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  #3631 (permalink)  
Old 16-02-2014, 07:36 PM
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Let's be very clear of the possible scenarios here, as the posts advocating early retirement seemed to ignore the different circumstances. Blindly advocating early retirement is irresponsible because there are people who could be influenced to call it quits without due planning resulting in dire consequences to their future including those of their family members.

A person who have amassed millions (anything above $4m) could afford to retire by 50, especially without children or grown children. The savings could possibly last the distance.

A person with savings below that amount, and some more with ill health may be in a difficult position. Retiring early presumably to restore his health may work against him. When you quit, you immediately lose the medical benefits provided by the company. This means he has to bear all medical expenses himself. It will add more stress on him and the family as the money gets depleted to pay his medical expenses. Not only that, once you quit, it is not likely any other company will employ you because of your medical history. So think very carefully here.

A person who amassed millions and continues to work. For this case, no need to worry about him. This kind of people enjoys their work. Accumulating wealth is added bonus. What happens to the money when they die? It will either go to their children, relatives or welfare. Someone will benefit, so not to worry. By the way, people like them also know how to enjoy themselves with the money they earn while they work. Many of them collect pens, watches, gold bars, coins etc.. They derived great pleasure and satisfaction from them. And yes, these can be therapeutic as well. Good for mind and soul.


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Your friend is a wise man. Health is wealth. What is the point of having so much money but you are suffering. You won't be able to enjoy your money, instead you are giving the doctors your money. It is no wonder why doctors are so rich.

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  #3632 (permalink)  
Old 16-02-2014, 07:46 PM
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Load of rubbish. If a person is sick and you force him to work, he will surely die while working in the office. All his plans for retirement will be gone and he will not have a chance to spend his wealth. Think before you type.


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Originally Posted by Unregistered View Post
Let's be very clear of the possible scenarios here, as the posts advocating early retirement seemed to ignore the different circumstances. Blindly advocating early retirement is irresponsible because there are people who could be influenced to call it quits without due planning resulting in dire consequences to their future including those of their family members.

A person who have amassed millions (anything above $4m) could afford to retire by 50, especially without children or grown children. The savings could possibly last the distance.

A person with savings below that amount, and some more with ill health may be in a difficult position. Retiring early presumably to restore his health may work against him. When you quit, you immediately lose the medical benefits provided by the company. This means he has to bear all medical expenses himself. It will add more stress on him and the family as the money gets depleted to pay his medical expenses. Not only that, once you quit, it is not likely any other company will employ you because of your medical history. So think very carefully here.

A person who amassed millions and continues to work. For this case, no need to worry about him. This kind of people enjoys their work. Accumulating wealth is added bonus. What happens to the money when they die? It will either go to their children, relatives or welfare. Someone will benefit, so not to worry. By the way, people like them also know how to enjoy themselves with the money they earn while they work. Many of them collect pens, watches, gold bars, coins etc.. They derived great pleasure and satisfaction from them. And yes, these can be therapeutic as well. Good for mind and soul.


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  #3633 (permalink)  
Old 16-02-2014, 07:50 PM
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39 yr old
nus engrg grad
52xx per month
Are you married with kids? Do you stay in a HDB flat or condo? What's your net worth?

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  #3634 (permalink)  
Old 16-02-2014, 08:23 PM
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If a person is sick, he will be put on medical leave on company expense. If he is terminally ill, he will die whether he is employed or not.

I have a few colleagues who suffered heart attacks. They don't quit their jobs. After their medical leave on company expense they are back to work. Some asked to be reassigned to less demanding jobs. One even had severe liver problem in his late 40s. Was warded in hospital more than once. You know what? He is still actively heading a department and had just celebrated his 60th birthday.

Look, you can go retire early for all I care, but to celebrate it like it is some sort of achievement and irresponsibly calling for others to follow is mean.

People have families to feed, and believe me, the stress of not having enough savings and no work is way higher. Jobless people have higher incidence of depression by the way.

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Originally Posted by Unregistered View Post
Load of rubbish. If a person is sick and you force him to work, he will surely die while working in the office. All his plans for retirement will be gone and he will not have a chance to spend his wealth. Think before you type.
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  #3635 (permalink)  
Old 16-02-2014, 09:16 PM
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My Early Retirement Story Early Retirement Extreme: — a combination of simple living, anticonsumerism, DIY ethics, self-reliance, and applied capitalism
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  #3636 (permalink)  
Old 16-02-2014, 09:41 PM
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Retire early, live longer

By Paula Aven Gladych

August 21, 2013

Encouraging people to retire early can mean a longer life.

A study by the Tinbergen Institute at VU University Amsterdam found that retiring early reduced a man’s risk of dying within five years by 42.3 percent.

