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Author Topic: How long until you retire?  (Read 7825 times)

rocket surgeon

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Re: How long until you retire?
« Reply #100 on: April 22, 2022, 06:38:17 PM »
My goal is to semi retire at age 66 and fully retire at age 70, but I really cannot imagine my life without being involved in the business world. Business has been the one constant in my life, starting at a very early age. I cannot remember one day in my life that my Dad's company, or now my company, has not been the top priority in my life. I do worry that I might struggle not having that action in my day to day life when I retire.

As for what I am looking forward to, spending a couple of months a year in Naples, FL, playing golf 3-5 times a week, traveling with my wife and enjoying every day with my kids and grandkids. I guess, enjoying my family is going to be my greatest joy in retirement.

  many similarities goose-between working with dad and then on my own, it's going to be hard to transition out of my company.  most arrangements highly incentivize a sale pretty much mandating you stay on for minimum 6 mos.  working within the company we forged only to become another employee with more than likely most if not all of my previous employees will be weird to say the least.  our company for the past 36 years under my direction is all that i know.  so many people look at us business owners and assume it's all a "piece of cake"...it's akin to having a 2nd family.  the worries, sleepless nights, highs & lows, etc

  hopefully between the business, my building and my retirement fund which i started at day one, plus SS should be enough.  i have seen too many stories like the one sir brought up to push retirement too far down the road.  i love what i do, the interactions and the creativity that goes into it.  people often ask me why i do what i do-the most rewarding experiences are the ones when people call after hours and weekends in trouble and in pain.  they are totally beholden to you and they trust you. 
 

 within the next year or so, i plan on turning the business aspect over to someone or some group, but continue working under a more limited/ scaled back work week.  i am licensed in arizona as well.  i love to meet people from different walks of life and different backgrounds, but working outside of the ownership realm will be a whole different perspective and a passage "stepping thru the threshold" life experience 
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MU82

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Re: How long until you retire?
« Reply #101 on: April 22, 2022, 07:33:43 PM »

No politician is cutting Social Security or Medicare.  They will just debt finance it like everything else.

SS is a pretty easy fix. If necessary, you raise the full retirement age (67 now for most) and/or maybe even the initial benefits age (62 now) and/or you make more $$$ subject to SS tax. Right now, whether your earnings are $150K or $150M or $1.5B, you're only taxed on the first $147,000 of your earnings. The politicians will keep kicking the can down the road until SS is in real danger and then make one or more of those changes.

There also has been talk of "means adjusted" benefits. A wealthy person with X amount of $$$ would not receive SS benefits or would receive limited benefits; that actually was part of Chris Christie's platform the last time he ran for president. It was an unpopular plank, though, and I don't think it would fly.

One thing people also have to remember is that "the trust fund will go bankrupt" and other such fatalism that's spouted sometimes is not a thing. Worse-case scenario is that if someone is receiving, say, $2,000, that person would only get about $1,500. That would suck; that's $500 less than the person was expecting. But it's a far cry from $0.00.

Medicare ... that's a much more difficult fix. But like you, it's impossible for me to believe that politicians for either party would let something as popular and vital as Medicare cease to exist or even become unviable.
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jesmu84

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Re: How long until you retire?
« Reply #102 on: April 22, 2022, 08:19:35 PM »
As mentioned, there is a crisis coming when loads of people reach retirement age with no money.

Additionally, I think there's going to be CHAOS as boomers age out of the work force.

MU82

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Re: How long until you retire?
« Reply #103 on: April 22, 2022, 09:10:38 PM »
Quote from: jesmu84 link=topic=63329.msg1444629#msg1444629 date=1650676775

Additionally, I think there's going to be CHAOS as boomers age out of the work force.
[/quote

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ZiggysFryBoy

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Re: How long until you retire?
« Reply #104 on: April 22, 2022, 09:17:27 PM »
SS is a pretty easy fix. If necessary, you raise the full retirement age (67 now for most) and/or maybe even the initial benefits age (62 now) and/or you make more $$$ subject to SS tax. Right now, whether your earnings are $150K or $150M or $1.5B, you're only taxed on the first $147,000 of your earnings. The politicians will keep kicking the can down the road until SS is in real danger and then make one or more of those changes.

