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Is there a compulsory age in USA for you to retire or do you guys retire when it suits you.
In UK we have a retirement age of 65 for men 60 for woman when we get our Government pension.
 

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Some professions have a mandatory retirement age but I am not aware of any government imposed retirement age. However when you do retire riding the wings is easier to accomplish. :wink:
 

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Kevin: as Ron mentioned, there are a few professions in the US that have mandatory retirement ages (commerical pilots are currently forced out at 60 but don't get me started on that!) but in general, one can retire whenever you feel that it's time to go and you think you can afford to quit. Our "Social Security" (the governement administered pension system) allows one to start drawing a (reduced benefit) as early as age 62, with the full benefit being available if you start drawing at age 65 or later. Note that the full benefit age is slowly being ramped up for younger folks.

One large barrier to a lot of folks leaving before eligible for Social Security is that the government old age health care insurance is not available until age 65. A lot of folks don't have any alternative but to continue working until 65, just to retain health care insurance.

I was fortunate enough to be able to leave work (after 31 years with the same company) last May at age 55. I am living off my company pension (with shared costs for health care insurance) and withdrawals from my personal retirement funds. When I turn 62, I plan on starting the Social Security payments.
 

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kevin burton said:
Is there a compulsory age in USA for you to retire or do you guys retire when it suits you. In UK we have a retirement age of 65 for men 60 for woman when we get our Government pension.
Jimwinger did a masterful job of describing retirement in the USA but one clarification is needed:

The "Social Security" (the governement administered pension system) is not a government pension system as in the U.K. It is rather a system of entitlement programs available to people who can't work (including children too young) for a variety of reasons. It was expanded some years ago to include retirees but the payments, in general, would be considered way too meager to actually support anyone on that income alone (unless your home consisted of a cardboard box and you have a fetish for eating dog food).

Some companies still have the time-honored pension system which is independant of SS but most are now leaving that system behind and making the employee responsible for saving/investing for their own retirement. Some companies contribute to your savings plan as a portion of their annual profitability and some match your investment. Those are generally known as 401(k) or Keough retirement plans under the general name of IRA (Individual Retirement Account).

BTW, it is generally considered beneficial for males to begin taking SS payments as soon as eligible (62 in most cases) instead of waiting until your full retirement age (66 or greater). In my case, which is pretty typical, I would have to live past the age of 83 before my early retirement payments would be less than those received by waiting until full retirement age (66 in my case). Should I make it to 83 I won't still be having my Wing overhead so won't need the extra money.
 

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No mandatory age for retirement unless the employer can prove that it is unsafe. That would be "age discrimination". We don't have a government pension, but we have Social Security.

Social Security is supposed to be a large pot of money that is being saved for our "Golden years"(sounds like a pension doesn't it?). Anyone who has paid into SS for 40 Quarters (ten years not necessarily consecutive) is eligible to receive it.

Unfortunately the government saw that giant pile of money just sitting there many years ago and used it to fund their ridiculous budgets. Now the pot is empty and those receiving SS are being paid by our current taxes. The situation is grim and not getting better. By the time I'm eligible to retire, about 15 years at age 56, I fully expect SS to be bankrupt. The best part is that will be 9 years before I'm able to collect.

Don't you want to imigrate to the US now? Even better if you just come here and work for 18 months you too will be eligible for SS at age 62. Don't worry about imigrating or being legal or anything like that. No wonder our SS system isn't working.
 

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Some companies have '30 & out' plans, where you retire after 30 years with the company, no matter what your age. My ex B-I-L retired after 30 yrs. with his company, at age 50, and he's 3 years younger than me. :x

I now have 32 years with the same company, and will have around 38 when I retire at age 62 in 6 years. Some workers at my company have over 40 years, and are still working (usually til age 65).
 

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Others have explained it pretty well.

Many larger companies & corporations have their own "retirement" and/or pension programs, that the employee makes contibutions to during their tenure.

While the plans differ greatly between companies... 20, 25, and 30 years with the same employer are the most common milestones that are used to qualify for a pension from the company after retirement.

The details of some of those plans can be quite complex. For example:

As for my situation as an air traffic controller... we have a mandatory "retirement" age of 56, but that doesn't necessarily mean that one qualifies for a pension at that age. It simply means that one cannot handle "live traffic" after your 56th birthday.

They let commercial pilots fly until age 60 (and will probably raise that age to 65 in the near future)... but the guy on the ground telling them where to fly has to stop at 56.

To quailfy for an "ATC Retirement", we have to perform 20 years of federal, civilian "live" ATC service (non instructor, staff, or management time) and be at least 50 years old... or... 25 years of the the same at any age.

As such, I'll be able to retire in January, 2013 at age 50, with 31 years of government service (military & civilian).

Tom
 
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Retirement.

Thanks for bringing the subject up. Most people have not adequately saved for a comfortable retirement unless they have seen to it that their house is "free and clear" at retirement age. If they have planned and saved, they will not need to live in a cardboard box, even living on Social Security people who have their homes paid for can spend lots of time riding their Goldwings. Americans spend way too much on immediate things and way to little time planning for their retirement years.
 

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In UK we have a retirement age of 65 for men 60 for woman
OK what am I missing? Why do women retire earlier? With a longer life expectancy shouldn't they should retire at an older age than men?
 

