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No. of Recommendations: 4
Work till you drop? Not me.

http://www.cbsnews.com/news/vital-retirement-lessons-from-th...

People who retired in the '50s were working adults during the Great Depression, so they weren't strangers to hard times. As a result, almost everybody worked as long as they were able. Many people were farmers or shopkeepers, and they simply kept working, slowing down as they aged but continuing until they were just too feeble to work at all.

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intercst
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No. of Recommendations: 11
Yet the stories about retirees from that time show they lived their lives to the best of their abilities without feeling shortchanged.

Secret message: Shut up and keep working

Most of the farmers and shopkeepers took pride in and were fulfilled by their work, and they valued their social interactions and role they played in their community. (This aligns with current thinking about how to make retirement work enjoyable.)

Secret message: What do you need money for anyway? Shut up and keep working.

He passed away at 86, so his full-time retirement lasted just 11 years, longer than the average retirement in that time,

Secret Message: Be satisfied. Do not even try to do better. Keep working

Since money was scarce for retirees in the '50s, they were quite frugal, spending just on the basic necessities -- food, clothing and shelter. Many people grew fruit and vegetables in their gardens, canned produce for the winter and sewed their own clothes.

Many people do this today and always have. Anybody think this is really going to affect retirements across the board?

Here's just one example of their frugality: As a child and teenager, my uncle was considered "affluent" because he could afford to have his hair cut for a quarter.

Secret Message: Shut up. You have it "good enough". Keep working

In spite of all of these "limitations," my uncle told me that people generally accepted the status quo and didn't feel deprived. They got satisfaction from being an important part of their family, friends and community. They didn't pine for a better life, and they felt they were "all in it together."

Slave mentality. But hey, that's OK for slaves, right?

Secret Message: Find a way to be satisfied with what you. Let somebody else control our outcome. But, keep working.

If this is the best kapitalism has to offer you can jam it. Sideways.
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No. of Recommendations: 1
intercst
Work till you drop? Not me.

Ya! Screw that!

He who dies with the most toys does not win......he loses!

Looking forward to RE by year end myself. My evil plans (thanks in part to you intercst) are coming into play just as I have foreseen!.

As their lead legacy software developer, I may offer to do some light consulting in 2015 to allow my current employer to transition while they search for a replacement. It's been a pretty good place to work with lots of time off so I figure I owe them that. But I'll charge a hefty hourly rate. I won't need the money but if I'm even doing part-time work, I expect to get paid. In fact, I find it somewhat exhilarating now that I have plenty of FU money, $ seems to pour in easier and faster than ever. <g>

Metal
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No. of Recommendations: 4
He who dies with the most toys does not win......he loses!

Some people don't work for the money. My FIL is still working but not collecting a paycheck.

PSU
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No. of Recommendations: 6
you forgot part of the subject - add "for men" at the end.

Women were supposed to get married, have babies, keep house and get chucked out into the workforce after about 25 years of marriage.
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you forgot part of the subject - add "for men" at the end. Women were supposed to get married, have babies, keep house and get chucked out into the workforce after about 25 years of marriage. --rad

Yep. Happened to my mother. She gave birth to 6 children, was a stay at home mother. Then in 1959 my father divorced her, split the family in two, gave her a pittance that never increased while she raised a one year old and a six year old. Oh, and he married a younger woman shortly after he divorced the old used up one.
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He who dies with the most toys does not win......

He still dies. Plus, we'll split your gear . . . .
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I really don't see much in the article other than a rant against the life style of the 1950s.

My grandpa retired in the 1950s.....he worked all during the depression years.....my dad was born in 1916.....

My grandparents lived in small house on small lot outside NYC. They could grow a few things but didn't when they retired. Two of the kids/families lived with 500 feet so the grandparents had 'help' as they aged. My grandfather was a 'rigger' for sign painting in NYC - did the scaffolds and also painted. Grandma never worked - had five kids which her busy.

Grandpa worked as crossing guard when he retired.....came down with throat cancer - he was big time smoker which likely did him in....died in early 70s.....grandma lived on another 8 years. My dad and brothers would help her out...with things and probably some cash.

You know, there weren't a lot of THINGS to buy back then. No microwaves, no dishwashers, to big TV sets, no electronics other than B&W TV set and a 'stereo'..well in 1955, it was all mono and you had a 'record player' and that was it. You didn't have a house full of appliances because they didn't exist!

Oh, how deprived the folks were.

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What a stupid rant

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Most folks retiring then probably DID have company pensions. And, yep, if you retired in 1950, you probably only contributed to SS for 10 or 15 years - so you weren't going to 'reap' a lot. It was a safety net. But remember, min wage in the 50s was, what, 25c/hour? So $28/month was 100 hours pay?

There were no medical life saving treatments. No bypass surgery for heart attacks. No cancer drugs. None of that. No transplants. or botox. or Pacemakers....or cataract surgery. None of that.

And I'd bet that most folks were born in hospitals in 1950s.


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My dad retired at age 60....in 1977. He had a company pension equal to 44% of his last years salary....(44 years of service)....plus SS on top of that....plus a small amount of savings...that paid dividends and interest.....he lived another 12 years.....mom lived another 10 beyond that....

