Electrician Retirement

[brother]

Im just curious for some of the other electricians here about retirement. How many of you have an 'electricians' retirment planned, and when do you plan to retire?? 45?? 55, 65?? ??

I remember years ago, That I had seriously thought about getting out of trade if I couldnt find a good 'retirement' type of plan for my trade experience. Fortunately, I did, and stayed in the trade. I was just thinking with as much 'education' and requirments of the 'law' to keep current on the licensing that it just would not be worth it to do this without a good 'life plan'. I saw that a 'bus driver' would have a better retirement than I would if I didnt find the right thing.

So how many of you have planned??

 

[sparkyway]

I can't say I've done a lot of planning about retirement (in my mid fortys). I do have some teacher retirement but it looks like the other stock investments are swirling in the potty. I am considering reinventing myself more towards teaching though. I have a secondary education degree and I'm looking into teaching electrical classes at a tech school nearby or possibly even high school if they will offer it with welding, carpentry, autoshop, etc. Local layoffs are on the rise so maybe there will be a demand for trade education... thanks for asking.:wink:

 

[Mule]

For those of us that got caught in the transistion of fixed retirement plans to 401k plans, its not going to be smooth sailing. I had a period of time in which I had three different jobs, where I did not get vested in the companies plan. This left a whole in my folio. And now with the present economy my 401k is down 36%. ...

I do have one fixed plan that is vested, and along with SS, and a few service calls along the way, I should be ok.....knock knock....

For us the cost of health care is our single most biggest obstacle...

 

[charlietuna]

I am retired -- debt free -- total retirement income including SS- $62k. I have taken a beating on IRA's and planned retirement savings and a recent house sale--total due to this economy about $350k --but i'm not complaining!
Union pension fund is great--35 years! Funny thing is i never thought much about retiring - i was having too much fun in the trade! But then my accountant figured out what my retirement would be and told me -- and i then decided i wasn't having "that much fun"!:grin:

 

[ohm]

I am retired -- debt free -- total retirement income including SS- $62k. I have taken a beating on IRA's and planned retirement savings and a recent house sale--total due to this economy about $350k --but i'm not complaining!
Union pension fund is great--35 years! Funny thing is i never thought much about retiring - i was having too much fun in the trade! But then my accountant figured out what my retirement would be and told me -- and i then decided i wasn't having "that much fun"!:grin:

You sound like a role model! Wish I could say the same.

If I knew I would die next fri afternoon, I would probably work a few hours in the morning.

 

[Rewire]

Slow down maybe but retire never.

 

[John Valdes]

Charlie,
Sounds like you made some good decisions in your career. 62k and no debt is excellent. I am in a similar situation. I got hurt (back) in 2005 and have not worked since. Three surgeries only made things worse. I am now on SS and recently settled my WC claim.
I am very fortunate to have worked on the books since I was 18. I started as an apprentice and now have a masters and contractors license. So my monthly SS check is pretty decent.
With the back pay from SS and the settlement I should be okay.
I do miss working though. I am 53. My wife tells me to take it easy, that I put in my time and now it is our time. I still feel guilty. After 35 years in the trade, it's a hard transition.
This forum and others have helped me some. It gives me the feeling I am still somewhat productive and keeps me thinking. I never would have ever imagined I would be retired this soon.

 

[Goroon]

I go some place almost every day and play with electrical STUFF, then get paid for it. the go home and play with electrical stuff and pay for it. no money left to retire with.

 

[charlietuna]

I always said i would never retire--and i am dead serious -- i enjoyed what i was doing. My early days in the trade were typical with some easy work and many rough ditch digging,etc.. Then i became a contractor and grew at an unbelievable pace --too fast -- and had 23 men working for me in the mid 80's! And i was not in control of my future -- i couldn't do what i wanted to do--my business was "In Charge"! Oh i was making good money, white shirt and tie type work--going to meetings and worrying about my employee's future? I actually had some labor problems with my union that that changed my entire business outlook, which probably was a good thing as i look back on it. It caused me to shrink my business, first down to 9 employees and then the last fifteen years down to two or three! But we had one heck of a "RIDE" for the last fifteen years! Never looked back -- happy customers -- happy employees, plenty of money, plenty of work and we knew it. Many times we would be eating lunch and thinking how many fellow electricians were out busting their butts in the heat or cold while we enjoyed working in conditioned office spaces. And i've been retired three years and am still adjusting to it--do i miss the trade? Yes! But this is almost too good to be true--being payed to stay home?

 

[Mule]

Slow down maybe but retire never.

Yep, I'm right with you, that's my plan. In fact that's why I started contracting, so I could taper down to fit those years........As long as I have the health I'll be twisting a yell'er somewhere.....

 

[hardworkingstiff]

--total due to this economy about $350k --but i'm not complaining!

250 for me and I am complaining!

 

[Rockyd]

6 years and I would like to pull the pin. Got an id 10 t in the white house thinks he can spend his way out of a hole and wants to take me down with him! Take your change and go home Obummer.

BP PLC(NYSE: BP) $35.32

GEN ELECTRIC CO(NYSE: GE) $7.06

WELLS FARGO & CO NEW(NYSE: WFC) $8.61

DJIA 6,626.94 and sinking like a rock!

