Real world issues for Gen X / Retirement
Posted by Over_Alfalfa_9906@reddit | GenX | View on Reddit | 658 comments
Do you feel financially secure? Do you feel like you can retire at age 60 to 70 at least?
Yesterday, I ran into two high school acquaintances from back in the days. One became a painter and he instantly recognized me. He was giving me a bid on painting a house. Then, I ran into another acquaintance that recognized me from high school as well. He was buying his first home in my neighborhood and I was doing a final inspection for a builder's mortgage company. Made me think about all my peers from back in the days and where they all ended up in life.
Are you ready for retirement in the next few years or so? Will you be able to retire? Seems to be a bigger issue now with the high cost of living, etc.
Ok-Humot9024@reddit
The US healthcare system is the hold up. With insurance tied to employment, we can't afford to retire for that reason alone. The goal has become to retire from current high-stress jobs and to find one of us a lower paying, lower stress job with benefits until we can get medicare. We could live on our savings and pensions, but not with insurance premiums and medical expenses. It sucks.
lisanstan@reddit
It's the hold up for most people having to wait until they are 65 and qualify for Medicare. We're lucky, my husband did 20 years in the military so we have Tricare. We also retired near a base with a clinic so we use that for healthcare and prescriptions. If we didn't have Tricare, I would still be working instead of retiring at 57.
We saved like crazy the last 20 years to fund our retirement. We bought the cheapest house in the nicest neighborhood when we moved here 20 years ago and didn't splurge on keeping up with the Jones' stuff like cars, vacations, expensive toys. At the time I was 40 and my husband 47, our son starting high school. We did a ton of international travel in our youth, so didn't have to try and make up for it in our highest earning years or in retirement when we are slowing down.
Everyone's situation is different, but we made choices and sacrifices early so that we could be in this position now. It's wasn't always easy. There were long separations when I was basically a single working mom. We lived in less desirable places because it was cheaper and I knew it wasn't forever. I'm thankful we were able to do it and especially that we're still together. Divorce is the worst financial decision a couple can make, especially for a woman.
The unfortunate part is that we can only offer advice on how we got where we are now, but it was moves we made years ago. At our age, there is little chance to change the trajectory if you didn't make the choices needed 10 years ago.
irishgator2@reddit
A lot of us never had jobs with any pensions or retirement health care options attached. I don’t want to work until 65 but may have to for healthcare. Once Medicare and SS kick in I’ll feel comfortable enough to retire.
10 more years!
lisanstan@reddit
Most people don't. It's a decision we made young to choose the option if we stuck it out for 20 years that would give us those things. I didn't end up doing 20 because it wouldn't work for us in the jobs we had and also stay married. I know I'm in a position that a lot of people are not in. But it's not an unusual position. The military was a career for a lot of people. The payoff in retirement was the deal for putting up with the government controlling your life for 20 years.
If we had not chosen that option, I would probably still be working. Or maybe not as we would have had more options for higher salaries and we could have saved more in our smaller military pay years. I only know how we got here with the options we had.
imalloverthemap@reddit
A 1000 times this.
Over_Alfalfa_9906@reddit (OP)
Yes, healthcare is a big one. They need to fix this.
ProblemSame4838@reddit
They won’t. There’s no incentive. Health is a huge for-profit business. Other countries are not for-profit in healthcare like USA.
TinktheChi@reddit
I'm Canadian and I work in healthcare, and have for over 30 years. Our system isn't perfect by a long shot but I'll never have medical debt and I don't need to worry about finding health insurance. I cannot imagine paying the premiums I've read about, with high deductibles. What a nightmare.
LayerNo3634@reddit
Not always. Most employer based health care has a max out of pocket. I once ran up a $200k hospital bill (thanks Covid). I only paid my out of pocket max. Everything after (all meds, doctor appointments, treatment, etc) was covered 100%.
TinktheChi@reddit
How much is your portion of the premium per month? I'm curious.
LayerNo3634@reddit
$300
TinktheChi@reddit
Does it renew annually in terms of pricing and what happens if you lose your job, is it portable in terms of you paying both the employer and employee portion of the premium? If you're not employed what happens, do you either have no insurance or have to go out and figure something with an insurer? That sounds very stressful.
LayerNo3634@reddit
Not at all. I'm retired and the premium hasn't changed since I retired. There is nothing to do to renew. While I was working, the premium was taken from my pay pre-tax. Now it's paid monthly via auto-pay.
sevenselevens@reddit
You are the fortunate exception, my friend. We pay $500/month for HMO coverage and are considered to be very lucky to have such a low premium. My employer pays the other $500.
I priced my current insurance on the market (unsubsidized by my employer’s group rate) and it would be nearly $2000 a month to cover my spouse and me for the same very basic coverage.
TinktheChi@reddit
I asked about renewal as I know plans are reviewed financially usually on an annual basis and if the insurer needs more money to cover the cost of claims they'll pass that cost along. I'm interested in insurance in the US in part because I hear about people with no insurance. How can anyone be uninsured? If people receiving social assistance get insurance without charge (I assume that's true) people working get insurance via their employer, and retired people have benefits who are the uninsured?
LayerNo3634@reddit
The people that I've known personally as having no insurance are either working and declined insurance (didn't want to pay premiums) or not currently working. I don't know anyone who works full time for an employer and hasn't been offered insurance. Most employers do have an enrollment period during which you can change plans (some offer multiple tiers). You can only make changes outside that window due to life change (employment status, marriage, birth of child).
TinktheChi@reddit
That's what I mean, what happens if you're not working and you can't afford the premium? That sounds like you're uninsured. If that happens and you're hospitalized that sounds like medical debt.
Fabulous_Drummer_368@reddit
People in the US don't understand the Canadian system. The minute you say universal coverage in the US, everyone thinks it means all health care workers would be government employees and hospitals would be government owned, when it actually means the government would be the sole primary insurance provider, with supplemental coverage sold by private companies.
FrauAmarylis@reddit
I’m American and we have never had high deductibles or medical debt. My Canadian friend told us about her nightmare experience in Canada- she kept bringing her baby in for breathing problems and they kept sending her home saying she is just an anxious first-time mom. After a couple years, guess what? Baby has Cystic Fibrosis!!
7242233@reddit
500,000 American declare bankruptcy d/t medical debt every year. 66.5% of all bankruptcy are medically related.
Canada Prevalence: Bankruptcies directly caused by an inability to pay for essential medical treatment are virtually non-existent because the public healthcare system covers necessary medical services. Statistics: One source suggests that the number of Canadians who file for bankruptcy due to medical bills may be close to zero
TinktheChi@reddit
There are bad doctors in every country. They should be reported to their governing bodies. That is one experience and it's unfortunate. I was born and raised in Toronto and at the Sick Kids Hospital there children seek care from all over the world. We have some wonderful care here.
mmsean@reddit
But why don't you tell us the problems with Canadian healthcare as well I have Canadian friends who say that Canadian healthcare isn't great and I also work with hospitals in Canada
TinktheChi@reddit
Some of the issues (again in my experience) are around finding doctors. These are usually in smaller towns or remote areas and I assume that occurs in every country. Wait times are reported by the US as being horrendous here but I've found they're tied to the issue and person. I walked into a hospital about 7 years ago with gall bladder issues, they booked me into a room and I had the gall bladder out less than 48 hours later. We have some very good hospitals and healthcare professionals. I'm saddened by what the US government tends to say about our system. The truth is, no system is perfect of course. But given that my taxes are very close to the average US tax rates, id rather have a no pay system and not worry about paying premiums for insurance care. I've been working in healthcare for over 30 years.
kabe83@reddit
Our US politicians claim that Canadian health care is so bad that Canadians come to the US for treatment. I’ve always suspected that was a lie. For one thing, only rich people can self pay.
TinktheChi@reddit
There are times when people choose private care but in my experience working in healthcare it doesn't happen often. It certainly isn't common.
ChillKarma@reddit
Most expensive healthcare in the world with some of the worst outcomes. But yeah, it’s profitable as hell for the middlemen and the CEOs. Terrible outcomes for the patients and a nightmare for healthcare professionals. Unchecked capitalism at its finest. (Note: I’m fine with capitalism- but without limits it is a monster).
Cruise1313@reddit
So very true. It seems like it is more cost effective to go on medical holidays to other countries to get certain tests and procedures done for a significantly lower cost, plus you get a nice vacation. 😉
taylorevansvintage@reddit
I’ve had multiple friends do this - they’ve gone to Asia for a bunch of tests and scans in one day. In a couple cases it’s been huge because major illnesses were found
Cruise1313@reddit
My friend’s family goes to Asia and another friend goes to Latin America.
That is great that they found major illnesses so treatment could begin.
SpicyRitas@reddit
My friend was having some crazy health issues at 25 (long time ago). The US docs found nothing and dismissed her. Couple years later she was in South Korea to teach and she decided to go get a check up because her symptoms were worse. Turns out she had gone through early menopause. It’s a rare thing she’s got but wow they pursued all the avenues until they got her an answer. She better now with treatment but again she floored me with more news. She can’t afford to come back because of health insurance. I’m thankful she’s better but good affordable health insurance is definitely a factor holding many back from retirement or affordable living.
mitkase@reddit
"But... but... we've got the best healthcare in the world!"
Yeah, if you can afford it.
"I don't see a problem!"
Over_Alfalfa_9906@reddit (OP)
And Korea. Buy Healthcare stocks. Lol. I did.
WhatsInAName8879660@reddit
Look into what venture capital is doing to health care and get your money out.
sin-thetik@reddit
*vulture capital
SXTY82@reddit
They are actively trying to make it worse.
TheBklynGuy@reddit
This is how I feel, too. Profit over people is never going away. The executives and companies will continue to grow richer, while many American families just try to get by. They never have, and never will give a shit about us.
Winmeekrd@reddit
The Republicans have been comprehensively corrupted by the US private healthcare industry that it’s unlikely anything can be done without them being stripped of all power
Dark_Web_Duck@reddit
Medicare?
Commercial_Wind8212@reddit
how does he buy insurance?
Dark_Web_Duck@reddit
He doesn't buy it. He's retired now, collecting social security and on Medicare.
martinpagh@reddit
We have two passports, one is EU-based. We'll retire in the EU because of US healthcare.
Baronhousen@reddit
how do you imagine that will be accomplished?
RussellAlden@reddit
Once the Boomers die off and the Millennials reach their highest earning potential that leaves more infrastructure and money for us GenXers since we are a smaller generation.
Just like when we reach college age. They had all these empty buildings and the Cold War hadn’t ended so they would let anyone in.
Away_Opposites@reddit
….millennials start turning 45 next year and the US has lost 1 million jobs this year. Millennials won’t have those years
Commercial_Wind8212@reddit
you could be in your 80s by that point
Apprehensive_Cry357@reddit
Agreed. The boomers got to retire and destress....I expect we'll roll off the conveyor belt at the same time.
TheBigNoiseFromXenia@reddit
Transparent pricing would help, then we could shop around. Anything to increase competition would help lower costs. Unlinking HC and employment would be a start. Single payer runs the risk of increasing costs, since you are not directly paying you have no incentive to shop around or be selective in treatments. This means that to control costs, some bureaucrat gets to make the decisions for you, which I do not like
crit_boy@reddit
You dont understand how single payer works. There is no charging different prices. The single payer (gov) says this is the amount paid for the service/drug/dme. The provider accepts that amount when they agree to see patients under the single payer system.
MothsConrad@reddit
The single payers system isn't the panacea many people seem to think that it is. Int he EU, despite having mostly homogenous populations, you have higher taxes, waiting lists, overcrowding and a damper on innovation (doctor's are also profit motivated). Anyone who can afford it buys private insurance. Moreover, it's only doable in the EU because they've outsourced their defence to the Americans which saves 2-4% of their GDP. As the FT put it when the EU started indicating they would increase defence spending, you can be a welfare state or a warfare state, can't be both.
Karen125@reddit
Europe also isn't as unhealthy as Americans, too. We need to look in the mirror and be honest. We're fucking fat and lazy.
awrythings@reddit
Wow - I always thought the opposite. The food seemed better and the car culture in America, I thought, muse us Americans fatter and lazier.
newbris@reddit
I think that’s what they said?
awrythings@reddit
Yes I evidently have a comprehension problem 😕
PalliativeOrgasm@reddit
Yes, anyone who can buys private insurance and there’s waiting lists. Many Americans have the “wait until it gets so bad there’s no choice and give a fake name at the ER” for options.
They may have to wait, or pay not to wait. We pay not to die.
MothsConrad@reddit
https://www.bbc.com/news/articles/c3dr52l1j3yo
Dying in the UK as well. Moreover, US ER's accommodate many people, many of whom can't or don't pay, which drives up costs.
The ACA, at it's core, makes sense. A single payer system in a country like the US, does not.
8limbssjm@reddit
You’re right. What people don’t understand is that we already have a pseudo government run health care system. If an uninsured patient shows up In the ER, the hospital will immediately enroll them in Medicaid. The hospitals then get reimbursed through the government. As a physician, I see this all the time. This is why hospitals are full and people can wait parked jn the ER for a room on the floor. Hospitals have an incentive to admit people. Also insurance companies are subsidized by the government to manage federal or state funded programs. They simply cannot manage it without outsourcing it.
newbris@reddit
Isn’t healthcare broader than hospitals? The uninsured go under treated in primary care and then up in crisis in a hospital costing far more money?
newbris@reddit
You can still have fee and competition in a universal healthcare system. In places where shopping around makes sense.
I can walk to 4 GP clinics from my home in Australia. GP clinics are private but subsidised by the universal healthcare system. Some charge no gap to anyone, some charge no gap to children and pensioners.
I can see any GP. Same or next day appointments via phone app.
Multiple imaging and pathology places next door. All private but I pay no gap for most basic services in these as covered by universal system.
Public free hospitals. Public free emergency clinics. Private hospitals (subsidised by universal system). Private but affordable emergency clinics (subsidised by universal system).
fujidust@reddit
Single payer healthcare reform is probably the only way. Org an industry of direct care services needs to build out, and insurance can be relegated to use only for catastrophic expenses.
deleted_by_reddit@reddit
[removed]
GenX-ModTeam@reddit
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Illustri-aus@reddit
Not with the current resident of the igloo in charge that's for sure
GenX-ModTeam@reddit
No Politics - Political posts of any sort are not permitted outside of moderator created threads. If you wish to have political discussions, you may do so on our other sub r/GenXPolitics.
Breaking this rule may result in temporary bans. Repeat offenders will be permanently banned.
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VA1255BB@reddit
WE need to fix this.
Tranter156@reddit
The best way to create change is to switch from “they need to fix ” to “ we need to fix”. It takes a lot of work but that’s the only way I’ve been able to help make a needed change. Forming a large group of people to pressure government is what it takes and can be a long process. I try to step up and support change whenever possible. The world seems in quite a mess and average citizens need to take back power from paid lobbyists.
Small_Rip351@reddit
I wish the word “socialism” wasn’t electoral poison in the U.S. Most free-market countries operate under a hybrid model.
When there’s a thing that has actual competition, barriers to entry for new competitors aren’t insurmountable, consumers have an actual choice and there’s an alignment of incentives, capitalism is great.
When those conditions aren’t present, there’s no choice for consumers and no measurable result for a good or bad product, and the incentives to produce a good product is misaligned with the interests of consumers, I’d argue that a socialist solution might yield better results.
An insurance company is owned by its shareholders who want to maximize profits. The best way to do that is to take in a much money in premiums and pay out as little in benefits as possible. That other businesses are in on the scam means a plastic bedpan costs $350 and a walker is $950.
benjtay@reddit
Hillary tried in 1993
No_South_9912@reddit
As long as politicians have their own Cadillac Health Plan for life, they have zero incentive to fix anything. Make them go on ACA/Medicare just like the rest of us.
sudrewem@reddit
Yes yes yes please!!!!!
Iam-WinstonSmith@reddit
I meet way more Americans that retire early than I do Europeans. You can't earn enough salary in Europe to retire early with taxes as high as they are there.
Commercial_Wind8212@reddit
they actually get something for their taxes
Iam-WinstonSmith@reddit
Right but early retirement is NOT one of the things.
Commercial_Wind8212@reddit
It's worth it
Iam-WinstonSmith@reddit
Hardly, Unlike you I actually lived in Europe and had all the European. benefits. It creates a ceiling that you cannot surpass no matter how hard you work.
Commercial_Wind8212@reddit
But no medical bankruptcies and college available
Iam-WinstonSmith@reddit
College is available here and NOT everyone gets to go to college there. Most head to an apprenticeship that can or cannot be useful. Most people lick at age 16 which is an awfully young age to start one. To attend university you have to go to a strict pre-op school and pass an exam that makes the SATs look like child's play.
Instead of medical bankruptcy they just withdraw care whenever they feel like I. The case of Alfie evans. The UK courts wouldnt even let him get care out of country. Because the state owns your children there not you.
https://en.wikipedia.org/wiki/Alfie_Evans_case
Commercial_Wind8212@reddit
Sounds like your college grads are smart then. Honestly I think you're trying too hard. Get to the US and live the good life I guess
taylorevansvintage@reddit
This is us too
Lazy-Associate-4508@reddit
Unfortunately, many lower paying jobs are higher stress and/or very physical. And many employ various tricks to avoid paying benefits to their employees. Such as 35 hr. work weeks (so then you're "part time,") lay offs for 3 months a year (then you're "seasonal,") or hire and dont offer benefits for 8 to 12 months, then they fire you before you becpme eligible. Or, they offer insurance, but it costs 2 to 3k a month in premiums. Employers have gotten very creative at screwing the working man.
LayerNo3634@reddit
Quite a few employers offer retiree health insurance. Not pensions, but if they offer a 401K, especially with matching funds, they may off insurance.
janisemarie@reddit
Yes, and we are staying in our jobs rather than making room for the next gen of workers because of this! The economy would benefit if we didn't have to hang on til 65 but we do.
ArtichokeDifferent10@reddit
This is actually the stage I'm in right now. I have enough between retirement savings and pensions to get by. Like not a wealthy retirement, but also never worrying about having the basics covered. I managed to find a job in my field but at a much lower level of responsibility. I was upfront in the hiring that I'm probably overqualified but that was precisely what I was seeking. The only rub is that it's a US Fed job, so this hasn't exactly been a great year 🤣 but it provides my health insurance and it's going to be a nice "cruise into retirement".
