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Old Brits - pension what will you do?
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Lucas



Joined: 11 Sep 2012

PostPosted: Mon Oct 20, 2014 4:33 pm    Post subject: Old Brits - pension what will you do? Reply with quote

http://www.dailymail.co.uk/money/pensions/article-2797270/savers-want-23k-year-retirement-money-run-5-years.html

I think the life skills I've learnt in Korea should see me through.

I can collect cardboard in the UK and make furniture from it and sell it on Ebay.

Forage for berries and leaves and eat Aldi beans.
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Mon Oct 20, 2014 5:36 pm    Post subject: Reply with quote

Assuming your house is paid for by then, what would you need 23 grand a year for at retirement age? Unless you plan on going on a cruise every other month. I reckon I'd be comfortable enough on 200 quid a week at today's prices.

If you look at the article it's the young people who think they'll need that much later in life. They must be imagining they'll still be buying the latest mobile phones, going to clubs and having tatoos done at 65.
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bmaw01



Joined: 13 May 2013

PostPosted: Mon Oct 20, 2014 11:09 pm    Post subject: Reply with quote

When we are at the age of retirement I believe a lot is going to change. I don't expect to retire at 65. I don't want to retire until I'm dead. It has been shown that people who retire young, die within a few years.

I think people who are contributing into a 401k and have nothing else are going to be in for a real shock when retirement hits. Inflation is going to make it very difficult for most people to lead anything but a hotdog for dinner lifestyle. Invest in gold, silver, and property.

Finally, look at it this way. Say you retire at 62. You have enough money for a decent retirement. How long do you really expect to live? My mom died at 65. I'd rather have life experiences now while i'm young then delay it all for some fairy tale retirement plan that will probably be cut short due to cancer or a heart attack.

Don't fear old age. We are all doomed to die. Very Happy
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Mon Oct 20, 2014 11:29 pm    Post subject: Reply with quote

Quote:
It has been shown that people who retire young, die within a few years.



Not according to this study (the most comprehnsive to date)

http://www.dailymail.co.uk/health/article-2430399/Retirement-age-NO-impact-life-expectancy.html

I'd have said, in order to retire young you generally have to be rich and the richer you are, the longer statistically you're going to live.



Quote:
Finally, look at it this way. Say you retire at 62. You have enough money for a decent retirement. How long do you really expect to live? My mom died at 65. I'd rather have life experiences now while i'm young then delay it all for some fairy tale retirement plan that will probably be cut short due to cancer or a heart attack


You said it yourself, you'd rather spend all your money when you're young and live in poverty after you retire. You may well feel differently about that in years to come. If you're still alive to retire at 62 your average life expectancy will be around 85 years old so statistically you'll have a long time picking up cardboard ahead of you. Sorry about your mum but gambling on dying, even at the age of 65 or earlier, is a long shot.
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jvalmer



Joined: 06 Jun 2003

PostPosted: Tue Oct 21, 2014 1:55 am    Post subject: Reply with quote

They'll probably have to raise the retirement age to like 72, in the next few decades.
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northway



Joined: 05 Jul 2010

PostPosted: Tue Oct 21, 2014 3:47 am    Post subject: Reply with quote

edwardcatflap wrote:
I'd have said, in order to retire young you generally have to be rich and the richer you are, the longer statistically you're going to live.


In the States it usually just means you're less educated. You can take your social security out early but at a drastically reduced rate. Well-educated people will generally hold off, even if they have the means to take it out early, as they recognize that drawing out funds three years early isn't worth it when you have to take a 15-20 year hit in earnings at the end of your life. People who are less educated or bad at personal finance don't necessarily make that distinction and are more likely to start pulling their social security at 62 instead of waiting until they can collect it in full.
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bmaw01



Joined: 13 May 2013

PostPosted: Tue Oct 21, 2014 9:15 am    Post subject: Reply with quote

edwardcatflap wrote:
Quote:
It has been shown that people who retire young, die within a few years.



Not according to this study (the most comprehnsive to date)

http://www.dailymail.co.uk/health/article-2430399/Retirement-age-NO-impact-life-expectancy.html

I'd have said, in order to retire young you generally have to be rich and the richer you are, the longer statistically you're going to live.



Quote:
Finally, look at it this way. Say you retire at 62. You have enough money for a decent retirement. How long do you really expect to live? My mom died at 65. I'd rather have life experiences now while i'm young then delay it all for some fairy tale retirement plan that will probably be cut short due to cancer or a heart attack


You said it yourself, you'd rather spend all your money when you're young and live in poverty after you retire. You may well feel differently about that in years to come. If you're still alive to retire at 62 your average life expectancy will be around 85 years old so statistically you'll have a long time picking up cardboard ahead of you. Sorry about your mum but gambling on dying, even at the age of 65 or earlier, is a long shot.


The rich don't retire and sit on their asses all day. The rich are still working on projects, and they are still involved in daily operations.