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I was lucky! I retired at 50!! :D :D :D :D
I had a 401K that I was able to manage, and did very well!!
I don't miss work at all, and I have been off for 2 1/2 years.
 

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Hubie said:
I was lucky! I retired at 50!! :D :D :D :D
I had a 401K that I was able to manage, and did very well!!
I don't miss work at all, and I have been off for 2 1/2 years.
Any wisdom you can pass on? I think I'm doing pretty good but I don't see retirement at 50. Although, if the economy stays as good as it has been ... it's possible. :D
 

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If you're a illegal citizen, you can retire as soon as you cross the border. :lol:

Health care, Social Security, it all awaits you.
 

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By now you have a pretty good assessment of retirement in America. As stated before, most companies have (had) a retirement program separate from social security that provided a pension at retirement age, some good, some not so good. These same companies set their own retirement policies, however, within federal guidelines, but few except as noted had mandatory retirement ages. My company required age 55 before retirement regardless of how many years service, but required a minimum of 10 years. Of course the average working man couldn't afford to retire with 10 years service at the young age of 55. As previously stated, most companies in America are moving away from the retirement pension plan and are moving to the "cash basis" plan allow you to save a percent of your salary each month and they match a certain percent. It's basically a 401K stock plan and not all bad for a young person just entering the workforce, but is a killer when imposed on an old employee with many years of service. Thank God I worked for the same company for 38 years under a good pension plan, participated in the 401K retirement and 401K medical savings plan which now pays my monthly insurance premiums. Add social security in the mix and at age 65 life ain't too bad, but unfortunately my grandchildren will never have the same retirement programs available to them. While our companies give hundreds of millions of dollars of severance to out going CEO's, these same companies are screwing the workers out of their retirement by dismantling the proverbial pension plans. :?
 

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Any wisdom you can pass on? I think I'm doing pretty good but I don't see retirement at 50. Although, if the economy stays as good as it has been ... it's possible. :D
The best wisdom I can give you is to retire debt free. That means no bills for any purchases, no car loans, ans especially no mortgage. Contribute all you can to your 401K which is as you know, tax deferred, pay off your mortgage if you have one, and keep on working until you can afford to retire comfortably. Don't set an age for retirement, but rather focus on how much income you will have to live on, and how confident you are that your investments will continue to grow to provide future income when needed. Finally, diversify your savings plan! :wink:
 

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There are some government-required mandatory retirement ages. In Ohio anyway, I'm sure in other states too. Common Pleas Court judges have to go at 70-ish. Ohio Highway Patrol sworn officers have to go at 60 (used to be 55 until late 2004). Some of the larger police depts require a mandatory retirement age.

The month I hit 52 I was out the door, never to look back. Now I have more time for riding and all the other stuff available. Now if the weather would just cooperate.

Won't get a dime from Social Security, even though I paid in and have the required amount of credits. It's a little quirk in the Social Security law called "government offset". :evil:
 

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Diablo said:
Won't get a dime from Social Security, even though I paid in and have the required amount of credits. It's a little quirk in the Social Security law called "government offset". :evil:
Are you sure? Did you work for the state or federal government? If you paid your 40 quarters then you are entitled to SS benefits. For example if I were under the Civil Service Retirement System(CSRS) then I wouldn't be paying into SS and wouldn't receive benefits. But, if I had paid my 40 quarters before going on CSRS I would still receive benefits though they would be smaller (the more you pay in the more you get in SS).

When I reach my minimum retirement age I will get 38% of my high three years of pay + whatever I saved in my Thrift Savings account (similar to a 401K) and I will get what I should receive from SS until I reach 62 then I will get my actual SS.

I think you should look into your SS benefits more. If you paid you should either receive benefits or a refund for what you paid.
 

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I didn't retire, I just quit working as soon as I could afford to. Is there a difference?
 

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I will be 50 in 151 days, and out of that its only 83 working days. I can retire then with a pension from my job. I have also been investing money for the last 25 years in an 457B account program.

When I retire I can access my money from my 457B when ever I want,I do not have to wait until Im 59 1/2. I plan to draw my pension and receive only the intrest from my 457B. This will keep me very happy and free of any job.

My wife loves her job and wants to continue to work, she is a nurse and only works on the weekends. This will give us plenty of time to take the trips we have always wanted to do during the week.

I would advise anyone to start saving now as much as possible. I was told long ago that you can save money at any time of your life but you can never get back the years of compound intrest

N Ga Rider
 

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I retired from the US Navy in 1990, at age 42, and have been drawing a pension since. Hired by American Airlines/Sabre Computer Services in 1990. AA spun Sabre off as The Sabre Group in 1995, and in 2000 I qualified for a Sabre pension when Sabre sold us to EDS. I will draw that Sabre pension beginning at age 62 in 2 1/4 years (was 7 months short of drawing the Sabre pension at age 55 in 2000). EDS offered early retirement in 2005 and I took it, drawing a pension since. In slightly over two years I will begin drawing my Sabre pension and Social Security, for a total of four earned pensions. In addition I have a couple IRAs and a 401 fund growing nicely. Our two year old house is paid for, the car is paid for and the '06 ABS Wing is paid for. And finally, most important, both our daughters are college graduates, self-supporting and living elsewhere. Life is good.

Ride long and safe..and it is indeed nice to be at the right place at the right time with the ducks all in a row.

John
ETC (SW) USN ret
The Sabre Group ret
EDS ret
'06 GL18HPNAC6
 
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