The study looked at a policy change that went into effect in the Netherlands in 2004, where certain age groups of civil servants were offered the opportunity to retire as early as age 55. The standard retirement age in the Netherlands is 65, but the actual average age of retirement has been considerably lower because of the widespread use of early retirement arrangements in virtually all sectors of the economy.

The Dutch pension system rests on three pillars: a public old-age pension, which is financed on a pay-as-you-go basis; occupational pensions and private provisions.

In 2005, most occupational pension funds offered early retirement arrangements while the public-sector pension fund offered arrangements for early retirement from age 61 onward. When the rules changed in 2004, individuals who were at least 55 and employed as a civil servant for at least 10 years were eligible for early retirement benefits.

The report’s authors used a temporary decrease in the early retirement age for civil servants to estimate the impact of early retirement on the probability of dying within five years.

The 42.3 percent drop in mortality rates because of early retirement was “large and significant,” according to the paper’s authors.

“When we shift the horizon, we find the largest impact of retirement on survival within the first year,” the study found. It posits that a main reason for the extended life after retirement is the removal of stress-related factors associated with demanding work. Many people who die shortly after retirement die from stroke.

“After retirement, workers’ body and mind are possibly discharged, reducing the probability to die within five years. As men were working more hours than women, work may have been more stressful and demanding for men than for women, discharging men from a heavier weight at retirement than women,” the study found.

The study’s results raise two major implications. Pension funds would have to pay more and for longer periods of time if people lived longer; but if the retirement age was increased, as many countries are doing, more people would die earlier, relieving stress on already strapped pension plans. Increased mortality would reduce the longevity risk borne by pension funds, which could allow pension funds to make their pension arrangements more generous, the paper concluded.
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  #3637 (permalink)  
Old 16-02-2014, 11:32 PM
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In today's modern world, where we have equal rights and shared responsibilities, it is possible for a man to retire early while still performing his duty in a marriage. Today, most couple in Singapore work and both husband and wife earn a salary and they usually agree in sharing the household expenses, usually 50% each. Household chores and child care taking responsibilities are also shared, 50% each. A maid is usually employed to perform the household chores.

For some couples, the man can be very driven and intelligent. He moves up the corporate ladder fast, earn a lot and invest heavily. Once he achieves a certain level of wealth and able to generate income from his assets, he may decide to retire. His passive income will be able to cover his portion of household expenses. So for instance, a household expenses is $100k pa. The husband cover $50k and the wife $50k. If the husband say earn $200k, he saves and invest $150k pa. If he is able to grow his assets which then generate consistent returns of more than $50k pa, he is able to retire. The wife will still need to work and save more and invest more until her passive income reaches $50k pa.

I know of men who are high achievers who retired in their late forties after their investment portfolio generates more than their expenses portion. Their wives, who usually earn lesser, continue to work for 10 years more to achieve the same amount of investment portfolio and returns as the men. The wives retire in their late fifties and by then both husband and wife are millionaires.
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  #3638 (permalink)  
Old 17-02-2014, 07:18 AM
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This article showed that early retirees have a high chance of outliving their savings. This was precisely my point. Unlike Netherlands, which provides handouts to retirees, here you will be eating grass if you run out of money. So plan well before rushing into retirement. (By the way, there are many articles out there that showed people who retired earlier dying earlier, because they lost their purpose in life)

Living longer but living poor for some is not worth it.

I advocate living a fulfilling and meaningful life be it short or long.

Quote:
Originally Posted by Unregistered View Post
Retire early, live longer

By Paula Aven Gladych

August 21, 2013

Encouraging people to retire early can mean a longer life.

A study by the Tinbergen Institute at VU University Amsterdam found that retiring early reduced a man’s risk of dying within five years by 42.3 percent.

The study looked at a policy change that went into effect in the Netherlands in 2004, where certain age groups of civil servants were offered the opportunity to retire as early as age 55. The standard retirement age in the Netherlands is 65, but the actual average age of retirement has been considerably lower because of the widespread use of early retirement arrangements in virtually all sectors of the economy.

The Dutch pension system rests on three pillars: a public old-age pension, which is financed on a pay-as-you-go basis; occupational pensions and private provisions.

In 2005, most occupational pension funds offered early retirement arrangements while the public-sector pension fund offered arrangements for early retirement from age 61 onward. When the rules changed in 2004, individuals who were at least 55 and employed as a civil servant for at least 10 years were eligible for early retirement benefits.

The report’s authors used a temporary decrease in the early retirement age for civil servants to estimate the impact of early retirement on the probability of dying within five years.

The 42.3 percent drop in mortality rates because of early retirement was “large and significant,” according to the paper’s authors.

