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Retirement Confidence Survey
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arkstfan Online
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Retirement Confidence Survey
Most workers surveyed think they will retire at age 65 but the median retirement is 63 despite the "full" retirement age of Social Security having risen to 67.

Roughly 1 in 3 workers believes that Social Security won't be a major part of their retirement while 2 in 3 retirees report it is a major income source.

Nearly 7 in 10 workers believe they will continue to work some after retirement but only 1 in 4 actually do work after retirement.

https://www.ebri.org/pdf/surveys/rcs/201...hecked.pdf
10-17-2018 03:16 PM
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Native Georgian Offline
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RE: Retirement Confidence Survey
One could write several books about all the make-believe and magical thinking that people fall prey to, on this subject. Even college-educated, upper/middle class types.
11-30-2018 03:12 AM
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RE: Retirement Confidence Survey
Major employers are pushing older employees out earlier and earlier. If you work for a big company, its best to have ideas of what to do if your job gets eliminated at age 55. Its a combination of trying to save money on salaries and a belief that experience doesn't matter and old people are too set in their ways.
11-30-2018 12:39 PM
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Owl 69/70/75 Offline
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RE: Retirement Confidence Survey
I'm 71 and have no plans to retire any time soon, mainly because I have great health insurance where I am and not sure what would happen on that front after retirement. I used to believe I could count on CHAMPUS/later TRICARE, but Obama pretty much screwed that up, and I sure as hell do not want to depend on an Obamacare plan. Plus, three days a week, nine months a year, is not enough to kill anyone.
11-30-2018 01:07 PM
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SVHerd Offline
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RE: Retirement Confidence Survey
I worked for one major healthcare corporation from 96-01. I got out and vowed I would never work for a large corporation again. Chinese fire drills.
02-23-2019 07:26 PM
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JRsec Offline
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RE: Retirement Confidence Survey
(11-30-2018 12:39 PM)bullet Wrote:  Major employers are pushing older employees out earlier and earlier. If you work for a big company, its best to have ideas of what to do if your job gets eliminated at age 55. Its a combination of trying to save money on salaries and a belief that experience doesn't matter and old people are too set in their ways.

Not really. It's mostly an effort to clear men who are hitting their high liability age with regards to the corporate health care plan. The side benefit is that they also clean up their total salary outlays by replacing 50+ executives with younger people at lower pay grades. I didn't see much of the bias against "being set in your ways" mostly because they knew that experience did matter. Rather what I saw were men who were unwilling to make that last transfer of their career and who were settled in their community life.

Social Security isn't much of an income in retirement. But, it works fine for those whose homes are paid off, have no debt, and who don't feel the need to keep the swankiest car, and who have some modicum of savings sufficient to overcome a crises or two.

The biggest nightmare waiting to happen for some of my contemporaries is that they only invested in 401K's which they cannot effectively manage since most are tied up with their employers, they've bought into feeling that their kids need the newest and best of everything in order to stay in the right social circles, they've bought into that line of thinking for their social activities, and as the commercial says they are in debt up to their eyeballs.

The 401K is the problem because it is totally market dependent and virtually none of my buds have a safety net investment to offset the potential of a market retraction. They say they want to work into their 70's but most of them had to and I might add in order to keep their jobs (self employed excluded) they had to take "advisory" positions which pay them less for their years of experience.

I bet 75% of them are what I call debt zombies. They should be gardening, taking trips to see the grandkids, and enjoying the few years they have left. But instead, they drag themselves out of bed early, stay gone all day, and collapse when they get home. They aren't happy, they still don't have time for family, and the lifestyle at that age is literally killing them.

Say what you want but in 2016 the average life expectancy of an American male was 67 years. Now that figure is not adjusted for ethnicity that's the cumulative American male. The average life expectancy for the cumulative American female is 71.1 years.

Then check the last census results for the working ages within the population. 27% were under working age (18) and only 13.1% were retired or past 65. If 60% can't keep SSI going for 13.1% then something is terribly screwed up, especially if the average age of retirees is 63 and the average age of their deaths is 67 for men and 71 for women. (This is down due to homicides, drug related deaths, accidents, and other such factors which all play into the mortality rate.)

The whole big push on SSI is a total red herring seeking to lay blame for government deficits that are really being accrued elsewhere in the Federal Budget.
(This post was last modified: 02-23-2019 11:09 PM by JRsec.)
02-23-2019 11:03 PM
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JRsec Offline
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RE: Retirement Confidence Survey
(11-30-2018 01:07 PM)Owl 69/70/75 Wrote:  I'm 71 and have no plans to retire any time soon, mainly because I have great health insurance where I am and not sure what would happen on that front after retirement. I used to believe I could count on CHAMPUS/later TRICARE, but Obama pretty much screwed that up, and I sure as hell do not want to depend on an Obamacare plan. Plus, three days a week, nine months a year, is not enough to kill anyone.

