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When can you retire

Vee

Vee

Well-Known Member
Premium Member
I everyone.
There's been a lot of debate and strikes in France over the age of retirement going up from 62 to 64 y.o. I know people are living longer but I haven't looked into this and since I'm many years away from thinking about retirement, it's not something I worry about at the moment. But out of curiosity, what is the age of retirement in your different countries, and can you briefly explain how it works?
Thanks
 
Revoltingest

Revoltingest

Pragmatic Libertarian
Premium Member
We have a flexible age for Social Security benefits.
Eligibility begins at 65.
Other than that, we're flexible.

I think creating the expectation that everyone
can retire at 60something is a really bad idea.
Working past that age (assuming one is still
productive) is good for the individual, society,
& the economy. This would be especially so
as we face a population that will become stable,
& consequently become older on average.

My own retirement has been gradual. I still
work, but less on endeavors that yield money.
My new job (at a museum) pays nothing.
(But if I perform well, they'll double that.)
 
Vee

Vee

Well-Known Member
Premium Member
Revoltingest said:
We have a flexible age for Social Security benefits.
Eligibility begins at 65.
Other than that, we're flexible.

I think creating the expectation that everyone
can retire at 60something is a really bad idea.
Working past that age (assuming one is still
productive) is good for the individual, society,
& the economy. This would be especially so
as we face a population that will become stable,
& consequently become older on average.

My own retirement has been gradual. I still
work, but less on endeavors that yield money.
My new job (at a museum) pays nothing.
(But if I perform well, they'll double that.)
Click to expand...

I would like to be healthy enough to keep a professional activity and feel useful, but with flexible hours. What bothers me the most about my current situation is having to work so many hours and not having enough time left for other activities. If I could have a better balance there, I think I would be happy to keep working for as long as my health allows.
 
Revoltingest

Revoltingest

Pragmatic Libertarian
Premium Member
Vee said:
I would like to be healthy enough to keep a professional activity and feel useful, but with flexible hours. What bothers me the most about my current situation is having to work so many hours and not having enough time left for other activities. If I could have a better balance there, I think I would be happy to keep working for as long as my health allows.
Click to expand...
I've no advice.
But I do have questions...
Would a different job be better?
Are there ways to cut back on obligations?
 
Kenny

Kenny

Face to face with my Father
Premium Member
Revoltingest said:
We have a flexible age for Social Security benefits.
Eligibility begins at 65.
Other than that, we're flexible.

I think creating the expectation that everyone
can retire at 60something is a really bad idea.
Working past that age (assuming one is still
productive) is good for the individual, society,
& the economy. This would be especially so
as we face a population that will become stable,
& consequently become older on average.

My own retirement has been gradual. I still
work, but less on endeavors that yield money.
My new job (at a museum) pays nothing.
(But if I perform well, they'll double that.)
Click to expand...
^^^

Going on 69 and going on strong! Why retire the wisdom of years when the youth need it the most?
 
Revoltingest

Revoltingest

Pragmatic Libertarian
Premium Member
Kenny said:
^^^

Going on 69 and going on strong! Why retire the wisdom of years when the youth need it the most?
Click to expand...
Turning 70 this year.
And yes, those whippersnappers can
benefit from our vast experience at
making mistakes....& a few successes.
 
Heyo

Heyo

Veteran Member
Vee said:
I everyone.
There's been a lot of debate and strikes in France over the age of retirement going up from 62 to 64 y.o. I know people are living longer but I haven't looked into this and since I'm many years away from thinking about retirement, it's not something I worry about at the moment. But out of curiosity, what is the age of retirement in your different countries, and can you briefly explain how it works?
Thanks
Click to expand...
It used to be 65 in Germany but it's stepwise raised to 67.
The "generation treaty" isn't going to work for much longer with raising life expectancy and falling birth rates. I expect the model to be replaced within this decade by an UBI.
 
Vee

Vee

Well-Known Member
Premium Member
Revoltingest said:
Would a different job be better?
Are there ways to cut back on obligations?
Click to expand...

