LARRYR. Loc: Saint Martinville, La.

Good morning everybody,
It's now 5:20 am Sunday morning and I'm here
at work for another 8 hr. starting at 6:30 am. I
was woundering if any one could tell me at what
age does an average working person here in the
U.S.A could retire at ? I, like many of my co-workers
have been working way back in our young teenage
years and are still working 7 days a week.
I have many people tell me, that if they would have
the money that I have, that they would retire in
a heart beat. Well I'm 65 now and believe me if I
would have half the money they think that I have,
I'd retire now in a heart beat.
I'm sure there are many more here at UHH that are
in the same place that I'm talking about. We work all
our lives hopeing to make it to the GOLDEN AGE of
65 and here we are looking at another day at work.
I'm sure many will say they I should have save more while
I was younger. Some people are or were fortunate enough
to do so. My self along with many of my friends, did
invest into our 401Ks and our rewards were that the
stock market went South and many of us lost over
half of our life savings and some of us even more.
Anyway I was just woundering at what age do the
readers of this topic would say, that a working person
(excluding politicians , they get their full retirement after
their one term in office, from what I here)here in the
U.S.A. will have to work till until he or she can retire
fully from working for a pay check? I say more then likely
with out disability around 70-72. What do you say?

Erv Loc: Medina Ohio

I am 61 and am shooting for 68 to retire. Was planing to retired already, but as you say, the economy sucks! And I have 2 boys that went to school and added on to the bills I had to pay. I seem to fall between the cracks at getting help with their schooling. Make just enough to not get help. The oldest (26) just went back to college to be an architect. He is doing really good. So back to helping him.
I am lucky that I am in fairly good health. The signs are showing, but so far I feel pretty good. :)
Erv

LARRYR. Loc: Saint Martinville, La.

Some times, in fact many times, I wounder just what i
may have done in my past, that could have had a real
big impact on the way my life is today. There really
isn't that much in my life that I would have changed.
It's just doesn't seem right that a working person
has to work all his or her life or to the point where
he or she isn't capable of working due to some kind
on sickness or disability before they are able to retire.
I see it happen to many of my family and friends
that by the time they retired, they were either in
poor health or disabled in one way or other.
Compared to many people I guess I really have nothing
to complain about, but it really doesn't make me feel
any better. I just wish, I'd have all the money that
every one keeps telling me that I have. Some where

Mac Loc: Pittsburgh, Philadelphia now Hernando Co. Fl.

I'm in Railroad Retirement, not Social Security. Railroad Retirement has two tiers. Tier 1 is Social Security Equivalent (SSE). Tier 2 is is an additional fund paid into by both the employee and the railroad he works for. To qualify for full retirement the employee must be at least 60 years of age and have 30 uninterrupted (except by military service) years on the railroad. A reduced retirement can be taken at age 62 with at least 10 years on the railroad. The amount of the reduced retirement is determined by the number of years worked. If an employee leaves before qualifying for Railroad Retirement his Tier 1 SSE is transferred to Social Security, but he forfeits his Tier 2. Railroad Retirement is administered by the Railroad Retirement Board. No government money is involved, it is totally funded by the employees and the railroads. I retired on September 1st 2010 at age 62 with 25 1/2 years of service.

Danilo Loc: Las Vegas

You're making some good points, Larry. I'm only 63 and retired, but hopefully the retirement is only temporary. I didn't want to retire, but after my last employer closed the business in 2010, I haven't been able to find anything.
I've never wanted to retire, because I've always really liked the work I've done, whether it was photography, selling guns, or shooting pool. Still hoping to find something when the job situation gets better.
BTW, Congresspeople are eligible for retirement at age 62 providing they've served 5 years. Eligible at 50 with 20yrs. service. And it gives them a maximum of 80% of their last years pay scale. And they do contribute to SS through payroll deductions (not right now, because right now nobody does).

tschmath Loc: Los Angeles

Here's the lowdown on Congressional retirement benefits. Certainly not the golden goose that has been portrayed in the media.

http://www.politifact.com/rhode-island/statements/2011/may/29/chain-email/email-message-says-members-congress-get-full-pensi/

oldmalky Loc: West Midlands,England.