I hear ya. My parents were hamstrung by what happened to CHAMPUS/TRICARE. Dad was a retired military officer. After he passed and Mom needed medical care none of the local Dr's wanted to take TRICARE. The Hospital would but even they groused about it. We face a similar, but not as critical situation with a state retirement.
02-23-2019 11:14 PM
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arkstfan Online
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RE: Retirement Confidence Survey
Some years back one of the airlines (Continental I think) was in bankruptcy and of course there were the usual look at Southwest who is profitable while the old legacy carriers are going broke. The CFO compared their health insurance outlays and saw that if their workforce was a young as Southwest's, they could be in the black.

For all the complaints about flat wages, they aren't flat if you consider employee health insurance part of the employee's wages the past thirty years.

It's a big part of tort claims as well.
02-26-2019 09:56 AM
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Post: #9
RE: Retirement Confidence Survey
(02-23-2019 11:03 PM)JRsec Wrote:  
(11-30-2018 12:39 PM)bullet Wrote:  Major employers are pushing older employees out earlier and earlier. If you work for a big company, its best to have ideas of what to do if your job gets eliminated at age 55. Its a combination of trying to save money on salaries and a belief that experience doesn't matter and old people are too set in their ways.

Not really. It's mostly an effort to clear men who are hitting their high liability age with regards to the corporate health care plan. The side benefit is that they also clean up their total salary outlays by replacing 50+ executives with younger people at lower pay grades. I didn't see much of the bias against "being set in your ways" mostly because they knew that experience did matter. Rather what I saw were men who were unwilling to make that last transfer of their career and who were settled in their community life.

Social Security isn't much of an income in retirement. But, it works fine for those whose homes are paid off, have no debt, and who don't feel the need to keep the swankiest car, and who have some modicum of savings sufficient to overcome a crises or two.

The biggest nightmare waiting to happen for some of my contemporaries is that they only invested in 401K's which they cannot effectively manage since most are tied up with their employers, they've bought into feeling that their kids need the newest and best of everything in order to stay in the right social circles, they've bought into that line of thinking for their social activities, and as the commercial says they are in debt up to their eyeballs.

The 401K is the problem because it is totally market dependent and virtually none of my buds have a safety net investment to offset the potential of a market retraction. They say they want to work into their 70's but most of them had to and I might add in order to keep their jobs (self employed excluded) they had to take "advisory" positions which pay them less for their years of experience.

I bet 75% of them are what I call debt zombies. They should be gardening, taking trips to see the grandkids, and enjoying the few years they have left. But instead, they drag themselves out of bed early, stay gone all day, and collapse when they get home. They aren't happy, they still don't have time for family, and the lifestyle at that age is literally killing them.

Say what you want but in 2016 the average life expectancy of an American male was 67 years. Now that figure is not adjusted for ethnicity that's the cumulative American male. The average life expectancy for the cumulative American female is 71.1 years.

Then check the last census results for the working ages within the population. 27% were under working age (18) and only 13.1% were retired or past 65. If 60% can't keep SSI going for 13.1% then something is terribly screwed up, especially if the average age of retirees is 63 and the average age of their deaths is 67 for men and 71 for women. (This is down due to homicides, drug related deaths, accidents, and other such factors which all play into the mortality rate.)

The whole big push on SSI is a total red herring seeking to lay blame for government deficits that are really being accrued elsewhere in the Federal Budget.

Men, women, white, black. There’s definitely a push to get older people out of many major companies
02-27-2019 03:16 PM
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RE: Retirement Confidence Survey
(11-30-2018 12:39 PM)bullet Wrote:  Major employers are pushing older employees out earlier and earlier. If you work for a big company, its best to have ideas of what to do if your job gets eliminated at age 55. Its a combination of trying to save money on salaries and a belief that experience doesn't matter and old people are too set in their ways.

From what I've seen and heard from colleagues at other companies it's the exact opposite.

Many of them are hiring older workers because they're willing to trade the higher salary for not having to put up with Millennials and their collective bullshite.

They're willing to pay higher wages to people who actually have a work ethic, can work on their OWN and not need a group, who acknowledge and practice such skills as showing up to work PLUS being on time. People who don't turn into shrinking violets or meltdown when given criticism or put under pressure in time sensitive situations.

As for me, I've tried to live frugally. I've tried to make sound investments including putting money "away" every paycheck. My goal is that my retirement fund plus SS will be enough to allow me to retire at 67. If so, I'M DONE!!! I ain't working until I have one foot in the grave.
02-28-2019 03:02 PM
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JRsec Offline
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RE: Retirement Confidence Survey
(02-28-2019 03:02 PM)BadgerMJ Wrote:  
(11-30-2018 12:39 PM)bullet Wrote:  Major employers are pushing older employees out earlier and earlier. If you work for a big company, its best to have ideas of what to do if your job gets eliminated at age 55. Its a combination of trying to save money on salaries and a belief that experience doesn't matter and old people are too set in their ways.