Small_Rip351@reddit
That’s great, I encourage you to do that. I work for a big bank and while my job is stressful, there are some older people there closer to retirement age in some of the less stressful roles. Several of them had successful careers doing other stuff, had much more senior titles and made a lot more money than they’re making now, but wanted a low stress gig with full benefits. One guy has his house paid off and is there for health insurance and just maxes his 401k. Great position to be in.
missoularedhead@reddit
Yelp, same. My husband has a condition that requires a very expensive medication. No way we can retire if Medicare goes away or gets unaffordable, which seems more and more likely.
Green_leaf47@reddit
Canadian here - my friends in the US have said similar when we talk retirement and I am sad to hear it. It feels really… not right - that health care coverage is tied to employment before age 65. We have that to some degree here with extended health care benefits through work for prescriptions, dental, physical therapy and a few other things outside a hospital setting, but if you don’t have coverage through work you can often access many of those things through specific government funded programs. And almost everything in a hospital setting is just covered for citizens. Surgeries, therapies, medication, air ambulance to specialized centres etc. It’s not perfect but it’s been incredible when my family members have had major health crises, and I’m grateful for it
iamnotbetterthanyou@reddit
EXACTLY THIS.
Jenska2@reddit
💯!! Healthcare is the issue
Fodraz@reddit
Yes, exactly. The Millennials complain that older folks won't retire & get out of the way, but it's the only way we can get health insurance if we're under 65
Garbanzo_Beanie@reddit
I'd be surprised if they complain about people not retiring until 55 (excluding the fact some terrible humans complain about everything that doesn't benefit them). My old company had people well into their 70s still in leadership positions.
Lazy-Conversation-48@reddit
Call your legislators and encourage them to support continuing the Affordable Care Act subsidies. I earn too much for subsidies myself right now, but our plan is $1,000 a month for an HSA plan. Since I’m higher earning now, we are going to max out contributions to the HSA account so they can grow tax free. We intend to mostly retire in a few years and our income will drop. It’s possible we would fall into the range of subsidies at that point - and other Gen xers might be there already if that’s the only issue.
Pale_Willingness_562@reddit
Exactly. I am late GenX. i am barista firing; starting to consult part time.
RhoOfFeh@reddit
This right here. One of us has to keep working until we're old enough to get onto the socialist programs only the boomers and up can get right now.
timesink2000@reddit
This. Eligible for retirement now with a decent pension, but worried about healthcare costs. I’ll likely just keep working until I qualify for Medicare.
K2TY@reddit
This right here. I retired at 55 with a generous but not huge pension. I took another job for insurance. After three and a half years that has turned into more work than I was looking for. I'm transferring much closer to home for much less money. I'm looking forward to slowing down.
Equal_Trash6023@reddit
No
Gorillapoop3@reddit
Yes, we’re spending $30k/yr on health and we are healthy.
Alternative-Law4626@reddit
Yeah, we’re going to contract directly with a medical practice (opened a couple blocks from us) and then get a catastrophic health care plan to cover a disaster. We’ll only need a 3 year or so bridge, definitely not paying $1,700 per person for insurance we’re unlikely to use.
RoxyTyn@reddit
Sounds like a good plan. I'd like to hear more contracting directly with a medical practice. How does one go about this? Is there a name for it?
Alternative-Law4626@reddit
Like this for example: https://carytowndpc.com/
Proud__Apostate@reddit
Healthcare is one of the main reasons I’m moving to Thailand when I retire. I can retire at 60.
R5Jockey@reddit
This. If healthcare wasn’t a concern, I’d have already retired.
SmokedLimburger@reddit
This. For probably 99% of us this is the issue.
Chemical_Butterfly40@reddit
Totally this. I’ll have to emigrate at 55, might come back when Medicare kicks in.
ebar2010@reddit
Planning on between 62 & 65, but that planking started years ago. It’s more about preparation than actual income. Living within your means and putting just a little bit away combined with not or little debt.
Mysterious-Way-5000@reddit
at age 60 if you feel you are too old to work than im not sure you ever were willing to work.
ideknem0ar@reddit
I plan to early retire as soon as I hit 55. No debt, no kids, no spouse, just cats. I grow a ton of food each summer and what I don't eat in season, I preserve. My health is good for my age. The last time I had a cold was in 2016. lol Over the past 5-6 years, I've adjusted my mindset to be happy with whatever years fate has determined for me, so I'm not that concerned about healthcare in the gap between 55 & Medicare (and I'm not even betting on that being there by the time I reach 65). Last thing I want to do is slog away in my job for 10 more years for healthcare that I really don't use that often anyway. I live in a rural area where the health care centers are getting decimated so sticking around in a job to get on a long waitlist for an appointment or get mediocre care when I do get in just seems to be a waste of a decade of my life where I could finally shove that whole job thing off my mental plate. Really looking forward to having a full battery every day for my own interests rather than what my job leaves me at the end of the day (and then I gotta come home and get to work on my own stuff, no matter how drained I am).
I guess you could say that my healthcare plan post-55 is "Whatever" with my whole chest. I deliberately made life choices so that I wouldn't have to keep working to fund the needs of family when I was older and yet ready to exit the workforce.
bizzylearning@reddit
No, but it's 100% on us. We can't get on the same page for financial management. Couldn't do it when we were legitimately broke (even just building good habits would have served us well back then, regardless of the amount of money we had to work with), and can't do it now. I suspect it's a disconnect in philosophies, what retirement might look like, but also we aren't on the same page about how to budget/set aside money/save.
Occasionally, the pressure and fear drive me to a screaming internal panic. But all I can do is what I can do. I hate it, but like I said, it's on us.
Over_Alfalfa_9906@reddit (OP)
I recommend listening to Dave Ramsey.
bizzylearning@reddit
Oh, I have. We've used his Everydollar tracking, and YNAB, and the thing our bank offers. And others. It's the getting-on-the-same-page thing that kills us. We'll get there. Or we won't. After 30 years together, that's about what I've got left.
11CatLady@reddit
I'm a union electrician in nyc..full retirement is 59 1/2..and we get full medical and dental until Medicare kicks in
I am very fortunate
Over_Alfalfa_9906@reddit (OP)
Electricians are highly skilled! Well done.
11CatLady@reddit
Thanks..I enjoy it too
Responsible_Bear4208@reddit
We're mostly going to work til we drop.
indefiniteretrieval@reddit
Yes and yes. But it's all assumptions and projections.
If everything pans out, at 65, we should have a monthly income of 10-11k.
Couple mediocre SS payments, a piddly pension, a new a great pension.
No idea what 4% will look like from the 401k's so I left that blank
Over_Alfalfa_9906@reddit (OP)
Sounds like a wonderful set up. Pensions are rare.
indefiniteretrieval@reddit
Stumbled into it 13 years ago . I'll have a 50% pension at 64
bigredroyaloak@reddit
I got 18 more years on my mortgage which just happens to be when I’ll qualify for full SSI if it’s there. But I think I’m on track if I truly can live with less bills then I have now. Sigh so IDK.
Over_Alfalfa_9906@reddit (OP)
You are still very young! Keep going! Helps to add an extra payment here and there.
bigredroyaloak@reddit
I do try to send my tax return towards principle every year.
East-Action8811@reddit
Yes. I've planned to have the house paid off right before spouse retires. Cars are already paid off. No cc debt to speak of. With both our SS incomes & his small pension we will be able to cover our expenses.
I'll probably continue to work (solopreneur) to supplement.
Over_Alfalfa_9906@reddit (OP)
Congratulations!
East-Action8811@reddit
Thanks 🙃
weirdsandy@reddit
I didn't learn about money management until too late. I don't have anything and I only have 20 years or so to get ready.
Kimber80@reddit
Yes, I have a very good pension.Waiting for me and between us.My wife and I have several hundred thousand dollars in free cash. we have no debt except for about a hundred k owed on our house.
She is already collecting social security and I could retire anytime, but I just like my job. Very blessed and fortunate.
Over_Alfalfa_9906@reddit (OP)
You only need like 50k in cash. Put the rest away into a cd at least.
Kimber80@reddit
Well we do have that. My wife has about 200k in a CD, it spins off about 10k in interest a year. Has no stomach for the stock market, hates the rises and falls, even though over time it rises.
FrankCobretti@reddit
Financially, I'm ready to retire right now.
Psychologically and emotionally, I'm not. I love my job. I'm good at it. I plan to keep doing it for several more years.
Stompboxer1@reddit
Oh, definitely not. I've been stuck at entry-level since the 80's. Many of my jobs have been "Go in, do a good job, and then someone above me screws up and I get laid off as a result." Boomers also keep me from getting ahead. I fully expect to have to keep working until I die.
moopet@reddit
Provided NOTHING goes wrong, I'm on target to pay off my mortgage when I'm 72. Provided NOTHING goes wrong, and I can keep paying into it, I'll have about 4k/year on top of my state pension (provided that still exists).
So no retirement soon.
open_road_toad@reddit
No. I have no savings whatsoever ie 401k. I always felt like the “stock market” was a scam and that I’d work until I die. Now that I’m 52 and a few of my friends are/have retired (military/government workers) AND having lived long enough to see how the market really works I deeply regret not investing and/or staying in the military for 20 years.
I very fortunate to get my healthcare through the VA so I’m good there. I also own my truck and motorcycles so there’s that. It’s just a matter of locking down a living situation that will allow me to not work as much as I get older. I’m actively working on that now with my oldest son.
Beautiful_Dinner_675@reddit
Nope. I think a lot of my peers will soon take the Kervorkian way out.
Over_Alfalfa_9906@reddit (OP)
I don't think so. Our generation will persevere.
OolongGeer@reddit
I remember when Kevin was first going off at Julie, and she kept saying, "I want to learn, I want to know," but then he'd pull back and say, "I am not going to teach you, plus you will never learn." That seemed like the beginning of a lot of social trends that have exploded in recent times.
I also think that London got a bad rap, but at least it was still a legit look at actual life. After that, nobody had jobs or anything, they were all just locked in the house.
Over_Alfalfa_9906@reddit (OP)
The house is important. A paid off home is key.
UsualClue3638@reddit
I’ll turn 60 next year. Ready for retirement? Not quite. Able to retire? Yes, but will need to figure out medical.
Over_Alfalfa_9906@reddit (OP)
You did well.
1Mthrowaway@reddit
I retired last year at age 53. I know I was incredibly fortunate. No pension, rather just years and years of saving/investing in index funds. I was fortunate to work at the same company for 23 years which gave me the ability to sock it away. Our biggest concern now is healthcare costs until we get to Medicare age.
Over_Alfalfa_9906@reddit (OP)
That is the classic way! You made it!
TheBonanaking@reddit
Started over at 49. Had nothing to show for it except about 10k. Now at 54 I have a house that’s nearly paid off, an 800 credit score, self employed and making more money than I ever have and am stuffing my bank accounts. Hopefully can retire in about 8-10 years with paid for house.
Over_Alfalfa_9906@reddit (OP)
So close! Pay off the house. Max the investments!
CyberCrud@reddit
I'm already debt free at 47, so I'm feeling pretty good about it. I don't have a million in my 401k, but so far the combined projected social security amounts get pretty close to replacing my salary. I just gotta hope it's there when I get there.
Over_Alfalfa_9906@reddit (OP)
Being debt free is the first major step! Nice! Now max the investments.
king_platypus@reddit
I’m thinking if I’m reasonably healthy I go to Latin America until my 70s or when I need some more serious healthcare.
Over_Alfalfa_9906@reddit (OP)
And live like a 🤴
five_two@reddit
Husband retired a few years ago at 55, but has a side gig a few hours a week to keep busy. We have no kids, no debt (except for a low mortgage), live a low spend lifestyle, invested, and saved. We're in pretty good shape for me to retire early before I hit 55 if everything stays the same. The concern we have will be insurance.
Over_Alfalfa_9906@reddit (OP)
You made it. Don't worry.
Comfortable_Fudge559@reddit
I think I could retire by 60. Not a big spender but never an aggressive saver either. No kids makes it all so much easier. The only real concern I have is what this administration (US) is going to do to the economy and health insurance. I could probably survive whatever except a complete catastrophe (macro or personal).
Over_Alfalfa_9906@reddit (OP)
Low responsibilities makes it work for you. You are fine.
Stillconfused007@reddit
My plan is drop to a 3day week at 60 and retire fully at 62, currently on track..
Over_Alfalfa_9906@reddit (OP)
Sounds like a plan!
mostlygroovy@reddit
Canadian. I feel good and I’m also thankful. I find Canada has really good financial products to support those actively saving that coincide with tax breaks for those investing in retirement (RRSPs, TFSAs, FHSAs). Between my pension at work and my retirement savings out of work, I should retire at 60.
Over_Alfalfa_9906@reddit (OP)
Bravo!
Hitch29135@reddit
Set up for 60. Really been frugal the past 10 years to prepare for it. Saw my advisor yesterday and he said I’m good.
Over_Alfalfa_9906@reddit (OP)
That's the way to do it!
CSamCovey@reddit
I WAS ready for retirement in 5-8 years. I was laid off from my high paying tech job and now rely on a meager amount of money from a weekly karaoke DJ gig. I do own my primary house outright, and a property in another state that keeps climbing in value. I’m cash poor though rt now and it sucks. I’ll likely have to sell the other property if I can’t find a decent job. My retirement was looking good for a minute there.
CableOk1914@reddit
I was a bit of a late bloomer in my career. Always put some money a 401k but never the max. I do have some retirement savings but fully expect to work til I am at least 70. Luckily, I am in a career where that is possible although I expect I will have to be self-employed to make that happen. If I put what i currently have and contribute into a retirement calculator it just says: “You’re Screwed”. Lol
Over_Alfalfa_9906@reddit (OP)
You will be fine. Be more diligent now and things will work out.
RadicalWatts@reddit
100% yes. Both of us have good jobs, have saved diligently, no kids, Canada. Taking care of our aging parents is our biggest issue. They are in decent financial shape though, so we’re not expecting them to be a financial burden — it’s more the emotional and time toll., but that’s life.
Over_Alfalfa_9906@reddit (OP)
Having parents is a blessing! Both of mine passed away.
LWydra@reddit
Health insurance is my main concern. Once I’m Medicare eligible (if the program survives), I will be leaving. Socked away as much as I could into a 401k as early as possible since we were brought up to believe that Social Security would be gone by the time we hit retirement age. The house is paid off. I should be more than OK.
Over_Alfalfa_9906@reddit (OP)
You made it. Nothing to worry about.
OctoDagon@reddit
I retired two months ago. I was able to do it because I had a wonderful boomer boss who convinced me to invest at the beginning of my career.
Over_Alfalfa_9906@reddit (OP)
The power of compounding interest!
Sintered_Monkey@reddit
I am pulling the plug in 7 months, my 59th birthday. It will be the best present ever.
Over_Alfalfa_9906@reddit (OP)
High five!
nochickflickmoments@reddit
People mentioned healthcare, I go to the VA so I don't have to worry about my health care connected to my employment. But I only started a food paying job that started me on retirement savings last year, so I have a long way to go.
Over_Alfalfa_9906@reddit (OP)
Thank you for your service!
shit-Helicopter@reddit
The only folks retiring early are service members, teachers and other folks in states where the pension includes Healthcare or if you came from wealth. The rest of us are screwed..early retirement means 65
ChrisBourbon27@reddit
I plan to retire at 56
Over_Alfalfa_9906@reddit (OP)
Better than most!
libbuge@reddit
Not 60. We had kids pretty late, so we'll be in our 60s when the last finishes college. I only work part-time now, so I can keep that up for a while. My spouse is hoping to cut back around 65, but is in a good field to consult a little longer.
Over_Alfalfa_9906@reddit (OP)
Sounds like a blessed life!
JenniferJuniper6@reddit
My husband has a PhD in computer science, so—yes. But not in great luxury.
Over_Alfalfa_9906@reddit (OP)
Phd! It's worth it! Success is not just about dollars bills.
Tonto_HdG@reddit
I am blessed to have a job that has retiree healthcare (that I'm already eligible for). That's why I'm shooting for 61. My pension will max out at that age and I will be able to collect early social. House has been paid off for about 5 years and I'm living simply to save every penny I can. My body hurts and I'm tired of working.
Over_Alfalfa_9906@reddit (OP)
Sounds like you will definitely male it to the finish line! Keep going!
Evening_Eagle425@reddit
Nope. I have a bit put back, but the unregulated way of life here has me still helping kids, and I likely will be for years to come. My plan went to crap as soon as corporations were handed the keys to the country.
Over_Alfalfa_9906@reddit (OP)
Nothing wrong with helping the kids! I think that is super!
WaitingitOut000@reddit
Yes, done at 52! Not American so no healthcare worries in the equation.
Over_Alfalfa_9906@reddit (OP)
Congrats!
fridayimatwork@reddit
Yes, my financial advisor noted that we are aggressive savers. Always have lived frugally, mostly shared a car, shop at thrift stores, side hustles.
I’m struggling now with the fact I love some parts of my job and am considering part time, but feel like I might end up working full time for part time pay lol.
Over_Alfalfa_9906@reddit (OP)
That is how many end up being the millionaire next door.
truemore45@reddit
So my friend group just had a big discussion on this. Now before I start understand we all went to college together at a good state school. I did business and tech, second man is nurse with a masters, third has a master's and is working on a PHD so we all are in the top 10% of earners but none of us are independently wealthy. We all turned 50 this year.
So for the person working on the PHD they do sales and live alone no kids. Super saver for about 15 years has around 600k saved, finishing paying for his condo. No male in his family has lived to 65. So he is working till 55 should have 1-1.2 M and will teach online college part time for healthcare and retire at 55. Because as he pointed out I'm not making 65 might as well enjoy some of my life. Given everything he will be able to spend about 100-120k per year and will own his condo. So for a single dude he will be just fine.
So for the nurse, his wife is a nurse and his parents died in his 20s left him a little money and a free house. That allowed him to save since his 20s. Total retirement funds 3-4m between them increasing by more than 100k per year and they bought a rental property in cash. So they are good, but for some reason they have a goal of 10m and out. Seems a lot but given inflation not a bad idea.
