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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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  #16  
Old 01-25-2011, 12:45 PM
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RichS RichS is offline
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Default Re: Age to retire?

I am not an expert in the British retirement system and it seems we have both British and American responses included. Since everyone is living longer and most retirement systems were based on information from decades ago it is probably financially better for governments to extend the retirement age.

What difference would it make to someone if they couldn't collect their retirement for 1 or 2 more years but they lived 5 or 10 years longer. It might even make it easier for the next generation behind them, especially if the politicians would keep their greedy hands out of everyone's pension monies.

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  #17  
Old 01-26-2011, 10:55 AM
Robert_Mcneill Robert_Mcneill is offline
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Default Re: Age to retire?

Its really personal preference combined with how you plan to live after retirement and the money you have saved.
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  #18  
Old 02-21-2011, 12:18 PM
ralphegermain ralphegermain is offline
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Default Re: Age to retire?

Most likely for those who have been working long time, and continuous, big percentage would prefer 45-50 probably. Personally, I think 50 is just fine. I still enjoy work and would enjoy it for a few more years too.
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  #19  
Old 03-25-2011, 12:11 AM
sandara sandara is offline
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Default Re: Age to retire?

The average retirement age is not a stable number that remains the same over generations. Instead, it changes, varying according to trends in employment, retirement, and life expectancy. For example, in the United States, the average age at which individuals retired in 1910 was 74 years old. In 2002, however, the average retirement age was 62.



On a personal level, the average retirement age can be important for figuring out the amount of money you’ll need to retire. For example, if you belong to a demographic in which the average retirement age is 60 and your life expectancy is 83, you'll need to plan to have enough money to last for at least 23 years of life after retirement. It is important to keep in mind, however, that you are not required to retire at the average retirement age. You may retire earlier or later than the average age of retirement.
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  #20  
Old 04-03-2011, 10:37 AM
KatherineLee88 KatherineLee88 is offline
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Default Re: Age to retire?

Quote:
Originally Posted by sandara View Post
The average retirement age is not a stable number that remains the same over generations. Instead, it changes, varying according to trends in employment, retirement, and life expectancy. For example, in the United States, the average age at which individuals retired in 1910 was 74 years old. In 2002, however, the average retirement age was 62.
I don't think it's quite fair to compare 1910 with 2002. What sort of numbers were we seeing in 1990s? 1980s? Those would be better comparisons - obviously a lot has changed in the United States in regards to personal financial planning, retirement planning, job benefits... ect. Those dates are not fair comparisons at all.


I do think that moving the Social Security retirement age for full benefits to a later date is a good idea. We're living longer - therefore we should be working longer. If a person took enough incentive during his/her working years to save enough to retire before full SS benefits could be collected, power to them.
I also thought that SS was basically irrelevant, being taught that the system will go bankrupt. However, recently it was written in a personal finance book by Suze Orman this year (2011) that the system won't actually be broke - we could expect about 75% of the promised benefits assuming that the SS system doesn't get a serious revamp by then (and this figure is for people currently in their 20s-30s). Just to be on the safe side though, I'll just "pretend" I'm not getting any SS so I'll save harder in other retirement vehicles.
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  #21  
Old 04-20-2011, 04:15 AM
Matthewbrown Matthewbrown is offline
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Default Re: Age to retire?

I think the normal retirement age should be maximum 60 years.
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  #22  
Old 05-11-2011, 08:16 AM
Matthewbrown Matthewbrown is offline
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Default Re: Age to retire?

58 to 60 is the exact age to get retire.
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  #23  
Old 07-05-2011, 01:49 PM
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Default Re: Age to retire?

This is an important issue that is different for each one of us. I think the first thing you must think about is what does it mean to retire? Do you just want to sit around and stare at the walls or do you still want to be a productive part of society. When you can answer these questions then you will know what your retirement age should be for you.

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  #24  
Old 07-19-2011, 03:47 PM
Manunkind Manunkind is offline
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Default Re: Age to retire?

The age of retirement varies with each person(ie: this is subjective). If you know the exact date you are going to die, we can tell you when you should retire. Simple as that.

For the US, retirement is based on the age you retire. Later you wait, higher your payment. So, this turns into a game of do you take the money first and invest it. Or wait and have a higher cash flow with no cushion.

Though, to me the median age should be 66-67.
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  #25  
Old 08-11-2011, 05:29 PM
janek janek is offline
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Default Re: Age to retire?

>>if you plan your life out from a young age you should be ABLE to retire whenever you want, after 45-50, and ACTUALLY retire whenever you feel like it. >>

Yes, and if you stay single, or marry but have no children, that's quite possible. You will, however, be hit with ever-rising medical bills as you age, and if Medicare is not there for you, you will be impoverished in very short order. This is why most unemployed or underemployed workers under 65 have only high-deductible catastrophic healthcare policies, because it's all they can afford.

In the early 1960's, the average length of time a retiree claimed SocSec was 7 yrs. Yes, 7+65 = 71. Then you died and were buried.

Now, the fastest growing group of people globally is the age 80+ group. I fully expect my MIL, now 84, to live to be at least 100. Her mind might go, but her body will hang on. Medical technology has not only improved infant and child mortality, it has enabled people with formerly life-ending diseases to live for many more years, even decades longer, than before.

There is not a single country in the world that is fully funded for the increase in longevity expected that will affect government pension funds and healthcare costs.

There will always be a small percentage of people who are able to retire early. They are vastly outnumbered by those who either didn't plan well, didn't save enough, ran into bad luck, made the wrong decisions, or any combination thereof.

I've been retired since 2006 at age 55, and you couldn't get me to go back to work voluntarily. Too many things to do and not enough time to do them in!
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  #26  
Old 11-22-2011, 04:50 PM
Van Gough Van Gough is offline
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Default Re: Age to retire?

In the late 1800′s, Kaiser Wilhelm wanted to get rid of a number of his colleagues in the German government. Since many of them were old, he decided to set the age of retirement at 65, and as a result successfully forced them out of their positions. To this day, the same retirement age is used around the world. However as people live longer the retirement age is bound to rise.
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  #27  
Old 01-16-2012, 06:27 AM
Ashu Ashu is offline
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Default Re: Age to retire?

I think retirement age should be 65-66 years. It may vary as per the industry such as government sector or private sector. Almost all people plan for their retirement planning. In that duration many people plan to travel or to spend time with family and friends.
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  #28  
Old 01-18-2012, 01:45 PM
Abrielle23 Abrielle23 is offline
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Default Re: Age to retire?

50 is I think still young to retire, retirement age should be (I think) 60-70? and as long as you're still healthy and fit to work.
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  #29  
Old 01-18-2012, 03:41 PM
littleroc littleroc is offline
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Default Re: Age to retire?

Why not stop worrying about the Gov't taking care of you with handouts and prepare your own retirment by putting away 15-20% of your income into Roth IRA's and mutual funds for 25-40 years. If I do get some social security from the US gov't when I decide to take it, it will be a suprise and some extra spending money.
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  #30  
Old 02-24-2012, 07:14 AM
Ashu Ashu is offline
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Default Re: Age to retire?

I think your full retirement age doesn't matter. Normal retirement age is between 60 to 66. I don't think retirement is end of a professional life we can make a new start there with some creative ideas.
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