From what I've seen and heard from colleagues at other companies it's the exact opposite.

Many of them are hiring older workers because they're willing to trade the higher salary for not having to put up with Millennials and their collective bullshite.

They're willing to pay higher wages to people who actually have a work ethic, can work on their OWN and not need a group, who acknowledge and practice such skills as showing up to work PLUS being on time. People who don't turn into shrinking violets or meltdown when given criticism or put under pressure in time sensitive situations.

As for me, I've tried to live frugally. I've tried to make sound investments including putting money "away" every paycheck. My goal is that my retirement fund plus SS will be enough to allow me to retire at 67. If so, I'M DONE!!! I ain't working until I have one foot in the grave.

Good for you Badger. May your tribe increase. However on our end down here I've witnessed what Bullet was saying many times. They just don't want the liability on their medical insurance plans. Hit 55 and they are pushing you out the door.
02-28-2019 04:48 PM
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RE: Retirement Confidence Survey
(02-28-2019 03:02 PM)BadgerMJ Wrote:  
(11-30-2018 12:39 PM)bullet Wrote:  Major employers are pushing older employees out earlier and earlier. If you work for a big company, its best to have ideas of what to do if your job gets eliminated at age 55. Its a combination of trying to save money on salaries and a belief that experience doesn't matter and old people are too set in their ways.

From what I've seen and heard from colleagues at other companies it's the exact opposite.

Many of them are hiring older workers because they're willing to trade the higher salary for not having to put up with Millennials and their collective bullshite.

They're willing to pay higher wages to people who actually have a work ethic, can work on their OWN and not need a group, who acknowledge and practice such skills as showing up to work PLUS being on time. People who don't turn into shrinking violets or meltdown when given criticism or put under pressure in time sensitive situations.

As for me, I've tried to live frugally. I've tried to make sound investments including putting money "away" every paycheck. My goal is that my retirement fund plus SS will be enough to allow me to retire at 67. If so, I'M DONE!!! I ain't working until I have one foot in the grave.

I'm hoping to retire at 65 but not sure. My dad just turned 97 and mom is 94. All my older siblings still around. So my savings might have to stretch a while. I'm with you - I don't want to wait to retire until I'm too old to do much.
02-28-2019 05:25 PM
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arkstfan Online
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RE: Retirement Confidence Survey
My dad worked into his 70’s and only retired because he had to have rotator cuff surgery and the time missed wouldn’t have grown his retirement check so he went home.

I expect to work as long as my health permits, not like I’m toting around heavy **** or on my feet all day. When my schedule works right I’m out on location 8 days a month, working at home 8 days a month and in the office 4 days.

I travel quite a bit as my wife did as well until her health sidelined her, so now she usually travels with me. Travel to small town Arkansas isn’t exotic but has its own charm. Wife and I tell everyone who just can’t understand how stand being on the road that if we ever build a house to replace this one the master bedroom will be modeled on rooms at a Courtyard by Marriott
03-02-2019 09:52 PM
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RE: Retirement Confidence Survey
(02-27-2019 03:16 PM)bullet Wrote:  
(02-23-2019 11:03 PM)JRsec Wrote:  
(11-30-2018 12:39 PM)bullet Wrote:  Major employers are pushing older employees out earlier and earlier. If you work for a big company, its best to have ideas of what to do if your job gets eliminated at age 55. Its a combination of trying to save money on salaries and a belief that experience doesn't matter and old people are too set in their ways.

Not really. It's mostly an effort to clear men who are hitting their high liability age with regards to the corporate health care plan. The side benefit is that they also clean up their total salary outlays by replacing 50+ executives with younger people at lower pay grades. I didn't see much of the bias against "being set in your ways" mostly because they knew that experience did matter. Rather what I saw were men who were unwilling to make that last transfer of their career and who were settled in their community life.

Social Security isn't much of an income in retirement. But, it works fine for those whose homes are paid off, have no debt, and who don't feel the need to keep the swankiest car, and who have some modicum of savings sufficient to overcome a crises or two.

The biggest nightmare waiting to happen for some of my contemporaries is that they only invested in 401K's which they cannot effectively manage since most are tied up with their employers, they've bought into feeling that their kids need the newest and best of everything in order to stay in the right social circles, they've bought into that line of thinking for their social activities, and as the commercial says they are in debt up to their eyeballs.

The 401K is the problem because it is totally market dependent and virtually none of my buds have a safety net investment to offset the potential of a market retraction. They say they want to work into their 70's but most of them had to and I might add in order to keep their jobs (self employed excluded) they had to take "advisory" positions which pay them less for their years of experience.

