Next year I’m turning 50 & also become eligible for retirement. Retirement age in my country for the general population (men) is 65, but the judiciary has separate rules. I’m seriously considering retirement but I have older colleagues who are still working because they say with the life expectancy rising who knows how much that great pension in the present will be worth in the future, so why not keep it going for an additional source of income?
Turned 50 yesterday, and I’m nowhere near retirement.
Good luck, my tots and pears go out to you…
I’m not 50 until 2040 if I make it that far, and I have no idea how bad the future will get. I’d retire ASAP I hate working.
Doubt I’ll ever get to, but I’d choose free time with minimal reasonable savings over more money easily.
Run the numbers, project the life expectancy. It will be pretty personal whether it’s sufficient or not.
No pensions, just an RRSP, and these assholes who did away with pensions keep manipulating the market in their favour.
Took me 30 years to barely get into a house before interest rates skyrocketed, and now the ai crash will likely take that from me.
Ill be working till I die, and at this point Ill likely be dead before retirement from stress, war, or both.
And the fun all started when I graduated directly into the dotcom crash.
I’d look to see if there is anything you could do with your experience which would take up less of your time. A side job with retirement income could be better than sticking with your current job.
Also, it depends on what your plan is when you retire. If you don’t have an idea about what you’d do with your time, you might want to keep working.
Life expectancy is not rising. it’s actually retracting.
My shitty state pension would come out to $1600 a month, (assuming I work at least 20 years,) and I’d have to wait to age 63 to take it without a reduction. Based on inflation that wouldn’t even pay my rent in retirement. (My retiree health insurance premiums would also come out of my pension.) I have no choice but to keep working when I start collecting my pension.
If social security is still there when I reach retirement, I plan to take it as soon as I can. The amount of stress, and shit healthcare here will absolutely send me to an early grave, so fuck it.
A **great ** pension would be index linked…
If you want to work to death you can do another 20 years at a government office and get 2 pensions.
The world is burning down and humans were not built to toil in an office.
Get the fuck out
I will be retiring next November and I plan to keep working in another organization.
My logic has always been that once you are eligible for that pension you are in essence taking a pay cut by staying in yoru current job.
If your pension is 65,000 a year and you make 180,000. Once you can collect that pension you are working full time for 115,000.
There is a couple of people who work with me who have 40+ years time in service. They would get 80% of their pay just by waking up. They are basically working for 20% of their pay.
The crazy part is they work in IT. They could easily make 75% of their pay working a part time job and collect their 80% pension.
Your pension doesn’t have a COLA increase?
If I enjoyed what I did absolutely. If not I’d still be finding another job/charity/some form of work to supplement or fill the time. People who retire without a purpose tend to mentally decline rapidly regardless of their financial outlook.
During the pandemic quarantine, I discovered that I will not retire well. I will just get into a hobby, and eventually monetize it, and I’m back in business. I can’t just sit and watch daytime TV, I’ll always be doing something.
How is that not retirement? You’d be doing whatever you want with no pressure. If monetizing a hobby is what you want, that’s not a job.
I would do the same thing and I can’t wait. I’m 49 and hoping to retire at 55.
Valid.
Weird vision of retirement if you think it means watching TV
It usually means spending days between doctor appointments.
My aunt is in the same vein.
When she says she doesn’t know what to do, I look at the project I barely had time to do, but still spent nights and weekends building it.
When I retire sure I’ll be bored for a month, but I’ll figure it out
I didn’t say that, I said I couldn’t do that.
My point is, I always monetize my hobbies, even when I swear I won’t. That means I’ll still be working in my retirement, it will just be working at something I enjoy.
I would retire if the math makes sense. A great pension in the future doesn’t help if you’re too old to enjoy life.
I retired at 35, am now 60…
My only regret not “retiring” earlier.
How?
If you like your work? Keep working. The demographic bubble is gonna burst all over the world and that will indeed make pensions unstable.
