What about Retirement???

[Janet]

I was talking with my sister-in-law and her man-friend yesterday and we were discussing retirement. They were telling me that it is really better to retire at 62 years old, because something about if you waited until 66, it would take 15 years to make up what you would have lost if you retired at 62. I didn't really understand what they were saying...

I haven't thought much about retiring, mostly because I have a few years to go. Anyone out there with advice about retiring? You know, to give me something to think about?

[rivermom]

The only advise I can give is to "save, save, and save some more!!". Work is only a means to an end so retirement is something my hubby and I work very hard at to achieve. We have a 401K within our business and put in the max that we are allowed. Id rather win it big in the lottery though, LOL!!

In regards to the age of 62 or 66 I just can't answer. It might be best to get in touch with your financial advisor for the best options that work for you and your hubby.

My parents retired in their mid 40's. That has always been my goal but now that I am in my mid 40's I can see it's just not going to happen. Oh well, atleast we are trying. Our biggest hurdle is our private health insurance. It's so high now and I wanna throw up just realizing what it will cost when we are at retirement age, ugh!! My hubby says he may have to work like 1 or 2 days a week just to afford our health insurance. It sucks!!

[magnolia]

We haven't really thought about an age to retire! I know hubby can retire after 20 years with the fire department (or is it 25 - can't remember). He hopes to be able to do that but said he may work an extra few years, he'll make that decision (based on pay) when retirement age "hits" with the FD. Me - I don't know that I'll ever retire! I can't see myself staying at home doing nothing - I get bored out of my mind when I'm home sick for just one day!!! I know that I definitely plan on working til our house is paid for and the boys finish college (and they aren't even close to being out of high school yet!). But I think I remember reading (or hearing) somewhere that people my age (or younger) may have to work til like age 72 to enjoy full retirement benefits where SS is concerned I KNOW I don't want to work that long!!!

[Janet]

Originally Posted by rivermom

The only advise I can give is to "save, save, and save some more!!". Work is only a means to an end so retirement is something my hubby and I work very hard at to achieve. We have a 401K within our business and put in the max that we are allowed. Id rather win it big in the lottery though, LOL!!

In regards to the age of 62 or 66 I just can't answer. It might be best to get in touch with your financial advisor for the best options that work for you and your hubby.

My parents retired in their mid 40's. That has always been my goal but now that I am in my mid 40's I can see it's just not going to happen. Oh well, atleast we are trying. Our biggest hurdle is our private health insurance. It's so high now and I wanna throw up just realizing what it will cost when we are at retirement age, ugh!! My hubby says he may have to work like 1 or 2 days a week just to afford our health insurance. It sucks!!

We just don't make enough to "save, save, and save."...LOL And as for having a "financial advisor" we don't have one of those either. I guess our old age is just gonna suck to high heaven. Figures!!!! Nothing else in this life as worked out except my son.....don't know what I was really expecting. Wish we would have had the knowledge that is out there now and maybe we could've had a good plan for the future....as it is....what's the point. This has totally bummed me out.

[2tiredmom]

Don't feel bad janet, Gary just started a new job and it has a 401 K. He didn't have that with the last job. So if he retires at age 65 he will have put into it.
14 years. that should be a windfall. NOT As for me I"ve been working over 20 years and have my perf. But it doesn't amount to jack squat either. So I know where your coming from plus we have money going out for college for the next
10 years. We told jennifer to get good grades and hope she can get a full ride
some where. Boy we sure do dream big. lol.

[Janet]

It's just sad don't you think to have to struggle to live and then when retirement comes, you think you can take it a little easier.....not gonna happen here.

[2tiredmom]

It makes me wonder how the other half lives janet. For instance our loving sister in law.

[Janet]

Originally Posted by 2tiredmom

It makes me wonder how the other half lives janet. For instance our loving sister in law.

I too would really like to know how they do it, because I know they don't make that much. We have been checking into insurance for when the boy gets his license (he'll have to pay it), but how are they able to do it....she doesn't work.

[lynne b]

ihave a 401k where i work and have been putting in to it for the past 18yrs. my dad retired from delco and had a similar plan that he put into and my mom keeps telling me that i should find something else to put my money in because even though they take my money before taxes now mom says when i start drawing it that i will be paying twice as much taxes then i would be today . she is at the age where she has to draw out a certain amount of money at certain times and the taxes she has to pay on that amount is quiet abit of money considering what the tax was when they were putting in the money. my dad is gone now thats why i am talking about my mom haveing to do this. dont know if you understand what i am trying to say but i have seen what mom has to pay in taxes so i know she is right but i havent a clue as to what to do. i know nothing about stocks & bonds and i really cant afford an advisor.

[Janet]

Originally Posted by lynne b

ihave a 401k where i work and have been putting in to it for the past 18yrs. my dad retired from delco and had a similar plan that he put into and my mom keeps telling me that i should find something else to put my money in because even though they take my money before taxes now mom says when i start drawing it that i will be paying twice as much taxes then i would be today . she is at the age where she has to draw out a certain amount of money at certain times and the taxes she has to pay on that amount is quiet abit of money considering what the tax was when they were putting in the money. my dad is gone now thats why i am talking about my mom haveing to do this. dont know if you understand what i am trying to say but i have seen what mom has to pay in taxes so i know she is right but i havent a clue as to what to do. i know nothing about stocks & bonds and i really cant afford an advisor.

Hey Lynne!!!! I don't know what to do either. I suppose I'll just die poor and let the county bury me....LOLOL

It's just all so confusing to me.

[lynne b]

i just hope i dont end up like mom and not be able to enjoy my retiremnet. i want the money now so i can travel and buy what i want. i dont want to wait till i am too old and decrept ( sp) to enjoy it

[Janet]

My mom is sitting pretty, but she won't part with a dime of her money. She'll probably take it with her when she goes....

[lynne b]

my mom is so worried about how to divide it up between all the kids & grandkid and i keep telling her to just spend it all and she wont have to worry about it anymore.