What Age to Retire?

[Lionelgee]

Hello All,

No this is not another Cultural Studies based form of torture...

Dr. David Goodall, 102 year old scientist, told to leave Edith Cowan University post
Accessed September 1st 2016 from http://www.abc.net.au/news/2016-08-2...ty-job/7769422

If the link does not work let me know and I will do a fully attributed copy and paste.

Basically a 102 year old botanist has been told to take down his shingle and work remotely - off campus due to occupational health and safety concerns.

Around the age of 95 Australian scientist Professor Frank Fenner decided it might be about the right time to slow down a bit. Although he was still a regular presence around the halls of the Australian National University.

To me as a person who is retraining at the age of 53, these two people are inspirational and give me some hope that I might finally have found a niche.

While in Australia the early retirement age was until quite recently marked at 55 years of age. Plus in Australia being over 40 years of age and unemployed is akin to be on the scrap heap career and employment wise.

Are the examples of Professor Goodall and Fenner something to aspire to or does it represent to you an example of people who really need to have a good hobby? Like restoring military vehicles.

Are there any other examples of people you know who are still actively contributing to their profession while they are well beyond punching off the Bundy Clock for the last time once they hit 60-65 years of age?

Kind Regards
Lionel

[Bruce Parker (RIP)]

I'm in an industry where 'boomers' are retiring like flies. Not a single one hasn't looked sprightly, less grey and so so happy when I run across them by chance a few months later. I conclude that retirement (on a decent pension) is very very good.

The flip side is that there is a dirge of employable youth to replace them. Sure, lots of applicants, and even when you filter them according to 'willing and able to learn' for the most part they are spoiled, cell-phone addicted little shitters with a well honed sense of entitlement. I have, actually and for real, been asked "how much vacation time do I get" before the interview has even started.

[chris vickery]

The modern work world has certainly changed, and likely not for the better.
As Bruce points out, today's generation of Millennials figures they deserve the same vacation, benefits and wages as an experienced person, a 9-5 workday and an environment of equality. The old school ways are gone.
Personally, I think we are in trouble as a society.
I am 45. I think 55 is a great age to retire but for guys in my age group highly unlikely. With the modern way of life, taxes, inflation and limited pensions it will be very difficult to retire early.
Many people here now work way past 65. Personally, I take issue with this but understand at the same time; many people who work past 65 do it because of need, then there are those who do it out of want. It is those who do it out of want that tick me off- each of those people are taking jobs from youth.
At the same time, this only helps to add to the problem attitude with young workers. It's easy to say there are no jobs available when they are being taken and its a great excuse to be lazy and not try harder to find one.
To this end I also blame Companies. They exploit the aged worker because they can, they understand the need/want/drive of these ones and appreciate the lengthy experience older workers bring to the table.
This does little to encourage youth, to train or hire them.
The system is quite frankly, broken.
Never mind the "I don't know what I'll do or will I have enough money ?" angle neither . Every retired guy I have talked to in recent years has only one regret... I wish I retired sooner. Remember, age is no friend to use and the Golden Years are not that Golden.

[rob love]

I retired with a pension from the Canadian forces when I was 42. When the first pension payment showed up in the bank 2 months later, I couldn't believe it was really true. I enjoyed my retirement, and took on a few contract jobs (3 of them in Kandahar) if the job interested me. Twelve years later, I got the opportunity to work with the Shilo museum as their mechanic and possibly earn a second pension. I'll do this job for as long as I enjoy it.....I don't need the ulcers that tensions at work can bring, so hopefully it is smooth sailing for the next decade. Once my military years and my civil service years equal 35, the pension flatlines at 70%, so unless I really enjoy the job, it may be time to leave.

As a person who has experienced retirement once already, I would highly recommend it.

