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$763k in Retirement Savings: Working At Walmart

Cryeisha

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my mom retired in her 50s. I was three while my siblings were older. She's turning 72 this year and never went back to work.
Older generations didn’t have to go through that, I’m speaking more on the future. In her era, many women work as housewives, just saying (I know a few relatives that age group who lived as a housewife).

I see a huge difference in culture from today’s 70 year old and today’s 50 year old. Todays 50 year old were more likely to work.
 

mollflanders

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Retiring at 70 is going to be the new normal.
People don’t want to hear it, but honestly, it will make sense for most. People were retiring at 60-65 before because life expectancy was shorter and they were getting pensions. But now, pensions are a rarity, at some point, social security is going to have to be modified whether by means testing or reducing benefits, and people are living to be old as sh!t. That money has to last longer.
 

mollflanders

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Exactly. If she saves 1 million dollars and puts her investments into a high dividend paying stock like AT&T (currently 6.9%) she could get an annual dividend payout of $69,000. Of course that is if AT&T is still paying this percentage out at and during the time of her retirement.

Life is too short to now enjoy. She should aim for a little less so that she can enjoy more.
Pretax.
 

Butterflyj82

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If she works longer doesn’t she hypothetically get more social security (if she’s in the US)?
Yes this is true they like for you to work until like 70 to get the maximum amount!! I just pray that I don't have to work that long I don't want too
 

krikzil

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Couldn’t be me. I like my job but I’m retiring early in a few years. I want to be able to enjoy life before the inevitable issues of old age get me. I’ve worked long hours in my career and I want to just travel and enjoy my hobbies. My mom worked hard her whole life — she left school early to help her parents. She chose to retire at 62 and I’m so glad she did. She passed at 75 but had those years of leisure.
 

77bravo

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My BIL had his plan to retire from Wallymart with over a million in his late 50s down to a science. He knew every, rule, regulation, stock option, promotion, raise increase, department management. Unfortunately he hit the glass ceiling because of racism and found a far better paying job which he dislikes. Don't sleep on W/M, store managers can make bank, if they can handle the stress and do the long haul.
 

mollflanders

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Yes this is true they like for you to work until like 70 to get the maximum amount!! I just pray that I don't have to work that long I don't want too
You don’t have to continue working until 70, you just have to delay taking the benefits until then in order to get the maximum amount. It’s staggered, so that if you take it at 62, you get the lowest amount, if you take it at full retirement age (66 or 67, depends on date of birth), you get the middle amount, and if you hold off until 70, you get the max. So if you want to retire at 60 and still get the max, you can, you just have to have sufficient assets to create enough income to support yourself until 70 without it.
 

Ressaj_

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Yasss sis get that Florida beach house lol
 

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I dont fault her for retiring at 70. I had high school teachers who were that age lol. Hell, most of our politicians in America are that age, or older. She probably wants to keep busy, interact with people, and still make some money.

She lives in a small town and saved enough, so she'll be aight anyway.
 

Rlyn83

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Look at his retirement savings..

FROM A QUORA QUESTION:

“Why Do People Stay At Walmart?”


I’m 57 and have been at Walmart over 11 years. I live in a rural area in a low cost of living state. Our store can not get enough associates. We are always about 50 people short of being fully staffed. That means there are plenty of opportunities for OT. I end up working hundreds of hours of OT every year. The past 2 years, I’ve made nearly $60k each year. This year, I’ll probably slow it down some, but still make about $50k. I don’t know any place in town where I can start over new at my age and make that.

Secondly, I have a plan and my plan is working. I have $763k now. If I keep working until 70 1/2, I should have $3 million in my investment accounts. I may retire before that. Now I have that option. I’ve played the “grass is always greener somewhere else” game too often in my life to try it again.
Damn. He is killing it!
 

CatThot

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Look at his retirement savings..

FROM A QUORA QUESTION:

“Why Do People Stay At Walmart?”


I’m 57 and have been at Walmart over 11 years. I live in a rural area in a low cost of living state. Our store can not get enough associates. We are always about 50 people short of being fully staffed. That means there are plenty of opportunities for OT. I end up working hundreds of hours of OT every year. The past 2 years, I’ve made nearly $60k each year. This year, I’ll probably slow it down some, but still make about $50k. I don’t know any place in town where I can start over new at my age and make that.

Secondly, I have a plan and my plan is working. I have $763k now. If I keep working until 70 1/2, I should have $3 million in my investment accounts. I may retire before that. Now I have that option. I’ve played the “grass is always greener somewhere else” game too often in my life to try it again.
That is inspiring. I hope she gets to enjoy the fruits of her labor.
 

CatThot

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Everyone doesn't want to retire early and stop working. There are plenty of wealthy business owners, well off executives and financially stable workers that continue as long as they're in good health, they enjoy what they do.
That is true. Honestly I think for some people working keeps them alive, socialized and with a purpose.
 

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