 

[ohm]

6 years and I would like to pull the pin. Got an id 10 t in the white house thinks he can spend his way out of a hole and wants to take me down with him! Take your change and go home Obummer.

BP PLC(NYSE: BP) $35.32

GEN ELECTRIC CO(NYSE: GE) $7.06

WELLS FARGO & CO NEW(NYSE: WFC) $8.61

DJIA 6,626.94 and sinking like a rock!

Hang on I think I hear someone messing with the plug!:roll:

 

[Rewire]

6 years and I would like to pull the pin. Got an id 10 t in the white house thinks he can spend his way out of a hole and wants to take me down with him! Take your change and go home Obummer.

BP PLC(NYSE: BP) $35.32

GEN ELECTRIC CO(NYSE: GE) $7.06

WELLS FARGO & CO NEW(NYSE: WFC) $8.61

DJIA 6,626.94 and sinking like a rock!

This is not a political board their are hundreds of them on the net were this type of post would be welcome

 

[Rockyd]

Well Rewire, it's a sad day when I have more saved on the side, than is what is in my retirement plan at this moment. Two years ago would have never been able to say that. A lot of our retirements are not based upon our work, as much as it is intelligent investing.

Retirement is marching away in future time, and a serious shortfall of dollars. my retirement date is drawing out futher. 401's turning into 201's everyday, because of a lot of stuff beyond our control. It's not political, it's the reality that I would like to retire in ten years. Not seeing that happening at this moment. The moment can make more being retired, than I can 40 hours in the industry, color me gone

 

[Mr.Sparkle]

Not to mention that the post wreaks of spin.........so he is to blame for the stock prices?

How do we fix the mess?

Monetary Reform Act looks good to me, but I'm no politician, and I don't own a bank:

Monetary Reform Act - A Summary

This proposed law would require banks to increase their reserves on deposits from the current 10%, to 100%, over a one-year period. This would abolish fractional reserve banking (i.e., money creation by private banks) which depends upon fractional (i.e., partial) reserve lending. To provide the funds for this reserve increase, the US Treasury Department would be authorized to issue new United States Notes (and/or US Note accounts) sufficient in quantity to pay off the entire national debt (and replace all Federal Reserve Notes).

The funds required to pay off the national debt are always closely equivalent to the amount of money the banks have created by engaging in fractional lending because the Fed creates 10% of the money the government needs to finance deficit spending (and uses that newly created money to buy US bonds on the open market), then the banks create the other 90% as loans (as is explained on our FAQ page). Thus the national debt closely tracks the combined total of US Treasury debt held by the Fed (10%) and the amount of money created by private banks (90%).

Because this two-part action (increasing bank reserves to 100% and paying off the entire national debt) adds no net increase to the money supply (the two actions cancel each other in net effect on the money supply), it would cause neither inflation nor deflation, but would result in monetary stability and the end of the boom-bust pattern of US economic activity caused by our current, inherently unstable system.

Thus our entire national debt would be extinguished ? thereby dramatically reducing or entirely eliminating the US budget deficit and the need for taxes to pay the $400+ billion interest per year on the national debt - and our economic system would be stabilized, while ending the terrible injustice of private banks being allowed to create over 90% of our money as loans on which they charge us interest. Wealth would cease to be concentrated in fewer and fewer hands as a result of private bank money creation. Thereafter, apart from a regular 3% annual increase (roughly matching population growth), only Congress would have the power to authorize changes in the US money supply - for public use -not private banks increasing only private bankers' wealth.

 

[charlietuna]

Everything is relative -- it'll come back --any of you guys in business in the early ninties know how bad it was ---unemployment was 9.7 per cent and construction was near dead stop!!! But it came back ! Stock market controls much of our retirement dollars--guess what electricians don't control the stock market ! Those people are worried right now and rightfully so, but it will bounce back and so will our retirement dollars....

 

[Rewire]

Everything is relative -- it'll come back --any of you guys in business in the early ninties know how bad it was ---unemployment was 9.7 per cent and construction was near dead stop!!! But it came back ! Stock market controls much of our retirement dollars--guess what electricians don't control the stock market ! Those people are worried right now and rightfully so, but it will bounce back and so will our retirement dollars....

I remember the 90s when it was a walk through were ever you went

 

[jrannis]

Everything is relative -- it'll come back --any of you guys in business in the early ninties know how bad it was ---unemployment was 9.7 per cent and construction was near dead stop!!! But it came back ! Stock market controls much of our retirement dollars--guess what electricians don't control the stock market ! Those people are worried right now and rightfully so, but it will bounce back and so will our retirement dollars....

Charlie,
Sounds like you are out of 349 like I am.
If I I remember correctly, we had almost 100 million in our pension fund a few years ago. I hope it is still like that or better. I will have my 35 in when I retire but will be when I am 64. Might hang on longer with the right job.
Time flies by so fast some people think chasing money is a good idea until you are ready to retire.
My hat is off to all of those guys that were happy making 40 or 50 grand a year and stuck with it to find out they will make more retired.
Thanks for the inspiration brother!!:smile:

 

[roger]

Sorry guys, I think this thread has run it's course and is drifting to where we don't go so it's time to close.

Roger