RETIREMENT= age, or state of finance?

Discussion in 'Lawn Mowing' started by bobbygedd, Feb 3, 2004.

  1. bobbygedd

    bobbygedd LawnSite Fanatic
    from NJ
    Posts: 10,178

    i've recently been discussing "retirement" with some people who have a whole lot of money. they make comments such as , "i'm still 27 yrs away from retirement", or " another seven years, and i can retire." my comeback of course (u know i just love to argue) is, "why can't you retire now?" their comeback, "i'm not old enough?" THIS MAKES ME SICK!!!! why are people so convinced that you have to be near death age to retire? i say retirement is a state of finance, not your age. if i'm 30 yrs old, and have enough money to live comfortably , then guess what? i retire! SO, TELL ME, IS RETIREMENT AN AGE, OR A FINANCIAL DECISION?
  2. packerbacker

    packerbacker LawnSite Bronze Member
    Posts: 1,433

    I saw my dad retire when he was 65, sat around for 6 months and drove me mom crazy, he got a part time job working at some high-end mens clothing stores doing sales for 6-7 years, they lived comfortably but were never rich by any means. He just wanted to work. I also saw my father only have Sundays to spend with my sister and I. As far as im concerned i dont work past 50 and ill bust my a** for the next 21 years to insure that.
  3. NickN

    NickN LawnSite Bronze Member
    from Alabama
    Posts: 1,010

    Hey bobby,
    It probably has to do with the fact that if they have a retirement account(401K,IRA,etc.,,) they will be severely penalized for withdrawing that money before a certain age.I made the mistake of cashing in a 401K years ago.I knew what would happen and had just lost my job(plant closed).Turned out I really didn't need it,BUT,I took 45k out and I got about 28k of it.The penalties and the government took care of the rest.On top of that,I was thrown into a much higher tax bracket and ended up paying 8k more at tax time.
    Also,they may be planning on getting Social Security and Medicare,so they have to wait until they're 65 to get the full benefits.
  4. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    My take on it bobby is that it's a little of both. Obviously you need the finances to be able to eat and keep a roof over your head. As for age, I guess a lot of people don't retire early cause they don't know what they will do with themselves day in and day out vs. working.

    Funny this topic is being brought up cause I am seriously considering some form of semi-retirement at the end of this year when I turn 50 (November).
  5. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Posts: 4,900

    These days its a FINANCIAL DECISION got the jack I'm staying in the sack. for people that were born before the deprassion and/ or wwii it was a state of mind. There was not always welfare and good times in this country and imo once you have done without becouse of lack of work you work as long as you could.
  6. mowinmoney

    mowinmoney LawnSite Member
    from Midwest
    Posts: 70

    Some people love work and they don't know any other way of life...when I can retire I will retire, life is too short to work forever.
  7. Evan528

    Evan528 LawnSite Silver Member
    Posts: 2,144

    Retirement will be a financial decision for me. Im doing everything within my means right now to insure an earlier then average retirement. If I live to be old....ya better beleave I want to enjoy my life. Between the investments I have already made and what I plan to do in the short future Im confident I can do so. I will be purchasing my second home before winters end to be used as an investment property and plan to buy several more over the years. I figure Landscaping isnt ever going to make me weathly.....time to try something new.
  8. P&C Lawn Care

    P&C Lawn Care LawnSite Senior Member
    Posts: 373

    Retirement does not have to mean that you have to quit working. I know several people who retire from one job and then go do something else. Sitting around the house doing nothing is good for about three weeks, unless you have a really good hobby to occupy your time, but then it becomes work again.
  9. bobbygedd

    bobbygedd LawnSite Fanatic
    from NJ
    Posts: 10,178

    nick, i'm not talking about withdrawing from an ira or 401k. remember, i said these people have more than enough money(in thier savings account) to live comfortably for the next 30 years
  10. John Gamba

    John Gamba LawnSite Fanatic
    from ct
    Posts: 10,812

    There are only so many islands to go to, So many houses to rebuild. At a young age you will get fat you will be board and you will do what i'm doing and get back to work.

    The other thing that sucks is if you retire and your girlfriend isn't, you will find your self home alone allot.


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