I have a job I like and the privilege of walking or biking to work, which is great. I also work with some fantastic people. But everything is getting more expensive so I have to keep working full time. To give you an idea, I got a promotion in October and inflation + taxes have already eaten away my pay rise. I simplified my life as much as I could but things are what they are. I find it hard to manage the time and energy, but looking at it objectively, could be much worse...
 
Last edited:
Vee

Vee

Well-Known Member
Premium Member
Heyo said:
I expect the model to be replaced within this decade by an UBI.
Click to expand...

I heard about that from other people too, but UBI would be extremelly inflationary. I'm not sure it can be used as a solution.
 
Quintessence

Quintessence

Consults with Trees
Staff member
Premium Member
I'm one of the very few in my country to have a pension plan, so I might actually be able to retire, but as a general rule most in my generation and younger probably won't. We are all missing the same benchmarks our parents had of financial independence by a decade or so, and that includes the ability to actually save money for retirement. Retirement is not going to be an option for many of us. Only my white-collar friends might be able to do it; the blue-collar have already given up on it. Blue-collar isn't given the respect and support it deserves these days unless you're in a union.
 
Vee

Vee

Well-Known Member
Premium Member
Quintessence said:
I'm one of the very few in my country to have a pension plan, so I might actually be able to retire, but as a general rule most in my generation and younger probably won't. We are all missing the same benchmarks our parents had of financial independence by a decade or so, and that includes the ability to actually save money for retirement. Retirement is not going to be an option for many of us. Only my white-collar friends might be able to do it; the blue-collar have already given up on it. Blue-collar isn't given the respect and support it deserves these days unless you're in a union.
Click to expand...

Do you think people can't save for retirement because they are bad at managing money or is it just because they don't earn enough?
Here in France things are different and most people count on a full retirement from Social Security alone. I think private plans are going to become more popular in the future.
 
Heyo

Heyo

Veteran Member
Vee said:
I heard about that from other people too, but UBI would be extremelly inflationary. I'm not sure it can be used as a solution.
Click to expand...
If it is not the solution there has be found an other one. But given the trends continue, the current model isn't sustainable.
 
Quintessence

Quintessence

Consults with Trees
Staff member
Premium Member
Vee said:
Do you think people can't save for retirement because they are bad at managing money or is it just because they don't earn enough?
Click to expand...

Honestly, a bit of both. But we live in a culture of rampant consumerism and manipulative marketing, so I don't find it fair to put too much of the blame on the individual. Many essentially live paycheck to paycheck, due to a combination of bad spending habits, low wages, and high baseline expenses.
 
Revoltingest

Revoltingest

Pragmatic Libertarian
Premium Member
Vee said:
I have a job I like and the privilege of walking or biking to work, which is great. I also work with some fantastic people. But everything is getting more expensive so I have to keep working full time. To give you an idea, I got a promotion in October and inflation + taxes have already eaten away my pay rise. I simplified my life as much as I could but things are what they are. I find it hard to manage the time and energy, but looking at it objectively, could be much worse...
Click to expand...
There are always problems to solve,
& compromises to make. You seem
to be coping well. Life is good...if
imperfect.
 
Alien826

Alien826

No religious beliefs
Given the increasing life expectancy, a later retirement age will pretty much have to occur. There are not going to be enough "young" taxpayers to support us old farts. It used to be that, retiring at 65, people could expect maybe 10 years of retirement. Now (in the Western world) living into the 90's is not unusual. French people should consider themselves very fortunate, not complain.

Of course, technically you can retire at any time. You are just on your own financially. The retirement age is when government benefits kick in.

There's another consideration. In the USA, we were supposed to have "three legged stool". Government pension, company pension and personal savings. The company pensions have mostly gone away, and many people just don't make enough to save for retirement. Personal savings have to be considered in retirement also. If you are going to live longer you will need more saved.

I was lucky in retirement. I retired early at 64 1/2 with a reduced government pension. Within a year my marriage deteriorated to the point where we got divorced. I had kept in touch with my previous boss, and he rehired me on a four day week, working from home three days. So I was partially retired, but getting a good income in addition to my pension, which increased as I paid into it again. I was then making more than I needed and I let it pile up. Later I reduced my week to three days, and finally retired fully at 72. I have now been retired ten years and am in good health so I anticipate sticking around to bug you guys for quite a while.
 
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