There also has been talk of "means adjusted" benefits. A wealthy person with X amount of $$$ would not receive SS benefits or would receive limited benefits; that actually was part of Chris Christie's platform the last time he ran for president. It was an unpopular plank, though, and I don't think it would fly.

One thing people also have to remember is that "the trust fund will go bankrupt" and other such fatalism that's spouted sometimes is not a thing. Worse-case scenario is that if someone is receiving, say, $2,000, that person would only get about $1,500. That would suck; that's $500 less than the person was expecting. But it's a far cry from $0.00.

Medicare ... that's a much more difficult fix. But like you, it's impossible for me to believe that politicians for either party would let something as popular and vital as Medicare cease to exist or even become unviable.

Agree on removing the wage cap.  Such an easy solution. (And therefore will never be passed)

rocket surgeon

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Re: How long until you retire?
« Reply #105 on: April 22, 2022, 09:31:52 PM »
one thing about millennials-they're so afraid of debt, they aren't buying homes

  that has got to figure into diminished savings unless they are putting the potential mortgage money into a retirement fund of some sort
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Herman Cain

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Re: How long until you retire?
« Reply #106 on: April 22, 2022, 10:01:00 PM »
I was always friendly to The Jehovah witness people who banged on my door each week. I took their literature and listened to what they had to say. Lots of people slammed the door on them . One time ,in so many words ,they told me don’t have a mortgage so that way you would only be beholden to  God . I was a young guy and figured that I would apply that and soon just paid off my mortgage .

Once I did that , it opened up so many new opportunities . I was able to make some investments that set our family up financially , so that the missus stopped working .

One day ,when I had a chance to gain control of my company , I went to the missus and she said , it was ok with her as long as the house wasn’t at risk and tuition was able to be paid when they time came .

When I made that deal , Life changed . I was able to control my own time and destiny .  When I was an employee I wanted to be able to retire young , but now there is no reason to .

I enjoy the challenge of what I am doing . In fact we just made an acquisition we had been scoping out for many years .

I have been to a lot of nice places and done a lot of bucket list items already . So I don’t  need to retire to do that .

My hobby is posting on this website . It is very enjoyable
« Last Edit: April 23, 2022, 08:21:54 AM by Herman Cain »
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jesmu84

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Re: How long until you retire?
« Reply #107 on: April 22, 2022, 10:04:50 PM »
one thing about millennials-they're so afraid of debt, they aren't buying homes

  that has got to figure into diminished savings unless they are putting the potential mortgage money into a retirement fund of some sort

You think fear of debt is keeping millennials from buying homes??

Spaniel with a Short Tail

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Re: How long until you retire?
« Reply #108 on: April 22, 2022, 10:49:55 PM »
You think fear of debt is keeping millennials from buying homes??

Fear of defaulting and/or having to walk away from a home because it's under water (mortgage or climate change, take your pick). That and the whole "experience over stuff" perspective.

TAMU, Knower of Ball

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Re: How long until you retire?
« Reply #109 on: April 22, 2022, 10:51:22 PM »
one thing about millennials-they're so afraid of debt, they aren't buying homes

  that has got to figure into diminished savings unless they are putting the potential mortgage money into a retirement fund of some sort

We aren't buying homes? I can't speak for everywhere, but in your nick of the woods there's a shortage of an estimated 8,000 single family homes. I think there are thousands of millennials who want to buy homes but can't.
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JWags85

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Re: How long until you retire?
« Reply #110 on: April 22, 2022, 11:23:42 PM »
Fear of defaulting and/or having to walk away from a home because it's under water (mortgage or climate change, take your pick). That and the whole "experience over stuff" perspective.

I think the climate change aspect is overstated (unless you were joking than  ;D ;D).  Most millenials aren't buying property in the Outer Banks or South Beach.

