OT retirement question - well educated and well employed, why am I still worried about my future?

[rutgersguy1]

I'm assuming I'll be divorced within the next 2 to 3 years. Inheritance is not a marital asset in NC. At this point in my life, and after all the $hit I've endured, I'm happy with having a full stomach and a safe place to sleep every night. Doesn't cost much. Hopefully my kids will let me use what used to be my stuff, and toss me a few dollars here and there.

I'm not an estate lawyer but from what I've looked at in the past, while inheritance isn't usually a marital asset one has to be careful of how an inheritance is used and held after inherited. It basically has to be kept separate in the beneficiary's name and not used for the benefit of the marriage. Any co-mingling of assets into joint accounts or property or other things that benefit the marriage make it murky and then it can become a marital asset from what I remember. I can't say the what the law is in NC but it sounded like that was a general rule in many states.

 

[wheezer]

Wifey not part of the plan. She'll have plenty of $$$$. I want my freedom. My kids will take care of me. If not, I have some good friends. Honestly not worried about it.

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Me thinkith you yankith our chains

 

[LevaosLectures]

I'm a college professor at a public college. One of the professors on my dissertation committee is pushing 90 and still at it. I will probably go that route. The state retirement benefit is still ok but not what it used to be. 13 percent per year split between deduction from my paycheck and employer contribution. Not sure that will get me to a million in 30 years.

 

[wheezer]

I turn 66 next month (that's weird to write). Still working and plan to do so probably for another 4-5 years. I enjoy going to work every day. I've got enough put away to retire, but the University seems to still want me to be here and I like what I do.

But after watching some old guy make an idiot of himself in a restaurant once, I said to Skillethead Jr., "If you ever see me behave like that, or see me wearing two different kinds of plaid together...." He interrupted me with, "Bullet to the back of the head, Dad, you'll never see it coming."

That's my retirement plan.

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sounds like a "little house on the prairie" episode.....family love, its a great thing.

 

[albanyknight]

Do you hold the bullion yourself?

A very little. Most is stored off-site.

 

[rutgersdave]

I'm a college professor at a public college. One of the professors on my dissertation committee is pushing 90 and still at it. I will probably go that route. The state retirement benefit is still ok but not what it used to be. 13 percent per year split between deduction from my paycheck and employer contribution. Not sure that will get me to a million in 30 years.

I don't think there is anyone in the private sector in the 80-90's unless they own the company themselves. Public corporation wouldn't allow it.

 

[Scarlet_Scourge]

I don't think there is anyone in the private sector in the 80-90's unless they own the company themselves. Public corporation wouldn't allow it.

plus and minus of Public vs Private.

Private earns more and have extra things like annual bonuses, company cars, etc. A lot easier to move up and get promotions.

Public used to have better benefits, but that is no longer the case, worse pay (for most titles) but better job security. Ageism just doesn't exist for the most part. Women make the same as men, etc. Unions make it harder to get promotions.

 

[RU'70]

plus and minus of Public vs Private.

Here is another 'plus' for a government job, and it goes to the concerns the OP has. Health care costs! The OP is rightfully concerned with being 55 and out of a job (with perhaps no company paid health care). If you work for a government for maybe 20-25 years, chances are you retire with decent health care coverage. My wife lost her job at a pharmaceutical company at 55. She is paying $600 a month for health care premiums for crappy coverage as a retiree. This is our second biggest expenditure after property taxes in NJ. I have 2 friends who retired from education positions. They have excellent coverage. In fact, for some reason, it is their PRIMARY coverage for husband and wife and Medicare is secondary coverage

 

[brianoc]

Here is another 'plus' for a government job, and it goes to the concerns the OP has. Health care costs! The OP is rightfully concerned with being 55 and out of a job (with perhaps no company paid health care). If you work for a government for maybe 20-25 years, chances are you retire with decent health care coverage. My wife lost her job at a pharmaceutical company at 55. She is paying $600 a month for health care premiums for crappy coverage as a retiree. This is our second biggest expenditure after property taxes in NJ. I have 2 friends who retired from education positions. They have excellent coverage. In fact, for some reason, it is their PRIMARY coverage for husband and wife and Medicare is secondary coverage

That does not happen with any NJ government employee hired after 1986. Now they pay up to 35% of the premium in retirement.

You needed 25 years prior to the 2011 law on health care and pensions.

 

[patk89]

plus and minus of Public vs Private.

Private earns more and have extra things like annual bonuses, company cars, etc. A lot easier to move up and get promotions.

Public used to have better benefits, but that is no longer the case, worse pay (for most titles) but better job security. Ageism just doesn't exist for the most part. Women make the same as men, etc. Unions make it harder to get promotions.

Quite the opposite Scarlet in that public sector raises are based on length of service not merit. Reverse ageism as older workers have been able to hold onto cadillac benefits while younger workers are having them stripped away. Huge advantage in job security. Basically have to commit a felony to lose the job. Coming out of the Great Recession, the average public worker in NJ made more than the average private worker, without considering benefits. Private much more competitive with an "up or out" mentality so, on average, it is not easier to move up and get promotions.

 

[Scarlet_Scourge]

Quite the opposite Scarlet in that public sector raises are based on length of service not merit. Reverse ageism as older workers have been able to hold onto cadillac benefits while younger workers are having them stripped away. Huge advantage in job security. Basically have to commit a felony to lose the job. Coming out of the Great Recession, the average public worker in NJ made more than the average private worker, without considering benefits. Private much more competitive with an "up or out" mentality so, on average, it is not easier to move up and get promotions.

All of that is true, but the ageism that was brought up in this thread was that older workers get laid off more often in the private sector, which doesn't happen as often if ever in the public sector. I know people who make twice as much as their public counterparts to do the same job, they can also get laid off without warning.

There are plus and minus in everything. Nothing is perfect. I wouldn't suggest one over the other.

 

[brianoc]

Quite the opposite Scarlet in that public sector raises are based on length of service not merit. Reverse ageism as older workers have been able to hold onto cadillac benefits while younger workers are having them stripped away. Huge advantage in job security. Basically have to commit a felony to lose the job. Coming out of the Great Recession, the average public worker in NJ made more than the average private worker, without considering benefits. Private much more competitive with an "up or out" mentality so, on average, it is not easier to move up and get promotions.

Public does not make the same as private when you factor in educational level. There are more people with degrees as a percentage in public sector than the private sector.

What is consistent is that with lower level jobs the public sector pays better than private but not so with middle and upper management positions.

 

[brianoc]

All of that is true, but the ageism that was brought up in this thread was that older workers get laid off more often in the private sector, which doesn't happen as often if ever in the public sector. I know people who make twice as much as their public counterparts to do the same job, they can also get laid off without warning.

There are plus and minus in everything. Nothing is perfect. I wouldn't suggest one over the other.

I agree with this. People need to decide what works for them.