then do nothing for a month or 2. I never work on Mondays or Fridays unless it's absolutely urgent.

But then again I'm always working as I'm always keeping up with the latest events regarding the biz.

I still play guitar in the band but the bar scene has quieted down so it's down to playing events. My beer salesman buddy figures the down turn is due to 'no smoking in bars' and a changing demographic.....

I used to manage bars, sub contract bar renovation services, supplied event security, and always did live sound and played in bars as well.

A liquor inspector told me in the 80's that they were going to destroy the bar business in ontariou
we thought he was nuts
no, he was not
the destruction of the bar biz was planned and executed purposley

ps, if you know the ol Brule, we may likely have met
 
DaSleeper
+2
#25
I retired at the earliest I could with full company pension.....at 58!
Since retirement after 39 years is about half of of your salary, my conclusion was that every day I kept working after the earliest retirement age meant that I was working for half wages.
In retirement I was also giving some unemployed guy or girl a job.
Whatever you plan after retirement, be flexible.....you are allowed to change your plans....
What I had planned changed the first year I went on the road....I went to a Bluegrass festival, met a bunch of musicians, new friends and was hooked for 12 years of pickin' and grinnin'
Still attend at least one festival a year.....
 
JLM
#26
Quote: Originally Posted by Curious CdnView Post

How do the Chinese put it, again?

Iron rice bowl ...?


I had to look that one up. Makes sense! You learn something new every day.
 
IdRatherBeSkiing
#27
Quote: Originally Posted by DaSleeperView Post

I retired at the earliest I could with full company pension.....at 58!
Since retirement after 39 years is about half of of your salary, my conclusion was that every day I kept working after the earliest retirement age meant that I was working for half wages.
In retirement I was also giving some unemployed guy or girl a job.
Whatever you plan after retirement, be flexible.....you are allowed to change your plans....
What I had planned changed the first year I went on the road....I went to a Bluegrass festival, met a bunch of musicians, new friends and was hooked for 12 years of pickin' and grinnin'
Still attend at least one festival a year.....

So after retirement, stay away from Bluegrass festivals ... point noted. Thanx Das.
 
JLM
#28
Quote: Originally Posted by Dexter SinisterView Post

Sure did. I retired at 56 because I'd planned for it carefully for 35 years and could afford it then, and I'd just had enough of being a manager and having to deal with other people's damnfool problems and that pettifogging backstabber in the next office. So when the mortgage was paid off, the children were established successfully, and the last cat died, I was gone. And a good thing too, in retrospect I think I was pretty close to burnout.
Interestingly, my gross income dropped about 30%, but that put me in a lower tax bracket and I was no longer paying into the superannuation fund, or getting deductions for EI, CPP, and a variety of other things, so my net income was not much different, only a few $hundred a year less, which I more than made up for by converting private RRSP funds into RIFs. And since retiring I've been to Scotland, England, Wales, the Netherlands, France, and Germany, bought the high end photo gear I've always wanted, got much better at playing a guitar, bought a lathe and started making pens and bowls and plates and tools for spinners and weavers, I'm thinking seriously of getting a good astronomical telescope and starting to photograph the night sky... Best job I've ever had, doing what I want, when I want, no deadlines, and no pressure but what I choose to put on myself.
If you can retire now Kreskin, I strongly recommend that you do it. I know you have other interests, you won't be bored, and you'll be happier,...

Quote has been trimmed, See full post: View Post

Every word is true D.S. My monetary situation after retirement is pretty well identical to yours. I just withdraw the minimum RRIF so the principal remains intact until I can see the end. Then there will be a hell of a party! (mostly kidding) Good advice you've given Kreskin. One piece of advice to any married person retiring. Before I retired I double checked just exactly what my wife's income would be should I drop dead. Just gives you a little piece of mind knowing she will be looked after.
 
Hoof Hearted
#29
I got a hoot out of all of the people who told me I was a loser for staying in my shipping job...

This was during the high tech boom at the turn of the century. When it all went bust, the same knobs came back to me and told me I was 'lucky' to have a job! lol!

At 51, I've lived by the seat of my pants my whole life. I'll probably work till 60. Fortunately, my wife is an only child and will inherit 2 estates on her side. I've got a crazy rich bachelor Uncle on my side. Combined with our good pensions, we should be set over the next decade or so.

I'm still hungry, though. Got an 'out there' money-making project I'm working on for later this year.
 
DaSleeper
#30
Quote: Originally Posted by JLMView Post

Every word is true D.S. My monetary situation after retirement is pretty well identical to yours. I just withdraw the minimum RRIF so the principal remains intact until I can see the end. Then there will be a hell of a party! (mostly kidding) Good advice you've given Kreskin. One piece of advice to any married person retiring. Before I retired I double checked just exactly what my wife's income would be should I drop dead. Just gives you a little piece of mind knowing she will be looked after.

We had a pretty flexible pension plan at work, a whole bunch of different choices in ratios of survivor benefits. So both my wife and I went through so extensive medical test, before deciding which specific plan to take.....A terminal desease in any one of us would have made a big difference in the decision.
 

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