I do think an aspect is "anticipated holding period" for lack of a better term.  In a lot of competitive housing markets, if you're not planning on staying in a house for 7/8/10 years plus, some of the equity gained can be easily offset by affiliated costs.  I was debating buying a condo in Chicago about 8 years back and was discussing it with my cousin's husband.  Extremely bright Big 5 MBA educated Fortune 100 CFO track kind of guy.  They were living in Naperville at the time as he was working for Caterpillar, and he talked about how they were renting their house and they wouldn't buy, even paying 100% cash, cause it wasn't financially prudent given their 4-5 year timeline in the area.  He sent me a full Excel model that proved it out under a variety of scenarios.

jesmu84

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Re: How long until you retire?
« Reply #111 on: April 22, 2022, 11:35:51 PM »
Fear of defaulting and/or having to walk away from a home because it's under water (mortgage or climate change, take your pick). That and the whole "experience over stuff" perspective.

Ya...

My anecdotal experience of friends, family and coworkers 25-35 is nothing like this.

They all want houses. They've all been searching for months/years

lawdog77

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Re: How long until you retire?
« Reply #112 on: April 23, 2022, 06:10:10 AM »
Agree on removing the wage cap.  Such an easy solution. (And therefore will never be passed)
If you remove the wage cap, are you going to remove the max benefit cap?

rocket surgeon

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Re: How long until you retire?
« Reply #113 on: April 23, 2022, 09:38:59 AM »
You think fear of debt is keeping millennials from buying homes??

now i know why many of you disputed my premise because, well, it's rocket man!  he's just some dumb conservative dentist who fires people for shaving their heads.  yeah, that guy...the only wise thing he did was follow his daddy's footsteps, spend 8 years at MU then send his 2 kids there, but aside from that he's just dumb.  he went out and dumb'ed his way thru life, getting and staying married for 38 years, and running a business for almost as long, supporting countless families...dummy.  and now nearing retirement just past 60...ohh the ignorance.  the dude is so blind about things he voted for the orange man and not the ice cream intellectual who has really improved things even though it may not seem like it to ya'll yet cuz we are all so ignorant...just wait and give it some time.

ok, dummy ole rocket wasn't sure about the millennials for sure so he just made all that up...no wait...he looked it up.  and wtf??  seems a lot of articles on the very thing i proposed.  google millennials and debt and i'll be damned.  yes tamu, there are some millennials who WANT to buy homes today but if they have not bought a home by now...they missed that train man.  with interest rates still at all time lows and they haven't bought yet??

the once open field across from my office has over 300 apartment units probably housing 1000 people or more.  that builder has plans to break ground for another, you guessed it, huge apartment complex with walking paths, strip malls, etc just up the road.

are ALL millennials mortgage averse?  of course not, but those in the know, the actuaries, those who study trends, yup, those smarter than rocket who may even insist we should all be wearing masks are saying millennials are afraid of personal debt. 

so the short answer to your question jes-man is...ummm...yes


https://www.cnbc.com/2017/11/08/credit-card-debt-scares-millennials-even-more-than-death.html

https://www.consolidatedcredit.org/financial-news/millennials-fear-debt/

https://wwd.com/business-news/marketing-promotion/afterpay-millennials-lending-shopping-wwd-digital-forum-1202904388/

https://www.investopedia.com/news/real-reasons-millennials-arent-buying-homes/

https://fortune.com/2022/03/04/millennial-homebuying-real-estate-debt-student-loans/#:~:text=Debt%20aversion%20is%20the%20new,taking%20on%20credit%20card%20debt.
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TAMU, Knower of Ball

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Re: How long until you retire?
« Reply #114 on: April 23, 2022, 01:14:33 PM »
now i know why many of you disputed my premise because, well, it's rocket man!  he's just some dumb conservative dentist who fires people for shaving their heads.  yeah, that guy...the only wise thing he did was follow his daddy's footsteps, spend 8 years at MU then send his 2 kids there, but aside from that he's just dumb.  he went out and dumb'ed his way thru life, getting and staying married for 38 years, and running a business for almost as long, supporting countless families...dummy.  and now nearing retirement just past 60...ohh the ignorance.  the dude is so blind about things he voted for the orange man and not the ice cream intellectual who has really improved things even though it may not seem like it to ya'll yet cuz we are all so ignorant...just wait and give it some time.

ok, dummy ole rocket wasn't sure about the millennials for sure so he just made all that up...no wait...he looked it up.  and wtf??  seems a lot of articles on the very thing i proposed.  google millennials and debt and i'll be damned.  yes tamu, there are some millennials who WANT to buy homes today but if they have not bought a home by now...they missed that train man.  with interest rates still at all time lows and they haven't bought yet??

