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All this talk about jobs n stuff - made me wonder - what 'generally' is the retirement age in the states - and do you have a state pension that kicks in at a certain age?
 

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My retirement system min age is 50, and age multipliers max out at 60, but they are trying to up the ages to 55 and 65, fortunately I should be grand fathered in at the younger ages.
 

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Retirement age is not mandated.

You can collect reduced "Social Security" payments at age 62, and full payments at age 65. That is for those that are at or near that age now. The minimum age is going up in stages starting very soon. I don't know where that ends and it will likely be extended upward in the future anyway.

Social security is generally not enough to support you, you need more income than that.

Government employees, union workers, and employees of some corporations often have additional pension money. However, for most in the US, retirement income comes from tax deferred savings such as what's called a "401k plan". That's where you can set aside a certain percentage of your pay, and not pay taxes on it until it is withdrawn. Often the employer contributes to these plans. There are other plans where you set aside after tax income and don't have to pay taxes on it when it's withdrawn. All rather complicated, there's no defined benefit, and you are subject to the volatility of your investments (stock market, interest rates, etc.).
 

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There's also the military pension plans. You can put in as little as 20 years and receive a pension. Unfortunately mine was active duty as well as National Guard, so I have to wait until I'm 60 to start drawing.
 

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In my case I retired at age 50 from the military. I turn 62 this month and will retire again through the social security system. but most working class folks in this country retire through the social security system prsently at age 62 and 65, but many continue to work atleast on a part time basis.
 

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I took early Social Security at 62 and work part time for the local school district driving a school bus earning a small pension to go with my SS... Also have private investments coming due soon... Later, Dave
 

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Pensions in the US are all but gone for most workers in the private sector. Pensions promised to workers years ago are strangling alot of companies, especially the union-controlled auto companies. They still exist in the public sector, and they need to go away because they're a huge burden on taxpayers. I think we'll see more 401K-like self-funded plans for government workers in the future as taxpayers wise up.
 

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Traditionally - when folks worked for one company most of their life, it seems people retired at 62. Anything goes now.
 

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I retired early at age 59...took a big hit on my income, taxes, etc. but our investments in real estate and other has covered the loss of income...and I'm much healthier and happier now than I've been in years...being a business owner can wear on you in more ways than one as I'm sure some of you know. I'm now 62 and eligible for SS and income from my self-funded 401K. I get a measely stipend from the VA for service induced disability. As long as the market doesn't tank any further my retirement should be ok financially...but heck life's a crapshoot so enjoy it when and while you can.
I pray I don't have to go back to work again but if I do I'll welcome y'all to Wallyworld or Chinamart with a smile:rolleyes:
 

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In Kansas state employees, which includes most,city, county employees,& school employees can retire when they reach 85 points which is your years of service and your age combined. Fire and police are included but they can reach full retirement in 20 years, where the rest generally have to work around 30 years. For over thirty years I put in 4 % into the retirement system, the state was supposed to put their 4% also. But like some many things the state didn't fund their full percentage. Now of course the state retirement system is in trouble, and they are having to raise the rates the employees put in and cut back on everything. They have put all kinds of penalities on us if we go back to work for a state agency, I guess almost 40 years of paying into the system wasn't enough, of course the policitians get their retirement allot quicker and for less money, but isn't it normally that way? I have figured my Social Security and will take it at 62 because it would take 20 years to make up the difference, who knows how long we are going to be around anyway, I paid into SS since I was 16 years old.
 

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In Kansas state employees, which includes most,city, county employees,& school employees can retire when they reach 85 points which is your years of service and your age combined. Fire and police are included but they can reach full retirement in 20 years, where the rest generally have to work around 30 years. For over thirty years I put in 4 % into the retirement system, the state was supposed to put their 4% also. But like some many things the state didn't fund their full percentage. Now of course the state retirement system is in trouble, and they are having to raise the rates the employees put in and cut back on everything. They have put all kinds of penalities on us if we go back to work for a state agency, I guess almost 40 years of paying into the system wasn't enough, of course the policitians get their retirement allot quicker and for less money, but isn't it normally that way? I have figured my Social Security and will take it at 62 because it would take 20 years to make up the difference, who knows how long we are going to be around anyway, I paid into SS since I was 16 years old.
I have a friend that put in 20yrs service with the Army enlisting at 17, retired at 37 eligible for full benefits then went to work for the local FD, put in another 20 yrs, raisng in rank to LT, working part time in construction during his "off" time. He retired from the FD eligible for full pension at age 57, worked for another 6 yrs in his part time construction business. He now "double dips" and leads a pretty comfortable life. Now as you say many states are prohibiting you from going to work for any other state or even some federal agencies after retiring from one after you are eligible on a "points" system for retirement.
I do not begrudge my friend his retirement, he served in the military to protect me the same with the FD and by my way of thinking he deserves what he was promised when he made the commitment as does anyone who does such.
 

