| Pages in topic: < [1 2] | Poll: Have you made financial plans/preparations for retirement? Thread poster: ProZ.com Staff
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Alison Sparks (X) 
Local time: 23:09
French to English
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I'm in the same boat as neilmac! Wish I'd thought ahead many years ago.
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In the absolute yes/no situation, then of course it can only but be a good idea to try and make provision for our older years. Each personal situation varies but it is likey that we all have in common the need to eat, clothe and house ourselves. Stick into that equation the fact that we can have no way of knowing whether we are going to be able to continue working (clients, changing markets, health).
Changing circumstances in life - fluctuating markets, health - things we have no d... See more In the absolute yes/no situation, then of course it can only but be a good idea to try and make provision for our older years. Each personal situation varies but it is likey that we all have in common the need to eat, clothe and house ourselves. Stick into that equation the fact that we can have no way of knowing whether we are going to be able to continue working (clients, changing markets, health).
Changing circumstances in life - fluctuating markets, health - things we have no direct control over, can however have a great influence on our lives. While the going is good, then it makes sense to bear the future in mind. The "now" problem is having enough money to be able to provide for retirement. As has already been pointed out, even when you plan, you can still lose out.
Without being a terrible scaremonger, spreading doom and despair, I am certain that I am not currently taking sufficient account of retirement years. I am not in a position to do so and at the age of 50 with two dependent children, that is not reassuring. I do not lose a second of sleep over it, but I am concerned that my current situation and the current situation combine to make no guarantee whatsoever that retirement will be trouble free financially...
The teensy eensy weensy bit of savings I have are inaccessible until I make it to 60, unless I go bankrupt at death's door (and even then, perhaps not?). I have not been able to put nearly enough into that inaccessible account and forget about it. However, each year the bank sends me a report of how well my teensy eensy weensy savings are doing. For such a small amount, it seems to be doing rather well and has been for 10 years. Just wish it weren't so teensy eensy weensy.
[Edited at 2012-05-21 13:41 GMT] ▲ Collapse
| | | | John Cutler
Spain
Local time: 23:09
Spanish to English
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Yes, I've been putting a bit away for a few years. Even though I'll have a little something to fall back on, I, like Neilmac, see myself working until the day my lifeless body slumps over my computer and I head on to my greater (or perhaps lesser) reward. (Insert dramatic musical interlude here)
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I will though, as soon as I win the lottery, this week is the one
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| Just started | May 21, 2012 |
I've recently set up a savings plan for this purpose, seeing as I have virtually no money on my name from former jobs. The first deposit was made in December last year, because it was a good idea tax-wise to deduct this sum from my 2011 earnings. Might work for other Dutchies as well? Reserve a FOR (Fiscale Oudedagsreserve) of at most 12% of your earnings and don't just write it on your tax papers, but actually keep the money somewhere. Might come in handy when we're old and wise  ... See more I've recently set up a savings plan for this purpose, seeing as I have virtually no money on my name from former jobs. The first deposit was made in December last year, because it was a good idea tax-wise to deduct this sum from my 2011 earnings. Might work for other Dutchies as well? Reserve a FOR (Fiscale Oudedagsreserve) of at most 12% of your earnings and don't just write it on your tax papers, but actually keep the money somewhere. Might come in handy when we're old and wise  ▲ Collapse
| | | | Tina Vonhof (X)
Canada
Local time: 15:09
Dutch to English
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I am already retired from my full-time position. To continue translating (as long as I can) is part of the plan.
| | | | Mario Chavez (X)
Local time: 17:09
English to Spanish
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| An ounce of prevention | May 21, 2012 |
Michael Harris wrote:
Of course, and I am sorry, I you are self employed and do not make sure you get a private pension, then there is something wrong with your business plan.
I do not want to sleep under a bridge when I retire.
Private pension and paying off my flat.