When I said that you are most likely to die after retirement I was talking about people who work in the private sector or for the government. It has been documented that police officers when they retire die within a few years. That could be due to depression. Who knows.

I'd rather be involved and active at 75. Having passion for what you do will keep you alive longer. That's a fact, and this one of the reasons why successful people live longer. Passion for life. Passion for what they do. It's not all about money.

Also. the rich live longer because they have access to the best in health care. That's a no brainer. Easier access to great health care equals a longer life. The poor and middle class don't have that option. The best option they have is to be proactive with their health. Exercise and eating right is key. Jack lalanne lived to be 94 and he was in perfect health. He didn't retire and move to Florida. He was working up until his death.

You should read "The 4 Hour Work Week" by Time Ferris. I don't agree with everything he says in his book, but I do agree with his statement on the current retirement system. To spend the next 40-45 years working your ass off so you can hopefully retire is nonsense. He called it deferred retirement.

Life is very unpredictable. I'm not advocating that someone should forgo retirement. People need to do it smartly.
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Tue Oct 21, 2014 3:53 pm    Post subject: Reply with quote

Quote:
When I said that you are most likely to die after retirement I was talking about people who work in the private sector or for the government


Um.. isn't that everyone who works?



Quote:
Also. the rich live longer because they have access to the best in health care


Yes I know, I said that already. I said rich people live longer and thought it was fairly obvious that was the main reason. There are other factors such as rich people generally being more intelligent and therefore having more things to occupy their minds when they stop working.

Quote:
You should read "The 4 Hour Work Week" by Time Ferris. I don't agree with everything he says in his book, but I do agree with his statement on the current retirement system. To spend the next 40-45 years working your ass off so you can hopefully retire is nonsense.


So, what's his alternative? write a how to change your life kind of book and live off the sales of that? Don't work your ass off and become a burden on other people in your old age? Rely on a government pension and end up working till you're 75? Drink/smoke/eat yourself into an early grave?

Quote:
I'd rather be involved and active at 75.


Unless this means you want to have a full time job when you're 75, you'll have to save the money while you're working in order to be be involved and active at that age.

Quote:
It's not all about money.


It is. planning your retirement is all about the money. Having a passion for something is not enough if you can't afford to feed yourself, keep warm and probably pay for long term care, unless you're lucky enough to die suddenly.
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slothrop



Joined: 03 Feb 2003

PostPosted: Tue Oct 21, 2014 8:30 pm    Post subject: Reply with quote

edit

Last edited by slothrop on Sun Jan 11, 2015 5:13 am; edited 1 time in total
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KimchiNinja



Joined: 01 May 2012
Location: Gangnam

PostPosted: Tue Oct 21, 2014 9:21 pm    Post subject: Reply with quote

edwardcatflap wrote:
So, what's his alternative? write a how to change your life kind of book and live off the sales of that? Don't work your ass off and become a burden on other people in your old age? Rely on a government pension and end up working till you're 75? Drink/smoke/eat yourself into an early grave?


Be excellent at your profession, make lots of money, spend very little money, retire at 40.
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Tue Oct 21, 2014 9:36 pm    Post subject: Reply with quote

Quote:
Be excellent at your profession, make lots of money, spend very little money, retire at 40.


Don't be too smug, according to bmaw01 you'll be dead before you hit 50. I'm not convinced 'having a passion for what you do' after retirement would include trolling on Dave's
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KimchiNinja



Joined: 01 May 2012
Location: Gangnam

PostPosted: Tue Oct 21, 2014 10:05 pm    Post subject: Reply with quote

edwardcatflap wrote:
Quote:
Be excellent at your profession, make lots of money, spend very little money, retire at 40.


Don't be too smug, according to bmaw01 you'll be dead before you hit 50. I'm not convinced 'having a passion for what you do' after retirement would include trolling on Dave's


Just answering the question. Most people conclude there are options A, B, C etc, and totally ignore option Z. Option Z rules.
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Tue Oct 21, 2014 10:24 pm    Post subject: Reply with quote

My personal option would be do a job you like doing and which enables you to save a lot and just retire when you'd rather do something else. Neither of our options are available for most people, however.
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GENO123



Joined: 28 Jan 2010

PostPosted: Sat Oct 25, 2014 6:23 pm    Post subject: Reply with quote

KimchiNinja wrote:
edwardcatflap wrote:
So, what's his alternative? write a how to change your life kind of book and live off the sales of that? Don't work your ass off and become a burden on other people in your old age? Rely on a government pension and end up working till you're 75? Drink/smoke/eat yourself into an early grave?


Be excellent at your profession, make lots of money, spend very little money, retire at 40.


what kind of venture capitalist posts on an ESL message board?
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atwood



Joined: 26 Dec 2009

PostPosted: Sat Oct 25, 2014 6:52 pm    Post subject: Reply with quote

Here's one way to retire early and live the life you love:

http://www.mrmoneymustache.com/
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