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Old 25th August 2012, 03:55 PM   #11
AndrewT is offline AndrewT  Scotland
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I could have retired early, since my previous career job was already paying my pension, without reductions from 50.
But I was not ready to pack it in at 50 nor at 55.
I officially retired at 60 and having never been a big spender I find I am comfortable with one decent pension and one tiny pension from a second career.

Being comfortable, allows me to spend on all the necessities and a few luxuries, (like 7weeks holidays this year and still counting) without being extravagant. I know there is sufficient there and that is a nice feeling, not having money worries.

It really depends on what you are happy with. A pension and a nest egg and a few hobbies and I'm OK.

The last I could recommend would be going early on a "too little" pension and then worrying month to month how the bills will get paid. But that type of decision must be based on current health and job satisfaction.

Everyone is different.
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Last edited by AndrewT; 25th August 2012 at 03:57 PM.
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Old 25th August 2012, 04:53 PM   #12
M Gregg is offline M Gregg  United Kingdom
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Quote:
Originally Posted by AndrewT View Post

The last I could recommend would be going early on a "too little" pension and then worrying month to month how the bills will get paid. But that type of decision must be based on current health and job satisfaction.

Everyone is different.
I agree,

I remember a guy that was working 12hr nights and days 4/4 and he was aged 63. The company had a massive redundancy and early retirement program.

The guy was offered early retirement with an enhanced lump sum, it worked out That he was going to get 2/3 salary and a lump sum. When the lump sum was added/divided to the final years he would have to work, he was going to earn more than being at work until aged 65..He refused it because he said I can get overtime and that will be more.

It took the union a month to get him to realise that after this program his section could close and he would only get severance pay. So he finally accepted.

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M. Gregg
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Old 25th August 2012, 06:59 PM   #13
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I was going to retire at 65. I was laid off as soon as I turned 50. OK, I had earned a lot of money (was paid quite well) and had socked away millions of $$$ in my retirement account. Then MF Global vaporised, and so did my retirement account. Luckily I had withdrawn some of my money before the crash.

So now I'm working two jobs and at my age will probably never be considered for a professional job again.
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Old 25th August 2012, 07:19 PM   #14
SY is offline SY  United States
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Cheer up, I managed to score a great management gig at the age of 57. Not too far from you, in fact (Glenview). Don't give up, keep pluggin' away!
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Old 25th August 2012, 09:40 PM   #15
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I started saving for retirement when I was 25. There is this thing in Canada called RRSP (registered retirement Savings Plan). I found that if I put in the max amount I would get about 30% back as a tax refund. Later when I bought my first house I used that tax refund to pay down the mortage each year. When I was 36 I was married, one kid, house paid off and no debts, and was saving around $20,000 a year. The wife wanted a bigger house espcially with another kid on the way. So we bought some land and had the biggest house built I could barely afford. Using the same tax strategy and being a frugal person ( cheap) I was able to pay that house off in 12 years. The company I worked for offer me a severance package when I turned 52. Basically I was offered 50% of my pay to stay home till I could receive a reduced company pension at 55. I am now retired for 10 years. We don't live a wealthy life style, but we are very comfortable. Now with the company pension, government pension and personal investments, my income is about what my old salary was. Last year I was diagnosed with kidney cancer, my prognosis is fair to good. When I look back I am glad I started saving early so I could quit work early and enjoy life a bit for whatever time I have left. I don't have any investment secrets, just spend wisely and always build up your nest egg and don't touch it till you retire no matter what.

My personal situation doesn't look to be the best, but since I retired I have been going to about 4 funerals a year. Many of the people in the boxes in the funeral homes were a lot younger than me.

sometimes you win, sometimes you lose and sometimes you come out even.
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Old 25th August 2012, 09:45 PM   #16
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multisync you could have been a dutchman talking ! I sincerely hope you overcome your disease.
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Old 25th August 2012, 09:58 PM   #17
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I'm on the work-until-I-die retirement plan. Even though we've saved since day 1, and have always lived very inexpensively, the last decade has provided pretty much zero growth for our assets. Shrinkage if you count inflation. IMO, there will be no "recovery" as most people in the US envision it. The current economy is probably the new normal for several decades to come.
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Old 25th August 2012, 09:59 PM   #18
M Gregg is offline M Gregg  United Kingdom
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Quote:
Originally Posted by jean-paul View Post
multisync you could have been a dutchman talking ! I sincerely hope you overcome your disease.
Yes Plus 1

Hope everything works out for the best..

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M. Gregg
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Old 25th August 2012, 10:15 PM   #19
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Does anybody here regret the sensible lives they've led (pension, career, mortgage, hobbies in shed) and wish they'd gone off to the Himalayas when they were 20, or taken up that offer to play drums for an unknown band called 'The Doors'?
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Old 25th August 2012, 10:23 PM   #20
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I went to the Himalayas and played in the Doors but I wish I had saved for my mortgage and pension
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