Comments on: Rethinking Retirement

By: RetiredAt47

RetiredAt47 — Mon, 15 Sep 2008 16:34:18 +0000

A very wise post. In particular, I think these words are key: “The more I put away now – while I can – the more options I have further down the road.”

When I retired last year, it was not with the thought that I’d never do anything productive again. I simply wanted choices, the ability to try something new without the requirement of a big paycheck. After 25 years in a full-time career, it is immensely liberating to step away from the 9 to 5 grind and now pursue other options.

By: Bill

Bill — Mon, 15 Sep 2008 12:54:47 +0000

I “retired” at Trent’s age to take care of a terminally ill parent for the next several years – they barely made it out of their 50s before the disease claimed them.

And as other posters noted, you will absolutely have a battle to get disability or long-term care claims paid by any insurance company (you usually have to hire an attorney to get even SS disability!)

So, you will want to have a pool of funds to pay for that not covered by insurance and to pay while you’re battling to get your claims paid.

By: almost there

almost there — Mon, 15 Sep 2008 06:30:02 +0000

I am burned out and only 49, retire at 50 on Halloween. My father is dying and no pension (stops at death) or SS for my mom after he passes as he is a retired teacher that does not have enough earned under SS. Looks like my retirement may be short lived as I did not plan on supporting anyone else ‘cept my own family. Of course I will take care of my mom. I just hate it that years of planning and sacrifice go down the tubes by events other than one’s making. Lesson learned: Put money in a roth ira for your children so that they will be set when they retire and not be a burden on their children.

By: M E @

M E @ — Mon, 15 Sep 2008 00:17:10 +0000

No way should anyone every sacrifice their retirement savings for education expenses.

You CAN finance an education, you CANNOT finance your retirement!

Common sense people, please!!

By: clint

clint — Sun, 14 Sep 2008 20:04:13 +0000

Trent
I’m 59/read you everyday/enjoy your perspective/Money or Your Life resonates with me too…I, too, keep shopping for long term and disability policies…can you share any successes you are having with that project? thanks…keep up the good work!!

By: Catherine

Catherine — Sun, 14 Sep 2008 13:40:40 +0000

I’ve had this conversation with quite a few of my friends recently (we are in our mid-twenties). My biggest argument for saving for retirement when they say they are going to work forever is: What if you change your mind? What if you’re burnt out at 65? What if you want to travel? What if you become disabled? What if….? You can’t predict for what will happen in the future, but you can save for it to give yourself options!

By: Steven

Steven — Sat, 13 Sep 2008 14:11:02 +0000

“We don’t retire, we inspire.”
– Beverly Sills

By: bc

bc — Sat, 13 Sep 2008 07:34:15 +0000

My answer to your friend’s question: So I can continue to work because I want to, not because I need to.

By: Bret Frohlich

Bret Frohlich — Sat, 13 Sep 2008 00:04:52 +0000

My goal is to “Retire Early” and enjoy my life, just as my father had done. And, I’m saving and planning to do exactly that.

But, I have to agree with Lou here. It’s way better to have the money and never need it, then to need the money and not have it.

No matter what you choose for your life and your retirement, saving money always gives you options and provides benefits.

By: KCDesi

KCDesi — Fri, 12 Sep 2008 22:24:58 +0000

Wow Trent. You are just 30 !

Your writings are way mature than your actual age.

Keep up the good blog work. I really enjoy them.

KCDesi

By: Lou

Lou — Fri, 12 Sep 2008 21:45:24 +0000

Personal anecdote: My professorial career abruptly ended 7 years short of 65 and 13 years before I planned to retire, when a slate blackboard came off the wall in my classroom and landed on my head The insurer denied my long-term disability benefits. And, confused by the head injury, I did not competently fight them. If I hadn’t been steadily saving for retirement, I’d have been living on the streets during the years of waiting for Social Security benefits and Medicare to kick in.

By: Carmen

Carmen — Fri, 12 Sep 2008 21:21:37 +0000

Forgot to say that even though I wouldn’t personally classify something as working, does not mean that it isn’t hard work!

By: Carmen

Carmen — Fri, 12 Sep 2008 21:19:28 +0000

Trent -

Perhaps my comment was unclear or confusing, since I don’t classify serving on a school board as working. Or other voluntary not-for-pay ‘jobs’.

In fact those are exactly the kind of “wonderful things to see and do” to which I was referring in my reply, instead of working until one dies. Of course this could include an occasional or frequent tourist trap if one was so inclined!

By: Howard

Howard — Fri, 12 Sep 2008 21:14:54 +0000

“Today we are wasting resources of incalculable value; the accumulated knowledge, the mature wisdom, the seasoned experience, the skilled capacities, the productivity of a great and growing number of our people – our senior citizens.”

Senator John F. Kennedy, 1956

By: trb

trb — Fri, 12 Sep 2008 20:42:22 +0000

The truth is that we are all just “temporarily abled”. Almost everyone will face a time where it will be very difficult for them to get paid to do a job. So retirement savings are a hedge against when that disability (or dis-inclination) strikes you. Even if you don’t plan to sit on your bum all day, you may not be able to get out of bed on your own. I like Trent’s analysis that ‘these are the days to be saving’. That’s probably true for many of us.

By: Fern

Fern — Fri, 12 Sep 2008 20:32:49 +0000

As is often the case, the readers share as much wisdom as the author. “Savings are stored possibilities.” I love it.

it would seem a cruel irony that people bust their butts for much of their active, working lives to have the money to do whatever they want, except that by that time you’ll be much older and might not be able to accomplish it all. that’s why a slightly earlier retirement is the ticket for me. I want to ENJOY my golden years, not just survive them.

By: Trent

Trent — Fri, 12 Sep 2008 20:15:23 +0000

“Why on Earth do people want to continue working until they die? There are so many wonderful things to see and do that I am gobsmacked to have read this.”

I would far rather serve on a school board than visit a tourist trap. Public service makes me feel useful and feel good about myself and others. Traveling and spending money can be fun for me in short doses, but I don’t enjoy it for very long – I’m itching to create or produce or manage something. Different people are wired differently.

By: Laura

Laura — Fri, 12 Sep 2008 20:11:02 +0000

Trent-
I know that whatever long-term care and disability insurance you choose will be well-thought out. I’d like to know what your criteria for evaluation is for these policies!

By: Sandy

Sandy — Fri, 12 Sep 2008 20:08:20 +0000

I deliver lunches to the elderly still in their homes. Hopefully, all of us will be able (and want to) work til we die. However, I can’t imagine any of the wonderful (and once very productive) people I deliver to going to work every day. Several are just in their late 60′s and have serious medical problems. While you are young, it’s hard to imagine that you’ll ever get older, or sick…but as I see every day, people do. And illness does come to many. Saving as much as you can while young is the best (and pray that the stock market doesn’t crash just before you need the money!)

By: Carmen

Carmen — Fri, 12 Sep 2008 20:00:09 +0000

Why on Earth do people want to continue working until they die? There are so many wonderful things to see and do that I am gobsmacked to have read this. Although I wonder if it’s because the reality is that most people already know that they won’t be able to afford a “retirement” as we currently know them?

My husband and I are in our mid 30′s and would “retire” tomorrow given half the chance. As someone famous once said, apparently that shows we have imagination.

I agree with Chris that retirement = freedom.