As for me I am the sole bread winner and has two kids after 40. But I did save hard before that and have just under 1m in the 401k/IRAs/TSP. Did 22 years and 2.5 deployments in the national guard so small pension at 50 and free healthcare at 60. I also have 50% VA disability, a small farm, a small business and a rental property so I'm retiring in my mid-late 50s just depends on the kids and economy for the next few years on how early I can check out.
Point being even being in the top 10% now means you can still have a retirement, but you still have to have good luck, lots of savings over decades or special circumstances like military pension and healthcare. How most people from our generation will retire I just don't know.
Over_Alfalfa_9906@reddit (OP)
Well done. Thank you for your service!
Pleasant-Caramel-384@reddit
Got a late start but I feel okayish about things. Hoping that I stay healthy and can work til about age 70 though, not really anticipating an early retirement.
Over_Alfalfa_9906@reddit (OP)
Everyone has a different path in life. Don't worry about others and finish well.
MommaGuy@reddit
Neither one of us came from money and both our moms had budgets for everything and lived within their means. Thankfully they passed those skills down to us. We always lived below our means and made sure to save as much as possible. Eventually being able to invest and diversify. We are ready to retire any time, we are both mid 50s.
Over_Alfalfa_9906@reddit (OP)
Most Americans don't have that discipline. Well done!
MommaGuy@reddit
TY.
Ed98208@reddit
Semi-retired now and I will only be able to fully retire because I've left the United States, bought a house outright with an inheritance, and my partner is younger and works. Hopefully I'll be getting social security payments at some point, too.
Over_Alfalfa_9906@reddit (OP)
Sounds like you made the right move! Younger partner? Nice.
grateful_john@reddit
I just turned 60. I’ll retire in the next couple of years. I’m self employed so I get my health insurance on the exchange, I’m directly impacted by the bullshit going on right now.
Over_Alfalfa_9906@reddit (OP)
Not bad at all.
recoveredcrush@reddit
I can retire the Tuesday before I get dead
Over_Alfalfa_9906@reddit (OP)
Nothing wrong with working hard. Many people say that will increase your lifespan.
Barijazz251@reddit
I retired 5 years ago ... freedom 55 !
Over_Alfalfa_9906@reddit (OP)
Nice! Enjoy!
notactuallyacupcake@reddit
Oh hello RE appraiser.
I am an underwriter, I have been in the biz in various capacities since 2001. Because of the tumult over the years, many layoffs, the Big Crash, pay cuts, and also not great financial literacy taught to me at a young age (yes I see the irony here, believe me), I am in an absolutely shit position currently with retirement savings. My only saving grace is my home & a collector car.
I've still got 25+ yrs to go tho, as I am an X/Millenial cusp kid. My current job has stagnated with pay, and is probably time I move on. It's hard after over 5 1/2 yrs at this place though, I am comfortable, have job security, and an ESOP/profit sharing plan in addition to the 401(k), albeit it has dwindled every year as it becomes more and more expensive to be a lender. 😏 I just cannot afford to keep the bills going at my current rate. My bills have even decreased in the last year significantly, I got rid of the credit cards, sold a car, paid down the 1 car loan I do have & had it reamortized to cut the payment in half, had to sacrifice the add'l benefits at work I had coming out of my check, and yet because my salary does not go up and our bonus comp got slashed to a fraction of what it was.
It's tough out here. I was in a car club that had a really large amount of incredibly well-off ppl of varying ages. I don't understand how it's so common.
Over_Alfalfa_9906@reddit (OP)
One step at a time. That's how it's done. I slowly built my business one step at a time. One foot forward. Chip, chip, chip away.
bones_bones1@reddit
We’re 49. The goal is somewhere between 60 and 65 depending on how things go.
Over_Alfalfa_9906@reddit (OP)
You will make it!
Strawberries_Spiders@reddit
I went into teaching for a variety of reasons, but the guaranteed pension was a large factor. I could have retired at 55, but with me bouncing states I’ll have to wait until I’m 60.
This was my deferred gratification. This was my way of saving for retirement. I took a job that isn’t too ideal, but the pension is worth it 10x over.
Between my anticipated pension, SS, and some minor investments, I should be fine. I hope to travel a lot.
Over_Alfalfa_9906@reddit (OP)
Thank you for your service! Teachers are top notch in my book.
munch_19@reddit
Yes. Hoping to punch out when spouse (who is 4 months younger) hits 60. Started saving (aggressively) later than I could have (late 20s), but probably earlier than most, thanks to a conversation with a coworker who was looking out for me. Barring a complete market meltdown, between IRAs and 457s from multiple employers and continuing to live frugally, we should be able to do at least ok.
Over_Alfalfa_9906@reddit (OP)
You did okay. Keep saving and investing.
Jmast7@reddit
Early 50’s, my wife and I are on track to retire 60-65, but so many unknowns. What if the economy tanks, will SS and Medicare still be viable, what if I lose my job or we have a serious health issue? We are better off than most, but that could change in a heartbeat.
Over_Alfalfa_9906@reddit (OP)
Sounds like your family will be just fine.
Working-Active@reddit
I'm 53, as an American I moved to Spain 20 years ago as it's my wife's country and she lived with me 5 years in Atlanta but never got used to the tornados. I have a completely work at home job that I'll keep working until the company gets rid of me and then I should get a sizeable payout as per Spanish law. Health care and work life balance are ok for me to keep working. I have 28 days vacation per year and about 15 paid public holidays and work only Monday through Friday. I'm just building up my stock portfolio and whatever I get from the Spanish pension will just be extra income.
Over_Alfalfa_9906@reddit (OP)
Not bad at all. Work life balance is hard to find.
CostaRicaTA@reddit
Yes I am prepared.
Over_Alfalfa_9906@reddit (OP)
One step at a time.
tarbinator@reddit
Yep, we're both ready, and I'm probably going to pull the trigger at age 62, so another 5ish years.
Over_Alfalfa_9906@reddit (OP)
So close. It's right around the corner.
samder68@reddit
I just retired from a high stress job 2 months ago. It affords me a meager pension because my retirement was early (under 60) but I had to go because my doctor said I wasn't long for this world if I continued working at that pace. I put a decent amount into a 403b over 25 years and rolled some into a Roth and some into different investments, some safe, some riskier. I'm working a part-time low-stress job 3 days a week until my mortgage and student loans are paid off, roughly another 10 years. I'm fortunate that I pay a nominal amount for health benefits through the state, but my pt job also had a health benefits package option if I didn’t have the state option. The pt job also has a 401k to which I contribute because any $ from my employer is money down the road for me. I made sure to pay off all credit cards before retiring and put about $10k into savings to have some funds liquid in case of emergency. This took about 2.5 years of preplanning and financial discipline with the idea in my head, but a health incident moved it up a few months. I had frequent conversations with my financial advisor to make sure I could survive. I am not a wealthy person but I now have a healthy work-life balance. It can work if you plan and are careful. Good luck all.
Aeribous@reddit
As of today I’m set to retire at 60 but with how things are going I’m crossing my fingers.
Successful-Sense-270@reddit
I was fortunate to work in a field with a pension which included benefits so my family should be ok. I’m still hesitant with taking that leap one day. I can pull the plug now but I haven’t yet.
gimme3strokes@reddit
Retired a few years back at 44(they fired me and I said fuck it). I have a lot of housing rentals and 2 storage unit facilities. I bought almost all the rentals pre covid, but try to add at least 1-2 a year. My 401k got a pretty big boost from covid(put investments into low risk/secure investments before the covid crash and reinvested when stocks hit bottom). Still putting in my Roth and conventional IRA. Currently on my wife's health insurance till she retires when her kids graduate college. We are dreading buying on our own, but I might try to set something up with my storage unit employees. We built a cabin on 227 acres that we will transition to in a few years when the last kid graduates high school and sell our current home. After that the plan is to travel, smoke weed, and fuck as much as possible. I came up with my entire strategy when I was 16 getting high in my buddies basement after talking to a silent generation landlord the day before(BTW it was some really good weed).
sdsva@reddit
I’m so close I can taste it. I think the last time I check my countdown timer, I only have like 230 months left.
Cleverwabbit5@reddit
Death is my retirement I am spending all my money being unemployed and trying to find a job. I am losing my health insurance have no pension etc. I can’t afford to get old, can hardly afford to live now
Smile-Cat-Coconut@reddit
I have the money but worry about healthcare. We are dumping insurance.
ADKMTBer@reddit
I retired last year at 58. I literally started this journey two years out of college when I realized I didn’t want to work beyond 55 (I never cared for my career), so I saved and invested. Thanks to living below my means and the magic of compounding over 35 years I have enough to live on. Years of discipline and compounding are the only reasons why I was able to pull the trigger at 58, and when asked about it I do not apologize.
Working-Lemon1645@reddit
Please don't jinx yourself by being too smug, because we were like you and have regrets. We had a great plan until my cancer diagnosis at 49 and my husband's at 50. Now we're spending all of our health and emergency savings, downgrading our income permanently, and opening up a two year income gap at our peak earning capacity.
Another health crisis like this will send us into our retirement fund, and having a first bout of cancer makes us more susceptible to further ones due to the toxicity of our treatments. We'll probably be spending a huge portion of our 401k and Roth in health care at the beginning of our retirement, if we haven't spent it all by then due to difficulty finding work.
Oh yes, and we don't even get to cut back our expected lifespans because our cancers are so treatable. We'll just be more likely to be disabled and unhealthy during a longer portion of our retirement.
Anyway, now that this happened, I want to educate people about the futility of the idea that we can plan and prepare for retirement. It's pretty much a 50/50 chance whether you end up spending it all on long term care and treatments before you even get to use it.
I wish I could send most of my savings back to my younger self so that it wouldn't be destined for loss in the inevitable Medicaid spend down.
sudrewem@reddit
I’m sorry this has happened to you. I hope things get better for you guys. ❤️
taylorevansvintage@reddit
I’m sorry you’re going through this. It’s one of my big concerns with retiring early. Can I ask about your insurance? Does it just not cover your treatments? Not enough of it? Trying to keep this from happening or at least keep myself from being in constant fear of it when I retire…
misschris826@reddit
you're not alone. My retirement fund was meager, but I went thru it when out of work recovering from surgeries and going through chemo treatments. It's unlikely I'll be financially ready to retire by 70 (53f) even if I stay healthy. All the best to you and your husband <3
szdragon@reddit
Just for my understanding, does this mean you didn't have kids? It seems this plan only works if kids and kids going to college isn't in the equation?
ADKMTBer@reddit
I put 3 through college, and survived a divorce 7 years ago.
szdragon@reddit
Wow! That's impressive.
threedogdad@reddit
this is exactly the path my wife and I took, we will both retire early and comfortably in the next 2 years. the only reason we're working now is that we're at the top of our professions with salaries to match so we're basically quietly quitting while we decide what we want to do once we do make the jump.
ADKMTBer@reddit
Don’t wait too long. Time freedom is the ultimate wealth.
FrauAmarylis@reddit
Same here. I was the first person in my family to get a college degree. I became a teacher, was recruited to move to california at age 21, and retired at 38.
Starbucks and Alexas and brand new cars and housekeepers weren’t worth working forever. My colleagues are all working until they are in their 60s.
Illustri-aus@reddit
This is the key, delayed gratification.
Saving is so much easier if impulse buying is controlled
Hope you're enjoying the fruits of your labor!
I_Like_Hikes@reddit
See I want to do stuff while I’m still healthy. I’ve had a lot of great adventures. Will I retire soon? Naw. Probably work into my 70s but I’ll be traveling and playing all my days off too.
diogenes-shadow@reddit
Funny now that I am financially secure how much easier it is to be frugal...
sn2006gy@reddit
I prioritized autonomy over delayed gratification.
My dad was a delayed gratification person. Took getting divorced and going back to dating again to break him of it.
He goes on long road trips and hikes now, and I didn't have to retire to go with him. I just bring my starlink.
The last thing I'd want to do in retirement is spend any of that time on reddit :D
No-Hospital559@reddit
Exactly
Savings-Following232@reddit
I’m on a similar path too. I’ve been working for NYS for 31 years and will retire in 3 years at 55. I’ve lived very modestly and have been investing and saving as much as possible. I’m hoping my 457 plan and pension will carry me into retirement comfortably. I also have managed to eliminate all my debt.
mybloodyballentine@reddit
You have a pension. Most of us don’t have pensions.
tooslow_moveover@reddit
Same, but just retired at 55.
Living below your means, saving diligently, and having a pension from a government job was the way to early retirement for Gen X. With changes in state law, my millennial employees still have a decent pension, but not nearly as good as what I get.
Zealousideal_Baker84@reddit
55 is my target. If I lived in a cheaper area it would be now.
Pleasant_Studio9690@reddit
I feel bad for the generations behind us. New employees at my company max out at less than half the profit sharing contribution that I receive.
tooslow_moveover@reddit
And now having to worry about AI killing their jobs
CarrionWaywardOne@reddit
I think a lot of people were counting on those federal pensions, before a certain someone fired many of them this year. That's no longer a safe bet from here on out.
tooslow_moveover@reddit
Agree completely. Fortunately, I worked for a non-partisan local government in a blue community in a blue state (California). Working in a reasonably pro-government environment seems wise moving forward
First-Ad-7960@reddit
Ditto. I always said I would never work past 60 and earlier was better. We both put our pencils down at age 55 last year. Amazing feeling to have 35 years of effort pay off.
bolunez@reddit
I'll be right behind you in a few years.
Paid off my mortgage in 15 years instead of 30 and started putting that payment into investment funds every month along with maxing out the 401k.
I could've bought a nicer house and be cars, but being able to retire 10-15 years earlier then most people will make it worth it.
thagor5@reddit
How do you cover medical insurance?
COVID19Blues@reddit
I did the same thing. I started planning in high school that I wanted to retire by 40. Every decision went toward that goal. I never spent a penny of my investment gains and a few IPO gambles later, I was able to retire at 38. Just in time as the company I worked at was being swallowed by private equity. I’m glad that I took the chances that I did, which could’ve been catastrophic had they not worked. Especially with internet companies in the 90’s.
The worst part about retiring early is that none of your friends are🤷🏻♂️
Normal-Philosopher-8@reddit
This was us. The goal was 55 for thirty years. We drove one car until we were in our thirties - even with long double commutes and a school aged child. It was not fun. But it’s better now.
ImmySnommis@reddit
Yup. Went without a lot but it will be worth it when I hang it up in '27. I'll be 57 and ready to do the shit I've always wanted.
Due to some life factors I didn't start saving for retirement until I was 27. It will be almost exactly 30 years to the day when I retire.
imagine966@reddit
Same here but I continue to work for insurance purposes only. I plan to call it quits completely at 65
trout715@reddit
I plan on retiring at 65, so nine more years. I could actually do it sooner
Conscious_Life_8032@reddit
Yes will be able to retire.
Ideally before age 60
soonerpgh@reddit
I'm 54 and I can't even find a job, much less retire. Disabled, unemployed, no savings... I'll be fortunate to not starve by 65.
LVMom@reddit
My husband has some generational wealth that will allow him to retire within the next 10 years. I’ll work until I’m carried to my funeral by choice.
mmrocker13@reddit
When we were married, we were both on track to retire before 55. Just got a divorce. That is not going to happen anymore. Although ex could still if they wanted to. My goal is still 57. But I realize that that may not be possible. I have to decide whether I want to be even more frugal and hit 57, or live a little or work a little longer part time angle later. And of course nobody knows what's going to happen. I could have a medical crisis. I could lose everything. I could get fired. Who knows
MedsNotIncluded@reddit
No.. I made the mistake of “returning home” after being displaced to Germany for 30 years. Life was good there, complete disaster back “home”.. apparently I’m worthless in the US and all my training and school in Germany was for nothing. I can’t even get a job at McDonalds in the US..
send2steph@reddit
Curious what you were doing in Germany?
MedsNotIncluded@reddit
Orphaned dual citizen, my dad met my mom there while stationed there after Vietnam. I had grandparents that took me in.
send2steph@reddit
I meant what your training was and what your job was that is not valuable in the US.
MedsNotIncluded@reddit
Electrician and automation engineer. The latter being through the German skilled trade path.
Maybe not simply lying my ass off and creating a fake resume is my biggest issue..
enamoured_artichoke@reddit
I have my date all picked out, January 2030. Sticking it out for the 30 year pension. This will also include lifetime healthcare for me and my spouse.
Been maxing out the 403b since I started the job. Plus contributing to another pretax retirement plan which I wish I had started sooner.
I am worried about the state of the economy but I know we are in better shape than most people.
Amazing_Weird3597@reddit
Unfortunately no, I did everything right but life comes at you fast. I won't be able to even contemplate retirement until I'm about 70/71.😔
LemonBumblebee@reddit
Yes, I am 57 and plan to retire in 28 months at 60.
Baylee74@reddit
I’ve been retired since 41 (now 51), but due to major health reasons. I sold my company and invested well along with my husband’s investments (he is 58). Insurance is always the big one, but so far doing ok. I don’t have a long runway left due to my health and I didn’t want to be caught up in the stress of running a company and never having time for anything. So we travel and do all the things we’ve wanted to before it’s too late, but we budget to do this and live small in many other ways. We’ve been lucky and blessed with our prior jobs/investments, not so much with the health part…
ScreenTricky4257@reddit
I just started a pension job two years ago. If everything holds and nothing changes, then by age 63, the pension plus Social Security would be enough to fund all my expenses, and then everything in my IRAs would be plenty to live a good and luxurious life. But, if SS gets reformed or the market has another lost decade or they decide to eliminate my position, I could be fucked.
FeistyTicket7556@reddit
Being a GenX is literally fabulous. Spent the first decade out of high school doing part time college part time “work” and full time partying and traveling. The next 10 making as much bank as possible and investing it while still spending like a drunken sailor. The next 10 or so enjoying our young kids and WFH lifestyle while doing tons of trips with them.
Now they’re just out of college we paid for, we’ve been done with “jobs” for a couple years now and don’t miss it one single bit!
Covered on one of the old corporate jobs retiree pre-Medicare plan for another 13 years with their FSA paying 95% of the premiums helps.
How lucky to be a part of the best generation EVER.
