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(Think Progress)   62% of workers 45-60 will continue to compete with you for jobs because they can no longer afford to retire   (thinkprogress.org) divider line 179
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1341 clicks; posted to Politics » on 02 Feb 2013 at 4:30 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-02 06:12:18 PM  

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


If you've paid cash for everything and have never used credit, you have a zero credit score which puts you in a great position to get a mortgage. Find a bank that does manual underwriting. Show them that you can make a house payment. Present rental receipts (or canceled checks from your landlord) and utility bills. That combined with your down payment (20% minimum) and steady employment, any decent bank should give you a mortgage. Try small community banks or credit unions, not the massive megabanks.

Don't get a credit card just to build a credit score. Actually, don't get a credit card at all.
 
2013-02-02 06:13:24 PM  
they call that thar' Freedom!!


....as the wealthiest 2% continue laughing all the way to the bank and continue to enjoy the widening gap between the rich and everyone else in America(tm)
 
2013-02-02 06:17:46 PM  

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


If your "handy" with home improvement projects, it will be a plus as you can buy the most economical home in any neighborhood and not get buried in repair costs.  Good economy or bad, my last four homes resulted in positive returns due to my sweat equity (improvements made without paying someone else to do them).  Take advantage of Fannie May homes, repo's, etc.  Not having any debt by 32 is good if you've paid your debt off, you're a crapshoot for financial institutesif you have no history.  Having longetivity in your current job and a verifiable history of paying off your utilities on time is thing in your favor.  Having little to no debt verifies that you live within your means.  DO NOT request a credit report more than necessary as each request will lower your rating a little bit- even if you are just verifying that your name isn't on a post box in Barbados or verifying that it had since been removed (personal expirience). Regarding loans- there is mixed data out there as to whether purchasing an item on credit such as a motorbike or electronics really establishes credit history or not.  Showing a hhistory of prompt payments probably won't hurt, but having car payments while applying for a home loan does not help.  Home loans nowadays seem to be based on a percentage of your income.  If 50% of your wages are tied up in rent and utilities, you may find yourself either without a loan or paying a higher percentage in interest charges.  Talk to you lending instute and determine what you can afford- rule of thumb on a Fannie Mae or a fixer upper is to set aside 15% (below your max eligibility)for repairs.  Better yet- try to find a home 10-15% below the highest amount you are eligible for.  They say you can afford 100k- look for a home in the 85-90k region.  Unexpected costs inevitably will eat up the rest.  Also always have a plan B in the event you lose you job.  Without family, you could probably eek by on a minimum waged job in a 90K home long enough to keep up payments while you sell it or get a roomie to help cover the mortgage- or until you settle into your next career.

You can never get started too early on a retirement account.  If going through work (401/403 plans), try to find one that offers you flexibility so that you can increase or decrease your contributions as life changes occur.  With some luck, your employer will contribute a percentage of your wages into the account annually as well.

As changes (increases) occur in your wages, do not adjust your budget accordingly, increase your savings and contributions and try to remain in your current means.  If you're single now- this is your time to shine.  Without the obligations of family, you should set your savings goals much higher and spend only what you need on yourself.  Once family is in the picture, you may not see another opportunity present itself until the kids clear college.  Establish yourself a list of desires- separate them into wants and needs.  develope a budget focusing on the needs and visit the want list only ocaisionally when a savings milestone or goal is reached.  Learn to purchase things that are of quality and last- avoid the trendy unless absolutely necessary or when rewarding yourself.

Don't be afraid to talk to a real fiinancial planner rather than advice on the net.  Best to find one through family or close contacts.  Research, research, research...
 
2013-02-02 06:19:21 PM  
Coming up to 30 years in the workforce, planning to retire in another 5 years at 55. Fixed pension of around 50 to 60% of final salary (depending on market).
 
2013-02-02 06:20:17 PM  

IlGreven: sammyk: It's not a competition. Experience will always win.

If experience even threatens to cut into profit margin, it's a liability that must be purged.  That's why these "experienced" guys are looking for jobs in the first place.