My firm made us all redundant when I was 63 and i havent worked since im 70 now, It helps a lot if you dont smoke or drink, I have enjoyed my retirement.

LARRYR. Loc: Saint Martinville, La.

I'm glad I was able to get the correct retirement
pay for our Congressmen in Washington D.C. thanks
to the research of tschmath (thank you for your help)
I was wrong to have place this unsearched info in
my first writting. But here I am back at computer
it is now 5:20 am and I still don't see any light
at which age I'll be able to retire. Guys for you
who are retired, my hats off too you all, for you
who are with out work you are in my prays daily,
for the rest of you who are like me, who are pass
60 and still looking for that great retirement age
all I have to say is " Come on tomorrow, because I
know today, is not the day" Ha guys and I sure
there are a bunch of gails thanks you for your in puts
This is a great site.

woody54895 Loc: NW Wisconsin

I'm 66 years old and have been retired for 15 years. Had to leave because of a non-duty related injury. I did have 30 years in so I was able to retire at that age but with a penalty.

Shaka Loc: Brisbane, Australia

I'm 65 years and run my own business, which did very well until 2008 until the GFC. Since then sales have fallen 60% resulting in staff layoffs, not a pleasant thing to do. My pension fund has halved thereby leaving me with a very depleted fund. Three years ago, just before the GFC, I could have sold the business as a tidy profit, cashed in my pension and been on retirement. Non of this has happened for the above reasons and my wife and I must still work in the business paying us a reduced wage with no Government Assistance at all. Last financial we earned so little that we got all our prepaid tax back. A nice gesture, but I would rather earn a decent wage and pay my taxes. In a nutshell, there is no prospect of retiring soon. We are both 65 and have become resoled to the fact that we will still be working at 70. So LARRYR I think that the new retirement age is now 70, if your health holds. I'm a very fit and healthy 65 but my wife has a few problems and it is getting tougher for her. Just have to stay motivated for both of us. No ideal, but there you go. If anybody can come up with a Magic bullet that will work in Australia, then please let me know. We all need it desperately. Thanks for starting this discussion, which knows borders. :D

LARRYR. Loc: Saint Martinville, La.

Well Shaka, what I tell everyone here at work is
if my wife can still kick me out of bed in the morning
and I can still get off the floor, then we're still have
a chance of making it the rest of the day. Oh by the way
I met a few dear lads from Australia when I was stationed
in NAM, REALLY ENJOYED the old chaps. As one use to always
The way things are going are very discouraging indeed it is!

Txcaoboi

I'm 71 and been retired 14 years. I retired at 57 after teaching for 30 years.

Photoman74 Loc: Conroe Tx

I retired at 66, as soon after as I could. In this way I could earn all I could without penalty. If you physically can and enjoy continue.
If you have enough $ to provide needs and enjoyment, retire.

Bartulius Loc: Bristol, Ct

I retired at the age of 55. I worked for a world wide, old beverage company for 30 years that had an excellent retirement package in our division. We fought strongly for that priveledge. The company did not invest a dime. Mine was not a 401K, just an investment program.
I felt that my body would not sustain me much past the age of 60 and I am now 62 and most days I feel every day of it.
I started a 40 work week at the age of 16. I also attended high school full time. From there I went into the Navy, loading ordnance by hand, sometimes on a pitching deck.
My career job required a lot of physical work.
In my opinion, any age you choose should be your retirement age. If you like working and are capable, work as long as you can. Working because you are paying college tuition or student loans for the kids seems wrong to me.
Living beyond your income is absurd also.
I doubt you'll ever feel wealthy enough to retire.
I work at what I like, when I want to work.

ngc1514 Loc: Atlanta, Ga., Lancaster, Oh. and Stuart, Fl.

I retired at 59 after BellSouth made an offer to management it was impossible to refuse. The fact that rumors were going around BellSouth was going to be bought out by AT&T just provided additional impetus to go.

I was diagnosed with a particularly nasty cancer (esophageal) in 2000, had treatments and was doing pretty well when the offer came along in 2006... so I took it. I did NOT want to be one of those people who died while still working! Worked hard for 38 years with the phone phactory and wanted to spend at least a few years getting up in the morning and having the whole day for myself.

After 6 years retired, things are going ok and I haven't looked back.