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I’m not ready to retire, but I think things will start to show up from here. a little bit. I know it’s coming, and I know I want it in a way, but when and how it will happen is a blur in my crystal ball.
I think I have another 10 years before I have to retire due to health, workplace competency, or competitiveness. I strongly believe that aging is a case-by-case scenario. Each person is different. And I hope and believe that I am intellectually honest and insightful enough to know when the time is right.
I once read that the average American plans to retire around age 65. However, due to factors such as health problems, unplanned unemployment, and age discrimination, the average retirement age is 62 years old. The difference between the age of 62 and her age of 65 is significant for both individuals and society. That’s the loss of millions of dollars in income, millions of grumpy old men’s advice, and tons of accumulated wisdom.
Age 62 is also the age at which people eligible for Social Security in the United States can begin receiving Social Security benefits. But that doesn’t mean I want to get it that quickly. Monthly payments increase significantly with each year of service. The Social Security Administration considers 67 to be her “full retirement age” for people in my age group. In my case, the difference in estimated Social Security benefits between retiring at age 62 and retiring at age 67 is nearly $1,000 a month. So I need to sort it out. (You can check the situation here: https://secure.ssa.gov/SiView.action).
Next is health insurance. Medicare comes online after he turns 65. Figuring out what to do about your health insurance before you turn 65 can be a special mental exercise. There are strict deadlines for applying for Medicare, and even if you are not retired and have other health insurance, you must apply between three months before turning 65 and three months after turning 65. need to do it. (If there is one thing he remembers from this column, please put it in this paragraph.)
To be precise, I have no intention of working even after I retire. I’m open to that. Perhaps this will look like a consulting job. This is something I’ve done from time to time, and something I can do again once my full-time day job is in the rearview mirror. Social Security’s income rules seem complicated to me, but they’re also sensible and fair when you consider how outside income relates to things like Social Security and income taxes.
I’m trying to revive something that I thought was a great idea when I was younger. It’s a consulting firm dedicated to scapegoating. My value proposition is simple. Every company needs someone to take charge, but you don’t have to hire that person full time. As one person’s designated scapegoat, perhaps he can serve 20 organizations. And it’s not without precedent. If I were the CEO of a Fortune 500 company planning to lay off a bunch of top talent, I’d probably bring in a consulting firm like McKinsey. Sure, they research and make recommendations to do what I already know I’m going to do, but now I can blame them. My small retainer of $10,000 per client per year is worth a lot compared to hiring a scapegoat for myself at a full-time salary of $65,000 per year, or signing a contract with McKinsey for 20 times his salary. It’s a great deal.
Yes, thinking about this can be stupid. You ask: Who am I in the current world? What skills will be carried forward in this world? Do you want to know what the bean emoji means in the context of the workplace? Am I a generalist who can adapt to different environments, or a specialist who requires a special field? How many years can I spend working while I am healthy? Do I want to? How much say do I actually have in it? Will I be able to stay in the hometown I love, or will my job and medical services require me to drag my aging self along with me and move to a more solid urban location? Who knows? Or… who owes me? Do you still know me?
My contact information is in the bio below. If enough of you contact me about scapegoat engagements, I might still be able to retire.
Michael Craft lives in Humboldt Hill and works at Papa & Berkeley. In preparation for his retirement, he learned how to share his one car with his wife, spent his week painting the house, researched Medicare, and considered trying fishing again. Ta. Contact michael.kraft@papaandbarkley.com.
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