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I don't begrudge anyone that gets a military pension for double dipping, they've earned it, and that opportunity has been there many years. Actually I don't have any personal problem with other "double dippers" either - they are only taking advantage of what's offered.

On the other hand I do have a problem with the fact that the govt entities allow "double dipping" and I have to fund it. Especially when the pensions end up underfunded. It simply shows that something (the pension or whatever the money was spent for instead) was actually unaffordable.

Ironically most teachers can't get both Social Security and a teacher's pension. Besides the military, in my mind they are the most deserving of getting something extra.

It's a big symptom of our current fiscal situation, and it's not one restricted to the US.
 

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Pensions in the US are all but gone for most workers in the private sector. Pensions promised to workers years ago are strangling alot of companies, especially the union-controlled auto companies. They still exist in the public sector, and they need to go away because they're a huge burden on taxpayers. I think we'll see more 401K-like self-funded plans for government workers in the future as taxpayers wise up.
This is why you see most pilots complaining in the airline industry. 10 years ago all was well and pilots at major airlines had pension lump sums in the 2-3 million dollar range waiting for them. Then most went bankrupt and the courts wiped all that out. These same pilots of Delta, Northwest, USAir, United, etc. ended up with a retirement worth absolutely nothing. Not to mention these same pilots are making HALF of what they were just 10 years ago. (so if you think airline pilots are rich, think again!)

I don't have a pension with my company because they all have done away with them. So it's strictly up to me to make sure I have the amount neccessary when I want to retire which I hope is no later than 60. People always ask how me and my wife can afford the things we have. I always tell them it's because we both work and have no kids.

My dad's company, United Technologies, was starting to do the same to him. He was 58 and they started threatening to butcher his pension and he bailed! He wasn't gonna wait for them to take what he had earned after 40 years.
 

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10 years ago all was well and pilots at major airlines had pension lump sums in the 2-3 million dollar range waiting for them. Then most went bankrupt and the courts wiped all that out. These same pilots of Delta, Northwest, USAir, United, etc. ended up with a retirement worth absolutely nothing. Not to mention these same pilots are making HALF of what they were just 10 years ago.
That's what you get with "collective bargaining" or "collective Bblackmailing" as I would call it.:rolleyes: They bankrupted the industry with their decades of ever-increasing demands. I have worked in that environment (Boeing) and it's very adversarial, in my experience. We don't do that in the company I have worked for the past 33+ years and there is a very "team-oriented" environment between management and workers. We all work toward a common goal of revenue growth and profitability and get rewarded accordingly.

I do feel bad that people lost their life savings, but otoh who else gets $2-3 million in their pensions alone? No wonder they went bankrupt.

I don't have a pension with my company because they all have done away with them.
And IMO that's the way it should be in the private and public sector, for ALL employess including those who represent us. I recall reading that one of our representatives was getting a pension of over $400K per year. I think that's entirely absurd for doing nothing in retirement. And we pay that til they die.

My dad's company, United Technologies, was starting to do the same to him. He was 58 and they started threatening to butcher his pension and he bailed! He wasn't gonna wait for them to take what he had earned after 40 years.
I don't think it's fair to take something away from those who earned it, and were promised it when they hired on. But these pension programs should be phased out and eliminated for new hires.

As for double-dipping, I think it's wrong. Like Rick said, I don't begrudge those who take advantage of it, I begrudge our "leaders" for allowing it. When someone retires from the public sector, they get a pension and should NOT be allowed to dip into our already over-committed nearly bankrupt SS system after working only a couple of years in the private sector. If anything, their SS benefits should be VERY small, proportionate to their contribution. IMO.