I bet 75% of them are what I call debt zombies. They should be gardening, taking trips to see the grandkids, and enjoying the few years they have left. But instead, they drag themselves out of bed early, stay gone all day, and collapse when they get home. They aren't happy, they still don't have time for family, and the lifestyle at that age is literally killing them.

Say what you want but in 2016 the average life expectancy of an American male was 67 years. Now that figure is not adjusted for ethnicity that's the cumulative American male. The average life expectancy for the cumulative American female is 71.1 years.

Then check the last census results for the working ages within the population. 27% were under working age (18) and only 13.1% were retired or past 65. If 60% can't keep SSI going for 13.1% then something is terribly screwed up, especially if the average age of retirees is 63 and the average age of their deaths is 67 for men and 71 for women. (This is down due to homicides, drug related deaths, accidents, and other such factors which all play into the mortality rate.)

The whole big push on SSI is a total red herring seeking to lay blame for government deficits that are really being accrued elsewhere in the Federal Budget.

Men, women, white, black. There’s definitely a push to get older people out of many major companies

I firmly believe I was pushed out at AT&T through harassment I could never prove. If you want to prove age discrimination you better come armed with tapes and transcripts of conversations between your boss and his, with them speaking specifically to your age and needing to get rid of you because of it.
04-09-2019 06:52 AM
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miko33 Offline
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RE: Retirement Confidence Survey
I'm late to the discussion, but I plan on trying to work until I hit full social security. I think we will still have some form of social security; however, I think the biggest change will be the gov't taxing it if you have enough retirement assets. I believe GenX and younger will get screwed over to a certain extent.

We should be 100% debt free before I hit 50. No credit cards, car payments or mortgage. I'm going to be 45 this year. Been putting a solid amount away in 401k; however, the plan is significantly increase it in a few years when most of the debt is gone.
04-12-2019 09:57 AM
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RE: Retirement Confidence Survey
(04-09-2019 06:52 AM)TigerBlue4Ever Wrote:  I firmly believe I was pushed out at AT&T through harassment I could never prove. If you want to prove age discrimination you better come armed with tapes and transcripts of conversations between your boss and his, with them speaking specifically to your age and needing to get rid of you because of it.

I was fired once, and I know I was pushed out because of age. I was told in my last review, "You're no spring chicken." I started looking as soon as that review was over, and I walked into the meeting where I was fired planning to give my notice.

Two weeks of Naval Reserve active duty later (during Desert Storm), I started the new job that led eventually to doing a deal with VCs and starting my retirement gig teaching. When I got my masters degree, I said my goal was the be retired and teaching by age 58. As it turned out, I cashed out in June, spent July in Japan with my son, started teaching in August, and turned 59 in September. So I hit it on the nose, but I have to admit that 5 or 10 years earlier, I would not have given a plug nickel for my chances of doing so. Truth be told, I think my best career move was getting a divorce, so I could get away from the craziness at home and focus.

I plan to die with my boots on teaching. It's a good paycheck, I have tenure now, and working three days a week nine months a year isn't exactly a killer. More importantly, we are now in the process of creating what I plan to develop into an outstanding entrepreneurship program. I hope that will be my legacy.
04-12-2019 10:16 AM
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Post: #17
RE: Retirement Confidence Survey
(04-12-2019 09:57 AM)miko33 Wrote:  I'm late to the discussion, but I plan on trying to work until I hit full social security. I think we will still have some form of social security; however, I think the biggest change will be the gov't taxing it if you have enough retirement assets. I believe GenX and younger will get screwed over to a certain extent.

We should be 100% debt free before I hit 50. No credit cards, car payments or mortgage. I'm going to be 45 this year. Been putting a solid amount away in 401k; however, the plan is significantly increase it in a few years when most of the debt is gone.

Miko you are dead on a great plan for enjoying retirement. No debt is the key. The only difference between your plan and mine was that I tied most of my assets up until my planned retirement date.

The last vehicle I purchased I paid cash for. The dealership still required that I fill out a credit application. I was seated outside of the office when they ran my record and heard their credit manager say, "That S.O.B. doesn't have ANY debt!" That's when I told them I wasn't paying a penny over any of their advertised sales prices, no prep, to feees, etc. They hem hawed for a few minutes and I walked out with the truck for exactly what they advertised and not a penny more.

Most couples will be fine in retirement if they owe nothing but insurance and utilities. In fact most will live better than they ever did in their working years.

What scuttles most is the social pressure to keep up with friends in purchased crap that depreciates.

The only warning I'll give you is that the government is not looking to kill SSI, what they would like to do however is to ameliorate it with your 401k or 403b, or any other retirement instrument. That's the risk to your SSI, IMO.
04-13-2019 10:50 AM
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