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Chubroach

Is an 8-5 job for losers (if you are over 50)?

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After years of savings, investments and hard work, I have finally saved a significant amount of money. I have also reached the age of fifty. When I look around the office where I work, there are 100s of people pulling an 8-5 shift. 98% of them of younger than me. This had made me think. Maybe the successful people my age are:

 

* Living off their investments

* Working part time consulting assignments

* Own their own business

* Are living the life of professional gamblers

* Or have sidelined by age discrimination

 

I asked a friend of mine about the issue and she says there are few- over 50 year year olds- doing the 8-5 grind in her company either.

 

I am a baby boomer. Have the smarter people in my generation graduated from the 8-5 grind? What are they doing?

Edited by Chubroach

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well I'm 32 and I certainly hope that by 50 I am retired and living off my investments! :) I live very frugally and save a lot. However I don't know anyone else my age who does this. All the people I know save very little and buy gas guzzling suvs they don't need.

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I'm 52 and still employed at a corporate job.

 

Before you think about what you need to retire, consider that most financial advisors recommend that you skim off no more than 4-5% of your savings per year if you don't want to outlive them. In the years where you get 10%-15% on your investments, the rest grows so that you keep pace with inflation and you have money to withdraw in years when you make less than 4 or 5%. (Think 2000 and 2001.) From this point of view, even $1 million is no big deal, especially when you factor in the cost of medical and dental care, since Medicare won't help you at age 55. (And Medicare doesn't cover dental care, hearing aids and many other things.) You also need to consider the costs of sending kids to college if that's a factor. For my son, that's $25K/year. I don't want to retire now and find myself at the age of 70 handing out samples in the grocery store to pick up a few extra bucks 'cause I need the money.

 

I actually hope to work till age 65. I enjoy what I do (I'm an actuary) and occasionally get sent to swell places like Munich, London and India- on business! I'm restricted to 3 weeks of vacation, which cuts down how much my husband and I can travel, but we've cheerfully agreed that even if we had unlimited time and money we wouldn't go to Europe more than twice a year- and we already do that. So, I keep working. DH is 67 and he still does freelance work for one advertising client.

 

I'd guess that many over 50s who are living off their investments or started their own businesses lost corporate jobs and couldn't find another decent one. It gets very hard to find a new job after 50. So, sometimes early retirement is an option and sometimes it isn't.

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I'm young, but my dad is a baby boomer. He's a high school teacher, and taught full time for 31 years. He retired at age 57 with a retirement plan that pays 90% of his cap salary. He gets bored easily, so he went back to work (part-time with the same school district). He does it really to keep himself busy and because he loves what he does. He gets his retirement money, plus wages from his part time work. He actually makes more money now that he is retired than he did when he worked full-time. He is really happy!! He is now 61 and gets to spend most of his time doing what he loves... Riding his mountain bike, baby-sitting grandkids, etc.

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well...I'm not 50 but I still hate the 8 to 5 crap. I'd love to go into business for myself. Just gotta figure out what I want to do and how to do it. :P

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Find a job you love and you won't worry about this. I hope I can do my job long past 50 even though I'll be able to get my pension after I'm 46. Life is too short to be doing something you don't love.

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DH and I are in out late 40's. We chose both roads. I have a career I love - nursing. I hope to do it till I get too old or stop loving it. DH quit his job and started his own business, which is doing well. Best of both worlds because in a few years we can live off the money from the business and I only have to work if I want to, not because I have to.

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I really don't understand this thread??? Are you saying none of your age bracket is working 8-5? or should you be working more hours? Or do you think everyone else your age is retired?

 

I found out long ago that 8-5 is not enough hours to climb the ladder in most occupations. Most professionals work at least 50hrs a week. Most millionaires work 45-55 hrs per week. I did some re-reading of the Millionaire next door and found some things I missed on previous readings.

 

About 1 in 5 of us is retired. (Avg age was 57) About two-thirds of us who are working are self-employed. Interestingly,self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self employed consider ourselves to be entrepreneurs. Most of the others are self employed professionals,such as doctors and accountants.

