Skiles and Age 65+

[Autothrust Blue]

Just checked: you can retire early at 62 and draw 70.42% of your nominal SSI benefit. You would not receive that payment before age 62.

People born in 1956 are 'posed to be retiring now for 100%.

Let’s not even discuss PBGC, and how “money nao” is almost always a better program when the solvency of the program is dubious…anyway.

 

[roundout]

The funny thing about that....theyll give up sex for five years but they wont give up the credit card debt or the car payment or the too big of house payment to accomplish the same goal.

"Live like no one else so later you can live like no one else" D Ramsey

Truthfully, many people on this board can afford to retire early and still buy the car. It's the boats, third houses, and fourth wives piled on top of an unfortunately-timed career that seen to really get people.

The truly wise look at those guys and take a more restrained approach.

 

[ZapBrannigan]

Truthfully, many people on this board can afford to retire early and still buy the car. It's the boats, third houses, and fourth wives piled on top of an unfortunately-timed career that seen to really get people.

The truly wise look at those guys and take a more restrained approach.

It would be interesting if there were a way to determine how much you need to squirrel away in retirement - something simple that you don’t need to be a financial wizard to use. Realizing everyone’s situation is different I just realize that I have no idea whether I’m on track to retire at 65 or earlier. Basically just squirreling as much money as we can away and hoping for the best.

 

[tlove482]

It would be interesting if there were a way to determine how much you need to squirrel away in retirement - something simple that you don’t need to be a financial wizard to use. Realizing everyone’s situation is different I just realize that I have no idea whether I’m on track to retire at 65 or earlier. Basically just squirreling as much money as we can away and hoping for the best.

Years of retirement × estimated income needed = money needed.

 

[roundout]

It would be interesting if there were a way to determine how much you need to squirrel away in retirement - something simple that you don’t need to be a financial wizard to use. Realizing everyone’s situation is different I just realize that I have no idea whether I’m on track to retire at 65 or earlier. Basically just squirreling as much money as we can away and hoping for the best.

There are about 4000 different ways to calculate this. Because it seems like you need more angst in your life, I recommend

www.bogleheads.org

great place to go to satisfy that need. Lots of smart and successful people on that board, though. It's worth looking around.

 

[ppragman]

There are about 4000 different ways to calculate this. Because it seems like you need more angst in your life, I recommend

www.bogleheads.org

great place to go to satisfy that need. Lots of smart and successful people on that board, though. It's worth looking around.

This wildly depends on your retirement strategy too.

my uncle’s was simply to save a •load and not live longer than the last dollar. It’s not working so great for him now lol

 

[ppragman]

I got out a 60. No regrets. It was a 400K a year job but the schedules, QOL, and international covid restrictions, made it not worth it anymore. I do miss flying jets. Hope to figure out a way to do some contract stuff as a side gig. I'm low maintenance. Could live in a van down by the river. Get out as soon as you can and take steps to make that doable early in your career. Have zero to one wife and follow Dave Ramsey. That's it.

I think Dave Ramsay is a nob, but I do agree with having as little debt as possible. So far that strategy has worked fantastic for us since we paid everything off.

 

[roundout]

I think Dave Ramsay is a nob, but I do agree with having as little debt as possible. So far that strategy has worked fantastic for us since we paid everything off.

This is correct (except for the spelling of Knob ). Ramsey is more like the Dr. Phil of money. All his advice for getting and staying out of debt is fine for people who are at rock bottom, but a lot of his approach doesn't apply to people of a, uh, more disciplined outlook.

 

[ZapBrannigan]

Our only debt is the FO house. No toys. Our only extravagance is private school for the kid. Just two more years of that and hopefully he'll get some scholarship money to help beyond that. Wife works full time and makes about half of what I do. Maxing out both of our 401Ks. Shifted about half of mine into a Roth 401K to hedge against taxes going up in the next 17 years or so. Thats about all I've done.

I do have my annual check-in call with Fidelity scheduled in about 20 minutes. Maybe he'll have some better ideas.