I save my employer millions a year by not making expensive rookie mistakes. No job is safe these days but mine is reasonably secure. But I wont be looking for a job for very long no matter what happens. If you are under 30 you are most likely not real competition for me.

jst3p: sammyk: It's not a competition. Experience will always win.

Many places are reluctant to hire old folks due to the increased burden on their healthcare plan that eventually results in higher premiums.


That may be true for small companies. You know where rookies cut their teeth. But most corporations do not consider age. Would you like to know why? It's clearly illegal and the older person will all of the sudden have a well funded retirement on the settlement the company that does that will pay to keep it out of court.
 
2013-02-02 06:20:50 PM  

Sid_6.7: alwaysjaded: I'm 32 and figure it's never too early.

Ha!

Never to early, but at 32 it might be too late!

I'm 29 and I've been maxing my Roth IRA every year since I was 21.

I've been hoping that whole "fiscal cliff" thing would temporarily tank the market again so I could make my 2012 contribution really count, but it looks like that isn't happening.

AlwaysRightBoy: To be honest. Youts are not that smart.

Said the man who can neither spell nor make complete sentences?


Sid, I've been paying the max into my 401k since I was 21, am now 51 and have no plans for retirement.

/when I have a heart attack on the office floor.... my wife will be all smiles
 
2013-02-02 06:24:15 PM  

MindStalker: johne3819: I thought we're supposed to work til we're 70 now right?  Isn't that what Romney and supporters were saying during the election?  The SS age is needs to be raised is all the rage.  I mean since we live to be 72 now, we should be cool with 2 years..

Its not true though. The mode and median life expectancy haven't changed much, just the average. The top 20% are living much longer, the bottom 80% haven't changed much at all. So those who actually need Social Security, nothing has changed in their life expectancy.

[www.ssa.gov image 453x290]


I don't know where you got that graph, but it clearly shows that death rates for people in the bottom half of the income distribution have dropped ~30% at age 65, over 20% at 70, etc. So while the wealthier half are undeniably living longer than the poorer half, the effect is significant across both age groups. The CDC's figures from 2009 (http://www.cdc.gov/nchs/data/hus/2011/022.pdf) show that a person who makes it to 65 can, on average, expect to live 19 more years. That's up 5 from 1950, the year the chart starts. That's going to have an effect on people's retirements, and its going to change the math for programs like social security. I don't think anyone  wants everyone to have to work 5 years longer, but I don't see the alternative.
 
2013-02-02 06:25:08 PM  

MFAWG: Die at your station, and thank the Job Creators for giving you the opportunity to do so.



here ye' here ye'!

and also thank god the job creaters had the wisdom to take over our government and call it 'democracy'.

AND the foresight to ship 'their' money to overseas tax shelters and our jobs too!!
 
2013-02-02 06:25:42 PM  

sammyk: That may be true for small companies. You know where rookies cut their teeth. But most corporations do not consider age. Would you like to know why? It's clearly illegal and the older person will all of the sudden have a well funded retirement on the settlement the company that does that will pay to keep it out of court.


Sure it is illegal, but that doesn't mean it doesn't happen. It is pretty difficult to prove.
 
2013-02-02 06:25:58 PM  

sammyk: It's clearly illegal and the older person will all of the sudden have a well funded retirement on the settlement the company that does that will pay to keep it out of court.


Assuming you can prove that age was the basis of discrimination in court.  Things get nebulous and justifications get creative and typically the corporation the resources to litigiously subdue the individual.
 
2013-02-02 06:26:23 PM  

clowncar on fire: DO NOT request a credit report more than necessary as each request will lower your rating a little bit- even if you are just verifying that your name isn't on a post box in Barbados or verifying that it had since been removed (personal expirience).


It doesn't ding your credit score when you request to see it. It does get dinged when a creditor requests to see it.
 
2013-02-02 06:27:26 PM  

Pope Larry II: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

I started at 25. I have a set amount automatically transfered each month. It has worked well for me so far. I should be able to retire nicely, thanks to this and my company's pension plan.


till the bottom drops out and bread costs 25 bucks/loaf.
 
