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[quote=Anonymous][quote=Anonymous][quote]Guess retirement at 55 isn't happening. [/quote]

Is anyone planning this? I have no idea how that happens for normal people (no big inheritance, no selling the wildly profitable company) with kids. If you start working around 20 and plan on living until 95 -- not that you will, but that's what you're supposed to plan for -- how do you do that? Save enough in 35 years to support yourself for 40?[/quote]

Everyone needs to recognize that, when the retirement age was "set" at 62, the average life expectancy was 65.  It's not hard to save enough money to live three, or even ten, at the outside, years.  As you point out,the problem is saving for 20 or 30 years of income.  Those who retired in the 1980's and 90's who got full pensions at 62 with the expectation that they could easily live another 20 (or more!) years just lucked out.  This is also why most the pension plans (including Social Security) are going broke.  When you think about it, it is ridiculous to believe that people, as a matter of right, should be able to live the last 20-30 years of their life without working.  Yes, some people can do it, but then again, some people never have to work at all.  Most people are going to just have to realize that they are not going to have the retirement their grandparents had (because it was an anomaly).  [/quote]

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