the once open field across from my office has over 300 apartment units probably housing 1000 people or more.  that builder has plans to break ground for another, you guessed it, huge apartment complex with walking paths, strip malls, etc just up the road.

are ALL millennials mortgage averse?  of course not, but those in the know, the actuaries, those who study trends, yup, those smarter than rocket who may even insist we should all be wearing masks are saying millennials are afraid of personal debt. 

so the short answer to your question jes-man is...ummm...yes


https://www.cnbc.com/2017/11/08/credit-card-debt-scares-millennials-even-more-than-death.html

https://www.consolidatedcredit.org/financial-news/millennials-fear-debt/

https://wwd.com/business-news/marketing-promotion/afterpay-millennials-lending-shopping-wwd-digital-forum-1202904388/

https://www.investopedia.com/news/real-reasons-millennials-arent-buying-homes/

https://fortune.com/2022/03/04/millennial-homebuying-real-estate-debt-student-loans/#:~:text=Debt%20aversion%20is%20the%20new,taking%20on%20credit%20card%20debt.

I'm going to go ahead and guess that you just read the titles of the articles and didn't actually read the articles themselves.

Not a single one of them says that millennials fear taking on debt. In fact they say Millennials have taken on more debt than past generations. Every single one of them says that Millennials have already taken on so much debt that it is the thing that causes them the most anxiety, more than the prospect of dying. Which makes sense given that debt is now and their deaths are likely not for 30 to 50 years. "Millennials fear debt more than death" is a catchy title, but you need to actually read to article to understand what they meant by that.

And Rocket, there was really no need for the "woe is me, everyone picks on me". Two people disagreed with you. No one called you dumb. No one even said what you posted was dumb. Jesmu just asked you a question and I provided data that contradicted what you said. If you post on here, chances are, someone is going to disagree with you from time to time. Don't respond by snowflaking out
« Last Edit: April 23, 2022, 02:30:14 PM by TAMU Eagle »
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rocket surgeon

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Re: How long until you retire?
« Reply #115 on: April 23, 2022, 06:11:59 PM »
ok tamu, i'll admit i did go a little bit over the top.  part of it i was just having a little fun, but also, the very title of the one article-

    "millennials FEAR DEBT"  credit card debt SCARES millennials..." 

yes i did read most of them, but the headlines tell you what i proposed.  yes, there are other reasons, but they really are afraid to take on MORE debt, no?  there has been very little reason not to buy a home within the past 10 years unless one just didn't have the money.  now it's hard due to inventory and the price of homes has of course gone up incredibly.  as i said as well, the significant rise of apartment buildings prove the fact that the trend is toward renting as opposed to buying.  as one of the articles cited, the millennials tend to want the big city lights and action
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Uncle Rico

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Re: How long until you retire?
« Reply #116 on: April 23, 2022, 06:16:47 PM »
ok tamu, i'll admit i did go a little bit over the top.  part of it i was just having a little fun, but also, the very title of the one article-

    "millennials FEAR DEBT"  credit card debt SCARES millennials..." 

yes i did read most of them, but the headlines tell you what i proposed.  yes, there are other reasons, but they really are afraid to take on MORE debt, no?  there has been very little reason not to buy a home within the past 10 years unless one just didn't have the money.  now it's hard due to inventory and the price of homes has of course gone up incredibly.  as i said as well, the significant rise of apartment buildings prove the fact that the trend is toward renting as opposed to buying.  as one of the articles cited, the millennials tend to want the big city lights and action

8 of 10

Really brining it with this thread. 
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Jockey

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Re: How long until you retire?
« Reply #117 on: April 23, 2022, 06:36:15 PM »
Agree on removing the wage cap.  Such an easy solution. (And therefore will never be passed)

Yup. Both sides.  ::)

cheebs09

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Re: How long until you retire?
« Reply #118 on: April 23, 2022, 07:42:32 PM »
ok tamu, i'll admit i did go a little bit over the top.  part of it i was just having a little fun, but also, the very title of the one article-

    "millennials FEAR DEBT"  credit card debt SCARES millennials..." 

yes i did read most of them, but the headlines tell you what i proposed.  yes, there are other reasons, but they really are afraid to take on MORE debt, no?  there has been very little reason not to buy a home within the past 10 years unless one just didn't have the money.  now it's hard due to inventory and the price of homes has of course gone up incredibly.  as i said as well, the significant rise of apartment buildings prove the fact that the trend is toward renting as opposed to buying.  as one of the articles cited, the millennials tend to want the big city lights and action

Isn’t “just not having the money” one of the key reasons millennials aren’t buying homes?