“When we shift the horizon, we find the largest impact of retirement on survival within the first year,” the study found. It posits that a main reason for the extended life after retirement is the removal of stress-related factors associated with demanding work. Many people who die shortly after retirement die from stroke.

“After retirement, workers’ body and mind are possibly discharged, reducing the probability to die within five years. As men were working more hours than women, work may have been more stressful and demanding for men than for women, discharging men from a heavier weight at retirement than women,” the study found.

The study’s results raise two major implications. Pension funds would have to pay more and for longer periods of time if people lived longer; but if the retirement age was increased, as many countries are doing, more people would die earlier, relieving stress on already strapped pension plans. Increased mortality would reduce the longevity risk borne by pension funds, which could allow pension funds to make their pension arrangements more generous, the paper concluded.
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  #3639 (permalink)  
Old 17-02-2014, 07:24 AM
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Default Retire early die early

It's often said that early retirement lengthens your life, but is it true? And do some professions have a shorter life expectancy?

If a statistical claim is repeated often enough it can become accepted as a universal truth, even if it has no basis in fact.

There's the suggestion that 93% of communication is non-verbal (not true) or the oft-repeated suggestion that there are more people alive today than have ever lived (not true either).

Here's another - the later you retire, the earlier you will die. A variation on this theme is the "fact" that, in some jobs, average life expectancy after retirement is just 18 months. We've seen it said of teachers, prison officers, surgeons and others.

The implication is that people in these kinds of demanding jobs are working themselves into their graves - and should probably be cut some slack. But is there any evidence for it?

Continue reading the main story
More or Less: Behind the stats

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Some evidence does at first glance appear to exist to support the first claim - that people who work longer die younger than those who retire early.

A paper attributed to the aircraft-maker Boeing shows that employees who retire at 55 live to, on average, 83. But those who retire at 65 only last, on average, another 18 months.

The "Boeing study" has been quoted by newspapers, magazines and pundits. It's circulated on the internet for years. The problem with it is that Boeing itself says it's simply not true.

Putting Boeing to one side, then, is there any other evidence which might support the idea that retiring early prolongs life? Surprisingly, perhaps, the truth may be the precise opposite: the later you retire, the longer you live.

I'm not sure why teachers would expect to have short life expectancy”

Dave Grimshaw
Actuary
Epidemiologists at the oil firm Shell carried out a study of past employees in the US, which found that mortality was slightly earlier - on average - for staff who retired at 55, than for those who continued working to 65.

But the actuary Dave Grimshaw says we need to be very careful about what conclusions we draw from the Shell data. The statistical waters, he says, are muddied by the fact that people retire at different ages for different reasons.

"You will have a group who are forced to retire [early] as a result of ill health and that may impact on their life expectancy," he says.

"In contrast there will be other people that choose to retire at 55, as more of a lifestyle decision. They may well be more affluent people. And they will also probably be in good health."

People who retire early because they are seriously ill will make average life expectancy for all retirees of that age look lower.

There's another statistical trap. Some of the people who retire at 55 will die before they reach 65. But of course no-one who retires at 65 will have died before they reached that age. That also distorts the data.


Do those who retire later die sooner?
So although it may appear to be the case that people who retire earlier will, on average, die earlier - the exact opposite of the claim that's often made - one can't deduce that retirement itself is the reason. There is probably no causal connection at all.

But there is some truth behind the suggestion that workers in some professions die earlier than others. That is, perhaps, unsurprising; some jobs are more physically demanding than others, and may be more damaging to health. According to data from UK's Office for National Statistics, however, the difference - at least in Britain - is not marked.

"Lawyers, accountants and so on are a group [in the ONS data] called 'higher managerial and professional'," says Grimshaw. "They would have life expectancy of nearly 19 years for males at age 65. At the other end of the scale, you would have occupations such as labourers and cleaners, where life expectancy at 65 is nearer 15 years."

Again, the reasons for the different life expectancies between job types might not be straightforward. Grimshaw says the gap might have more to do with socio-economic class - in other words, the fact that labourers and cleaners are more likely to come from poorer backgrounds than lawyers and accountants - than to the nature of the work itself.


In looking for examples of the claim that average life expectancy at retirement for certain professions is only 18 months, More or Less found that teachers are repeat offenders in claiming this.

"I'm not sure why teachers would expect to have short life expectancy," says Grimshaw. "They are an above average social economic group. Office for National Statistics data would suggest that teachers and similar groups to them would have over 18 years to live at age 65 [for men]."

Even that cheering news is almost certainly an underestimate, because it is based on current mortality figures, and life expectancy is increasing all the time. Grimshaw says teachers and other professionals are likely to have closer to 25 or even 30 years left in them at 65.

