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The Water Cooler
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This is how long $1 million in retirement savings will last in your state
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<blockquote data-quote="Glocktogo" data-source="post: 3059227" data-attributes="member: 1132"><p>This is why so many older workers remain in the workforce, which trickles down and suppresses the earning ability of younger workers, and that impacts mental well being.</p><p></p><p><a href="https://www.theguardian.com/society/2016/feb/02/middle-aged-people-least-happy-most-anxious-ons-wellbeing-report" target="_blank">https://www.theguardian.com/society/2016/feb/02/middle-aged-people-least-happy-most-anxious-ons-wellbeing-report</a></p><p></p><p>I watched my quite wealthy boss remain in the workforce LONG after he'd peaked, not retiring until he was 75. It really hurt the morale of his staff, preventing promotions and pay increases because his exorbitant salary was soaking up so much of the budget. He already had a 2 star general's military retirement, a decent career as a lawyer and he was 5 years past maximizing his SS benefit. Worse yet, he further held down pay and bonuses for his staff to maximize his annual bonuses. Our retirement benefits directly suffer as a result of his actions. It was maddening to watch him come in for half days and do nothing for years, knowing he was putting the screws to us.</p><p></p><p>I'll do OK with a modest-decent retirement savings, retirement package and SS benefits. If something happened to SS benefits, I'm not sure I'd be able to stay retired. My current plan is to retire somewhere between 62-65. I hope like hell it's still possible when I get there! <img src="/images/smilies/frown.png" class="smilie" loading="lazy" alt=":(" title="Frown :(" data-shortname=":(" /></p></blockquote><p></p>
[QUOTE="Glocktogo, post: 3059227, member: 1132"] This is why so many older workers remain in the workforce, which trickles down and suppresses the earning ability of younger workers, and that impacts mental well being. [URL]https://www.theguardian.com/society/2016/feb/02/middle-aged-people-least-happy-most-anxious-ons-wellbeing-report[/URL] I watched my quite wealthy boss remain in the workforce LONG after he'd peaked, not retiring until he was 75. It really hurt the morale of his staff, preventing promotions and pay increases because his exorbitant salary was soaking up so much of the budget. He already had a 2 star general's military retirement, a decent career as a lawyer and he was 5 years past maximizing his SS benefit. Worse yet, he further held down pay and bonuses for his staff to maximize his annual bonuses. Our retirement benefits directly suffer as a result of his actions. It was maddening to watch him come in for half days and do nothing for years, knowing he was putting the screws to us. I'll do OK with a modest-decent retirement savings, retirement package and SS benefits. If something happened to SS benefits, I'm not sure I'd be able to stay retired. My current plan is to retire somewhere between 62-65. I hope like hell it's still possible when I get there! :( [/QUOTE]
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