2013-02-02 06:30:38 PM  

jack21221: Am I the only person who has no plans to ever retire?



retiring is for lightweights.   they all think they're going to play golf for 8 hours a day until they find out that retirement has its own challenges.
life isn't something you sit and watch. you have to participate.

the key is to continue working but at what YOU want to do, not some Turd boss or Turd stockholder.
 
2013-02-02 06:31:15 PM  

Biological Ali: Damn geezers takin' our jerbs!


Get off my Lawn!!!!
 
2013-02-02 06:31:28 PM  

James F. Campbell: AlwaysRightBoy: To be honest. Youts are not that smart.

At my ad agency, we go through them like a cord of wood.

You don't strike me as particularly bright, yourself.


People, when on the internet who feel the need to berate people are rather dull to me.
 
2013-02-02 06:31:41 PM  

itsdan: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early.

It's actually a bit late. Start now. Just open an IRA and start depositing money routinely. If you can have your employer send a fixed amount or % automatically (via a split direct deposit if you use that) even better. Traditional IRA's = tax deduction now, pay taxes on earnings when you take them. Roth IRA = pay taxes now, no taxes when you take it later. I went with traditional since I figure tax rates will be lower for me when I retire and have no income.


This. I got my first retirement account when I got my first real job, even though the pay sucked. Compound interest is a powerful force, but it needs time to do its magic.

Also, get a credit card. You don't have to carry any debt, but the mortgage market it tight now and you need credit history.
 
2013-02-02 06:32:42 PM  

Linux_Yes: jack21221: Am I the only person who has no plans to ever retire?


retiring is for lightweights.   they all think they're going to play golf for 8 hours a day until they find out that retirement has its own challenges.
life isn't something you sit and watch. you have to participate.

the key is to continue working but at what YOU want to do, not some Turd boss or Turd stockholder.


Or retire and donate your time to a non-profit.
 
2013-02-02 06:33:07 PM  

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.



NOW you know who has the Real Power in America: your friendly Banker.
 
2013-02-02 06:35:12 PM  

Notabunny: IlGreven: sammyk: It's not a competition. Experience will always win.

If experience even threatens to cut into profit margin, it's a liability that must be purged.  That's why these "experienced" guys are looking for jobs in the first place.

As an Experienced American, I command a higher salary because I make my employer a metric assload of money more than half a dozen rookies, and at a rate the rookies can't even imagine is possible. I identify and correct problems before the rookies even know they exist. I recognize new opportunities and exploit them for my employer's benefit while the rookies are still trying to remember where the employee break room is. Hiring an Experienced American is an investment in your company's future.


just make sure you don't become so 'experienced' that you find yourself sticking your tongue up your bosses ass more and more with time.

then you become a willing slave.
 
2013-02-02 06:35:58 PM  

Sid_6.7: alwaysjaded: I'm 32 and figure it's never too early.

Ha!

Never to early, but at 32 it might be too late!

I'm 29 and I've been maxing my Roth IRA every year since I was 21.

I've been hoping that whole "fiscal cliff" thing would temporarily tank the market again so I could make my 2012 contribution really count, but it looks like that isn't happening.

AlwaysRightBoy: To be honest. Youts are not that smart.

Said the man who can neither spell nor make complete sentences?


api.ning.com
 
2013-02-02 06:40:48 PM  

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


Jeez, and I thought I was getting a late start in my mid-20s.  I've been contributing to my 401K now for almost 7 years and refuse to touch a dime of it...  I don't make that much money, but I put money into it every month and have emergency funds in case something happens.  I feel better about my situation all of a sudden.
 
2013-02-02 06:42:42 PM  

AlwaysRightBoy: James F. Campbell: AlwaysRightBoy: To be honest. Youts are not that smart.

At my ad agency, we go through them like a cord of wood.

You don't strike me as particularly bright, yourself.

People, when on the internet who feel the need to berate people are rather dull to me.


I wonder if you're intelligent enough to realize the massive hypocrisy in you saying this. I'm going to go with no.

Also, holy Christing peanut butter crackers. Where the fark did you learn English? Helen Keller's School for the Special?
 
