Early medical retirement
neetsiepie
8 years ago
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8 years agoMDLN
8 years agoRelated Discussions
unexpected early retirement and Social Security
Comments (6)Abby1930, In some pension systems, your contribution toward your pension is a percentage of your annual income and your pension at retirement relates to the amount that all of those years' contributions totalled out to, plus the amount of growth that all of those invested dollars produced throughout the period. I hope that you can find some source of income which will be such that you can continue to enjoy your new home. Lay-offs have become an increasingly common problem in the economy these days, where many companies feel that employees are as disposable as the machines that they use. Should we call such an approach "Kleenex staffing"? They like loyalty on the part of staff - but if it isn't a two-way street, that rather traditional loyalty situation will be eroded. In fact - it is, these days. Few employees feel as loyal to their employer as was true a generation ago. Telecoms have certainly been volatile in recent years - and increasingly so? While talking to my recently laid-off daughter (who had for several years been a counsellor to people being laid-off), she said that she'd like to have two or even three streams of income - so that she wouldn't be up the creek without a paddle if she suffered lay-off, having depended totally on one income. She's a rather independent-minded person. Who was able to carry on her recent work wherever she happened to be - all that she needed was a higher-grade connection to the internet. She used so much bandwidth that one couldn't call her and have the call go through while she was using the line for corporate-related internet work, as one can do with most internet users using high speed connection. Good wishes to you as you work through your situation in the days ahead. joyful guy P.S. to others: If you should find yourself in this situation (say, next week?) - wouldn't it ease your concerns a great deal if you knew that you had enough assets rather easily available to enable you to survive without too much upset should you, having suffered the trauma of lay-off, find yourself unable to find other work for half of or even a whole year? Personal financial advisors for many years have been recommending 3 - 6 mos. emergency fund to enable minimum survival. Such a plan is much more necessary in the employment climate, these days. Don't you think? I remember a song that was popular when I was young, ... "Wishing, will make it so, just keep on wishing, and care will go." "Dreamers tell us dreams come true, it's no mistake and wishes are the dreams we dream while we're awake". Baloney. Visioning has its place. So do dreams - and wishes. The problem is that quite a number of us allow the dreams and wishes to take the place of reality, rather than encouraging and impelling us to implement them - to change them from a figment of our imagination into a real part of our lives. Dream the dream - then make it work. ......See MoreRetirement: The Four Stages
Comments (12)Maifleur - clearly passing on family assets was important to them. Requirements differ as each organization that creates senior housing has their own guidelines that they follow. I guess we could think of it as good that the family members got their inheritance early, perhaps. Calirose, I agree that calculators are only one tool needed. I've never found a Web calculator that was able to take into account every aspect of my own financial plnng. The WSJournal one came the closest to being comprehensive. I was able to do a workaround that came out quite accurately. DH and I have our schedules full in retirement, and the article's statement that early retirement can see a sizable increase in expenditures due to traveling, is totally 'right on target' with us. Sometimes I joke to DH that it's a good thing we live in CA, because if you had to add airfare to the restaurants and hotel expenses of visiting all our wonderful travel attractions, we'd really go broke, LOL. Our 2-week Wine Country trip cost as much as going to Europe. Our scheduled fall trip to drive up and back to the PNW for an Alaskan cruise, will take over a month and really pack a budget wallop. But both of us have our small health issues, so we want to do this traveling while we still have energy and mobility. In line with the article, I expect our traveling will drop off as we age - I see this already in our WWII generation friends/family who are in their mid-80's and really starting to slow down, even the ones who loved (and could afford) traveling anywhere they wished. We did a lot of planning and budgeting for healthcare expenditures. Prayer is good, but planning is what gives me confidence the odds are as much in our favor as we could make them....See MoreAnybody here retired early, like early 50's?
Comments (12)My husband retired in January at 62, and I retired in April at 55. I am enjoying every day. He says he doesn't feel useful. I took some watercolor classes and am painting and doing crafts. I don't care if I'm useful or not! I stay up as late as I want, and sleep in if I want. Coffee on the back porch watching the birds in the mornings. Shopping when everyone else is at work. Doctor's appts during the day so I don't have to fight evening traffic. Love it. If you don't finish something today, there is always tomorrow. My elderly mother lives with us, so we can't travel unless someone she knows stays here. Luckily we have a neighbor who will stay with her if we need it, but we can't impose too much, so no traveling. But there is so much to do here (Charleston, SC), I really don't care about that. My hub is retired navy, and we each have a supplemental to Tricare through our previous employers. We pay our portion, but it isn't the full amount we would have to pay on our own. I am looking at volunteering with an animal rescue group, as that is also something else I wanted to do when I retired. This winter I'm starting on a cookbook, too. At least, that is the plan right now....See MoreRetiring to vs. Retiring from
Comments (35)Hi cheery one, I'm pleased that you're happy with the "pro"s of your retirement. And somewhat sad that you're feeling that you're not keeping up to the mark of what you'd hoped/planned to do. If you feel the need to beat yourself over the back about that - make sure it's with a wet noodle ... and only five strokes, O.K? As for the "average" retiree, I don't feel that I have too much of a handle on that ... and wonder what level of expertise you may claim in that department? I think that it's important to do things that we can be pleased with ourselves for having done, at the end of the day ... week ... month ... year. Something that I note to have been scarcely mentioned in this thread so far is the need that all of us retirees have to concern ourselves about (as well as people in the workforce) is the erosion of the value of our income (and, for us retirees, our assets) due to inflation, every year for about the last 80. There hasn't been much increase in incomes in recent years, except for the wealthy few ... but the prices keep going up ... and for most of us, those prices of much of the goods and services that we buy have been and are going up faster than the official rate of inflation. When we put money in the bank, or buy bonds, etc. which pay us the same number of dollars after several years that we gave them in the first place, apart from the "rent" on the money, it isn't only taxes and living expenses that much come out of the earnings ("rent on the money"), but an allowance for inflation, as well, in order to keep the purchasing power of those assets equal in ten years to what it is now. Good wishes to you for dealing well with the days ahead: may they be as many as please you, with good health, friends, enough bucks to meet your needs, things to do and a few challenges, here and there. ole joyfuelled...See Moredeeinohio
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