IMF: Suck it up, the Party is Over - No More Retiring at 65

  • metta

    Posts: 39167

    Apr 25, 2010 4:57 PM GMT
    IMF: Suck it up, the Party is Over - No More Retiring at 65

    http://www.impactlab.com/2010/04/24/imf-the-party-is-over-no-more-retiring-at-65/
  • rnch

    Posts: 11525

    Apr 25, 2010 5:01 PM GMT
    unless you are a career federal civil service employee... icon_wink.gif
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    Apr 25, 2010 5:49 PM GMT
    It's my personal feeling that the IMF is selling you crap.

    -Doug
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    Apr 25, 2010 5:50 PM GMT
    I don't plan on retiring until my 70s. Though admittedly, I plan on being a college professor in my later years because I like scholarly work and I think it will help stave off dementia
  • rnch

    Posts: 11525

    Apr 25, 2010 5:53 PM GMT
    some may consider their (fed civil service) retirement benefit as payback for earning anywhere from 15 to 30% less than what they would earn for the same job in the private sector..icon_confused.gif
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    Apr 25, 2010 5:57 PM GMT
    rnch saidsome may consider their (fed civil service) retirement benefit as payback for earning anywhere from 15 to 30% less than what they would earn for the same job in the private sector..icon_confused.gif


    Please provide some basis for that statement.

    On the flip side of unsubstantiated claims, I guess Fed Civil Servants probably get paid less because they are not required to innovate or fall under pay for performance schemes as in private enterprise. As an overall pay package, Im sure the fully funded health insurance, paid vacations, funded life and disability insurance more than offset any "underpayment' as related to their "peers" in the private sector.

    Is there such a thing as a peer equivalent in private enterprise??
  • rnch

    Posts: 11525

    Apr 25, 2010 6:00 PM GMT
    southbeach1500 said
    rnch saidsome may consider their (fed civil service) retirement benefit as payback for earning anywhere from 15 to 30% less than what they would earn for the same job in the private sector..icon_confused.gif


    Federal workers earn MORE than their equivalent private sector comrades.

    http://www.usatoday.com/news/nation/2010-03-04-federal-pay_N.htm#chart
    you should know better than to use "usa today" as a source for accurate information...that rag is the third estate equalivant of "entertainment tonight".. icon_rolleyes.gif
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    Apr 25, 2010 6:03 PM GMT
    rnch saidunless you are a career federal civil service employee... icon_wink.gif

    Or an elected official. Fuck off C.Ray. mch will appreciate this.
  • rnch

    Posts: 11525

    Apr 25, 2010 6:07 PM GMT
    i wonder at what age these IMF guys plan on retiring at.. icon_lol.gif
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    Apr 25, 2010 6:19 PM GMT
    I plan on pulling the plug from the Dept. of Interior at 56 yrs old if all goes as planned. 30 yrs and 2 months in Nov 2018. I will continue to work though as I just won't be able to turn my brain off and just brew beer and garden. My experience, knowledge and contacts will be too valuable not to continue on as a consultant. I'd miss all my cronies and being involved in the shuckin' and jivin' anyways. I say that now. Might change my mind by then though.

    We have had several folks at work who didn't plan very well for their retirement who have had to work until 67 and one each until they were 69 and 71 to get enough reserves to retire and then still did contract work after retirement to get by.

    If offered everyone should take a retirement seminar/workshop several times over your career to help get you in the best position economically for retirement. Most State and Federal agencies and big business offer these as part of a benefits package to their employees.

    Depending upon what Fed. agency you work for all have performance standards and many have pay for performance incentives. Pay is less than the private sector for equivalent jobs but my benefits more than make up for it. Time away from work is worth much more to me than more money ever could. I know I have it good and am very appreciative. You all are also getting your moneys worth and then some out of me and my peers for sure. I work with some very bright and driven folks I admire greatly.
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    Apr 25, 2010 6:22 PM GMT
    i get to retire at 43 with half my pay check or 53 with full pay!
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    Apr 25, 2010 6:29 PM GMT
    southbeach1500 said
    rnch saidunless you are a career federal civil service employee... icon_wink.gif

    Correct. They are the new "elite class" which the private sector must serve.


    Maybe you should let those feds know how you feel ..

    ok_bomb.jpg
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    Apr 25, 2010 6:35 PM GMT
    southbeach1500 said
    rnch saidsome may consider their (fed civil service) retirement benefit as payback for earning anywhere from 15 to 30% less than what they would earn for the same job in the private sector..icon_confused.gif


    Federal workers earn MORE than their equivalent private sector comrades.

    http://www.usatoday.com/news/nation/2010-03-04-federal-pay_N.htm#chart
    I guess those free markets aren't working for ya there? There are options you know. You can:

    Stop eating caviar you can't afford.
    Stop living in two houses when most people only live in one.
    Stop eating bon bons on the sofa all day and get a better paying job.
    Get a Federal Job and you too can be elite. icon_rolleyes.gif

    icon_lol.gificon_lol.gificon_lol.gif
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    Apr 25, 2010 7:06 PM GMT
    Just as long as the rich keep getting richer, eh, Southbeach?