Van Halen ♾️
Beneficial-You663@reddit
I’m a teacher. I will retire at age 60 with enough pension and savings to do fine.
hlmoore96@reddit
My retirement plan is the lottery. I invest all I can into the lottery. It’s gonna pay off soon.
Mysterious_Post_8505@reddit
Hubby just retired at 60. I'm 54 and could retire, but I'm having fun working now that i don't have to. I'll give it a couple more years. It took us 17 years to get here including serious medical issues.
Hubby divorced twice before meeting me. I was a late starter and lost my behind on my first townhouse in 2008/9, when we had to sell and move to jax for his job. We basically started at $0 together a bit over 17 years ago.
15 years ago bought the ugliest worst cheapest foreclosure we could afford with the $90k we scraped together.
14 years ago, bought a new single cab, vinyl seat truck for $16k. It's out there in the driveway.
10 years ago we were able to go on a couple of decent vacations.
7 years ago, he was diagnosed with blood cancer. Enlarged liver and spleen. Kidney cancer. Afib. Aneurysm surgery. He made every immediate change (zero alcohol, vegetarian, cycled to work. Ask the things they asked) easily from practice of delayed gratification. We were able to keep up with bills due to 13 years of saving and stability. His meds are $30k/month. So we use 2 health plans, fsa, hsa, coupon cards to keep that cost as low as possible. Keeping on top of his care and those bills is work.
5 years ago, Covid. We installed solar and made other cost saving updates to the house we still live in.
2 years ago, Both our company's groups were sold off to foreign corporations instituting cuts cuts cuts. We stuck to savings plan with uncertainty in politics. Bought a cheap electric Chevy bolt.
Last month, he (60 yo) told them to take this job and shove it. I promised my work I'd stay 2 more years (until 56 yo).
Took us 17 years. Just start wherever you at and make a plan. It's totally achievable.
These_Plastic5571@reddit
My plan is 65. Hubby is 64 next month. I am 59. Breadwinner. RIF’ed by my employer. Jobs taken away and given to others. Job market sucks and being 59 is two strikes against me. Not quite sure what to do.
Shoemugscale@reddit
Not that anyone will see this but, Im planning on retiring at 50, started saving at 20, hope to have around 2 to 2.5 M with a pension that will pay about 100k a year and medical covered, could stay longer and get more but im tired.
The funny part is, im tired in that im tired of doing X like I enjoy doing X but not as much as I used to.
Have about 5 more years to go will be interesting
odafishinsea2@reddit
I’m hoping to go at 59, which is wild because I had $11k saved at 38yo, but that’s when I got my Big Oil job and I’ve been saving like crazy since.
Urban_forager@reddit
Retire? Yeah I’m gonna be able to do it next year in fact. I retire every year. Oh, wait…. You are talking about never having to work again… yeah that’s not happening. Ever.
lazytiger40@reddit
Not ready nor will ever be close.
RustedRelics@reddit
You’re not alone. Not that that helps
lazytiger40@reddit
Thank you. It sucks. Very recently I had started Roth at 51 and have little in it (it's coupled to a life insurance thing from work~ payroll deduction)...started in August. Yesterday I eliminated the deduction since my hours got slashed and am making only half what I was. Rent is now almost 100% of my income now since, and thankfully the wife works (but way less money and no retirement either..). When we discussed the Roth and retirement in general, my broker/counselor was like " so why haven't we been planning or saving for retirement .?" And I replied, " you wouldn't understand but it's dumb shit that's not my fault...and after trying 401k or Roth or anything 8 times now in my work history...I pretty much gave up because something always happens..."
Now 9 times.
I cannot wait for his inevitable phone call when the money doesn't get put into the account next week.
I'm so over it ..
AccomplishedCash3603@reddit
Don't give up!! The amount that you can contribute to retirement after 50 goes up, and there are more contribution breaks and savings after 60. Interview a few financial advisors and ask them for references from people who started late.
I'm not blowing smoke. My Mom didn't start till 50, she got a Thrivent Advisor, took advantage of all tax incentives, lowered her monthly expenses (sold the car with the payment, paid cash for a not fancy car), etc.
lazytiger40@reddit
So let me bring this down a little. I live paycheck to paycheck. Never had great opportunities even going after them ..it is what it is. So I can raise my income/lower my expenses but I'm basically at the optimum at both ends right now. With living paycheck to paycheck I'm stuck to not be able to make a drastic move perhaps to cheaper rent (doesn't exist) or start eating wallpaper to save money...I don't own assets my only retirement strategy would come from payroll deduction (for now..) with the Roth that was set up it was also connected to a life insurance I think the total one that's more expensive. 110 every two weeks which is sore but I gotta start somewhere, right? But in the processing side, 104 goes to the insurance while 5 goes to Roth. I'm at like 60-65 dollars roth from and August start. So granted over time the insurance will be satisfied and more will dump into the Roth plus compounding etc...but now with my losing half my salary (until June ...long story) I need that 110. My salary right now equals my rent on a good month. It was unexpected and I don't want to throw away the future opportunity so I gotta eat it and hope to survive to summer. Then maybe I can re start investing.
My advisor ran the numbers based on work payout, Roth, social security at 67.
I cannot retire. The funds arent there ..no assets and I'm still paying 4 more years on.my car
AccomplishedCash3603@reddit
Well give yourself a little credit...you ran the numbers AND talked to an advisor. That's a START.
But here's what I see: the mindset you just presented is the same mindset that prevented you from saving when you were 25. And 30. And 40. And so on. Saving is a MINDSET in the long run..
I am not a fan of Dave Ramsay overall, but some of his Gazelle tips really do make sense. Check them out online, check out his podcast.
And here are a few things that might free up more $$: -Insurance. You can shop rates EVERY year, find a broker who shops for you.
-The budget item that you have time most control over is groceries. We all pay so much for convenience.
Next: if you consult with an advisor again, act like retiring at 72 isn't a choice, but a MUST.
lazytiger40@reddit
So using your answers....
I had a saving mindset in my 20's and 30's. What I didn't have was disposable/discretionary income to make those mental savings concrete. Still don't (especially now)
And tips are great if you got the capital sitting around. I don't.
Yes I can shop insurance and I have until settling on the one I have now at work. Can't afford to use it (no money leftover for routine copays etc) so I guess I could skip a year and keep that deduction. ....my Roth was coupled with a life insurance thing so I suppose I could find a cheaper life. But again no loose money right now to do that (remember I canceled the Roth/Life)
Gorceries. Good point . Not sure about convenience as I never go out to eat and cook simple.cheap meals at home. I eat meat maybe once a week and I love eating meat. Haven't had a steak since pre pandemic. I don't do door dash, and don't qualify for any food assistance. Not sure what I'm doing wrong in convenience...
And per.my advisor, again crunching the numbers and my retirement age is 67 (govt tables I guess...) if I keep my Roth active,.plus anything SS, a meager work pension (that I won't even start earning until next year) ...there won't be enough money to live off of. I would literally have to put the bulk of my salary in from now on and maybe have a chance...maybe. his calculations. Not sure if I extend out to 72...
I wish retirement was a must, and not a choice. But I'm my case it is neither...cause unless I hit alot of money or live rent free in a cave it's not gonna happen.
It's easy to say well you shoulda when you were such and such age...I get it. But unless you were living.my exact situations the best I can reply back with us a shrug. If you did your thing or you know someone that got a late start and actually had capital to put down, then great, you won at life. My mindset now is from looking at the reality in front of me.. not lamenting in shoulda coulda's from 30.years ago. While I appreciate the input, it's easier said than done when you poor...
RustedRelics@reddit
Hang in there, friend. It’s tough to stay positive. Do the best you can now with the resources you have now. That’s all we can do. Sorry about the cut in work hours. That sucks. Maybe try to find some side gigs.
Junior_Lavishness_96@reddit
Same here.
Over_Alfalfa_9906@reddit (OP)
I hope things work out better in the future. Keep going.
LittleCeasarsFan@reddit
I was set up to retire at 60, then management changed and they brought in a young hot shot to be my boss, who made my life a living hell. To make things worse, they are close friends with the person I have to deal with in HR. I’m quitting to avoid getting fired, and decent paying jobs in my field are nonexistent, not to mention losing all the vacation time I built up after 21 years working there. So now, I might be about to retire at 70.
saltyavocadotoast@reddit
Financially secure hmm not exactly. Should be able to retire in 10-15 years no problem though. I bought a flat on my own when I was 49 (got in before 50 and mortgages are harder to get). Have a good job with good retirement payments. So if I hang in there and pay off the flat, save for ten years I’ll be fine. Have to fight the urge every day to chuck it all in and live in the woods 😂
Illustri-aus@reddit
You know, I think gen X are lucky to be this close to retirement.
Hearing the scary stats about AI impacts that are supposed to be happening anytime now, it is not great for younger gens currently in the middle years of their careers.
Really hope the AI scare fizzles out like y2k
BSRR2005@reddit
We’re on track to retire at 55. But now I’m wondering if we should work a little longer and stash extra for our Gen Z kids. I worry about their ability to make a living with all the changes AI may bring.
Fodraz@reddit
I agree about our age being a boon. I wouldn't want to be 30 in today's world, for anything.
Unfortunately, Y2K was a moment in time that we could (and did) prepare for & then it was over. AI of some form is here to stay, because it saves the almighty dollar for employers. Someday we'll look back at the days of dealing w actual people in a work environment or as a customer, with nostalgia
Over_Alfalfa_9906@reddit (OP)
Completely understood but I think its getting worse. My industry lost over 75% of the workforce from 2008 till now. AI is here and it's real. Take the necessary precautions.
jojofalling@reddit
Im 53. I didn't make good financial decisions when i was younger so i have saved little. I have no illusions about retirement. I'll be working till the day i die. My wife's medical issues have also taken a lot of our $ beyond insurance and she doesn't work because of it. It is what it is i guess.
BTS_ARMYMOM@reddit
I retired at 45 to homeschool my kids while traveling full-time. I hustled and bustled my entire life up until that point
BitterPillPusher2@reddit
We're in pretty good shape. But we make quite a bit more than most people, and we are pretty financially conservative. We bought our house 20 years ago, so we have a shit ton of equity in it, and it will be paid off soon (could pay it off now, but we have a 2.5% interest rate, so no reason to). We have no debt other than the mortgage and one car. We also drive cars for 10+ years and only get rid of them when it makes more sense to replace than repair. We have 2 kids in college, both out of state, one private university. We have healthy 529 accounts for them, but there is still a gap that we are able to cover out of pocket with our regular income, as well as travel expenses (flying back and forth several times a year).
I am 53, my husband is 56. TBH, once the kids are out of school (one is a junior, one is a freshman in a 5-year bachelors and masters program), we could probably retire. But we'll re-evaluate that when the time comes. The biggest impediment to retirement for us is the cost of healthcare.
One_Hour_Poop@reddit
Same with me. I probably could pay off my house faster but with a 2.5% interest rate I don't see what the point would be.
send2steph@reddit
2.25 here.
Over_Alfalfa_9906@reddit (OP)
Im very similar to you but everything is paid off. Eldest is at a pricate uni. Youngest will also be going to a private uni.
Competitive_Toe2544@reddit
Retire ment isn't only a matter of finances, it's also a matter of purpose. I start collecting social security in less than 2 Years but I have no intention of retiring. Sure I could get a low income subsidized apt, collect call fresh and spend the rest at f my life watching TV, but I've worked all my life and enjoy my job, and would just end,up drunk and or stoned all day vegging out if I didn't work, so as,long as I'm able I will continue to work.
Objective_Joke_5023@reddit
I’m not ready to retire, but I could. Trying to get a few more years in so I don’t blow retirement money on early retirement healthcare. Also don’t want to live a frugal life in retirement, if it can he helped.
Deep-Assignment4124@reddit
I’ve been buying rentals for 10 years. That’s my retirement. I have zero faith social security will be accessible unless I reach 75.
send2steph@reddit
Hubby is 59, I'm 54. Our Monte Carlo for retiring on our planned date of April 2027 is 98%. Now we're considering May 2026 with an 85% Monte Carlo. We need to get our youngest more settled/started in his career before we pull the trigger on that though. We've been putting 10-15% into our retirement plans for over 20 years now. I took my HS Econ teachers seriously when they said Social Security will likely not be around when we retire. We were also blessed to have good careers.
Mammoth_Ad_483@reddit
I will not work a second after 62. I'm working on retiring at 60. I'm pretty sure I can pull it off. Currently 49
ReggaeDawn@reddit
I will be working until I am dead unless I hit the lotto.
stableos@reddit
Child support severely impacted my ability to save. I will have to work until I can't work anymore.
qpv@reddit
No. Never will be.
landlord1776@reddit
I plan on retiring from my region at 53 in 4 more years. Then I’ll just mow my trailer park. That’s my retirement plan. Constant income without depending on the stock market.
MarianLibrarian1024@reddit
I have a pension so I can retire at 60. My house will be paid off so I should be in good shape. I'll probably continue to work part time after I retire.
ortho_shoe@reddit
I hope early 60s....53 now, we have been a single income household for 18 years (husband is SAHD, homeschooled our neurodivergent eldest to graduation this year, now working on getting her into community collge, running the younger one to appointments etc) so it is a little scary. We have 1.3 mil in an IRA, not too much in actual savings (kids teeth and other expenses sucked that dry) at about 20k. Health insurance is terrifying. I don't think I will be able to quit working until much much closer to Medicare age. Will start 401 at my current employer Jan 1 (it was a new job) and just keep plugging along. Fortunately I have a pretty flexible job in healthcare which is preventing the burnout from flaming up too much. Good luck everyone!
jruss666@reddit
The only reason I could afford to retire was because I inherited a large sum of money from a relative. My 401(k) from my job is only 20% of the money that I now have in “retirement money”.
darw1nf1sh@reddit
We will hopefully, barring a disaster own our home by the time we are ready to retire. It is our biggest investment. Beyond that, our feeble 401k isn't likely to be enough to actually retire. So no, we have no expectation of retiring ever.
inomrthenudo@reddit
I’m retiring by 55. Fuuuuck working anymore
ProfessionalGas6648@reddit
Ok demoralized. Lived normal but husband lost his job and mom needs memory care. I will be working until I die
Lord_of_Entropy@reddit
I'm planning on retiring when I hit 65 (currently 60). I had kids later in life and they will be graduating high school when I retire. Depending on their college plans, I may stick around to 69, but not a day later.
Grace_Alcock@reddit
I plan to retire at sixty. Barring any real implosion of the economy, I should be able to do so. Between now and then, I need to get my kid through college and flight school without debt. So…deep breath.
edwoodjrjr@reddit
No interest in retiring. After seeing how both my parents went downhill after they retired, I’m planning on working in some way until I drop.
friedguy@reddit
I'm 46 and definitely have some interest in retiring early.
I'm probably on pace to be able to retire in my mid fifties, a big reason just being that I don't have many financial obligations, no kids, etc.
But your concern is in the back of my mind. I've seen a few older relatives and coworkers be bored out of their mind after retirement. Other than getting better at golf I can't really think of hobbies I would enjoy picking up in older and age. I'm generally satisfied with my decision not to have kids but once in awhile if I do have some regret it is related to the fact that I wonder how the heck my retirement is going to look. My nieces and nephews are going to have a fun, super generous uncle.
Purple_Cherry_5973@reddit
The doc that delivered my daughter was 68 at the time and told me he was afraid if he didn’t use his brain he’d lose it. That was 14 years ago and, while he’s not delivering babies anymore, he’s still working in the practice. I’ve seen lots of people go downhill after retirement too. We like being busy so will likely stay the course too!
SkibidiBlender@reddit
My idea of retirement is working as much as I want, doing the things I want to do. By my criteria I’ve been retired since my late 40’s, but I’ll never retire in the classic sense. I love my job too much.
EastAmbassador6425@reddit
I’m hoping Medicare will survive this administration so I can retire when I’m 65.
ChibiOtter37@reddit
I won't be retiring. We have no retirement savings or savings in general. We did at one point but sudden job losses and medical issues drained our accounts. And then my parents were terrible with money, and my sister and I had to bail them out, I ended up paying for my dad's burial. So im hoping im able to keep working long enough to make sure my kids are taken care of, set up to have a stable adulthood and nice life after im gone.
Clear_Parking_4137@reddit
I’m an early millennial technically, but am on track to retire at around 50. Maybe earlier depending on the market. The main reason I can pull this off is I have free VA healthcare for life. Of course I had to spend five years going to Iraq on and off to get that, but it will enable me to retire early.
If anyone reading this is a veteran and hasn’t tried to either get a disability rating from the VA or obtain coverage under the PACT Act, I encourage you to do so.
PhiloLibrarian@reddit
Ready to retire at 64… I think
hvacigar@reddit
I feel like I no longer have a country.
damutecebu@reddit
I’m 57. Targeting 65-67. Money won’t be the issue. It will be access to health care.
Apprehensive_Cry357@reddit
Same here. The bridge to buy healthcare is too fast of a retirement money burn too quickly.
Ready to run away from home till I hit 65
Over_Alfalfa_9906@reddit (OP)
Understood. Healthcare is an issue.
Workersgottawork@reddit
I’m 55, single mom with 2 kids in college. I’ll be working until I die. I will never be able to afford to retire.
javabrewer@reddit
Yeah I feel pretty comfortable now. 1979 baby. I have a ten year old daughter and also two teenagers who aren't quite finding their path so I will likely work until my daughter graduates high school since they're gonna be around anyhow. Plus it lets my retirement compound and pays the medical insurance. Work is relatively low stress and the area I live in is easy to do stuff around working hours.
Zarko291@reddit
I love what I do and built my company for recurring revenue whether I do a lot of work or not. So I'll work part time and take full time pay as long as there are computers
Timely-Youth-9074@reddit
I’m looking to get a career that I can manage at least until 75.
WealthBeneficial3320@reddit
Short answer? NO. Being the “sandwich” generation is real. We are responsible for our spouse, kids and parents success. We are F**cked.
W01f1379@reddit
What was it someone said on the other GenX retirement thread?
"If my calculations are correct I'll be able to retire at 95 and live off my savings for 5 minutes before I die"
I think that a lot of us are in that boat, unfortunately. And I'm a younger GenXer.
mcjon77@reddit
At 48 years old, I'm a young gen Xer so I have some time. However, I feel comfortable with retirement only because I don't plan on retiring in the United states.
