The Death of the American Pension

[Harpy Eagle]

I'm 84 and still working. So shoot me.

Why shoot you when you are punishing yourself already?

 

[Harpy Eagle]

"Accumulated knowledge". I like it!

It is a thing that cannot be replaced easily.

My brother is an architect that specialized in designing hospitals for some 20 plus years. He no longer does any design work he just looks at the designs from other people and tells there where they went wrong. This is the niche he has carved out for himself. His firm aske him to teach what he does to the younger architects and my brother was like "this cannot be taught".

He is making a killing and doing very little real work.

 

[Harpy Eagle]

All in all, having a pension that you know will not got away makes retirement planning much easier

 

[Woodznutz]

It is a thing that cannot be replaced easily.

My brother is an architect that specialized in designing hospitals for some 20 plus years. He no longer does any design work he just looks at the designs from other people and tells there where they went wrong. This is the niche he has carved out for himself. His firm aske him to teach what he does to the younger architects and my brother was like "this cannot be taught".

He is making a killing and doing very little real work.

I'm experiencing much the same in my company. What I know about work priorities and organization are of no value to the youngsters here. They don't grasp it and won't until they have much more experience. I don't fault them too much; I was like that when I was young as well.

 

[odanny]

Fewer are prepared for retirement as it is, so it's going the other way.

What went wrong?​

"If you can't afford to retire, it's almost certainly because you don't have enough money saved. If that's the case, you're definitely not alone. The average American is terrible about saving money in general and saving for retirement specifically; a recent GoBankingRates survey found that 55% of workers have less than $10,000 saved for retirement."

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www.fool.com

This is why it is so important to invest in the 401K, not only will your contributions continue to appreciate over your working life, but it takes the thinking part of investing your earnings out of your hands and puts it in the hands of people who do that for a living.

"Less than $10,000 saved for retirement" means no retiring. Sometimes medical issues or just being kicked to the curb means you are forced to retire.

 

[The Sage of Main Street]

My grandfather did tax returns every year for people until he died at 102.

Identifying As a Cubicle

My grandfather was forced to retire at a certain age. It made him so miserable that he became an alcoholic and died soon afterwards.

 

[bdtex]

It's a touchy subject. We've got a retirement crisis coming. So many people have no fiscal discipline and don't save for retirement. I'm fortunate. Even as a teenager, I had enough discipline to save money working summer jobs and make it last during the school year when I didn't work. As an adult, my father taught me the 10% saving rule in long-term investment accounts. As my income increased, I increased the contribution % to 15-20. I don't touch it either.

In the last several years, the age for RMDs has increased from 70 to 73 too. I am 65 rolling up on 66. I hope to retire at 67 next year. My wife is 11.5 years younger than me which kinda complicates the healthcare/health insurance retirement $$ needs.

 

[Captain Caveman]

U.K. pensions:

View attachment 1017726

And the average length of time a state pension is collected in the UK is 8 years.