Planning for retirement - if, supposedly, at a predetermined time

joyfulguyMarch 4, 2003

Hello all of you employees getting a bit long in the tooth,

Some of you work where there is a definite age of retirement, usually at age 65. So you assume that you'll retire at that time - at least, you used to.

Some in recent years who worked on that assumption - found that they were "released" much earlier, not of their own volition. Some were offered an attractive settlement, some one much less so.

Suppose your employer made you such an offer tomorrow. If the potential income offered were adequate, you don't have a problem.

At the moment - but would your ongoing income be indexed to inflation? How close to the actual rate? Would it shrink when you become eligible for Soc Sec.? And would it foresee you applying as soon as you become eligible - so would have to suffer a major reduction in anual income from Soc. Sec.?

If such an offer were inadequate, have you given thought to what options you might have? Or could develop?

Would you be able to work as a consultant in your field? Or a related one?

If you were to sell a product, you'd have to source, buy, store and ship it. Or - work with a company that'd drop-ship.

Simpler these days to be a consultant. The product is in your head.

A major advantage developed in recent years - you can transmit the information by computer - at no additinal cost, as you are online currently (unless you now operate from one in a library). Or at work - and if you use it other than at (unpaid) lunch time, you're stealing a bit of time that you should be working for your employer, rather than yourself, n'est ce pas [aren't you]?

It greatly expands your area of potential service. My daughter, a consultant to people recently downsized, consults with a dozen at a time, in many locations, via computer - interactively.

She can work from Phoenix, Toronto, or here in London - just needs a high-quality internet connection. Can you beat that?

This should get the discussion rolling.

What ideas and opinions do you have to offer?

It's always a good idea to have more than one arrow in your quiver/string on your violin. Wouldn't you say?

Good wishes for wise and effective retirement planning - starting now.

ole joyful, 74, who (more or less) retired (about) 4 years ago

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