2013-02-02 06:42:45 PM  

dustman81: clowncar on fire: DO NOT request a credit report more than necessary as each request will lower your rating a little bit- even if you are just verifying that your name isn't on a post box in Barbados or verifying that it had since been removed (personal expirience).

It doesn't ding your credit score when you request to see it. It does get dinged when a creditor requests to see it.


I stand corrected then.  I was in the process of purchasing a house at the time I discovered that I had a post office box in the South Seas, so I was in there later on verifying that I had it removed correctly.  Received a letter shortly after notifying me of the shift of credit rating due to "unusual activity".  I checked on this and the unusual activity was given as frequent visits.
 
2013-02-02 06:42:58 PM  

sammyk: It's not a competition. Experience will always win.


In tech, anyway, age will always lose.
 
2013-02-02 06:43:20 PM  

johne3819: I thought we're supposed to work til we're 70 now right?  Isn't that what Romney and supporters were saying during the election?  The SS age is needs to be raised is all the rage.  I mean since we live to be 72 now, we should be cool with 2 years..



U.S. Life expectancy at Birth (average data from 2005 to 2010)

Males: 75.35 years
Females: 80.51

WHO 2011 estimate:
75.9 and 80.5
 
2013-02-02 06:44:51 PM  

Droog8912: a) consumer-driven culture: most people are too stupid to plan for retirement accordingly, as they need the iPhone 5, iPad2, or 65" LED TV because the previous model doesn't have the feature they want
b) many people are still screwed by the housing bubble
c) housing prices will continue to stagnate as boomers try to "cash out" on the massive houses they purchased but have a reduced demand for such housing
d) recessions delay retirements
e) medical technology means longer lifespans, lower infant mortality rate for those with crippling birth defects, illness, etc. leading to higher medical costs
f) longer lifespans mean medical expenses skyrocket, high cost of living
g) higher costs of living mean less consumable income (and conspicuous consumption will have to drop)
h) overly generous benefits/pensions and poor planning to pay for them, particularly of state/local government unfunded liabilities, will weigh heavily upon he economy in the future
i) excessive executive compensation

Result: job market changes, everyone will have to work longer and for less.  Once again, the problems of past generations are kicked down the road to the next.

/yes, I am an economist


except the top 2%.  they're wealth contiues to grow and the wealth gap continues to widen.  who'da thunk!

i love Economist John Kenneth Galbraith's quote:

Under a Capitalist system man exploits man,
under a Communist one, its just the opposite.

cheers!
 
2013-02-02 06:45:40 PM  

lilbjorn: sammyk: It's not a competition. Experience will always win.

In tech, anyway, age will always lose.


I'm in a tech field.  He who has the most expirience and collects the most training retains their job. I'm the "baby' at my site with 15 years.
 
2013-02-02 06:46:15 PM  

lilbjorn: sammyk: It's not a competition. Experience will always win.

In tech, anyway, age will always lose.


in life, Age will always lose.   the only surety is death and, well, death.
 
2013-02-02 06:46:54 PM  

shanteyman: When were 45-60 year-olds retiring in the first place?

THIS !

There's something seriously wrong when people who are in the prime of their working life are retiring instead of working.


If you have sufficient wherewithall it retire at 45, why keep a job?
 
2013-02-02 06:49:06 PM  

clowncar on fire: lilbjorn: sammyk: It's not a competition. Experience will always win.

In tech, anyway, age will always lose.

I'm in a tech field.  He who has the most expirience and collects the most training retains their job. I'm the "baby' at my site with 15 years.


You definitely want to avoid middle management in any field at all costs- just ask the #2 rep of al qaeda if you have any doubts about where midmanagement is going to get you..
 
2013-02-02 06:49:07 PM  

Droog8912: Have at least a 20% down payment ready for your house so you don't have to pay for PMI.


This is not true for many mortgage products. 80/10/10 loans are a good way to avoid PMI on a conventional loans. Banks will give you a HELOC for 10% down, and this is a nice line of credit you can pay down. However the rate on this 10% is higher, and can be variable.

I have seen fixed conventional loans recently as high as 95/5 with no PMI. Basically, you pay a slightly higher interest rate instead of PMI.
 