TAMU, Knower of Ball

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Re: How long until you retire?
« Reply #119 on: April 23, 2022, 08:43:36 PM »
ok tamu, i'll admit i did go a little bit over the top.  part of it i was just having a little fun, but also, the very title of the one article-

    "millennials FEAR DEBT"  credit card debt SCARES millennials..." 

yes i did read most of them, but the headlines tell you what i proposed.  yes, there are other reasons, but they really are afraid to take on MORE debt, no?  there has been very little reason not to buy a home within the past 10 years unless one just didn't have the money.  now it's hard due to inventory and the price of homes has of course gone up incredibly.  as i said as well, the significant rise of apartment buildings prove the fact that the trend is toward renting as opposed to buying.  as one of the articles cited, the millennials tend to want the big city lights and action

You literally wrote "millenials are so afraid of debt that they aren't buying houses" and then posted articles that  talked about how millennials have taken on more debt than past generations. How do they fear debt if they are taking on more than part generations?

So now you're shifting the goalposts to they are afraid of taking on more debt which is a very different statement.  Have you considered that maybe having high debt already keeps them from building up enough savings to afford  the down payment on a house?  Or that they can't qualify for good mortgages because of the amount of debt they already carry?

As for the apartment buildings, have you considered that is less about millennials choosing apartment buildings and more about companies choosing to build them because they are much more profitable than building single family homes?  Again there are an estimated 8000 families in Milwaukee that want to buy a home and can't because of lack of inventory.
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dgies9156

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Re: How long until you retire?
« Reply #120 on: April 23, 2022, 10:13:24 PM »

There also has been talk of "means adjusted" benefits. A wealthy person with X amount of $$$ would not receive SS benefits or would receive limited benefits; that actually was part of Chris Christie's platform the last time he ran for president. It was an unpopular plank, though, and I don't think it would fly.

This depends on how one views Social Security. If it is an entitlement, then yes, the rich can be pushed out.

However, since the beginning of Social Security, it has been viewed as a supplemental pension We're all entitled to it based on what we paid in. I'm perfectly happy not to receive it, if you pay me back everything I paid in, with interest. I'm sure I could invest it more effectively than the Social Security Administration.

pbiflyer

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Re: How long until you retire?
« Reply #121 on: April 23, 2022, 10:20:04 PM »
Remember when this thread was useful?


rocky_warrior

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Re: How long until you retire?
« Reply #122 on: April 23, 2022, 11:18:07 PM »
Remember when this thread was useful?

It had a decent 36 hour run.

MU82

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Re: How long until you retire?
« Reply #123 on: April 24, 2022, 04:00:58 PM »
Isn’t “just not having the money” one of the key reasons millennials aren’t buying homes?

Yep -- or not having enough money as the prices of homes skyrocket in many parts of the country. Both of my millennial kids have bought homes, and had absolutely no "fear" in doing so. The older of the two is now looking to sell the first home (which she and her husband bought 5 years ago) and move up to a larger home, but the price of the kind of home they want in the Seattle area is beyond ridiculous. It's not "fear," it's price.

This depends on how one views Social Security. If it is an entitlement, then yes, the rich can be pushed out.

However, since the beginning of Social Security, it has been viewed as a supplemental pension We're all entitled to it based on what we paid in. I'm perfectly happy not to receive it, if you pay me back everything I paid in, with interest. I'm sure I could invest it more effectively than the Social Security Administration.

I'm just the messenger. It was Chris Christie who pushed means testing for SS, and a few others have done so since though none successfully. And I believe it was Paul Ryan who wanted to do similar with Medicare, though I might be misremembering that.
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