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May 01, 2017

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I'm in the 62 and younger cohort. Can't wait to spend weekdays in my garden.

While there's no link to the poll here, my guess is the poll didn't ask when retired people actually retired. It was more likely a public poll that anyone could answer.

I bet what would be really surprising is what many of those 62 and younger people say if you asked how much they are saving for retirement. Many people seem to think "Well, my parents retired at 62, so, I guess that's when I will too!" when their parents retired with a corporate or government pension and health benefits before qualifying for Medicare.

I hear many people I work with "plan to be retired by 60" that are contributing either nothing to any retirement account, or "maxing out" the 401(k) (and they believe "maxed out" is putting in 6% to get the full employer match). Doesn't seem like a very sound plan to me, but I could be wrong.

Oh, and to answer the question asked in the post, I contribute 15% to my 401(k), contribute the maximum allowable amount to a Roth IRA, and have additional savings on top of that in taxable accounts. I seriously doubt I will be able to retire before 70 unless forced to by health issues - a very likely scenario given my family history of both parents being dead or in a nursing home prior to reaching that age.

I honestly doubt an active retirement while still in good health like my parents did is a possibility for me. The savings I am setting aside are more to help pay the bills after a disabling health problem, or to cover the difference between living expenses and my income should I be forced into a low-wage job in later years (a more and more common scenario).

I'm shooting for the under 62 club

I tried early retirement in my late 40s, that lasted only a few weeks before I became bored. So when my previous employer offered a bonus to bring me back, I took it. My schedule is gated by elder care responsibilities which thankfully are minimal right now, but when it gets to be hours per day, that'll be when I retire. Either way though I don't see working past 55.

I'm not surprised by the wide variation in retirement ages. I hear people who work in government can start collecting pensions after just 20 years of service. And there's a sizable crowd who are planning to never retire.

I'm going for 55, next summer. Ironically, I've got a post scheduled to come out tomorrow about folks who are unable to retire. Scary how many folks are planning on 70+!

Huh, interesting. I'm just shocked that so many people are willing to retire well into their Golden Years. For me, I'm shooting for retiring at 35. ;) It does take a lot of work, but I think it'll be manageable. And after that, it's all about doing only work that I want to do. Ahhhh.

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