2013-02-02 06:49:17 PM  
And I am one of those old bastiches that is going to keep right on working until I can afford to retire. Now, get off my lawn, ya young punks!
 
2013-02-02 06:51:56 PM  
Of course, if you've figured out how to get paid to do something you love, you'll never want to retire no matter how much you have saved.
 
2013-02-02 06:53:57 PM  

Harry_Seldon: Droog8912: Have at least a 20% down payment ready for your house so you don't have to pay for PMI.

This is not true for many mortgage products. 80/10/10 loans are a good way to avoid PMI on a conventional loans. Banks will give you a HELOC for 10% down, and this is a nice line of credit you can pay down. However the rate on this 10% is higher, and can be variable.

I have seen fixed conventional loans recently as high as 95/5 with no PMI. Basically, you pay a slightly higher interest rate instead of PMI.


Conventional loans will let you off the pmi hook at 20%, creative loans have you hooked for the entire duration of the loan which will cost you more in the long run.  Best bet is to have the 20% down or delay/downsize your plans until that 20% is paid off.
 
2013-02-02 06:55:09 PM  

Notabunny: I read that today a new GM employee starts at $14/hr, which, when adjusted for inflation, is .03 less than Henry Ford paid in the 19teens before he instituted his $5/day plan.

So while dad and grandpa can't retire, it's ok because it's not like you're going to get a job that pays enough for you to move out, anyway.


Im supporting a family of 4 on less than $14/hr. Sure we get food stamps but thats it, no cash or housing assistance. It can be done, you just have to forget about things like eating out, several hundred channel TV, etc.
 
2013-02-02 06:57:18 PM  

PapaChester: Experience only matters in jobs not protected by corrupt government unions.

I've never met a 65 year old teacher that is worth their salt.

 That's funny, your teachers all said you weren't worth your salt as a student.
 
2013-02-02 06:58:47 PM  

Arctic Phoenix: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Jeez, and I thought I was getting a late start in my mid-20s.  I've been contributing to my 401K now for almost 7 years and refuse to touch a dime of it...  I don't make that much money, but I put money into it every month and have emergency funds in case something happens.  I feel better about my situation all of a sudden.



Just don't get married or have kids and you'll be fine.
 
2013-02-02 07:03:17 PM  

ghare: Arctic Phoenix: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Jeez, and I thought I was getting a late start in my mid-20s.  I've been contributing to my 401K now for almost 7 years and refuse to touch a dime of it...  I don't make that much money, but I put money into it every month and have emergency funds in case something happens.  I feel better about my situation all of a sudden.


Just don't get married or have kids and you'll be fine.


A little late for that on both parts!  lol

But both of my kids will be grown by the time I'm in my early-mid 40s, so that will help.  And I've already told them their options for college:  Military or go to Europe where college is free/cheap.  Don't go into debt.
 
2013-02-02 07:08:28 PM  

jst3p: sammyk: That may be true for small companies. You know where rookies cut their teeth. But most corporations do not consider age. Would you like to know why? It's clearly illegal and the older person will all of the sudden have a well funded retirement on the settlement the company that does that will pay to keep it out of court.

Sure it is illegal, but that doesn't mean it doesn't happen. It is pretty difficult to prove.


Again - if you are a small company, and don't hire a lot of people, you can discriminate against a few individuals and no one can prove it. But if you are a huge megacorp that hires many people on a regular basis, a pattern of consistent discrimination will emerge.
 
2013-02-02 07:08:51 PM  

ghare: PapaChester: Experience only matters in jobs not protected by corrupt government unions.

I've never met a 65 year old teacher that is worth their salt.
 That's funny, your teachers all said you weren't worth your salt as a student.


Some of my most memorable teachers were beyond retirement age. The difference was that retirement had become an option and that their dedication to their profession had taken precedence over their retirement goals.
 
2013-02-02 07:12:21 PM  
That people still deny that there is a problem with the distribution of wealth in this country is mind boggling.

The CEOs and heirs will be partying and playing golf while the rest of us will die on our feet at our jobs.
 