 

[Cherokee_Cruiser]

Spoken like every other USAir pilot. I can't tell you how many times on the 757 we'd be going to Orlando out of Philly and have some 330 on the jumpseat. As soon as we'd clear 10, instantaneously, he'd lean forward to the guy in the left seat and they'd both start jabbering about how 67 was right around the corner and they'd be able to keep flying.

"Imma just sit here and eat my Rice Krispies and stare out the window. It's not my fault you guys didn't set up your 401k when you had the chance all the PIT reps sold your pension down the river."

That’s a little harsh. I’d be pissed if my pension just evaporated and management made out isn’t their Golden parachutes. And 501Ks, by large, are a recent thing. Around 9/11? Not much to go on.

 

[Beaker]

It would be interesting if there were a way to determine how much you need to squirrel away in retirement - something simple that you don’t need to be a financial wizard to use. Realizing everyone’s situation is different I just realize that I have no idea whether I’m on track to retire at 65 or earlier. Basically just squirreling as much money as we can away and hoping for the best.

This blog post (Mr. Money Mustache) is a good place to start: The 4% Rule

I have found that blog, which focuses on financial independence and early retirement, to be informative and entertaining.

There is also this handy calculator: FIREcalc. It uses all possible sequences of historical market returns to show you how long your money could last over the full range of plausible scenarios. Based on my tinkering with it, I prefer a 3% rule if one has a conservative disposition and is planning for a very long retirement.

 

[Autothrust Blue]

This is correct (except for the spelling of Knob ). Ramsey is more like the Dr. Phil of money. All his advice for getting and staying out of debt is fine for people who are at rock bottom, but a lot of his approach doesn't apply to people of a, uh, more disciplined outlook.

Some of the poorest people I know (whichever way you want to slice it) are adherents of that knucklehead. That's not to say there is no such thing as bad debt—credit cards, in particular, are awful beyond using them for anything other than revolving and can be borderline usury and consequently ruinous—but debt can let you buy things, too, that you wouldn't otherwise have, or that would require you to part with a large amount of cash.

 

[roundout]

This blog post (Mr. Money Mustache) is a good place to start: The 4% Rule

I have found that blog, which focuses on financial independence and early retirement, to be informative and entertaining.

There is also this handy calculator: FIREcalc. It uses all possible sequences of historical market returns to show you how long your money could last over the full range of plausible scenarios. Based on my tinkering with it, I prefer a 3% rule if one has a conservative disposition and is planning for a very long retirement.

This is the simplest way.

 

[bLizZuE]

Apparently we had a LEC meeting where someone floored a resolution to direct the MEC to advocate for an age increase from 65 to 67.

 

[mikecweb]

Some of the poorest people I know (whichever way you want to slice it) are adherents of that knucklehead. That's not to say there is no such thing as bad debt—credit cards, in particular, are awful beyond using them for anything other than revolving and can be borderline usury and consequently ruinous—but debt can let you buy things, too, that you wouldn't otherwise have, or that would require you to part with a large amount of cash.

Yup Dave has some good advice for poor people with no financial knowledge from getting poorer but that’s about it.

 

[Autothrust Blue]

Yup Dave has some good advice for poor people with no financial knowledge from getting poorer but that’s about it.

Sometimes the answer is "you just need to make more [expletive] money."

 

[Kingairer]

I’d love to see a provision in every new airline contract that says, IF an age increase is authorized, all pilots 65+ must be in the right seat.

 

[mikecweb]

I’d love to see a provision in every new airline contract that says, IF an age increase is authorized, and pilot 65 must be in the right seat.

At the bottom of the list.

 

[Minuteman]

a cool pad in North country SD

Am I correct in assuming this is San Diego and not South Dakota?

 

[ajm757]

I got out a 60. No regrets. It was a 400K a year job but the schedules, QOL, and international covid restrictions, made it not worth it anymore. I do miss flying jets. Hope to figure out a way to do some contract stuff as a side gig. I'm low maintenance. Could live in a van down by the river. Get out as soon as you can and take steps to make that doable early in your career. Have zero to one wife and follow Dave Ramsey. That's it.

I just don’t want to be a loser. I hope I can have a nice airline career like you did and make a comfortable living so I can retire one day.