[chris vickery]

The concensus that I have heard from many of my retired friends is that 60 seems to be a magic number.
For many blue collar types, 55 is hard to achieve in terms of pension unless great planning and a good job was there for many years. A couple ex Public Service friends are the exception, with the 55/35 years of service option out.
My father in law was a hard worker, 7 days a week for life. Usually 16 hours a day at least between his farming and running the local bar restaurant, He was afraid of what retirement would bring and the uncertainties of finances etc. He retired at 65, reluctantly. I asked him about 6 months later his thoughts about it. In turn he replied that it was the best thing he ever did and wondered why he did not do it sooner. That was his only regret. He found lots to occupy his new found freedom with and the pleasures that life outside of work has to offer. I also have another work friend who kept working up until last fall.
He kept going until 68. He even commented on taking the winter off and then coming back as a contractor. Well, guess what? After about 6 months of freedom he wondered why he didn't leave way sooner as well. I suppose for him and many others it is an adjustment which is scary to face.
Personally, I could go tomorrow if I knew that I had a solid monthly income to carry me by. At 45 I am already counting the days and hope that 60 can be my number. The best advice I can give to any young person is to get your planning started as soon as you get working. Not enough emphasis is placed on retirement planning when kids are still in school. I also believe that our Government loves an aged workforce- keep us working until we drop, pay taxes and they then only have to pay out minimal benefits for a few short years.

[motto]

What scared the bejesus out of me was a pamphlet supposedly originating from Boeing that circulated through the airline industry. This showed if an employee retired at age 55 they would die on average at the age of 82. However, if they continued on until age 65 they would on average only last 18 months before meeting the grim reaper. At Lockheed the figures were similar except it was 17 months for an employee who went on to 65.
These figure were supposedly arrived at using actuarial tables but I cannot vouch for that or the accuracy of the data but the statement was made that for a Boeing employee, every year worked beyond age 55 shortened their life by 18 months.
I retired from Qantas 9 years ago at age 59 after 41 years in the airline industry. Mostly on shift work which is not good for your well being. We shall see.

David

I will add that just before retirement I was diagnosed with Parkinson's Disease, fortunately slow onset. Also shortly after retirement I had a triple cabbage - Three way Coronial Arterial Bypass Graft - after the stents failed within a couple of months of implant. I owe a huge debt to modern medicine. Without it my life would have been effectively over at around that time.

[maple_leaf_eh]

A relative had health problems force his retirement from the public service. He'd done shifts, worked in offices, been on project teams, and had many differing responsibilities, but all within the single pension scheme. His reward was the shock of not having a steady place to go in the mornings and the change of self-identity. However, he always had other irons in the fire. Some he had to give up due to the exertion required; others filled in the extra time. What does he do now? Three pursuits, two paid and one purely humanitarian. And, he still worries about his taxes.

I intend to keep doing what I like as long as I stay fit and engaged. What to do afterwards is daunting, but the pay and benefits where I am are the reward for low pay and uncertainty many years ago.

So, on the legal level, in Canada there is no longer a mandatory retirement age. There are some fields which have successfully instituted realistic job performance standards, such as police, firefighters and military. Others have holdover rules, like judges having to retire at age 75 and commercial pilots at age 65. But many industries rely on older workers and third (or fourth) career'ers, like my neighbour the former college professor who became a priest in his 70's!

[rob love]

I have to disagree with Stuart on only one point: Hoarding. Hoarding is the art of buying a lifetime supply at a reduced price for use or barter later on.

As a Manitoban, I cannot pass on a deal, even if I am not going to use it for 10 or 20 or 30 years.

[rob love]

Stuart

Well, we were agreeing until your parts list makes it obvious you are talking about Iltis.

Re leapfrogging on projects, I have two points to that. First is that when opportunity knocks, you don't ask it to come later when you maybe have more time. Sure, some vehicles can be found anytime.....Iltis, Jeeps, 3/4 tons, deuces.....but others come along rarely such as armour or artillery. Hard to pass on those even if the stable is full.

Second, I like to leapfrog on projects. I find with a new project, it can be a few years of hunting for the spares. The project waits it's turn, and when I do get to it, I surprise myself with how much I have accumulated for it.

As to financial independence, I came home from Bosnia with the greeting of an imminent divorce. Hoping to retire at some point, and realizing there is no freedom with a mortgage over your head, I made the decision to liquidate my collection of vehicles and firearms. Within 6 months, I had the mortgage paid off, and paid her off as well in a lump sum (although still faced with a decade or so of child support, from which there is no escape).

I was left with only one rifle which did not sell, and one CMP compressor trailer which also did not sell. It is now 13 years later, and believe me when I say they both have more company with them than they did before the sell off.

So my take from all that is that the biggest liability is the banks, who constantly drain you if you let yourself get in that position. I like to pay cash for the majority of my purchases, and the mastercard gets paid in full every month. My largest expenses now are the house and land taxes, and the costs of my vehicle insurance.