More of us need to seriously consider retiring abroad rather than the United States. I can cut the age of retirement by 10 years simply by retiring in a place for the lower cost of living. Right now, Thailand and Mexico are top on my list, but there are tons of other countries out there.
Proveyouarent@reddit
Money wise, yes. Wife has had cancer so buying insurance on my own is a dream deferred.
ExtraAd7611@reddit
Yes. Ripcord pulled this year.
To clarify, I didn't jump, I was pushed out. But the plane ride sucked, nobody else wanted me on their crew, and my parachute seems to be functioning for now.
Winsome43@reddit
No. I will be working to age 67 I expect. My company pension needs the time to grow and the house isn't paid off until I'm 64.
eric42bass@reddit
I’m young GenX, so I’ve still got probably 13 years. I’m thankful to have a pension waiting. I suck at saving, so I’d never pull it off on my own.
r2killawat@reddit
I doubt most of us will live long after retirement. Not much point in worrying about it
Myfreakinglyfe@reddit
Unless we inherited property/estate from our parents, I feel a lot of us are going to have to work until we die. It didn’t have to be this way. The same generation that held Woodstock, also fucked us.
TrainIllustrious2547@reddit
My husband and I just decided last night we will retire at the same time at the end of 2034, we will both be 65. Not what I hoped for but we both need our employers healthcare so we will wait. Outside of healthcare we could retire at 62.
custermustache@reddit
Nope. I will work until I die
whatsupgrizzlyadams@reddit
We've been preparing to retire since age 18. Our first 'real" jobs had pensions, 401k, Roths. All of it are taken out of our checks before we received them so we never missed the money.
We will officially retire in 4 years, with a minimum of 2 million dollars banked up and an another million in stocks and bonds that fluctuate.
We have our retirement planned and we will be very comfortable.
Flux_Inverter@reddit
I am behind the curve for retirement savings. With no pension (about 15% of GenX have access to pensions), have to retire on personal savings and whatever SS will pay. Been in survival mode most my life as expenses keep up with income until 2019 when career started to move forward. Playing catch up. I will be able to retire at or before 70. If markets do well, may even be 65.
LoanSudden1686@reddit
I don't quality for SS 🤣 for more than a decade from now... so I'm working on shrinking my spendatures and popping more of my income into retirement accounts and hoping for the best
No-Reward8036@reddit
Since I started working, my retirement age has risen from 60 to 67. It could possibly rise again, but I hope not. I will be poor during retirement. My income will half, unless something drastic happens to the state pension. I was a SAHM for too long, and I have not been able to build up a decent retirement pot.
Over_Alfalfa_9906@reddit (OP)
Think of a side hustle.
No-Reward8036@reddit
It takes all my energy to do my job. I don't have any to spare to do a side hustle, even if I could think of one.
Silly-Lizard@reddit
I tried to get a variety of side hustles going over a 13 year period. All it did was waste my money and time. I gave up and put all my focus on my job. I feel less stressed and just manage my money rather than trying to bring in more. I hear you on the energy. I don’t even want to get up most days. A side hustle is a joke to me. I know it can work for people, but it doesn’t work for me.
nerdmoot@reddit
I’m already retired. We’re debt free and I’m tired. We don’t live like kings or have a golden ballroom but we’ll be fine.
Karen125@reddit
I'm happy to work until 68-70 if I can, because I like my job. I don't want to pinch pennies to be able to retire early. I'd just get bored.
texas_godfather830@reddit
Yes ready, willing and able to retire. Oh wait, I already did at the age of 50. December 10 will be one full year of retirement and I’m still so very much enjoying it…
NumbersMonkey1@reddit
For what it's worth: Financially ready is a little different for us because, unlike most Xers, my wife and I have a little person who's still a little person and she won't be going to college for another ten years.
This erases our "accumulation years" as the CFP puts it; the savings we have when we're in our late 50s are all we're going to get. Yes, we could have more if I retired on at the official retirement age and she kept on working, since she's six years younger than me (as well as being nicer, smarter, and better looking). That would also eat up more than half of my remaining years to live. So maybe not.
So are we ready? Our CFP was mostly useless; I dusted off my PhD and worked out the questions I had about uncertainty. The outcomes: not pretty. We're not counting on 90th percentile returns for the rest of our lives in order to afford cat food, but still not pretty. And we're pretty well off and pretty secure.
I don't know how the leading edge of Xers do it. I have no idea how we're going to do it.
I read somewhere that Alan Brooke, Viscount Alanbrooke, the architect of Britain's WW2 strategy and chief of the imperial general staff, ended up living in the gardener's cottage of his former estate in retirement. That sounds about right.
Extreme-King@reddit
What's retirement?
cross_x_bones21@reddit
I’d be too fucking bored to “retire” probably take a gig selling shit I like till I keel over
cutie_k_nnj@reddit
What about those of us who are doing ok financially but are single? And always been? I don’t have anyone to share the economy of scale here so everything is on me. I understand the grass isn’t always greener - believe me - but I have to wonder if I’ll ever be able to retire. Like ever.
Yup_24_7@reddit
I've been on my job 20 years with 8 to go (28 is required for full pension) I will be 57 at retirement. My husband and I are doing pretty good. I plan to continue working somewhere I enjoy. Maybe a florist shop.
Bzzzzzzz4791@reddit
Working on my 2nd citizenship to get out of here before 60, if possible.
Voluptues@reddit
I retired from the nursing profession (near 30-year RN). I am 60 years old now and will receive my SS benefits when I turn 62. I bought two homes with cash less than 10 years ago, in two different states. I live in both states which are only 5 hours drive apart. I also have adult family members that live in both places with me that either pay some rent or pay all the household bills. I planned this about 12 years ago and I do work part-time, but I’m actually self-employed and don’t really need too much money anymore. I planned this retirement of mine years ago. I will actually get the maximum amount allowable of Social Security benefits when I turned 62 because I made so much money as an RN over the past 28, or so, years. 😀
newbris@reddit
We have universal healthcare here in Australia so that isn’t an issue I have to think about.
We are lucky enough to have a great retirement system where every employer must pay 12% on top of their salary into an employees’ nominated private superannuation fund.
These regulated superannuation funds are invested across your lifetime so we have a huge pot of retirement savings in Australia.
GreyBeardEng@reddit
I was very close to secure, then I hired a contractor. Now I'll be working pretty much forever
Centrist808@reddit
Medicare is one of the most awesome medical insurance in the world. My husband is much older than me and it's been a godsend. He broke his femur and just one nail was $65,000. Medicare adjusted it to like $100 bucks or something but can you imagine if we didn't have Medicare? I have to wait 10 more years then I can get it.
Motor_Wasabi3127@reddit
Cautiously optimistic. I’m 56 and 401k is $1M+. No debt, house paid off. Money is tight right now but we’re in better shape than most.
CatStretchPics@reddit
That’s about where I am. 1.3m 401k, about 600k in non-retirement accounts. House and car paid off, no other debt.
I like my job, I’ll work as long as they want to keep me. However, we were bought by a PE company, so who knows how long that will actually be
Choice-Try-2873@reddit
I'm glad to read that you are in great financial shape, and it's really great that you have this security - especially when PE comes in - which is similar to the LBO's (leveraged buyouts) I witnessed in the 1980's. Those people used debt to buy companies - which they then rolled the debt into the company they were buying - and liquidated all the assets, and then came bankruptcy and layoffs of the employees. A lot of good legacy companies were destroyed in this era.
Thankfully, I survived it at the company I was employed by, but so many really good people did not. It was a very frightening time. Good luck to you and your family!
Over_Alfalfa_9906@reddit (OP)
What Dave Ramsey would say, the everyday millionaire. Congratulations!
mwatwe01@reddit
I’m on track to retire in my early 60’s. I’ll have enough income from retirement accounts and others to make it work. But I’ll probably keep going until 65 when I can get Medicare. I like my job, and they’ll probably keep me until then.
diogenes-shadow@reddit
Always keep in mind life expectancy of 78 in the US is just an average:
The data is kind of messy to look into, but these numbers are probably not too far off.
As a person who lost most of their family by the time they were 10, people need to understand that life is always now; Plan accordingly.
The really old people you see out there are just the survivors, the rest are gone. Don't fall victim to survivors bias.
UserQuestions20@reddit
Not at all. Age 50 and we think maybe at 70? Money doesn't go far and very little has actually been able to make it to retirement savings. I totally thought by 50 I'd have the house of my dreams, 4 kids, a vacation home somewhere, lots of travel, etc. But life happens. Medical bills/insurance have been a huge drain, constantly increasing property taxes, inflation, miscellaneous expenses, and definitely having just one kid has been expensive! Ce La Vie
diogenes-shadow@reddit
Always keep in mind life expectancy of 78 in the US is just an average:
The data is kind of messy to look into, but these numbers are probably not too far off.
As a person who lost most of their family by the time they were 10, people need to understand that life is always now; Plan accordingly.
The really old people you see out there are just the survivors, the rest are gone. Don't fall victim to survivors bias.
Petulant-Bidet@reddit
Yes to this. Raising a child, putting in a good 10-15 hours a week on managing my ailing parents' situation, working part time... getting party disabled at age 24 the State of California Labor Board called it 41% disability - nobody pays you disability payments for that).... a lot of weirdness that turned out to be bipolar disorder... having to work from home with my own little business because of all of the above, needing flex...
Some of this stuff just ain't my fault, and c'est la vie indeed. My partner and I will work as long as we can but are experiencing ageism and frankly I am so, so burned out on technology (I work tech-adjacent now, not in tech per se) I just want to flee. If I didn't have the disability and family caregiving issues, I would love to just get a retail or coffee shop job, at least part time. But I can't do that.
Wrong_Pen6179@reddit
I have 7 more years to go to be eligible for Long Term Incentives at my company. They take 3 years to fully vest so I’d be nuts to walk away from that money before I can collect the full amount. I feel ok about it but I’m also a saver, have been my whole life.
TheRealJim57@reddit
50 year old married GenX here. Yes, we are financially secure, although my body quit on me 4 years ago and forced me into early retirement due to no longer being able to work.
My wife (also GenX) is still working and plans to join me in retirement in 2036. She technically doesn't need to work, but she loves her job AND she makes a low six figures salary at it, so she wants to finish out her career on her terms and continue enjoying the additional income while our accounts continue to grow.
My body quitting on me forced me into retirement at least 11 years earlier than we had planned or expected. However, we were already millionaires before that point, thanks to consistently saving and investing a significant portion of our income for many years. We've increased our spending rate since I retired, but we are still saving over 22% of our gross--not counting money put into dedicated sinking funds.
The magic of compounding returns truly is amazing to watch. We crossed the multimillionaire threshold last year, and we could cross the decamillionaire mark within another 9-14 years if the market keeps averaging 10-15% returns per year (which it historically has). 🤯
Iknowthings19@reddit
My retirement will be death.
kstweetersgirl2013@reddit
Nope im working til death most likely but hopeful that it goes well. Hell I honestly never thought Id make it as far as I have.
Livid-Technology-396@reddit
I can retire at 58, but I’m paranoid about the whole retirement thing. Healthcare has been worked out with the Veterans Affairs, but I’m still hesitant to pull the trigger.
zsreport@reddit
Retirement? Never heard of it.
cinciTOSU@reddit
Retired but only due to the health coverage a fortune 50 company gave 30 year employees for my wife.
Used_Map_7321@reddit
I had kids later so my plan to retire at 55 won’t work as they will just be graduating high school 🫤
stevemm70@reddit
Our plan is to retire in 10 years with my wife at 63 and me at 65. She has a pension through work that will be fully mature at that point (thank God) and at 65 I'll be eligible for Medicare. I'm not sure what health benefits she'll get through work, but we could handle doing ACA or something for a couple of years just for her until she can get on Medicare. Between the pension and the IRAs we've been funding, I'm pretty confident we'll be okay unless there's a major economic downturn right at the time we want to retire. We also plan to downsize our house at that point, which will bring in a bit more money.
FrontArmadillo7209@reddit
I’m on track to work until death.
soleiles1@reddit
I will be able to retire right before my 60th bday. But only because I will have a pension and healthcare covered until Medicare kicks in.
doknfs@reddit
I’m lucky in that I taught for 30 years and retired at age 53 with a pension. I do pay $800+/month to stay on the school district’s health insurance plan.
DaisyDAdair@reddit
I have no idea anymore. I’ve got a good amount in my 401k but also thought my job was more secure than it is and I’d be able to work for ten more years and earn a good salary. I feel that security and my physical and mental healthy steadily slipping away to the point that I’m just hoping to live til the new year. I thought I was on the right track but the entire career rug was pulled out from under me and I feel smothered by it
Gloomy-Database4885@reddit
I retired 2 years ago at age 56. Have a solid plan and it's already gone better than I expected.
sugahack@reddit
I'm going to have to hope for a spot in subsidized senior housing. Or find an unoccupied bridge to camp underneath
SorryEh@reddit
I was planning to retire in 5 years at 61, not rich but without worries. Just got laid off this week, after 33 years. If we were debt-free we could squeak by, but I’m going to have to find something new. Trying to put a brave face on it but I’m a nervous wreck under the facade.
BigJLov3@reddit
TLDR: Playing it by ear, tinnitus notwithstanding.
I'm 51, making $60k/year in a state where median income is $54k (USA median is currently $63k). Single (never married, no kids), and I have no savings, assets, or plan. Pursued creative careers with little success. Diagnosed ADHD, dysthymia, anxiety at 45; meds and therapy ever since. Solid office job with small & successful private company. Woodworking hobby.
Save for diet-based high cholesterol, I'm in good shape - 5'10", 190 lb - with the only consistent family histories being neurodivergence (check), addiction (check, but currently straight) and a multiple male ancestors dying as a result of malignant brain tumors (which isn't supposed to be hereditary, yet it's statistically high on both sides). I smoked a pack a day for 20 years, but I'm tobacco-free since January 2015.
Best guess is 15-20 years of workplace usefulness, barring accident or random major health concern, sustaining me without assistance. Both parents still alive, late 70s; some assets but not enough to depend on any inheritance. One sibling, 41, and she's got a family and a prosperous future.
So, I don't have any plan except to white-knuckle it until circumstances require different action. ADHD mitigates my future-proofing desires; if I lose insurance, I lose meds, and depression will walk me right into heavy traffic serenaded by Soundgarden or something equally GenX gringey in my geriatric earbuds.
I don't know what else to do. I was 20 just a couple of weeks ago. Where the fuck did 30 years go?!?
PhillyIrishman68@reddit
Nope, not at all.
JoyfulRaver@reddit
Pretty sure I’ll have to work til I die. Luckily I’m in profession that makes this not difficult really. Currently focusing on greatly reducing living expenses so I can afford to enjoy my life day by day. Working out well so far and much less stressful to have this mindset
BigFitMama@reddit
My retirement plan is to be a brain in a jar. Until that happens plan to work as a licensed counselor and life coach as long as possible.
-DethLok-@reddit
I retired at 55, 4 years ago.
Yes, I'm completely financially secure thanks to a govt pension - that closed to new entrants in 2005.
And when I've paid off my mortgage (9 years or earlier if last parent dies before then) I'll have enough money to travel widely and often using the funds that were paying the mortgage.
No, of course I'm not in the USA, I'm in a democratic socialist country, Australia.
CaptainMajorMustard@reddit
Probably not until 70 if then. Late start on earnings years due to getting a bit too much education. But I’m consistently alarmed to read about how many people intend to work until 70 but then some medical or downsizing or other life issue renders that impossible.
Over_Alfalfa_9906@reddit (OP)
I don't think having too much education is a bad thing. You enriched your life with knowledge.
One_Hour_Poop@reddit
I dropped out of college sophomore year and entered the workforce. I like knowledge and learning, but at my own pace, usually via YouTube and Reddit. 😀
Today i learned that an animal called a Cinereous vulture exists. Not sure that that particular bit of knowledge helps me in any way in the real world, but it's cool.
CaptainMajorMustard@reddit
Yes thanks for saying that, and I agree most of the time. Learning is fun, and I don’t ever plan to stop! If I had gone straight through I would feel better about it all, but I took a detour to law school for instance when I knew I wouldn’t like that. Parental pressure and all.
Over_Alfalfa_9906@reddit (OP)
I understand. I'm guilty of the same thing. My daughter is pre med but I think her skills and motivations might be in law. Either way, she can choose her own path when it comes down to it.
Over_Alfalfa_9906@reddit (OP)
I'm considering downsizing now by the way. It's a smart choice.
x372@reddit
Nope. Unless things change dramatically, I won't be able to retire until I'm well into my 70's. Been doing the 401k thing for around 25 years so far but it keeps going up and down. I don't have any faith that SSI will still be around in 2035 when I'm eligible for it. Sigh.
HenryLoggins@reddit
I’m on track to mostly retire at 60 years old. When I say mostly retire, but I mean by that is I’m a business owner. I’m going to stop all advertising, as residual business comes in, I will be very picky on what jobs and or who I want to work with. When that slows down, I will start consulting if and when the opportunity presents itself.
This way I can wind down slowly, and not shock myself into complete retirement boredom. Obviously things can change, but that is the current plan.
One_Hour_Poop@reddit
No such thing for me. About ten years ago i had to take 4 months off of work to recover from surgery. All i did the entire time was eat, sleep, shit, and watch TV. For practically the entire four months. I was pissed off when i had to return to work.
Over_Alfalfa_9906@reddit (OP)
Sounds like my plan as a business owner myself. I completely understand.
Purple_Cherry_5973@reddit
Same here. Fortunately we love what we do and like being busy, so slowing down and being picky is our retirement plan until we just can’t go any longer.
Grand-Fun-206@reddit
I consider myself lucky to have been born in Australia. My retirement is date is set and retirement begins the day after I turn 60. Have no intention of returning in any capacity (teacher and so many retire then come back and do relief teaching). I have flexible plans of thing to do in my retirement and will make the most of it.
One_Hour_Poop@reddit
Hopefully within the next 5 to 10 years, maybe less, but it's on the horizon. I'm in better shape than some, but not as good as others.
Sadly, my older sibling still lives paycheck to paycheck.