I had planned to retire in 2009 but the stock market crash took care of that. Things are looking much better lately, and barring another crash I plan to be outta there in a year or two, unless I get laid off first. I actually come out better financially getting laid off than retiring, so I'll just wait for a while for that to happen. ;)
 

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That's what you get with "collective bargaining" or "collective Bblackmailing" as I would call it.:rolleyes: They bankrupted the industry with their decades of ever-increasing demands. I have worked in that environment (Boeing) and it's very adversarial, in my experience. We don't do that in the company I have worked for the past 33+ years and there is a very "team-oriented" environment between management and workers. We all work toward a common goal of revenue growth and profitability and get rewarded accordingly.

I do feel bad that people lost their life savings, but otoh who else gets $2-3 million in their pensions alone? No wonder they went bankrupt.



And IMO that's the way it should be in the private and public sector, for ALL employess including those who represent us. I recall reading that one of our representatives was getting a pension of over $400K per year. I think that's entirely absurd for doing nothing in retirement. And we pay that til they die.
That could be a strong very strong debate and almost impossible without getting political.

Obviously everyone's views on what people "should get" in retirement or pensions is gonna be different.

But to lose your entire pension (regardless of the amount) at the stroke of a pen and with a shrug of the shoulders is unimaginable.
 

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But to lose your entire pension (regardless of the amount) at the stroke of a pen and with a shrug of the shoulders is unimaginable.
I agree with you on that entirely. But otoh when pilots were making gobs of money, they should have been stashing it away in their OWN retirement savings plans or some investments. So they shouldn't have ended up with nothing.

I really think the problems with their pay demands ended up screwing them over in the end. It's a shame, but not unexpected when the company could't afford the payouts any longer.

I also don't believe ANY government workers should be able to opt out of social security just because they have their "own" retirement plan. None of the rest of us can opt out of it regardless of our financial situations. As I understand it, federal workers now have to pay into SS. My son works for the city and he's on SS as well. But for some reason, at least in CO, state employees have their own retirement plan, PERA (Public Employees Retirement Account). I personally think those should be abolished and folded into SS, so everyone is equal. If I am FORCED to pay into SS, so should everyone else...imo.
 

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I agree with you on that entirely. But otoh when pilots were making gobs of money, they should have been stashing it away in their OWN retirement savings plans or some investments. So they shouldn't have ended up with nothing.

I really think the problems with their pay demands ended up screwing them over in the end. It's a shame, but not unexpected when the company could't afford the payouts any longer.
Me and my mom butt heads on this all the time. So since you are her say the same thing, I have to ask, how much should a pilot make?

My mom believes that a person should get a "fair wage for an honest days work"! But what exactly is that?! And who gets to decide what is "fair"?
 

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Me and my mom butt heads on this all the time. So since you are her say the same thing, I have to ask, how much should a pilot make?

My mom believes that a person should get a "fair wage for an honest days work"! But what exactly is that?! And who gets to decide what is "fair"?
Mike, sorry I misstated it....I meant "pension demands" and said "pay" instead. I do believe a lot of workers in "collective bargaining" get more than they're worth, but this discussion is about retirement.

I don't know how much a pilot should make, but I will admit it's a job with a lot of responsibility and a lot of training and skill. Certainly more than a taxi or a bus driver. :sign0020: ;)

I guess looking at the education and training requirements, responsibilities, and comparing it to other jobs I'm familiar with I'd say around $100 per hour. That's 50-75% more than a lot of high performing engineers that I managed over the years that brought a lot of revenue to the company.

Also, that's over $200K per year if they work a 40 hour week like most folks do. But it's my understanding that pilots are limited in hours they can put in and don't work that many hours in a month. I would count all the time waiting at airports, waiting for the flight, etc. So how many hours a month does an average pilot put in?

I put in 6.5 years in College and have 33 years experience in the industry, and have 4 patents that enabled hundreds of milions of dollars if not billions of dollars of computer shipments and upgrades by my company. How much is that worth? :) I got no royalties off of my patents, because if you work for a company and get patents in their line of business, they are the patent owners, even though you are the inventor.
 

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To answer the OP's question, in the US you can retire whenever you think you have enough money to retire. Some people retire in their 30's, most a lot later. The "typical retrirement age" is 62. That's currently when you can start drawing Social Security benefits, but the program is projected to be bankrupt by 2025 because those in charge "borrowed" the money with "promises" to pay it back.
 

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"those in charge "borrowed" the money with "promises" to pay it back."

It's always been "pay as you go" - in other words this year's collections pay for this year's benefits.

But there is this myth perpetuated of the "social security trust fund", and of benefits defined by how much you've paid in.

Ponzi would be proud.
 
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