 

 

 

* Are living the life of professional gamblers---The ODDS are NOT!

 

 

* Or have sidelined by age discrimination--a slight possibility...a cousin of mine who lives in South West Florida says the average age of a bag boy in the supermarket is 63! lol Florida is not typical.

 

I find that successful people overcome these things inspite. They seem to work around the challenges...I'm almost convinced that the only way NOT to succeed in America is to give up! ---Many have done that---and SSI will never be enough to live on.

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I'm 53 and ready to retire, as I hate the daily grind. I'm also making more money than I've ever made in my entire life, but, as I said, I work every day. Why waste my time that way? I've spent the last few years paying of bills, investing, etc. I'm just about ready to go for it. It's not much, but I can manage $4K a month after federal taxes for the next ten years. After that, I've still got 2 million to spend from a trust fund. I'm thinking about a nice tropical bach somewhere. Belize, Costa Rica, Thailand.....

 

Still I know plenty of people that work into their 60s and 70s because they don't know what else to do. They seem happy. To each his own.

 

J

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well I'm 32 and I certainly hope that by 50 I am retired and living off my investments!  :D  I live very frugally and save a lot. However I don't know anyone else my age who does this.  All the people I know save very little and buy gas guzzling suvs they don't need.

 

some people your age may buy gas guzzler suv's and are able to save.

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well I'm 32 and I certainly hope that by 50 I am retired and living off my investments!    I live very frugally and save a lot. However I don't know anyone else my age who does this.  All the people I know save very little and buy gas guzzling suvs they don't need.

 

 

 

 

 

 

some people your age may buy gas guzzler suv's and are able to save.

 

I think it was a fair comment. I know very few 32 year olds who are saving money... Instead of the gas comment maybe it should have been wasting their money on depreciating assets like SUVs. There are many folks both young and old doing that.

 

Congrads to you at age 32 wanting to retire early! Keep up the good work and live within your means!

 

Encouragement to you and no rebuke.

 

 

Clark

Edited by Clarkfan2

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I take it tootie has an suv??? ;)

 

hee hee those are the people I know, unfortunatly, who are my age. those without the money to afford things like suvs, etc. I am sure there are, somewhere, people my age who are responsible and still buy suvs. I just don't know any. Wish I did, it would be nice to be around responsible people my age. It's frustrating to have people make comments like, "why don't you buy a nice car because you can afford it", when I choose to drive a junky car and save for retirement instead. When those same people buy so much when they don't save a dime for retirement and have trouble paying their bills on time. Then they complain about the "high" cost of gas prices when they are among the lowest in the nation.

 

Maybe it's the fact that I live in Georgia? :blush: who knows.

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I never meant to indicate in my posting that working past age fifty is for losers but instead indicate that I see very few professionals past the age of 50 working the traditional 8-5 type job.

 

My indication of success past the age of 50 is the ability to work the schedule that you choose. Consulting, own a business, live off your investments, etc. Not working the type of job where you are required to work a certain schedule.

 

I have asked a few additional friends, and they also see few over 50s in their workplace.

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I have asked a few additional friends, and they also see few over 50s in their workplace.

I've noticed that, too- I work at an insurance company and my age group is in the minority. I swear when I was younger that the offices were full of Old Guys. Maybe they were really 40 but looked old to me then!

 

Part of this may be Early Retirement incentives that I've seen in this industry (and probably others). Whatever they're offering you at age 50 looks pretty good so you take it. Then when you're 70 you realize you're running out of money. And some people really can retire at 50 or so because they stayed with a company for 30 years and have built up a really good pension. Unfortunately I changed jobs too much for that, and most of them were changes I HAD to make (layoff, merger, etc.) I think the days of the cushy pension are over for most people.

 

The 65-year retirement age was borrowed from a pension plan initiated by the German Chancellor Otto von Bismarck back when the average person was dead by then. It does not make sense for 65-year olds now, who are healthy and active, to quit work at that age, although companies seem eager to push them out.

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