I thank my uncle, once an accountant and now happily retired, for the golden bit of advice about retirement he gave me in 1992, when I started my career as a translator. I opened an IRA account at the time, which is a private retirement scheme of sorts this side of the Atlantic.
I also contribute to the national pension plan (Social Security here in America) by law, so I won't be destitute when I retire.
Of course, I feel like my colleagues: I love my profession and I don't think I will ever retire. But let's face facts: you may get sick or disabled, unable to work. Then what? Treating or managing certain diseases in the industrialized world can be prohibitively expensive, not to mention funeral costs. How are we going to pay for them?
For those of us who have no children (also known as "retirement fund"), an ounce of prevention now, no matter how young we are, is priceless.
| | | | Reed James
Chile
Local time: 17:09
Member (2005)
Spanish to English
| Yes, in a big way | May 21, 2012 |
I have seen enough cases of people working past the point where they should/would like to, and I really don't want to be in that position. I envision myself being an active grandfather who has the time, money and energy to be with the grandkids and help them and my two children live the life they need and deserve.
Therefore, I religiously pay into my Chilean retirement fund, and besides that, I always spend less than I earn.
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Tina Vonhof wrote:
I am already retired from my full-time position. To continue translating (as long as I can) is part of the plan.
I will translate as long as I want and enjoy! Many benefits of working from home regardless of circusmstance (including age) is one obvious reason to do so.
Happy translating!
| | | | Julian Holmes
Japan
Local time: 06:09
Member (2011)
Japanese to English
| Still got lots of translation years ahead of me... | May 22, 2012 |
...and my youngest will be finishing Med School in two years. So, we'll be able to start putting away for a rainy day from then on.
On a different note, right now at 55 I can't see anything stopping me from translating full steam for the next 15 or 20 years.
In fact, it's been medically proved that using your brain and fingertips in this way keeps you mentally alert into your later years.
This is one of t... See more ...and my youngest will be finishing Med School in two years. So, we'll be able to start putting away for a rainy day from then on.
On a different note, right now at 55 I can't see anything stopping me from translating full steam for the next 15 or 20 years.
In fact, it's been medically proved that using your brain and fingertips in this way keeps you mentally alert into your later years.
This is one of the reasons why over 90% of the membership of my regular Mahjong club are over retirement age.
Also, I've been paying into the national retirement scheme here for the past 30 or so years so I'll be getting a pension of sorts. However, knowing what the state of the national finances are like, it probably won't amount to much counting in inflation and won't be enough to feed a chicken.  ▲ Collapse
| | | | Nikki Graham
United Kingdom
Local time: 22:09
Spanish to English
| Yes, I pay into a pension fund... | May 22, 2012 |
...and the plan is to keep working until I'm 70, but to semi-retire at 65. By that stage, there should be no dependent children needing handouts for education, and the mortgage should have been paid off, so, in theory, I won't need as much cash to survive anyway.
Whilst we're on the subject of money, I also have life insurance and accident policies in case anything should happen to me so the family won't suffer financially if I am no longer able to provide.
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I've been in business for only a year and am currently paying off my student loans. After that, I plan on investing on more software/hardware/memberships for the next few years. I guess I'll start thinking about it more seriously when I turn 30.
Like Nikki Graham, I'd rather retire quite late but work on less projects 5-10 years before actually retiring.
To be honest, as long as my brain works to its full capacity, I'd be happy to keep taking projects if they are very ... See more I've been in business for only a year and am currently paying off my student loans. After that, I plan on investing on more software/hardware/memberships for the next few years. I guess I'll start thinking about it more seriously when I turn 30.
Like Nikki Graham, I'd rather retire quite late but work on less projects 5-10 years before actually retiring.
To be honest, as long as my brain works to its full capacity, I'd be happy to keep taking projects if they are very interesting ▲ Collapse
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| Other: I can't afford to stop | May 22, 2012 |
Though I have a pension from my in-house translating job, I still can't afford to stop working. I see no end in sight.
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