Pumpnethyl@reddit
I could retire now at 58 but health insurance is the “golden anchor “. I carry my wife and I on the policy. We’re trying to retire at 60 and move offshore. We both have dual citizenship (different countries) and planning to move to a country with decent priced private health plans.
AmanitaAmy@reddit
Probably not. Though I don't have a mortgage so maybe.
SouthernTrauma@reddit
I plan to retire very comfortably at 64. Could retire at 61, but I want to have a lot of fun in my first 5 years of retirement.
AmberTheeSag@reddit
I work at a health insurance company. I have zero plans to retire before 70 (15 more years) just because of the discounted insurance.
OutsidePattern6491@reddit
Maybe by our mid 60’s. We bought a nice house a couple of years ago and need to pay it way down.
JustOneMoreFella@reddit
I’m 50, on track (🤞)to retire at 60. But I am well aware that a lot can happen in 10 years, so I’m hoping it all works out. Health insurance will be biggest issue. If I can get a much less stressful job for benefits to get me to Medicare, then that will still be a win.
H-is-for-Hopeless@reddit
I'll have a full pension at 55 but I'll have to pay for health insurance. If I can save and invest enough in my IRA between now and then, I can retire right at 55. If not, I'll need a part time job to cover health insurance premiums.
JeffWarembourg@reddit
Fuuuuuuuck no. I do plan on only working a 1/2 day on the day of my funeral. So that’s something
SmokedLimburger@reddit
I do not understand the term “retire”. Sorry.
Fodraz@reddit
Is that because you'll never be able to afford to, or your work ethic?
SmokedLimburger@reddit
3 reasons: 1) 55 with a son 15 and daughter 3. Want to work to help them get a foundation in a country (US) that is harder and harder for people just starting out.
2) health care/elder care is only getting more expensive.
3) boredom would kill me.
So, I might retire in 15 years from a job that pays to one or more volunteer roles, if I can afford healthcare.
AccomplishedCash3603@reddit
For me, it was illness. I almost died during the birth of my second child. 10 years later I developed debilitating chronic illness and had to leave corporate for self employment, and today I still battle that illness. There's more cheese to go with my whine, but the point is that not all 'no retirement' is tied to lack of work ethic, and it's really shitty to imply it.
MrsMoeNo@reddit
I was never able to purchase a home (Los Angeles) but I’m fortunate enough to have healthcare covered into retirement. If I can find affordable senior housing and stay in So Cal I think I can retire…eventually.
isokesa@reddit
I would like to think I'll be able to retire in about 12 years, but realistically I'll probably be working until noon on the day of my funeral.
MrBrawn@reddit
Half day? Slacker.
isokesa@reddit
LOL
yallknowme19@reddit
Put in the time off request now, or you'll likely get denied. My work wants two weeks notice prior to death 🤣
Kaa_The_Snake@reddit
But the burial isn’t until 6, so they can just do a Weekend at Bernie’s until they have to get back into the casket for the viewing.
Fodraz@reddit
Better put in that PTO request now
Dramatic_Channel52@reddit
Most GenX way to go
-Ancalagon-@reddit
Hey wait, I thought a half day was 12 hours working.
DerpyBoxer@reddit
Bankers hours
Ok_Independence5819@reddit
😂
Romanmir@reddit
Yep this is pretty much where I’m at.
Over_Alfalfa_9906@reddit (OP)
Just try to increase your income and invest it into the sp500.
isokesa@reddit
At 56, it''s a little late in the game for that. I spent 8 years as a sahm, worked crappy minimum wage jobs and only found a job that pays well enough I can comfortably contribute to a 401k 8 years ago. It just is what it is for a lot of us.
Oktodayithink@reddit
Being a SAHM is great but you take such a hit for retirement planning. I tell anyone who thinks to be one to have money deposited into a Roth monthly. I wish I had.
GenX-1973-Anhedonia@reddit
Oh, is that all?
neoreeps@reddit
My retirement number keeps going up. I'm sure I have enough but I just feel like I don't and I'm afraid I'll never stop feeling this way.
ImCaffeinated_Chris@reddit
Wife will retire at 59.5, and I might at 60. Healthcare is the pain. We want to be comfortable like we are now in retirement.
Also it depends on if I do something silly like buy a sports car while I'm still young enough to enjoy it 🤣
Banana_Prudent@reddit
I retired two years ago at 57. I worked, saved since day one of working, and lived below my means.
Our generation also had the tech bubble of the internet/apps to ride. And, I did, somehow, as an art major. Go figure. But, I accidentally landed early in tech.
Can confirm, healthcare insurance is expensive. For me as a single, it’s $1,750 a month through former employers from which I retired. Ilthat cost will increase every year. It’s not subsidized at all, but it’s a quality plan.
Khojig@reddit
I’m a 56 year old business owner. I’ve done pretty well I guess and I would love to retire but my health insurance just jumped up to $3700 a month and my son has 3 years left to finish medical school, which I’m paying for. But the thing I worry about the most is inflation. What is a million dollars today going to be worth 10-15 years from now? My grandfather retired in 1975 with a million dollars, my grandparents traveled the world and lived like kings off the interest alone.
PopcornSquats@reddit
51 here and I freelance but I’m hoping in a few years time I’ll start maybe shooting to work like half the year or so? It really depends on.. thankfully I’ve done decent with investments and my better half is a workaholic who provides insurance and has no intentions of retiring any time soon .. he’s also a little younger than me .. I also spent many years is a small old apartment saving my monies ! Looking foward to getting a house someday
VerdantField@reddit
Retirement?? Buwahahaha!!! I’ll probably keel over at work.
cgoldberg@reddit
I'm a computer programmer and will likely be writing code until the day I die... or am too blind and frail to type... or AI replaces me.
Stigger32@reddit
In Australia. We have superannuation. Which is a compulsory employer contribution scheme.
I have no debts. But equally no assets. My superannuation balance is approximately 400k. And if I retire at age 65 it is projected to be approximately 8-900k.
We also have medicare. Which means medical expenses are a non issue unless something really shit happens.
So no. I am not worried about retirement at all. 👍
DeusExPir8Pete@reddit
I'm a bit and in now way ever wil I have the 2M in the bank you need now for a decent pension. I'll be links to have £20
MalekethsGhost@reddit
Tricare for life, what what!
StudyObjective4286@reddit
Looking at health insurance costs is making most of us twitchy. We have lived in the same house for almost 30 years. My dad was always moving us around and would cash out his retirement plan each time. It was life lesson for me. I told the spouse they would be carrying me feet first out of this house after growing up in a new rental every two years or so.
25314dmm@reddit
Yes, I made a decision in my late 20’s that I wanted to retire before 60, between 55 and 58. I worked with a financial advisor, set up my investment and retirement plan. I stayed focused on the plan and I will make it a reality in the next 3 years.
Rudyjax@reddit
I feel pretty good.
Charitymw1@reddit
I'll work full time til I die. There's been no meaningful way to save more than a paltry sum in a 401k. I have a house that I'm paying on and a paid-off car.
mcshanksshanks@reddit
53 now, plan is 60-63 max.
Lucky enough to have a job with a pension.
Unique-Fan-3042@reddit
Nope. I’ll be working until I physically cannot
SolomonGrumpy@reddit
Secure? No.
Prepared? Yes.
Downtown_Anteater_38@reddit
No and no. Various downtimes, bursting bubbles, CEO malfeasances (one went to prison,) and other unexpected issues have left me largely without retirement funds. I will be working until I drop. I had hoped to start smoking again in my 60s to shorten the end, but I won’t be able to afford that either.
anarchyreigns@reddit
I fully retired at 50 years old. Single, no kids, focused on saving money. I’m Canadian so healthcare is not an issue, I can’t imagine being held hostage to a job because of needing to have healthcare insurance. I also can’t imagine the stress of developing a chronic disease or having a life altering medical issue and realizing that most of my savings are going to go to healthcare costs and not to the enjoyment of my retirement years.
thebestjonbrown@reddit
I think we'll be able to semi-retire in 5 or so years at around 58. We've saved, delayed gratification, poured a lot into retirement savings and didn't have kids (nothing against kids just never our thing). I'm hoping we can start semi-retirement then for a few years and fully retire at 62 or so. I generally like what I do but I'm ready to down shift and start passing the mantle into the next generation.
As others have said healthcare is the unknown. I've put crazy numbers in our retirement plan but the way things are going they may not be enough. We'll see how everything is in 5 or so years.
nashatherenoqueen@reddit
Nope, I'm planning on working till I drop.
iamnos@reddit
On track for 60 years old, which is about 9 years away. There's definitely potential to do it earlier, but 60 is easily on track. Living below our means and investing (low-cost ETFs FTW), we've done well over the years. I made a commitment quite a while back that any raise, at least 50% had to go to long term savings, and I've mostly followed that. Especially after we got into a comfortable lifestyle, it got easier. Last two significant raises I've had, virtually all have gone to long-term investments. We don't need a fancier car or more vacations. We might go to a fancier restaurant a little more often, and my wife and I have been doing an annual weekend at a spa for a long time. Last year, after a raise, we decided to upgrade to a room with a better view.
Advanced-Grocery-948@reddit
I bitched about the Navy for many years but ended up doing 28 years and have never been more happy about that decision. I went to work for 5 years after the Navy and decided it wasn’t for me and I was able to retire at 55. Not bragging, just very thankful.
Junior_Lavishness_96@reddit
Its hopeless for me. I should have started saving at day 1. I didn’t know about it, no one talked to me about it. I was never paid well enough for a long enough period, cost of living and inflation has outpaced my wages and savings.
OTF98121@reddit
I’m 52 and on permanent disability due to cancer. But my plan was to retire at 62, and I have the savings/investments/401k/pension to have done it. Sadly, I won’t live that long, but my millennial only-child will inherit it all.
lighthumor@reddit
I am house rich, retirement poor at the moment. But I started a business 12 years ago that, within a few years, should result in a well-funded retirement. But the waiting is excruciating.
Throttlechopper@reddit
My wife and I have a decent nest egg, but I didn’t really start saving for retirement until 15 years ago (put money into a rental property instead), my wife started at age 19 and actually has a pension with a former employer, lol. My healthcare is covered under the VA, my wife’s healthcare will be out-of-pocket. I am trying to put off retirement until I’m 70 or at least work part time after 65 as a consultant. I am starting to look at retiring overseas as that may allow an earlier retirement, but definitely won’t be able to retire in my current HCOL area.
Junior_Lavishness_96@reddit
Nope. I missed the boat completely
TXtogo@reddit
Yes I’ve got retirement covered multiple ways, my bills are pretty low. Social security can cover us, a pension can cover us and distributions from our savings can cover us. If all things stay the same, we won’t really even use our savings before we check out…
kckitty71@reddit
I have zero savings. Because of some misfortunes, I will likely become homeless on the streets. I don’t have a partner, and I suffer from crippling anxiety and PTSD. I’m going to lose my ACA insurance at the end of the year and I haven’t gotten my food stamps yet this month. I AM FUCKED.
Sorry for the rant. I just get frustrated.
Over_Alfalfa_9906@reddit (OP)
Stay positive!
NOT_Frank_or_Joe@reddit
His or her country has turned their back. There's nothing positive to say.
NOT_Frank_or_Joe@reddit
Don't apologize, there's no better way of saying it. Say it more and say it louder.
PieTighter@reddit
I was ten years ago but inflation and losing my pension due to an upcoming merger are now making me have doubts. Also doesn't help that my wife has medical issues and hasn't worked for the last 18 years.
pokeysyd@reddit
I retired at the end of 2024 at 58. My wife retired at 60 a year and a half earlier.
Part of what made it possible is she got a buyout, and the agreement allowed us to stay on her company insurance until she turns 65. And not COBRA rates - the same cost as when she was an employee.
StinkyCoach@reddit
If you have an option for HSA with your current job take it and maximize it. May not since everything but can help down the road. Also, invest when you reach the threshold of the HSA
OnDeadlineInDenver@reddit
I’m so happy for those of you who can!
In hindsight, choosing freelance journalism and letting my then-husband (who was a CFP) torpedo my investments wasn’t the greatest path to financial stability. But I love what I do and get to see the world and stay in fancy places, so…. we’ll see how it goes lol
Over_Alfalfa_9906@reddit (OP)
I think you are the type to always find happiness in life.
OnDeadlineInDenver@reddit
What a sweet thing to say! I worry of course, and may have to emigrate though I don’t want to. But one thing world travel to NOT-fancy places has given me is gratitude. I sleep at night with a full belly in a clean, comfortable bed and with no fear of my door being kicked in. That’s a luxury some people never have.
gigantischemeteor@reddit
Well said.
Petulant-Bidet@reddit
My freelance journalism hasn't turned into world travel and fancy places! Lucky you. Nicely done.
Fishermansgal@reddit
358 days but who's counting....
EatMorePieDrinkMore@reddit
Yes and no. Our youngest is getting off to college next year. That’s going to be tough on many fronts. Our planner thinks we are in good shape. It helps that I got a big promotion just under two years ago. It really changed things for us. Do I wish we saved more? Yes. Could we have? Not too sure.
Over_Alfalfa_9906@reddit (OP)
Look into scholarships etc.
EatMorePieDrinkMore@reddit
Kid has applied for some! And they applied early admission to their first choice school. That comes with guaranteed merit aid.
CarrionWaywardOne@reddit
Does your state have a free community college program? Ours does (don't know if it still does) and our son was able to make the most of it by getting an associates of science, specializing in biosciences.
Of course you have to qualify for programs like that. So results may vary.
But our son has no student loan burden like we still do after all this time.
EatMorePieDrinkMore@reddit
We have a lot of programs in my state to help with college. But, we are in that weird middle where college is expensive AF but we make too much money for need based aid. We have been saving for school for both kids and our older one went to technical college. That was highly affordable. I’m lucky to have the potential for a significant annual bonus to help. We want to help our kid explore their potential where they feel safe and supported.
Slim_Chiply@reddit
I'm shooting to retire sometime next year after bonuses are paid out. I ended up working for 'the evil oil company'. I didn't care for it too much, but the retirement benefits were pretty incredible. I guess in the end it was a good thing.
Healthcare is a concern and may delay retiring until we can get to a point when COBRA will cover my wife until medicare kicks in. We'll have to play that part by ear.
MissDisplaced@reddit
I’m 58 and need to work until age 67. Hope I make it.
bonzai2010@reddit
I could retire now (at 58) but I’m waiting for my kids to finish with school and get jobs. Maybe 2 more years. I don’t want any surprises.
Digflipz@reddit
Retiring in 6 days and I can't wait. Only 48 and made it out alive. There is hope if ya planned.
thagor5@reddit
How are you covering health care?
five_two@reddit
Congratulations! Hoping to be in your spot retiring early in 2 years.
Flashy-Adeptness-446@reddit
Congrats!
SoCal7s@reddit
Retired last year. I call it “pre-retirement” because I’m open to a high salary fun job but never need a real job again. Also at 57, I’m still trying to live below my investment income level until social security kicks in - if you plan a budget that doesn’t include Social Security& your 401K then those extras become party/travel bonus money. I live cheap but do everything I want.
thagor5@reddit
How do you cover health insurance. That is my only barrier
Fodraz@reddit
Those mysterious "high-salary fun jobs"--where does one find them??
sn2006gy@reddit
What does it mean to do everything you want? like what is retirement like? I pretty much do that while working right now.
I mean, in my brain, the last thing i'd want to do in retirement is spend it on reddit. I can do that while earning an income :D
Appropriate-Elk-4715@reddit
Retired military here. Retired at 39, 46 now and stayed home to care for the kids while the wife worked. I went back to work part time just for something to do and to get out of the house since the kids are all older teens.
The pension is nice, but the medical benefits is what will allow my wife to retire whenever she wants. She's not ready yet, so maybe in ten years or so. When all the kids are out of college.
KyotiKill@reddit
No, late GenX'er (like Xennial I suppose). This town/state is a sand trap. High poverty, low wages. I didn't go to college. Went straight to work at 14. Jobs suck around here, no growth unless you're related. So definitely not ready. Will work until I die.
Over_Alfalfa_9906@reddit (OP)
If you are young, move. It's never too late. I never graduated college.
thagor5@reddit
Why is this downvoted? Do people not want him to try?
KyotiKill@reddit
Probably not young enough to do that... Plus ties here (mom, kid, gkid, house).
Dramatic_Channel52@reddit
West Virginia?
BigBanyak22@reddit
I could have retired at 50, but I'll likely go to 55 or more. I have a 10 and 12 year old, so I'm not sure if I'm in a hurry to retire.
Roboticus_Aquarius@reddit
I feel very lucky to have retired at age 57. My wife still works, but has been building a business and doesn’t want to retire for several years… that has made it relatively easy for me to retire. I lasted 30 years at one employer, so very lucky not to get fired at any point.
Dark_Web_Duck@reddit
Hell, I still have 20 years of work remaining. That'll put me at nearly 70. However, I intend on retiring earlier as I've stacked precious metals for the last 30 years or so.
Murky_Firefighter502@reddit
65 and I'm done. Told wife she can go at 62 and go on my insurance. Yes will take a hit. But have been receiving laborers pension since I turned 50 and work for a railroad now. So rrb is it even if ssi goes away. Almost 59 btw
ovscrider@reddit
I will work past 55 only because of health insurance. I can cover my monthly but the rest of my life but coughing up 1500mo for insurance is cutting into my lifestyle so I'll work PT to have better income post 60
ActionMan48@reddit
Working until noon the day of my funeral...
AccomplishedCash3603@reddit
Nowhere near ready. At 50, I will be divorcing, selling my home, trying to get back to work full time primarily for healthcare coverage. Once I land on my feet with health coverage and a secure job, I'll buy a run down fix and flip and try to repeat that process every two years (to avoid capital gains) until I can retire.
Not ideal, but I also know that my health won't hold out till I get dementia or drop dead. That's the thing; very few people just drop dead. We get sick, then sicker, then it's just a downhill slide and you never know. I want to have enough saved so I won't burden my kids.
swissmtndog398@reddit
My wife is 12 years younger than me, so she'll be working at least a few years after I hang up the leash. Being self employed helps. So many things to write off to pay less taxes. Thing is, I love what I do, so if the body holds up, I may slow down, but I'm shooting for at least 67.