2013-02-02 07:21:05 PM  

GhostFish: That people still deny that there is a problem with the distribution of wealth in this country is mind boggling.

The CEOs and heirs will be partying and playing golf while the rest of us will die on our feet at our jobs.


All hail the job creators, from whom all that is good and holy flows.
 
2013-02-02 07:22:39 PM  

Arctic Phoenix: ghare: Arctic Phoenix: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Jeez, and I thought I was getting a late start in my mid-20s.  I've been contributing to my 401K now for almost 7 years and refuse to touch a dime of it...  I don't make that much money, but I put money into it every month and have emergency funds in case something happens.  I feel better about my situation all of a sudden.


Just don't get married or have kids and you'll be fine.

A little late for that on both parts!  lol

But both of my kids will be grown by the time I'm in my early-mid 40s, so that will help.  And I've already told them their options for college:  Military or go to Europe where college is free/cheap.  Don't go into debt.


Don't forget the myriad of scholarship options including work study programs or working their way through college.  Some highschools offer co-op programs where the student enslaves themself at a prt time job during their senior year with a promise of working for two years for a sponsor in return for paid tuitition.  Military is the best way to go if all other options are off the table.  Just be sure to keep up those HS gpa's high and aim for high scores on the ASVAB as that will allow them to enter the military on their terms.  Free college in europe is not an option for non-europeans unless your kids hold dual citizenship.  At 18, they will have to decide on their citizenship- If they choose the euro option, they'll get the benefits of euro citizenship and enjoy cut rate euro opportunities in education.  The problem is that they have now become foreign citizenship and no longer will enjoy the privileges of being American.
 
2013-02-02 07:23:17 PM  
I'll not retire in my life time, but that's cool considering how little I actually work today, by design.  I'll never have to tell my kid that I can't do X because I have to work and that is an awesome feeling.  Yeah, I can put up with this until I die.
 
2013-02-02 07:36:49 PM  
Fark just congratulated me on my 29th birthday....
For retirement I have..... ah, -$62,000 dollars saved up.
Student loans are fun. The rest of you who actually have money to spare for an IRA have it too easy.
 
2013-02-02 07:39:13 PM  

sammyk: It's not a competition. Experience will always win.


I'd disagree.  When I hire, I look for aptitude over experience.

Someone with great aptitude but low experience will start off slow but rise far.  Someone with great experience but low aptitude will never be any better than the day they were hired.
 
2013-02-02 07:40:56 PM  
I retired at age 39. Suck it haters.

/computers rule
 
2013-02-02 07:41:58 PM  

jso2897: jst3p: sammyk: That may be true for small companies. You know where rookies cut their teeth. But most corporations do not consider age. Would you like to know why? It's clearly illegal and the older person will all of the sudden have a well funded retirement on the settlement the company that does that will pay to keep it out of court.

Sure it is illegal, but that doesn't mean it doesn't happen. It is pretty difficult to prove.

Again - if you are a small company, and don't hire a lot of people, you can discriminate against a few individuals and no one can prove it. But if you are a huge megacorp that hires many people on a regular basis, a pattern of consistent discrimination will emerge.


My megacorp likes older guys. Are you going to trust a multi-million dollar project or two every year to a guy straight out of school or the old guy that's done it for a long time? If you do not have 10+ years solid engineering experience you will never get an interview on my team.
 
2013-02-02 07:44:52 PM  
45 to 60 is the age people typically retire?
 
2013-02-02 07:46:01 PM  

Arctic Phoenix: But both of my kids will be grown by the time I'm in my early-mid 40s, so that will help. And I've already told them their options for college: Military or go to Europe where college is free/cheap. Don't go into debt.


I managed both undergraduate and grad school without assuming any debt.  My formula for success was to go to a public college with in-state tuition, get three different scholarships, pack roommates into the apartment like it was a clown car, and work as much as I could - plus I saved nearly everything from when I was working in high school.

Another plan you can do, which I didn't try myself, is to get an associate's degree with a community college that has a deal with your state university to transfer credits.  You get the first two years at highly discounted rates, and can still usually get a four year degree in about four years.
 
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