Are you wealthy?

Discussion in 'The VIP Lounj' started by pillatier, Jul 21, 2020.

  1. DYohn

    DYohn Bronze Member Donor Top Poster

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    When I was in the Navy the rule was if you put in 20 years you retire with 1/2 your base pay for the rest of your life. That was originally my plan until at year 12 I was told if I reenlisted again I would lose my Vietnam Era GI Bill education benefits, since you had to start using them by the end of 1984 or lose them. So I said good by the the military and hello to finishing college and to working several part-time gigs using my military electronics training. While I was working on my Ph.D. (still using GI Bill benefits) I got hired as a tenure track associate professor at San Jose State University. California had a 20-years of service retirement plan that said I could count all my military years and then put in 8 more as a professor to qualify for a State pension. Cool, I thought. In year five of my job as a professor Governor Pete WIlson decided that the State budget was short and laid off 220 non-tenured associate professors who had not yet qualified for State pensions. Yep, I was one of them and nope, the union didn't care about me. That was when I decided that if I was ever going to retire I needed to make my own bank account, and I went to work full-time in Silly Con Valley. No regrets from this guy, but no government pension either. :)
     
  2. Mike B

    Mike B Bronze Member Donor Top Poster

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    The only company I ever worked for that offered a pension (defined benefit) was my first out of school. You qualified in 20 years. They fired me 4 and half later.

    All the rest were 401K's with profit sharing. Which worked just fine.

    Adding that all the 401K's with profit sharing had full vesting in 5 years, I would have at least got 80% of the dough when I left instead of nothing. I'll take the 401's anyday over the "20 year pension" plan.
     
    Last edited: Jul 24, 2020
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  3. Barry_NJ

    Barry_NJ Well-Known Member

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    To be honest, I'd consider all of us to be comfortable, if not wealthy...

    Not worried about that next meal X
    Not too worried about next rent/mortgage payment X
    Gas & Electric X
    Hot & Cold running water X
    Heat or Air Conditioning when wanted X
    Comfortably Retired/Working towards it X
    Couple of neat toys to play with X

    Globally, we are more the exception than the norm...

    Thanksgiving is everyday for us ;)
     
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  4. John Celardo

    John Celardo Bronze Member Donor

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    Amen to that Barry!
     
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  5. DYohn

    DYohn Bronze Member Donor Top Poster

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    Yes. Worrying about retirement income is definitely a First World problem.
     
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  6. Mike

    Mike Bon Vivant Donor Top Poster

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    With my position here at work I do not plan of really retiring until I cant physically work or they kick me out. I have 9 weeks of paid leave a year, plenty of time to travel if I choose. My job also makes me create. That is a really good thing. Constant creating is great for my mind. My wife is 5 years my junior and I will wait for sure until she is ready to retire.

    No real financial worries, still owe the bank for the house though. Still, I can pay my bills when they hit the mailbox instead of waiting for a payday like I did for much of my life.

    Happy, but not wealthy. :)
     
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  7. pillatier

    pillatier Bronze Member

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    When I was leaving Dupont the HR lady made me change the end date by 10 days so I would get vested in their pension plan and fully vested into the 401k. The company was changing the dates but it was not yet officially announced. When I told her that means I would be employed at two places for a whole week she said I don't care and you just don't tell the other company. So I was officially employed by two major companies. I still remember her kindness. The Dupont pension is not much but it helps. In contrast the HR in my last job were a bunch of SOBs.
     
    Last edited: Jul 29, 2020
  8. CJ

    CJ Bronze Member Admin Top Poster

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    I'm "only" 41 but 6 months ago I had no desire to retire "ASAP". I still had some clear runway in my career. Everything is up in the air now so who knows. But being 55+ and not WANTING to hang up the spurs seems like a nice position to be in.
     
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  9. Mike

    Mike Bon Vivant Donor Top Poster

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    64 here. Rockin' and rollin'. :)
     
  10. pillatier

    pillatier Bronze Member

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    A young whipper snapper! :grinning:
     
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  11. DYohn

    DYohn Bronze Member Donor Top Poster

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    I'll be 67 this year with no desire to retire even if sometimes my body says otherwise. :tearsofjoy:
     
  12. Mike B

    Mike B Bronze Member Donor Top Poster

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    I'm 65, retired and on Social Security and Medicare.

    I'm officially a geezer!
     
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  13. Mike

    Mike Bon Vivant Donor Top Poster

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    LOL! Geezers unite! Unless we are too tired. :)
     
  14. Chris Slade

    Chris Slade Well-Known Member Top Poster

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    43, think I would like to have options in 10 to 12 more years.
     
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  15. John Celardo

    John Celardo Bronze Member Donor

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    I worked until a year ago April. I figured at 72 it was was time to hang up the cotton gloves and acid-free folders. Admittedly the last 13 years were part-time, but hey, I still contributed. However, it's great not working especially in these crazy times.
     
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  16. CJ

    CJ Bronze Member Admin Top Poster

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    I'd love to have options, to be clear. I just would like to work myself into a position where I'm not wanting to get out the second I turn XX years old like so many people I know.
     
  17. Rick C

    Rick C Well-Known Member

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    Life has a way of throwing curve balls and monkey wrenches. I am 67 and retired 10 years ago. I don’t regret a day of those 10 years. I did not have a firm plan to retire. For me two things drove me in that direction. First I was splitting my time between two offices 350 miles apart. (Nice commute) Second my wife had just survived cancer for the first time, we had just lost all our parents and it became very clear time was not a forever thing.

    Best advice for those young enough to apply it is try to put yourself in a position to retire early. That way if you don’t like the job, grow bored or life throws you curve balls you have options. Optionality is always a great thing as CJ and Chris mentioned.
     
  18. pillatier

    pillatier Bronze Member

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    If you enjoy what you are doing, like your boss/es and colleagues then continuing to work is easy.

    I retired because the company culture changed from smallish dynamic to large bureaucratic as a bunch of surplussed execs. from a major pharma came in and took over the Senior Management positions the final straw was my new boss a total bully. The bully boss was fired and escorted out of the building by two burly State cops 2 months after I retired. When we were smallish we developed and got approved the biggest ever product for the company, total sales $7 billion/year globally. That is huge by any pharma standard. The compound was so effective with so few side effects that it blew out other products for the same indications.
     
  19. Mike B

    Mike B Bronze Member Donor Top Poster

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    I'd much rather do what I want to do rather than what someone else wants me to do. But heh, I needed the dough eh?

    Got enough dough I'm done!
     
  20. Chris Slade

    Chris Slade Well-Known Member Top Poster

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    Yes options are good, everyone's path is a little different. Finding universal truths or correct actions is the tough spot. To Rick's point my wife has a cousin Jeff, he is 41 years old, I got the word today he has stage four cancer. Time is precious and not to be wasted (I am guilty of this). To me that means a couple of things, enjoying life, and getting in a financial position as soon as possible that my wife and son will be fine without me. My wife does well on her own she doesn't need me, but I would want to make sure as much as possible everything was taken care of.
     
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