BraveG365@reddit
Based upon statistics of how GenX is doing it does not look good:
For example, the age group of Gen X between 51 to 59:
for retirement savings (which includes retirement accts, pensions, etc) the median is only 25k,
for net worth (includes house, cars retirement savings, etc) the median is about 320k.
The median is more representative than the average....and these numbers do not look good for GenX.
https://usafacts.org/data-projects/retirement-savings
Chemical-Carrot-9975@reddit
I’m ready. I’m 52 and have been investing without changing course since I graduated from college. I followed the simple path to wealth strategy and have never wavered and it has paid off for me. I like working somewhat, but plan to be done in 8 years. My wife will be done in 4.
Fodraz@reddit
I think the best thing parents can do for their kids is set them up w a brokerage account when they turn 18 & show them how to feed it & watch it. I was raised to be financially responsible, but when we were young, of course we didn't have the Internet to research stocks & transfer money--you had to go visit a stockbroker in person to set up an account, etc, something that sounded very intimidating to a college-age kid.
I did inherit a decent nest egg from my dad, & in his last years, he kept saying I should go meet his stockbroker, but I wish he'd taken me there in person when I was young to set up an account. I've always had 401ks, but not the active involvement dealing w a broker would've been.
Over_Alfalfa_9906@reddit (OP)
Dave Ramsey vibes. Love it.
Chemical-Carrot-9975@reddit
More like John Bogle and JL Collins. Ramsey isn’t my favorite for a variety of reasons but he’s good for some people for sure, especially those who can’t handle credit.
melissa1906@reddit
I was eligible for retirement two years ago. I won’t retire because of healthcare. I’m only 49. Scared me from retiring.
AssistantAcademic@reddit
If the economy and job are steady the next 11 years I’ll be in decent shape to retire by 60 (health insurance aside)
If I can make it at least until 55 I can probably get fun work (bartending or something else I enjoy) and make it work in the meantime.
If I have to work until after 65 then something has gone horribly wrong
Flat_6_Theory@reddit
We’re retired. And though in a good position, the bottom could always drop out. Considering emigrating to where healthcare is more affordable and access is easier. We were fairly fortunate in that we’re only seeing a $100 increase in our monthly premium, which is equal to, and sometimes higher than, our mortgage and water/electric bills combined.
Also concerned with having something to leave for the kids as I expect the world will be harsher for them than it was for us. Only one of them is old enough to have moved out.
savedbytheblood72@reddit
House paid about two years from debt free I'm putting as much as I can into
Two municipal pensions
10 more years and I'm done
threesunrises@reddit
Husband is 5 years older. He can go on medicare in about 1 1/2 years. He wants to retire, and we have insurance through his company. I have multiple pre-existing conditions that require quarterly bloodwork, as well as an annual MRI and ultrasound. The thought of how much this will cost has already made me decide I'll skip some of the tests due to cost, even though I'm considered high risk for recurrence.
I'm also on multiple meds - who knows what the cost will be without insurance.
I'm a freelancer, so am covered under his plan for now.
CAH1708@reddit
Retired at 57.
Severe_Feedback_2590@reddit
Yes. We actually retired early 6 years ago. Husband is retired military, we’re both disabled vets so fortunately no issues with medical. No kids, saved well. Neither of us were high earners (his was pretty decent but I was a medical receptionist, so not like we were living large).
thirtyone-charlie@reddit
I’m lucky that I have a pension that includes healthcare for $97/month. Healthcare maybe the most important part of that package. I contributed to a 401k for 40 years as well. I retired in 2022 but am just getting by on my budget with the way things have been. I will be in much better shape when Incan collect my social security if it is still viable in a couple of years.
throwitfarandwide_1@reddit
Healthcare and inflation.
What could go wrong ….
Care-free retirement is a myth.
Voodoo330@reddit
I'm 60 and retiring in a month. I've been working towards this for a long time. No pension, no health care benefits so I have to cover everything. I have some anxiety, but also looking forward to it. I think we have enough saved to last 30 years.
GalianoGirl@reddit
59, cannot afford to retire yet. In Canada so healthcare is not a deciding factor.
I have been low income throughout my working career and no workplace pension.
But my house is paid off. And I own another property. Likely will inherit $50,000 from Mum when she dies, nothing from Dad. If Dad has any cash at death it should go directly to my brother who has provided housing and care these last 11 years.
JulesSherlock@reddit
53 and could retire now but staying in the game. I enjoy it. If circumstances change, I’ll retire. It’s nice to not worry about losing your job. Employer knows they don’t have much leverage to keep me so they keep me happy.
Beachwoman24@reddit
We plan on retiring in 10 years or less. We will be 57 if we wait 10 years. We spent our entire adult lives living below our means and investing in ourselves first. Having kids hindered our savings for a bit, but they were worth it!
IndicationOk4595@reddit
Yes. We both are military retired. We have four incomes, sufficient retirement, and healthcare for life.
poppythepup@reddit
It’s all about healthcare. I’ll have to wait another 10 years!
Ray_The_Engineer@reddit
I am "hitting pause" some time between now and January with my job, because it's a high stress deal and at age 59 (in December) I'm about done with that. We're debt-free and I have a pad that I've put aside to allow myself to have some time to recover and plan. I will go back to work in some capacity, likely for less money, for 2 reasons: 1) I like to work, within reason and 2) We have good savings, but I'd prefer it if we had a bit more back before I considered anything resembling total retirement. We could if we had to, but you know, lifestyle, etc.
CompanyOther2608@reddit
We’re on a good path but are really concerned about healthcare.
Puzzleheaded_Low_619@reddit
I could retire now if it wasn't the looming concern about healthcare. Of course the headline saying we are heading for a 1929 style market crash doesn't help.
BendakLives@reddit
I’m retiring at 60, financially secure and with health care through my employer until 65. I’m also lucky enough to have had parents that were financially secure and I’m one of 2 children to inherit their wealth. Looking forward to stress free days, as my career in IT and cybersecurity has made me gray beyond my years. I’ll relish not looking over my shoulder for nation-state bad guys at 60 and beyond.
stoptalking8871@reddit
I’ll be 54 next - I plan to be poor - but will retire when I am 60 - I don’t want to have to do it anymore - There’s a lot of getting things done in the next few years - I have a bit in retirement savings plus we will have the equity in the house when we sell it- We will be okay - poor - but I definitely will be happier when I don’t have to go to work anymore. ( if I had my time back I would have gone a different way work wise - but it is what it is - I work straight nights which in one way sucks - but the bigger picture for me it allows me to work without having a nervous breakdown
kat2211@reddit
Not even close.
I've had a lot of periods of unemployment over the past 15 years, mostly due to my increasing inability to tolerate holding down a day job. I can make a decent amount when I do work but that well is just tapped out. And even getting the best paying job that I could, I wouldn't be able to afford to retire until 67 when full SS benefits kick in (and even then would have to work part-time after that) because right now I basically have nothing. As I'm only 58 now the idea of working an office job for that much longer is one I can really not even get myself to contemplate.
So with that in mind I'm trying to switch gears and put together enough side gigs to keep me housed and fed until I can at least see if it's feasible to make a living as a novelist. It's far-fetched but maybe not as far-fetched as it would be for some - I'm enrolled in a really exceptional set of courses and have been told throughout my life that I have a way with words. My pie-in-the-sky hope is to turn writing fiction into a new career, and in that case, it's not really something I would be looking to "retire" from. It's just what I would do with the last few decades of my life.
BubblyResource229@reddit
I could retire now, except health insurance is way too expensive because Obamacare caused premiums to skyrocket instead of lower costs like they said.
lilred7879@reddit
We were blessed to have earned well and lived well below our means and was able to get out 2 years ago at 57. Insurance/Healthcare is pretty much our biggest bill, but we planned for it and hopefully have it covered until 65.
Spiritual_Parfait_94@reddit
Nope, I’ll never be able to retire.
demona2002@reddit
56 here. I could retire today but plan to push through 5 more years for extra savings and boost in generational wealth to leave behind.
Purple_Cherry_5973@reddit
Yes, all I think about now is the kids. We could retire in the next 5 years but we like what we do and I want to help them as much as possible.
tdkelly@reddit
I’ll retire at 62 in 17 more months. My wife retired at 59 this summer with a nice pension after 34 years in state government. The major thing that makes it feasible to do it at this stage is that with her pension comes the same healthcare coverage we previously had.
AdhesiveSeaMonkey@reddit
My retirement plan is do die in my chair in my classroom and traumatize as many students as possible. I've looked at a lot of different plans and this is the one that I can afford.
Extra_Shirt5843@reddit
We're in our upper 40's. My husband can start collecting his government pension at 50, but will keep working because he's not good at just chilling. Plus, we have a kid hitting college age in 4 years. My hope, pending healthcare, is official retirement between 60-62, but it kind of depends. I don't want a super bare bones retirement, so I'd be willing to work a bit longer if possible to make that happen if needed.
Moist_Rule9623@reddit
Through a blend of skill, discipline, and a HEAPING HELPING of luck, I will most likely be good to retire at least on time (which I consider 65), if not slightly ahead of schedule. The game for my 50s is actually to strive to make it by 60, but if I do that more than likely there will be some kind of job or paying activity at least for a few years to avoid hitting SS (assuming it still exists!) for the first couple years
kosk11348@reddit
No. Early health care emergencies mean I could never save and had to tap retirement funds early. Plus my jobs never paid shit. I still make less than my mom did without a college education. Barely getting by has been my normal my whole life.
BituminousBitumin@reddit
I'm just going to keep going until I cant, and then I'll exit myself.
Commercial-Act-9297@reddit
I’m not financially comfortable for retirement. I dealt with health issues for 20 years and was supposed to have been dead several times and now with new medications I’m doing well, which is awesome but also slightly scary. My husband is already retired and whether I’m comfortable with it or not I am planning to retire in a couple of years. I am lucky in that I can use my VA healthcare once I retire before I’m eligible for Medicare otherwise I’m not sure how I would be able to do it. I don’t know how long I’m going to be in this healthy period of my life so I’m going to take full advantage of as much time as I can get with my husband.
Randall_Hickey@reddit
I will be working until I die
KngLugonn@reddit
My wife and I are hoping to retire in our 60s. We should be able to, the only question is on what budget. We've gotten used to a certain standard of living and I'm not quite sure we can maintain that.
NemoOfConsequence@reddit
My husband is five years younger than I and one of us has to work to make sure we both have medical care to 65, so I’m planning on working to 70. I’ll never feel safe in retirement because medical care can bankrupt us.
SaltyDogBill@reddit
Hells yeah! Retired this year at 52. Wife is going to keep working for a few years because of job satisfaction and her growing pension. We’ve got a few mil in investments and the kids are almost done with college. Life right now is awesome and I’m so thanking that we saved, painfully so, for so many years.
Over_Alfalfa_9906@reddit (OP)
Congratulations! You seemed to have done it by the book! Professionals?
SaltyDogBill@reddit
Not really. I knew I was too financially stupid to manage it. And work provided 401 and pension with money management. So I went the old 80\20 rule and then threw about 24% of my pay (and work matched with 6 more). I could have done better if I had accepted more risk or made adjustments) but like I said, I didn’t and still know shit. So it was all low risk, long term and I never touched it. It sucked saving so hard. Dumping every bonus into it, skipping trips, etc. Retirement early wasn’t the plan. And we had to adjust some plans but when work changed and I lost the happiness….. now I never miss The Price is Right.
First_Name_Is_Agent@reddit
That's amazing! Congratulations!
Nightgasm@reddit
I retired 3 yrs ago on my 52nd birthday. Law enforcement so I have a pension. No health insurance though so I still work part time (4 hrs a day) in a very cushy job (medical courier) which gets me insurance and adds about another 35k a year on top of my pension. Technically I could afford to just buy health insurance on the market but it would force me to actually budget myself.
CaptFatz@reddit
I don’t plan on retiring. I’ll never have the money to travel the globe &/or retire in any kind of luxury, so I’ll work. I will leave my career though…just work doing something I enjoy more.
calcato@reddit
No.
dreaminginteal@reddit
I'm already retired. I'm on the older edge of GenX, and I was able to retire early. Mostly due to my wife.
Health care is the real rub.
camelslikesand@reddit
I figured out several years ago that I'm a toxic friend with no hope of retirement. For those reasons I quit seeing my friends five years ago, so I can never hurt them again. About the same time I quit being concerned about my physical health. I'm of the opinion that if I'm going to work some shitty job until the day I die, I might as well hasten that day's arrival. It's been pretty freeing to unburden myself from thoughts of the future, and of causing my loved ones pain.
Petulant-Bidet@reddit
No, we are in a tight spot (creative professionals, mid fifties, USA dwellers). If my partner leaves or dies, I as a female am well and truly screwed. I do a lot of caregiving and child-rearing, not a lot of earnings toward social security, as is the case with many caregivers (majority female). I do work part-time and have a tiny tiny retirement nut.
Sad as it may sound: my future probably depends on when my parents pass, and whether 100% of their money has gone toward assisted living, or whether they move in with my family which I don't think we could handle, things like that.
PowerNinja5000@reddit
I'm 45 so in the best case scenario have only 20 more years to go. Unfortunately I don't think my job, or even industry, will survive that long. My only hope is to continue building a life with my girlfriend. She has a real job and actually earns a real salary. I work in a creative field so, you know..
LeighofMar@reddit
Not retire in its true sense but I have my business that I can always run as long as I'm cognitive and get a check from that for life. That plus SS and whatever my investments grow to in 20 years I hope to at least live the same simple quiet life I live now.
Prestigious-Curve-64@reddit
My retirement plan is to die at my desk. Starting my career in my late 30s, divorce, and a couple of cross country moves means my 401 k is fabulous - for a 25 year old. And any Xer that still believes billionaires won’t figure out a way to help themselves to the social security we’ve been paying into for 30 years is far too much of an optimist to be in the GenX club.
Social safety net has been systematically dismantled, starting when most of us were kids. Fortunately, I like my job, and it doesn’t require brute strength or agility, so I could do it until then. Assuming, of course, that the current regime doesn’t replace oncology services with healing crystals and brain worms.
ReeseIsPieces@reddit
LMMFAO retire HOW
PK-MT@reddit
I am terribly fortunate and will be starting Jan 1. I am late 50’s. My CFP said I could have done it a few years ago.
OTOH, we are downsizing, buying a duplex so a tenant can pay the mortgage which will free up cash from the sale as well having no mortgage ourselves unless it’s vacant.
I do feel financially secure, but no one can predict the future either. I look at it like a golf tournament, you can’t win a tournament the first round but you can lose it. So I am being cautious.
FrozenH2oh@reddit
Yes, but only because I was fortunate enough to have a career that has a pension. My 401k is behind, so the pension will save my bacon.
Also fortunate to be able to pay my home off before I retire. 10-ish years.
Cruise1313@reddit
Healthcare here is the biggest factor even if we have medicare.
easylife12345@reddit
I‘m really fortunate to be getting a government pension, which comes with medical insurance. Have done ok investment wise. Will retire at the end of 2028. I know a lot of my peers are not in the same boat. I can’t imagine losing your job in the 50‘s and trying to job hunt now - exceedingly difficult
DPax_23@reddit
I could retire at 55 pretty affordably, but have two problems. I had a kid later in life and the healthcare gap to Medicare.
So I will retire at 58 or 59 and leave the country to retire in a place where my money goes a lot further and the healthcare costs are very affordable. My pretty affordable US retirement then looks more like reasonably "well off" in an expat retirement.
The US economy is just not designed for the majority of people to enjoy life.
allothernamestaken@reddit
No. I make a comfortable living and have been able to save some money, but it will never come close to being enough to live on without working. My retirement plan is to keep working until I die.
Effective_Device_185@reddit
58 - M.
I feel a bit secure but then again, the orange stinkball in power with a massive nuclear arsenal good destroy all that security.
I own a beach property w/ four rental suites in Nayarit, MX and plan on living in one of them for about six months a year when I retire.
Rest is savings, RRSPs, crypto and future inheritance from my mom.
I have very little debt.
Good fortune all.
WBRGGRL@reddit
I will never be able to retire, but I’m pretty sure I am developing dementia… so… I don’t know who hires people like me.
f700es@reddit
54 here, all debt should be gone within 10 years if not earlier. I have a great job and plan to work till 67. If market stays healthy I'll be in great shape.
whistlepig4life@reddit
I’m on track to retire at 58-60. I’ll likely go to 60 to pad the stats so to speak.
I’m still worried because a seriously bad market could derail those plans.
bb9116@reddit
No. I'm fucked.
WarthogSeveral7662@reddit
Most Likely I will die on my feet working. Nearly zero saved after 16yrs married to dilettante husband who spent every penny he could lay hands on and then some. Divorced this year, still one teenager in the nest who expects to go to college, on what dime I don't know. Maybe a few thousand in my 401k, crappy retail grocery job that causes me so much unnecessary stress, and zero faith in Social Security being there for me. 55 next year, starting over at square 1. This bleakness causes me much depression, but hey, people depend on me so I keep going. But many days I don't know want to go on. Why? To make some rich person incrementally richer? This world seems to have no value for older women, unless it is using them up until we die
TheM3lk0r@reddit
I'll probably work until I die.
Complete_Fisherman_3@reddit
Or die at work. Which ever comes first.
This-Dude_Abides@reddit
I plan on working until lunch break on the day I die.
deleted_by_reddit@reddit
[removed]
GenX-ModTeam@reddit
No Politics - Political posts of any sort are not permitted outside of moderator created threads. If you wish to have political discussions, you may do so on our other sub r/GenXPolitics.
Breaking this rule may result in temporary bans. Repeat offenders will be permanently banned.
No. Providing respite from political discussions does not infringe on any perceived rights.
d_ippy@reddit
I’ve saved like a mad woman the past 15 years. I’m ready to retire now but probably stick it out until I’m 59. These are also my peak earnings years so I want to suck the juice out of that as much as possible.
MossIsking@reddit
Retirement depends on your debt load at the time you want to retire. I’m debt free at 57 and can walk out at any time with pension in hand. Wife and I are both very happy where we are at.