So next time a teacher tells you, resignedly, that they work so hard they can expect to survive only 18 months after retirement, point out that their pessimism is based on a myth. Where that leaves their pensions, however, is another matter.
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  #3640 (permalink)  
Old 17-02-2014, 08:34 AM
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Want to Retire Early? You Don't Need Riches

The Huffington Post
Laura Rowley
11/25/2011

One in five Americans plans to retire before age 65, according to a new study, and they're not just the ultra-wealthy. There's hope for everyone to bail out of the daily grind before age 65, if they adopt the behaviors and attitudes of these savers.

The Transamerica Center for Retirement Studies, an organization funded in part by the Transamerica Life Insurance Company, surveyed more than 4,000 U.S. employees and delved deeply into the responses of the group they label "future early retirees."

"We had two hypotheses: They were privileged and ultra-affluent or wildly optimistic," says Catherine Collinson, president of the center. But just 52% of the future early retirees had a college degree, and 49% reported an annual household income of less than $100,000. They are equally divided among men and women; half are over age 40.

"They are far more likely to be like the 'Millionaire Next Door' than a Bill Gates or Warren Buffet," Collinson says, referring to the 1996 best-selling book that found many U.S. millionaires lead relatively modest lifestyles.

The future early retirees weren't pathological optimists either. The study authors extrapolated from the data on their savings behavior, and found they were actually "well on track to meet their goal," she says.

So who are the future early retirees, and why are they successful? They started saving earlier -- age 25, on average, versus age 30 for their later-retiring peers. They contribute more to their company plans -- 10% of income on average, versus 6% for other respondents. They are much more likely to save for retirement outside of workplace plans -- 69% versus 60% of those planning to retire after 65.

They're also luckier: While about three-quarters of those surveyed enjoyed access to a company 401(k) plan, the future early retirees were more likely to have company-funded pensions as well (25% versus 14% for those retiring after 65).

More Likely To Dream Big

But a big part of their success relates to priorities and attitudes. Retirement is a huge value for them; nearly one-third called it their top financial goal, versus less than a quarter of their peers. They were also the group most likely to have a vision for their golden years.
"All groups look forward to spending time with family and friends, but future early retirees are much more likely to dream of traveling and pursuing hobbies," says Collinson. "The idea of retirement has captured their imaginations." The early birds were the least likely to work part-time in retirement -- 46% versus 59% of those who plan to retire later -- but more likely to do it for enjoyment.

More Likely to Plan

In terms of personality, the future early retirees have a propensity to plan: 71% have a specific retirement strategy, versus 56% of the post-65 group. Researchers have tested people for this trait, and found it actually predicts financial well-being, as measured by credit scores.

"There are four things that are part of being a planner: You set goals; you think about the means to achieve them; you use tools to keep track of progress and see the big picture; and you like to plan -- it feels good to plan rather than being spontaneous about a particular domain," says John Lynch Jr., a professor at University of Colorado and director of the Center for Research on Consumer Financial Decision Making.

"You can have two people who are similar in every way -- income, education, ethnicity -- but if one is a high planner and the other a low planner, the high planner will have a much better credit score," says Lynch.

More Likely to Balance Immediate and Future Spending

Planners also score high in conscientiousness, frugality and self-control. One reason is that their planning allows them to see potential expenses down the road and allocate money for them -- so they have a better handle on their spending today. Thus they'll whip out a coupon in the grocery store, knowing that small savings will add up over time for their future goals.

Steve Spiller, a marketing professor at UCLA, has studied the concept. Planners "can see ahead and realize they are bumping into [spending] constraints, whereas people who are not planning go about their merry way until they're just about to run out, and think, 'Oh, if I spend this dollar now, I can't spend this tomorrow,'" Spiller explains.

Even if someone isn't a planner by personality, it's crucial to try to set a retirement goal. Anna Maria Lusardi, an economist at George Washington University who studies financial literacy, has found people who make an attempt to estimate their savings goals for retirement ultimately save more than those who don't. (Take 30 minutes to try to ballpark your number for free at this site.)

More Self-Reliant and Nimble

The future early retirees also appear to be more self-reliant -- nearly two-thirds say their primary source of income in retirement will be their own retirement savings -- versus 54% of those who plan to retire after 65. They also seek out information on retirement. They're much more likely to spend time on financial information websites, and to talk with friends and family about their plans.

In addition, they also responded to shifting economic times. Asked how their savings habits had changed since the recession, 45% said they were saving the same and 26% said they were saving more. "What the data implies is they have chartered a course and are sticking with it, and adapting to difficult conditions," Collinson says.

The study authors decided to spotlight future early retirees as an inspiration amid economic gloom and doom. "Hopefully people can look to them as role models in their own planning and saving, and may become future early retirees themselves -- or at least retire sooner and on better terms than they expect," says Collinson.
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