    Never mind that the other 98% of the country continues to get screwed as a result of the Bush tax cuts and the huge National Debt, that's mostly made up of debt added by Republican presidents named Reagan Bush Sr, and Bush Jr.

    Let them eat cake.
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    Apr 25, 2010 7:26 PM GMT
    Some of you need to update your thinking. The fact is the Civil Service Retirement System CSRS was replaced years ago with a social security based system FERS. The benefits are now much lower than they used to be. During my 29 year career as a programmer/analyst, I paid 7% of my salary towards retirement, along with Medicare taxes. I could have made much better pay in the private sector, but I chose the better benefits.

    Those days have changed. Salary and retirement benefits are quite different now.

    I do not get free health insurance, disability, or life insurance. The Gov't contributes towards my health insurance, but it is in no way free. I pay the total premium on my long-term care and life insurance.

    BTW In an effort to down-size the workforce during the previous Administration, I was paid to take an early retirement. There are now 4 contractors doing the job I used to do. just sayin'......
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    Apr 25, 2010 7:38 PM GMT
    TheIStrat saidI don't plan on retiring until my 70s. Though admittedly, I plan on being a college professor in my later years because I like scholarly work and I think it will help stave off dementia

    As do I. Though there's no real age for retirement in my industry -- we usually work until we die, which is either a healthy old age or an OD at 28.
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    Apr 25, 2010 7:48 PM GMT
    We need to implement this *now*. It's absolutely manifest that to maintain the solvency of the country that the retirement age *must* be linked to the life expectancy.

    I do not expect to retire.
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    Apr 25, 2010 8:41 PM GMT

    What interests me in all this is that if no one retires, what are upcoming generations going to do? Does anyone remember the battle cry of the genXers to the boomers?

    "Why don't you just retire and let some of us have a real job instead of a McJob?"

    There was a cartoon made about it, and the reply was, " Most of us are too young to retire..." and it was true at the time.

    In many places of work, people are retiring at 55 or later, well before 65 and their jobs are being downsized out. If they tried to stay it's off to the unemployment line, or serious drudge work for low pay and unless you're lucky, your body is going to have other ideas as to what it can handle.


    Over the years we've seen many of the "I'm healthy and eat right and work out and I'm going to be fit and busy and work right up til I die." meet the reality of mortal existence.

    I smell the IMF already deciding that all pension funds should be used to pay down the debts racked up by governments trying to stimulate economies that the IMF troops may have had a hand in decimating (and pocketing the profits from). So naturally they want to work you to death.
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    Apr 25, 2010 9:26 PM GMT
    This topic has come up three times this week to me, especially because I am going into education.

    I had known that the elderly teachers in our schools were hanging onto their jobs, but just how many was appalling. My methods teacher would always let his students know it wouldn't be easy to get a job because of this, and now I know this is true. They have tenure, make upwards of $80,000 a year, so why would they leave!

    A co-worker of mine came up to me on Saturday, whom I am really good friends with. Her mother used to work for the government, and she told me about how there are about 456 teachers in the state of Michigan alone, who refuse to retire.

    Perfect haha. I am a newly graduated educator, looking for a good job, where I can show that I can be a better teacher than those that are there now. I have new fresh ideas, I believe in outside materials in the classroom, the integration of technology. But, with the old ideas stagnating the education world, no wonder our kids can not getting a passing grade...just saying icon_neutral.gif
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    Apr 25, 2010 10:37 PM GMT

    I retired from banking at 42. It's great now to be doing stuff I expect to do til I turn tits up.
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    Apr 25, 2010 10:44 PM GMT
    I hope to find work that's so fulfilling I won't want to retire.
  • BIG_N_TALL

    Posts: 2190

    Apr 25, 2010 10:44 PM GMT
    TheIStrat saidI don't plan on retiring until my 70s. Though admittedly, I plan on being a college professor in my later years because I like scholarly work and I think it will help stave off dementia


    haha - my career plans in a nutshell icon_smile.gif
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    Apr 26, 2010 5:04 AM GMT
    flieslikeabeagle saidI retired from banking at 42. It's great now to be doing stuff I expect to do til I turn tits up.

    Given what's been in the news lately, I, uh, wouldn't go around bragging that you used to be a banker. Or that you retired handsomely at a young age. While the rest of us wonder if the mutual funds we were sold were chosen to fail and insured so the bank that sold them to us can profit off our misery.

    As far as hated professions go, "banker" is like IRS agent to the power of lawyer.
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    Apr 26, 2010 5:07 AM GMT
    I'm not retiring until they push me out in my wheelchair at the ripe old age of 82 for having dementia stricken fits of yelling at non-existent kids to get off my lawn. Then I'll fall asleep sitting at the entrance murmuring to myself about the good old days of $3.00 gasoline.
  • MSUBioNerd

    Posts: 1813

    May 06, 2010 7:44 PM GMT
    I don't think is anything particularly new. Back when I was in high school the general consensus among all of my friends was that we wouldn't be able to retire until we were 75+ anyway, as we'd be funding the Boomers' retirement out of social security and then largely funding our own because the current model is unsustainable.

    Then again, my projected career path is college professor. Not too many of them retire anyway.