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Grandpa on my mom's side was a jeweler...ran stores for 40 years in NYC.....selling,repairing watches and jewelry. Did well.....when retired he mainly had income from SS and limited savings....he worked part time as a ticket taker at the local theater...just to keep himself busy. He and grandma had no real hobbies..... lived to 82, but had Alzheimer the last 2-3 years.....required institutionalization. Grandma that side of the family lived to 84. They never owned a house..always rented..... nothing but basic one bedroom places for 30 years since the two kids were raised. Didn't have Cadillac tastes and did fine.



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The spoiled brats of today are in for a big shock. They can't afford their current lifestyles piling on debt and spending 110% of what they make. when they get old, it's really going to be nasty. SS won't be paying big bucks.

Many boomers today blew through literally a million bucks they could have saved but didn't. Not my problem.

I retired at age 52.5.....and that was 15.5 years ago. Life is fine. So are the finances.


t.
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Work till you drop? Not me.

Big differences in life expectancy*. Someone retiring in the 1950s was probably born around 1900. Life expectancy then was about 46 for men. So they were already living on borrowed time and were more than likely working until they dropped dead. I'd wager most of here contemplating retirement were born between the 50s-60s. Life expectancy up to 65. So potentially living AND working much longer. Different expectations and mindsets.

JLC

* life expectancy is a little skewed by early infant/childhood diseases and deaths.
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AS JLC stated life expectancy was skewed because of higher mortality
 of infants & children back in the day. But also higher mortality 
of adults back in the day.

http://www.ssa.gov/history/lifeexpect.html

year             % of population         Av remaining life
cohort           surviving from age      expectancy for those
turned 65         21 to 65                aged 65
                 male     female         male     female

1940              53.9     60.9           12.7     14.7
1950              56.2     65.5           13.1     16.2
1960              60.1     71.3           13.2     17.4
1970              63.6     76.9           13.8     18.6
1980              67.8     80.9           14.6     19.1
1990              72.3     83.6           15.3     19.6


What I conclude from the above figures is that modern medicine 
has greatly increased the numbers of folk reaching age 65. And
 helped longevity of females after age 65. Sorry guys, 
longevity has only been pushed out 2.6 years on average.
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No. of Recommendations: 27
The spoiled brats of today are in for a big shock. They can't afford their current lifestyles piling on debt and spending 110% of what they make. when they get old, it's really going to be nasty. SS won't be paying big bucks.

That seems a bit harsh considering that pensions are a thing of the past, wages have stagnated, living costs are higher than ever, unemployment is still high, college degrees are required for many more jobs than ever, and college costs more than ever.

Your grandfather was able to retire after 44 years with a great pension. There are few organizations that provide pensions today and even with those that do, it's a toss-up as to whether you will actually receive the pension you earned. An individual who plans his life and career with that pension in mind can find it yanked out from under him or, if he's lucky, merely reduced to a much smaller amount.

http://www.forbes.com/sites/jeffreydorfman/2013/07/25/detroi...

Many American companies have gone through bankruptcy, reduced or eliminated workers’ pensions, and then emerged from bankruptcy to continue operation. Delta Airlines is one recent example; its pilots lost millions in promised pensions. In such cases, the federal government’s Pension Benefit Guaranty Corporation steps in to provide much smaller pensions, but workers are still big losers in such actions.

This chart from collegeboard.com displays the tuition and fees for college in 2013 dollars so one can accurately see how the rates have increased. College costs in the 70s were less than one-third what students currently pay for a public four-year university.

https://trends.collegeboard.org/college-pricing/figures-tabl...

According to this report from the Hamilton Project, wages increased by about 25% per decade from 1950 to 1970.
http://www.hamiltonproject.org/files/downloads_and_links/07_...
Over the past 40 years, a period in which U.S. GDP per capita more than doubled after adjusting for inflation, the annual earnings of
the median prime-aged male has actually fallen by 28 percent
.



Young people today aren't "spoiled brats"; they are simply working against a system that is failing them, including the Social Security that will not be there to function as a safety net when they simply can't save enough.

Minxie
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Whenever college debt is discussed it needs to be recalled that it is a special class of debt that can not be discharged in bankruptcy. This explains why a person who may earn $30,000 can pile up many times that in student loan debt. The lenders know they will be repaid even if it means it is out of the person's Social Security or their estate.

PF
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No. of Recommendations: 7
Young people today aren't "spoiled brats"; they are simply working against a system that is failing them, including the Social Security that will not be there to function as a safety net when they simply can't save enough.

Minxie


As a tweener, not young or old yet, I don't see it that way. But I don't blame young people so much. We have a culture that is insane about consumerism. That's hard trend to buck. You have to be very different from everyone else if you want to succeed.

www.mrmoneymustache.com and madfientist.com have nice web sites to teach a young person how to do that.

In addition, you can blame parents who 'spoil' their kids incessantly and make life all about them. I just finished raising my last of 3 and oh what a ride its been for us, trying to teach them to be different amongst a sea of stupid parents that pour all their money into their children. It's quite obnoxious actually. Paying for car payments of the 28 year children?!?!?!?! WTF! Letting grown children (and their kids) live with you because you just can't say no? It's insane. It really is.

Metal
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