Alarmed_Barracuda847@reddit
My husband and I are 58. So we are the oldest of GenX. Savings wise w probably could have retired in 2-3 years but he has a type of cancer that can’t be cured but can be treated with medications that are 20-30k a month. So he’s stuck in his job because it covers our benefits. I’m staying in mine because if his benefits change what they cover we will need all the income we can get to cover the difference. I wish he could retire with his shortened life span, unfortunately healthcare tied to employment has stopped any dreams of him getting that free time.
FrostnJack@reddit
Real world. Just burned through the retirement 12 years before we planned. Homeless come January. Won’t endure the indignity and problems of that at 50-something. I’m out. After all I been through, to be here again? Fuckit.
FrostnJack@reddit
We’re planning for our nonconsensual retirement unhoused. 8 month wait list for the dwindling slum housing. No mediCal or ACA, job hunting in earnest for a year. We won’t live out of the truck long. Gonna exercise a little dignity for ourselves. We had things planned out that weren’t terrible. Some Millennial decided a 58 & a 57 yo were too old and shouldn’t have careers. Whatevs. January’s comin fast.
DarcFenix@reddit
Definitely not, no. Which is probably fine. My father worked until dementia took him out and my mom only retired this year at 78. Not everyone has the ability to retire on time or early. Life does not work out perfectly for us all.
Alternative-Law4626@reddit
Yep. I’m hanging out in the job because I make a lot and I bought a more expensive house than I’d planned for a retirement home (in the city). So, trying to pay that off ahead of schedule. Anyway. Probably retiring in the spring.
Over_Alfalfa_9906@reddit (OP)
You are big baller status. 🙌
Alternative-Law4626@reddit
Thanks. Yeah, few mil invested makes it possible but it doesn’t feel as comfortable as I thought it would.
AerieWorth4747@reddit
No way. I can’t afford my bills now. My retirement plan is to eat a bullet.
Etrigone@reddit
I'm in semi-retirement right now. Left Silicon Valley, returned to education, where I'll help where I can (and cheaply, I don't need the income younger staff & faculty do).
Eventually, either if I'm not longer needed or the retirement system starts nudging me, I'll go into full real retirement. Higher education tho is more a gradual thing where yeah, eventually you're emeritus but it's a slow change rather than abrupt. So, 2 years? 5? 8? More? Hard to say.
Over_Alfalfa_9906@reddit (OP)
I hafe friends in the same boat. I'm sure you have solid investments. You are fine.
Etrigone@reddit
Yeah, really not worried about it. My brother is being poked by his uni as well as he's hit some 'magic number' of years + age, but like me he's all... maybe I'll teach classes others don't want to? Or do some unusual graduate level research thing that interests like 10 people worldwide? We're both past 'publish or perish' and now into 'annoy spouse talking about super esoteric stuff at the dinner table'. :)
We do differ in that he prefers to do his own financial management versus me wanting to call in third party expertise, but when we bounce numbers off each other we both feel pretty comfortable where we are. A little trickier for him as although his first child just finished undergrad & probably has her post grad plans down, the younger one is just about finish high school. Undergrad is free for kids of staff where he is so I think he's got another 4 years in him.
Illustri-aus@reddit
Already retired and loving it.
More time for all those non-work activities that for neglected for so many years
But guessing you're in US, which might make a difference
Over_Alfalfa_9906@reddit (OP)
Yes. California to be exact. College tuition etc is all very expensive. But, I think I can retire around age 58.
Careless-Two2215@reddit
Ditto. I have two in college and I think they're starting to give me dirty looks lol. Our side of the family chose academia over business and our homes and vacations are quite smaller but we've always been close and happy. At least we get to have a home and take a vacation and Kay for college, but I'll be teaching for a few more years.
Over_Alfalfa_9906@reddit (OP)
Thank you for your service! Eldest wants to be a MD PhD. She's at Johns Hopkins.
RickBlaineCasablanca@reddit
This is the answer for many retirees without as sizable nest egg. There are so many places in the world to live comfortably on limited income. Even if you worked abroad the attitude about work life balance is better. Hopefully one day retirement in the US is more achievable without worrying about running out.
Over_Alfalfa_9906@reddit (OP)
Agreed. Inflation is not helping at all.
3yl@reddit
Sadly, nope. I'm 55 and there's no way I can retire at a reasonable age. Medical insurance is just way too expensive, and I have kidney issues, and my husband has blood cancer/disorder (I hate just saying cancer - the therapy at this point is just donating blood monthly. Maybe someday it will require more, but for like 6 years it's just been blood donations.)
I always used to think I would work forever. I enjoyed work. Then everything changed in December 2017 when my MIL passed unexpectedly. My husband was not a momma's boy, but he loved his mother. I adored her and told her often that I was so glad she was in my life after I went no-contact with my parents. (And damn do I miss her!)
My MIL was working 3rd shift, full time, at 67yo due to starting over in her late 50s after her 3rd divorce. She had a heart attack at work and died several hours later. It really affected my husband. She had planned on retiring later that year and had made a lot of plans to go see relatives with my husband, just spend time with the grandkids and now great grandkids, etc. He's very angry that she missed out on all of that. And my greatest fear now is that I'll pass early as well and double down on his trauma.
If you can retire and just spend time enjoying other peoples' company, do it. I really wish I'd taken care of my health, planned for an early retirement, etc. I just never realized how important those things would be to me. 😔
Over_Alfalfa_9906@reddit (OP)
Hey. I have to go run some errands. I will follow up later. Have a blessed weekend!
The_World_Is_A_Slum@reddit
At this point, retirement is a pipe dream. I’ll be working until I die, and unfortunately, buying my own health insurance, because the jobs I’m qualified for don’t offer benefits. My goal is to pay off the house and stay current on the taxes so I have something to leave my kids, and I’m comfortable with that. My savings were wiped out when my business failed and there simply isn’t enough coming in to pay off the bankruptcy and save anything significant for retirement. I’ll be out from under the bankruptcy in a few years, so things will get better, it’s just too late to start a meaningful retirement account.
wdikiwi@reddit
Iv always said the minimum people need is a paid off house by retirement. Then you’re not chasing rent and if needed you can downsize or even sell n move to a cheaper location. This isn’t going to be achievable for everyone but it’s a good target.
LedFoo2@reddit
Congrats to everyone retired in their 50s! As of right now, I am on track to not be able to retire until I am 70. Started the retirement journey late in life. Worked jobs that did not have a 401k, used 401k to buy the first house, did not get married until 35. Kids at 37 and 39. Wife was able to work part time or be a SAHM when the kids were little. Blessed for that. Next goal is to make extra mortgage payments so we can pay off the house at 70. Wife is 5yrs younger. Maybe we can both retire when I am 70 and she is 65 with a paid off house. Hoping for a couple years earlier, but 70 is the plan right now.
RedditWidow@reddit
My husband and I don't plan to retire unless we're forced to by our health. But we do have plans to downsize, move to a less expensive area where we can pay cash for a house, so we don't have a house payment, and we can live on a smaller income. We're both remote workers, so we have that flexibility. We generally like our jobs and our lives, and feel no need to change anything. We've always tried to have that "work/life" balance, so it's not like we've been working 60 hours a week and now we just want to go golfing or traveling or whatever.
j4ckofalltr4des@reddit
I will only be able to retire when I die.
thugbuster@reddit
Yes, will retire in 3 years at age 55. Will have a sizable pension from a 30 year govt career that will cover all expenses and retirement accounts to cover lifestyle. Wife is already retired due to medical reasons, but also has a pension. Actually just paid off our mortgage yesterday after 23 years. Both of our daughters are done with college this year. Didn’t do anything fancy, just had a basic plan and exercised patience and always kept the big picture in mind. It feels good to see the end of my working phase and the start of my next phase
Over_Alfalfa_9906@reddit (OP)
Pensions. Classic. You are lucky. Pensions are hard to come by nowadays.
thugbuster@reddit
Not luck. Took a low paying govt job after college knowing if I stuck with it I would retire early. If folks are willing to get paid less (at least initially) there are pensions to be had in the public sector. Private sector, not so much.
KurtStation68@reddit
Retirement at death I'm guessing, the closest would be a part time job. Hopefully the corpos will discover my corpse slouching over a desk.
NegScenePts@reddit
Retiring in 5 months, at 53. Don't live in the US, so healthcare isn't a concern, and I have no savings. House is paid off, cars are not debts (and I can fix my own stuff anyway), and I have a great pension. I'm even taking a penalty to leave 2 years early...but I don't care. I've decided that it's time to be happy and shake off the GenX gloom about life. I changed priorities to facilitate retiring.
Etbienallors@reddit
My plan is to work until 67. I’m 57 now. Have roughly a mil and a half in investments and no debt (other than my 3% mortgage). I like my work, it’s not physically nor mentally taxing, and it allows me a lot of free time and travel. I live in New England, but plan to move closer to our kids who live in the Midwest. I feel cautiously optimistic. Obviously no guarantees in life but barring any disasters - we might be ok.
SouthOrlandoFather@reddit
Yes.
Yes.
If you invested young you realize your money is all “growth” and it becomes wild. You realize people didn’t “save” for their kids college or retirement but they invested. I mean if you had a million in the S & P 500 (say SPY) in 2010 you would have between $3.8 to $4.2 today.
Over_Alfalfa_9906@reddit (OP)
Warren Buffet. The power of compounding interest.
SouthOrlandoFather@reddit
It is wild. Hard to comprehend when 28.
Over_Alfalfa_9906@reddit (OP)
30 years later, you will have a sizable amount. Trust me.
SouthOrlandoFather@reddit
Oh yeah. I’m 51 now. I meant it is wild now but didn’t really register at age 28.
Do_Ya_Miss_Me@reddit
Yep, retired this year at 52. Wife enjoys her work (RN) so she’ll keep at it for a few more. Luckily my pops instilled in us to save into an IRA as soon as we hit 18yo. But only 2 of the 4 of us kids stuck with it. I hate that my 2 brothers didn’t participate, nor have they put much away (and one is a dentist and makes a buttload). Can’t recall the exact formula, but if you put away $4K p/year from 18-26y.o. and avg. a 10% return you’ll end up with a bit over 1.2mil. We just checked our mutual funds once every 6mo’s to make sure the returns were around 10%. They’ve actually avg around 12-14% so far. We kept putting funds into the accounts til early 30’s so we’ll have roughly $6.5mil in another 5years. No debt, lived within our means all these years and made sure to put away for the compounding. It felt like we were always the last ones to have nicer things than our friends/ relatives, but now at this age holy shit am I glad we stuck to it. We taught all 3 of our boys the same. My oldest started his fund at 16. He plans on putting away til 32, and at the current return rates he’ll end up with over 8mil at 55. We’ll be able to leave some for our kids, no way we’ll spend it all. It’s a lot tougher to buy a home these days, so we’ll probably help them out with something like that.
allaboutaphie@reddit
I think ughh not tell 66 because many in family retired in their late/mid fifties. I raised my son with little help and to be honest spent too much on fun vacations (ok dont regret a bit). But my decisions on over spending or need for money at time for food on the table my 401k is pretty lame. But whatever, cant change the past and hoping a 66 retirement.
Over_Alfalfa_9906@reddit (OP)
You are fine. You lived life. Have no regrets. Look forward.
cliffm@reddit
No, not ready. Not secure. I fully expect to die before I retire, either naturally or something else
elmo8758@reddit
Have more than enough financial resources to retire now, but will work 1-2 years cuz I like what I do in AI (I’m in tech)
Over_Alfalfa_9906@reddit (OP)
Big baller!
drifter3026@reddit
Neither my wife nor I will be able to retire and will work til we die. We've lived like misers all our lives. Pinched every penny, but it won't be enough. C'est la vie.
Spiritual-Progress75@reddit
My husband and I are 50 years old, no kids. We could retire in about 5–7 years with a few mil, but he will keep working, solely so we have health insurance until Medicare kicks in. It’s pathetic that that’s how life is in the U.S., but here we are. And it’s only getting worse…
Over_Alfalfa_9906@reddit (OP)
Count your blessings. Stay positive
feder_online@reddit
My wife had cancer for 19 years, and, at one point before the ACA, we were over 40 and had a net worth of $9162.
Once we paid off all that debt, we put a plan in place. I should retire at 67-68 with a fair health care subsidy and $7500-$10,000 a month from a combination of pension, market investment, and real estate.
Unfortunately, I have no one to share it with, so I plan to travel.
MadQueenCalamity@reddit
I like to dream that I’ll be able to retire but honestly I don’t expect social security to be much of anything, if it even still exists, when I hit retirement age (not to mention they keep raising that age). I do have a decent and growing 401K but with the way prices are increasing on literally everything I don’t expect it to last me and my husband very long. And Medicare sucks as evidenced by watching our parents’ healthcare, and I have a lot of medical things and will probably need my employer healthcare as long as possible.
Over_Alfalfa_9906@reddit (OP)
US Healthcare is a major issue. Understood.
TankApprehensive3053@reddit
I retired on my 52nd birthday. Life is so much better now.
FaithlessFighter@reddit
Planning to retire at 57. I have a pension (right before my employer eliminated it) and $1M+ in 401K savings and a paid off house. Healthcare will be covered mostly by my employer (via an early retiree medical benefit).
Ok_Earth8186@reddit
No fucking way. I had kids late and will still be paying tuition in 2030. I'm fucked, retirement-wise.
Over_Alfalfa_9906@reddit (OP)
College. I get it. But, it's your kids. You did the right thing. I am in the same boat.
Mtothethree@reddit
My husband is already retired. I will retire in less than 6 years, hopefully. I feel financially secure right now but who knows what the future holds? Hopefully no major health problems.
Dogstar_9@reddit
I probably won't ever be able to fully retire since there likely won't be any social security when I hit "retirement age." If the government hadn't stolen so much of my money to pay current SS benefits, I would've been able to invest a lot more than I currently have been. Younger GenX and millennials are getting fucked on that.
Over_Alfalfa_9906@reddit (OP)
Things are definitely getting harder each day.
AtikGuide@reddit
No. I think back to those times when I turned down potential promotions because the trade off between free time versus additional responsibilities, and I wonder where I would be if I had taken on more responsibilities, more initiative. I chose to keep my free time, because I thought, at the time, that the “juice wasn’t worth the squeeze.” Now, I have to live with the consequences.
Over_Alfalfa_9906@reddit (OP)
Understood. There was a point in my life when I went "fishing." It's never too late to keep pushing.
Hungry-Treacle8493@reddit
Technically we could already be retired, but with our kid in a PhD program and still supporting my parents we feel we need to go just a bit longer until the kid is established. We really lucked out with both having successful executive careers and we inherited some from my in-laws.
I would say in my social circles around the globe that it is about a 70-30 split with 70% in our age range absolutely NOT in a good position to retire and the rest either getting close or very well setup. The bulk of those in good position live in Europe & India with a handful here in the States or Canada.
Over_Alfalfa_9906@reddit (OP)
Understood. Mh eldest goal at this time to become a MD PhD through the private route. She wants to become a scientist or stay in academia. Knowledge is wealth and I'm doing what it takes to make it happen. That's my job.
Crafty_Original_7349@reddit
I’m already medically retired (disabled permanently) and I’m doing okay, I am not in debt and I’m not suffering. But I also skate a very fine line, and it wouldn’t take much to shove me off the cliff.
I have to abide by the restrictions set by SSI, which limits me to $2000 in assets. So that’s a headache but I will work with what I have.
Over_Alfalfa_9906@reddit (OP)
May you have many blessings in life!
MaximumJones@reddit
Already retired and loving it. It was a hard road to travel saving instead of spending but I'm glad I stuck with it.
Over_Alfalfa_9906@reddit (OP)
Enjoy the fruits!
Retiree66@reddit
I retired 3 years ago. Teachers pension, plus a spouse that still works. I feel very secure. Kids are all grown and financially self-sufficient. Parents don’t need financial help. This might be the sweet spot of my whole life.
Over_Alfalfa_9906@reddit (OP)
Thank you for the service! Teachers are the backbone of this country.
CrobuzonCitizen@reddit
Yes we will both be able to retire before 60. Pulling the trigger at $2 million saved. We will get there in 5-7 years and then that's it for the 9 to 5.
Over_Alfalfa_9906@reddit (OP)
Amazing job. Diligence
Baronhousen@reddit
I felt much more secure until January 2025. Not so much now.
No-Mango-4604@reddit
I’ve been emotionally ready for retirement for about a decade now, after being laid off four times in ten years. I’ll be financially ready in about 18 months, assuming I don’t get laid off again.
petethecanuck@reddit
I love what I do (I'm an RN) and have zero plans to retire anytime soon. If my health is good, I'll retire from full time at 71 (that's when I have to start taking my pensions) and work casual thereafter. Again, it all depends on my health but so far so good!
Over_Alfalfa_9906@reddit (OP)
Excellent. Like my mother. RN for 40 years.
Emotional-Affect-931@reddit
Yep. Retired at 54!
Over_Alfalfa_9906@reddit (OP)
Amazing. Congratulations
dirtybo0ts@reddit
I’m on track to retire at 60 (currently 46) but only for two key reasons: both my parents passing early left me with a proper retirement fund. And I’m in Canada so health care isn’t a cost concern. I count myself very lucky.
stuck_behind_a_truck@reddit
Fortunately, yes, because the company I work for is a sinking ship and I’m 56.
Narrow_Pepper_1324@reddit
I plan on retiring by the end of this decade when I will be about 63+ years old. I will be able to replace my current income with multiple income streams from several sources. We should be able to have our home paid off too, so that will help. So I do feel secured and ready for it.
Schyznik@reddit
Maybe at 70, but it’s not so clear that I’m thinking of that age as the finish line. Way too many unknowns, starting with what my retirement accounts might look like by the time this experimental Idiocracy ends, or if it ever does.
Over_Alfalfa_9906@reddit (OP)
Understood. Life has many unknowns in life. Planning is one thing but it might not always pan out.
junkbr@reddit
I pulled the trigger in May, age 59. So much easier than I expected.
TripMaster478@reddit
Eventually. But we also had kids pretty late in life because of fertility issues. So it's gonna be a bit.
Over_Alfalfa_9906@reddit (OP)
Children are blessings in life. Wealth can not be measured by dollars. It's measured by a multitude of factors including the true richness of life like family.
H-DaneelOlivaw@reddit
Short answer: yes.
Long answer: yyyyeeeessssssssssss.