Author Topic: You must retire in your sixties, anything else is mental  (Read 2223 times)

ixtap

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You must retire in your sixties, anything else is mental
« on: April 28, 2019, 08:43:05 PM »
https://www.barrons.com/amp/articles/retire-early-or-work-forever-51556397683

If you want to retire before sixty, you should see a therapist. If you want to work later, you just don't understand finances.

Also flip flops back and forth between salary and expenses, arguing at one point that your salary is good proxy for expenses and at another point you will only spend 70% in retirement.

Given that young retirees don't know what to do with their life and commuting costs is one reason you will spend less in retirement, they clearly are thinking of the kind of retiree who sits at home and gets depressed as the rule.

ApacheStache

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Re: You must retire in your sixties, anything else is mental
« Reply #1 on: April 28, 2019, 09:02:56 PM »
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But just financially, [FIRE] doesnít make sense unless youíre very, very rich, and if youíre very, very rich, you probably have expensive taste. For most people to quit work for 40 or 50 years, itís just not a plan that can be sustained for anybody, except for people on TV... Did you hear what I said? And 50s! 50s is too young. The math wonít work.
- Teresa Ghildarducci

Teresa Ghildarducci, what are you even talking about? I've seen my fair share of mainstream TV and for the life of me I cannot think of a single character backstory that breaches the topic of early retirement ó Teresa and I must have widely different tastes in TV shows... Also, I don't keep up with the lifestyles of Millionaires or Billionaires, but Warren Buffet strikes me as someone who is "very very rich" yet doesn't appear to have expensive taste. For someone who appears to have written books on retirement and pensions, she certainly could've provided facts or even a fact to back up her position.

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By the time youíre 40, you should have a little more than your annual income in the bank sequestered for your retirement in either a 401(k) or an IRA. By the time youíre 45, you should have two times your annual salary. By the time youíre 50, you should have three.

Yikes, seems like someone could use a refresher on the basic benefits of compound interest and investing in the stock market.

Great article. Thanks for sharing!
« Last Edit: April 28, 2019, 09:08:32 PM by ApacheStache »

ixtap

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Re: You must retire in your sixties, anything else is mental
« Reply #2 on: April 28, 2019, 11:07:03 PM »
I saw that headline earlier today and successfully resisted the urge to read it. Feeling pretty good about not giving them my attention...

You are a better person than I.

EricL

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Re: You must retire in your sixties, anything else is mental
« Reply #3 on: April 28, 2019, 11:36:02 PM »
I was just about to post this.  I am mental so maybe it fits.

marty998

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Re: You must retire in your sixties, anything else is mental
« Reply #4 on: April 29, 2019, 01:46:15 AM »
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Get out of debt by 30; save 5% to 10% of your pay in a safe, secure retirement account, and donít touch it for 40 years.

All things considered, the final line of the article is not the worst advice that could be given to the majority of people.

jinga nation

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Re: You must retire in your sixties, anything else is mental
« Reply #5 on: April 29, 2019, 06:55:24 AM »
One must be mentally fit to be financially fit.

I'll take the compliment.

remizidae

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Re: You must retire in your sixties, anything else is mental
« Reply #6 on: April 29, 2019, 09:14:32 AM »
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Get out of debt by 30; save 5% to 10% of your pay in a safe, secure retirement account, and donít touch it for 40 years.

All things considered, the final line of the article is not the worst advice that could be given to the majority of people.

Sadly, getting out of debt by 30 is not going to happen for those of us who didnít start a career until 25 or 30 or 35. Nor is it necessarily a good idea for low-interest debt.

JTColton

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Re: You must retire in your sixties, anything else is mental
« Reply #7 on: April 29, 2019, 10:11:58 AM »
An article that both BH and MMM can agree is rubbish, miraculous.

Maenad

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Re: You must retire in your sixties, anything else is mental
« Reply #8 on: April 29, 2019, 12:55:26 PM »
Wow, getting those two groups to agree on something is indeed nigh miraculous. I'm impressed.

Cassie

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Re: You must retire in your sixties, anything else is mental
« Reply #9 on: April 29, 2019, 07:11:05 PM »
Really silly as many people can and will retire early if they want to. 

js82

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Re: You must retire in your sixties, anything else is mental
« Reply #10 on: April 30, 2019, 05:41:55 AM »
I don't think the author of the article (or the interviewee, for that matter) was self-aware enough to realize the irony of criticizing the FIRE movement, and then immediately following up with:

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Thereís the rare pediatrician who loves their work and wants to see a couple of kids a couple of times a week until theyíre 90. Thatís rare; thatís why you see them in the newspaper. Thatís a kind of a partial, part-time, ďI control my pace and content of my workĒ kind of job.

Because everyone that achieves financial independence at an early age *OBVIOUSLY* sits around bored watching TV all day, as opposed to leveraging their financial flexibility to choose work that is enjoyable and meaningful to them.

ysette9

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Re: You must retire in your sixties, anything else is mental
« Reply #11 on: April 30, 2019, 11:33:51 AM »
I donít think words will convince people like that. You have to demonstrate with your actions that you live a full and meaningful life without work to get the brain cells moving.